Daily Update: Friday "Palin the Muppet" Edition

Never would we have imagined that the largest banking collapse in United States history would proceed so smoothly, taking place last night while we enjoyed a new episode of The Office. Perhaps the news is still being overshadowed by the $700 billion bailout legislation that is not being passed (as of right this instant), and despite presidential candidate McCain being on hand to lend his shaky handed mental stimulous.

Regulators simultaneously brokered an emergency sale of virtually all of Washington Mutual, the nation’s largest savings and loan, to JPMorgan Chase for $1.9 billion, averting another potentially huge taxpayer bill for the rescue of a failing institution

(N.Y.Times)

The good news is that account holders are saved (though we wonder at J.P Morgan's hurculean strength to carry the wounded), and the bad news is that shareholders and a few bondholders will take one for the team. You just never imagine such wonderous things are happening while sipping some juice and aborbed in the television set. WaMu lived to be 119 years old, which is a ripe old age.

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Yea, back to that bailout thingy. We know how McCain said he would not show up at the debate tonight because he is needed in Washington to save the bailout, or something like that. Thus far nothing has been resolved despite Cain on seen, dispensing wisdom and whatnot. In fact things are "imploding", according to the N.Y. Times.  If we read correctly, the Republicans squashed the deal because they did not want McCain to look like a fool in coming to Washington for nothing. Oh yea, and they didn't want to do the deal using tax funds to begin with.

Interesting scene setting in the article:

Mr. McCain was at one end of the long conference table, Mr. Obama at the other, with the president and senior Congressional leaders between them. Participants said Mr. Obama peppered Mr. Paulson with questions, while Mr. McCain said little. Outside the West Wing, a huge crowd of reporters gathered in the driveway, anxiously awaiting an appearance by either presidential candidate, with expectations running high.

We assume McCain was in deep contemplation, calculating permutations of various bailout options in his head, and waiting for the opportune moment to solve it all.  One could argue that not doing the bailout, or not doing the bailout in the way it's being put forward by Treasury, could very well be the correct path, but you don't get the impression that certain congressmen are totally focused on finding a quick solution as much as they are intent on sticking it to the Democrats. In the end you have Republicans in Congress dragging their feet on the Republican administrations bailout proposal. Not quite sure how they think they will crawl out of this one unscathed.

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Of course we can't leave you with doubts about the country's future. In times like this where the men are playing with themselves in Washington, we turn to the women for wisdom. Or rather, Katie Curic turns to vice presidential candidate Sarah Palin for wisdom on any number of issues. And here, Palin the Muppet, a puppet in the craggy hands of Cain, does not disappoint. 

The L.A. Times:

Palin's unblinking certitude gave way at other times in the interview to a striking imprecision, as when she struggled to respond to Couric's suggestion that the $700-billion bailout might be better funneled through middle-class families instead of Wall Street firms.
"That's why I say I, like every American I'm speaking with, we're ill about this position that we have been put in . . ." Palin began, before meandering off in fruitless pursuit of coherence.
But I'll let the governor speak for herself:
" . . . where it is the taxpayers looking to bail out. But ultimately, what the bailout does is help those who are concerned about the healthcare reform that is needed to help shore up our economy. Um, helping, oh -- it's got to be all about job creation too. Shoring up our economy, and putting it back on the right track. So healthcare reform and reducing taxes and reining in spending has got to accompany tax reductions, and tax relief for Americans, and trade, we've got to see trade as opportunity, not as a competitive, um, scary thing, but 1 in 5 jobs being created in the trade sector today. We've got to look at that as more opportunity. All of those things under the umbrella of job creation. This bailout is a part of that."

When asked how geographical proximity to Russia made for actual experience with Russia, she offered:

"We have trade missions back and forth," Palin told Couric. "We, we do, it's very important when you consider even national security issues with Russia as Putin rears his head and comes into the airspace of the United States of America, where, where do they go? It's Alaska. It's just right over the border. It is from Alaska that we send those out to make sure that an eye is being kept on this very powerful nation, Russia, because they are right there. They are right next to, to our state."

It's answers like this that have made some serious minded Republicans opt to switch and take a flyer on the Democratic Party candidate as one can hardly expected someone so unprepared to be even remotely competent in these delicate times. It's actually no knock on Palin, or Republicans in general. It's a knock on McCain and his raging desire to be president right before the very end.

We often wonder if that end will be his life, or the United States as we know and love it.

Wisdom of the Day:
Beware of Putin in your airspace!