September 30th, 2008
08:03 AM ET

Morning Buzz: Pointing Fingers

Penny Manis
AC360 Senior Producer

A key sound bite yesterday had to come from Rep Barney Frank who dismissed the idea that certain members of Congress rejected the bailout bill because they were offended by Nancy Pelosi’s so-called ‘partisan’ speech.

Frank said “And there are 12 Republicans members who are ready to stand up for the economic interests of America but not if anybody insulted them. I'll make an offer. Give me those 12 peoples' names and I will go talk uncharacteristically nicely to them and tell them what wonderful people they are and maybe they'll now think about the country.” I suppose few have to find humor within this mess.

We received many viewer comments from you last night. Many had questions for Suze Orman and Ali Velshi regarding your own purses during this financial crisis. Hopefully we will be able to answer more of your questions tonight.

Congress is technically in recess today for the Jewish Holiday, but it’s hard to imagine that there won’t be any movement on this bailout bill today. President Bush is scheduled to make a statement in the 8amet hour, and we can be sure the Administration as a whole will take this bill up again today. Barack Obama and John McCain also have public events- each will likely pipe in and try to demonstrate leadership.

Sarah Palin and Joe Biden are in ‘debate camp’, prepping for a huge night on Thursday. Neither of them can afford to slip up. And while it’s true that some call Joe Biden ‘loose lips’ and he has been known to make gaffes on the trail, Palin’s recent interviews and statements have left eyebrows raised. (and given Tina Fey material to work with).

For his part, Joe Biden will have to find a way to attack his opponent while not turning voters off. We may have reporter Tom Foreman tonight look at Joe Biden’s balancing act debate night, as last night we brought you a report from Randi Kaye on Sarah Palin’s particular challenges ahead of Thursday.

A great story this evening will come from our own Gary Tuchman. We sent him to the middle of nowhere, literally. All this talk of being able to see Russia from Alaska…Gary became so curious he wanted to know where in Alaska this was possible, and discovered it’s an island called Little Diomede. The only way to get there is by helicopter in the summer and ice plane in the winter. Gary himself got there via a mail helicopter to shoot this story. He found a group of people there who live a difficult life: high prices, few resources and treacherous weather. There is limited contact with the outside world. And guess what? They’ve barely heard of their Governor Sarah Palin, because there is no TV there! This should be a good one tonight.

See you at 10pET!

Filed under: The Buzz
soundoff (63 Responses)
  1. Richard Rankin

    Heather, I think Barney Frank was hilarious. Any member of congress who bases their vote on whether somebody said something that hurt their feelings has no right to be there in the first place. I like people who call 'em as they see 'em. If you disagree with her, then disagree. But please don't whine. In any case a bailout would be a terrible mistake. This is capitalism, if you make bad investments and your business fails, that's too bad. Let the failing institutions go down the tubes. It's their own fault. I should pay for some company's mismanagement simply because they are big? Not a chance. Not with my money.

    September 30, 2008 at 5:36 pm |
  2. Maritza

    Nancy Pelosi this is no time for schoolyard name calling , 95 of her own democrats said no to this bill , Republicans were smelling the pork from the paper the bill was printed on , they new it would not be a popular stand to take but had the courage for the sake of an improved bill, that the people would accept and in the long run benefit from it .Serves as proof that McCain sounded this warning long ago back in 2005 , the democrats blocked any honest attempt at fixing the growing problem , this is no time to waste on passing a bill that's filled with entitlement programs that are another example of waste. Can Obama ask Franklin Raines to give back the 90 MILLION? back to the honest tax paying americans , will botox Pelosi address America on that? this is no time for this power tripper to rant about republicans , congress can point the finger at themselves also for this calamity.


    September 30, 2008 at 3:38 pm |
  3. pamela

    I am just an average American trying to live the American Dream... I may not be the smartest person when it comes to economics, but I do know that there are a lot of contradictions going on in the financial markets. The one that affects me the most is the mortgage interest rates. LIBOR more than doubled over night! I thought the point that the government was making by bailing out Fanny Mae and like institutions was to keep more people from foreclosing on their homes and to help the market stabilize. With the banking industries failures and take-overs, the overnight rate spike seems that it will create a larger foreclosure market. People are struggling as it is with the high cost of living and with each rate hike we get more and more in the hole. I want to continue living the American Dream in my home and be able to pass it on to my children. Why doesn't the government do a rate decrease or at least a temporary rate freeze? Help the working class Americans so that maybe when the government needs more tax money we can be in a better financial position to help. Why does it seem that all financial solutions seem to "help the rich get richer and the poor get poorer?" At the end of the day, where are we all going to live if we don't have homes

    September 30, 2008 at 2:31 pm |
  4. ann

    Nancy is a drama queen and is hurting our country. both partys have dirty hands. they all should be thrown out.

    September 30, 2008 at 2:05 pm |
  5. Gabriel G.

    A story on CNN Money described the fact that whoever is the next President will acquire a real mess with this economy I have read an article from 1999 that showed the Clinton administration putting pressure on Fannie Mae to loosen up their credit guidlines to buy more loans from "subprime" borrowers. They knew the risk was going to be a "bailout" when the economy tanked but at the time they wanted to make as much proft as they could and look good for the middle class people. I think the Bush administration inherited this mess and its no surprise the Obama campaign is pinning it all on Bush and the Republicans, but it was the Democrats who pressured the GSE's to open up their books and absorb these toxic loans.

    September 30, 2008 at 1:57 pm |
  6. hilda m

    why don't we set terms limits for congress and deny them squatters rights – they have lost sight of their missions and seem to think that it is "for the politicians, by the politicians and of the politicians" – we are to blame for this mess becaue we won't throw the bums out and they know this – they just get richer and more powerful as "we the people take a nose dive into the sewer"

    September 30, 2008 at 1:16 pm |

    Why hasn't anyone discussed the reason for the subprime mess?

    It would not have happened if lenders were not allowed to sell off loans they made! They would not lend money to anyone that could not show the ability to repay the loan.

    Let's put the accountability where it belongs and pass legislation prohibiting lenders from selling off loans.

    September 30, 2008 at 1:03 pm |
  8. Courtney Nieves

    WOW...Financial Bombs affecting our WORLD...Nature Bombs (natural disasters)affecting our World....Poverty affecting our WORLD, etc. and all of it is coming closer and closer to everyone living on this planet...Are we waking up yet or do we really have to wait for that metaphoric atomic bomb to go off? STOP wasting time trying to place blame. We are ALL to blame on some level. Of course the people with the most power had the biggest availability to be GREEDY and control. Now I hope that most of us are waking up to see that...so please don't get lullabied back to sleep with the same lies, cover-ups and indirect destructive behavior. It's time to have plan A,B,C and D for all situations....and stop taking for granted that plan A or B will work Washington because you can't control everything or play with the lives and lively-hoods of people. Everything and Everybody has their braking point.

    September 30, 2008 at 1:02 pm |
  9. Michael

    I am tired of the Republicans blaming the Democrats, and the Democrats blaming the Republicans. The real blame for this entire mess is the Negligence of the "Securities Exchange Commission". This is the biggest waste of taxpayers money on the planet. They are responsible for protecting the investors, and monitoring the securities markets. They failed again, as they do over and over again. They destroy the little guys, and make deals with the big boys. If this commission was effective, we would have NEVER had a Savings and Loan mess, or major companies mis-manage funds like Enronn, Tyco, Telecommunications, and others. Now the Bank disaster. All the SEC does, is hurt businesses that are trying to be forthcoming, and whatever assets they get, the investor almost always gets 5-10% on the dollar, when all the rest of the money they collect goes to the commission, attorneys, and employees. The SEC is totally responsible for this, and no one else. They are the watchdog, they are supposed to protect the investors, and again they turned their back and the people will again suffer. I would love to see the people of the country file a lawsuite against this useless, money sponge, and criminal charges should be considered for the high ranking commission big wigs, who have let down the people of this country, again and again.

    September 30, 2008 at 1:01 pm |
  10. Sue, Billerica, MA

    I have a stupid question: Couldn't Bush's gloom and doom panic be what sent the markets crashing, even more so than the failure of these handful of companies?

    And second stupid question: I thought we had monopoly laws that prevented any one or handful of companies from dominating any one market, so why are these companies failures so vital to our economy... says to me something is wrong with our system... don't you think????

    September 30, 2008 at 12:54 pm |
  11. Linda Srubar

    Let AIG suffer the consequences. Give all good, sound banks, regardless of their size, interest free money to loan out. At least most of the principal could be recouped instead of a risky bailout of AIG.
    This jesture would free up the billions of money for business and consumber loans.
    Ganado, Texas

    September 30, 2008 at 12:52 pm |
  12. Annie Kate

    So Congress is in recess? They ought to be working hard on that bill with no recess time until something is done. Congress being in recess is like fireman taking a half hour from fighting a fire for a break – the whole structure could burn up while that break is going on. Congress needs to get to work. Campaigning doesn't count as work right now.

    Annie Kate
    Birmingham AL

    September 30, 2008 at 12:38 pm |
  13. Bob Waldrop

    Hi Penny... I've seen the breakdowns by Republicans vs. Democrats on the Bailout Vote but I'd be interested in knowing a breakdown of how those up for re-election in 5 weeks voted – if that's where the Democrats lost some of their votes and if that was more of a bipartisian demographic as it were.

    Thanks and keep up the great work. I'm 43 and I've taken more interest in politics in the past 3 months that I have ever done previously and its mainly attributed to the fantastic, unbiased & balanced coverage that I get on CNN, particularly AC360. I like to hear views contrary to mine as long as they're reasoned because they make me think of things that I ordinairly wouldn't have.

    Bob Waldrop
    Birmingham, AL

    September 30, 2008 at 12:33 pm |
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