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Did John McCain really use the words "Fundamentally Sound"; and "the economy" in the same sentence? Guess what turned 14 over the weekend? What's happening at the races? Reid On for a Jeopardy version of the Weekly Reid


Nevada First: The Yucca Stops Here for $200. Early last week the Nuclear Regulatory Commission said it would officially look at licensing the waste dump at this (unstable) location. What is Yucca Mountain? Correct! Over the next four years, commissioners will dig deeper into the proposal. The Weekly Reid can save them a lot of time: Don’t. Even. Think. About. It. 77,000 tons of nuclear waste. Shipped from 100 sites around the country. To a mountain 90 miles away from one of the hottest tourist spots in the world. In an earthquake prone area. Above a water source. Really? Fortunately, Nevadans have Harry Reid on their side. In an editorial last week, the Las Vegas Sun asked all Nevadans to mobilize against Yucca.  The Weekly Reid wholeheartedly endorses this idea. And while you’re at it, remind everyone that this election is critical in the fight against Yucca. John McCain (Bush 44, according to Joe Biden) thinks Yucca is a good idea. Barack Obama doesn't. One more thing: Congresswoman Shelley Berkley caught House Republicans trying to pull a fast one on Democrats by slipping in a whole bunch of extra money for Yucca in an Energy bill in the house. Great catch Congresswoman!. Memo to all NRC staff: Put “The China Syndrome” at the top of your Netflix cue.

Must Reid: “Anything Goes” for $400. The failed economic policies of this President led to the market meltdown of 2008. Who is George Bush? Yes! And let’s add to that, John McCain, who claimed just yesterday that the fundamentals of the economy are sound. Sound? Sound? Please explain Senator. … Senator? Harry Reid spoke out yesterday (video here), asking the question middle class Americans have been asking for months: “For whom is the economy strong?”
The economy certainly isn't strong for the 606.000 Americans who lost their jobs this year. This is 606,000 people, and you have John McCain saying the economy looks good? I really don't understand what he means, the fundamentals are good.

There may be places in America where the economy is strong – country clubs, a few board, firms that haven't – boardrooms, firms that haven't folded. For the rest of America this country is not strong and won't solve itself. No matter what President Bush and Senator McCain say, fixing this mess will take real leadership and a change of direction.
Thanks Sen. Reid, for putting that in perspective. Thank you for reminding Americans that what’s brought the American economy and Wall Street to its knees are the failed policies of Bush-McCain Republicans. Thanks for pointing out that the failure to police lenders and protect consumers will be the long lasting legacy of the GOP in the first decade of the 21st century.

On The Docket for $600
. DOD. Energy. 2nd Economic Stimulus. What are legislative priorities of the Senate Dems for the week of 9/15/08? Absolutely. Cloture was invoked for the DOD authorization last week - and the measure passed today. What does it do for our vets? Gives them a pay raise of 3.9% for starters. Plus, helps them get back into school and find a decent home. The fight to get this passed wasn't easy - to quote the leader, "it certainly would have helped move this legislation forward if the ranking Republican, the Republican nominee [John McCain is the ranking member on Armed Services], had shown the leadership and commitment to this cause by bringing his fellow Republicans on board."

The big push this week is energy. Here’s what we’re hoping for. There are a few options on the floor that are great starting points. The Bush-McCain Republicans are asking for one thing over and over and over again: DrillDrillDrill. Democrats want to ease the financial burden at the pump now - not 10 years from now (which is about when the DrillDrillDrill policy will actually start paying off). We want to roll back the HUGE tax breaks for Big Oil and extend tax credits for investment in renewables. The Hill will be buzzing this week with energy talk. Let's hope Obstructionist Republicans decide to do more than just talk: they need to join with us to get something done for the American people.
Democrats would also like to get a second stimulus package to the floor before the session is out. Republicans don't like the idea. And the President would likely veto it. But that hasn't stopped us before. Not when the American people are counting on us.

Standing Up for $800. In 1994, the Senate passed this civil rights act, written by Sen. Joe Biden. What is the Violence Against Women Act? Right, again! Over the weekend, the VAWA turned 14, and the Obama-Biden campaign is bringing it back into focus this week with a series of events centered on how an Obama-Biden administration would stand up for women’s rights. Tomorrow Joe Biden and Sen. Clinton will host a joint on-line conversation with women from across the country. Also, the Senate may take up again the Coburn Omnibus, which includes the Combating Child Exploitation Act (held up by Tom Coburn). This bill, also written by Joe Biden, is being championed by everyone’s favorite media mogul, Oprah. It’s nice when priorities merge like this, isn’t it?

Reid’s Watching: Ad Wars for $1,000. Many political junkies point to this weekend as the “official” start to serious campaigning. What is Labor Day weekend, Alex? Right, for $1,000. Well, Labor Day weekend has come and gone. The primary elections have all been held. And, frankly, the gloves have come off and the the race is on. Here's the Weekly Reid's update on some of the key races Harry Reid's looking at this fall:

Oregon: Merkley’s up 2 in a new internal poll. Even better - Gordon Smith’s approval numbers are in the tank. Ad: Jeff Merkley channeling his inner populist.
North Carolina: A slew of polls - Hagan up one says Public Policy, down two says another. This race is tightening, folks. Kay can hang in there - can Liddy? Here’s Kay’s newest ad - she knows how to balance a budget.
Mississippi: Interim Senator Roger Wicker is up five on Gov. Ronnie Musgrove. The Governor has closed this gap greatly in the last month, and he's got statewide name ID. And he’s also successfully challenged the location of his race on the ticket. Mississippi Republicans attempted to have his race put at the bottom of the ballot in November. Looks like it’ll be near the top, where it belongs. Ad: The DSCC hits Wicker on exporting jobs.

Have a great week! Tune in next week for another edition of the Weekly Reid! 

Reader Comments

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The economic crisis
By Horkus, Sep 20, 2008 at 9:19:18 AM ET (Updated: Sep 20, 2008 at 9:19:18 AM ET )
Hello Harry and all. Been a long time since I posted here. But the situation begs me to respond. Remember, you guys are our elected leaders. Think tough, act with concern.

Here's what I know. Bush doesn't hire competent people. He hires loyalists (Think Brownie)You won't get the right answers from these guys, or at least intelligent ones. Hire independent experts to review the situation. These people have to be free of outside influence and hard line ideology(Think the untouchables).Be objective. Hire some economic professors if you have to. The books have to be 100% open, otherwise you won't get the complete picture. Be investigators.

You must also ask the right questions. Were the books cooked? Did deregulation merely speed up the process of something that was inevitable due to trade imbalance and outsourced labor? If so were the banks not forthcoming about such matters, if so why not?

Just like a criminal investigator. Have a picture of how and why this might have happened and the factual details will lead you to the truth.

Also look at similarities of other financial collapses. Think Enron. The books were cooked and people responsible for oversight looked the other way cause they were getting paid too(bribery in layman's term). All the while a numbers game was being played. And those who sold their stocks before the big crash made out handsomely. This happened because loans were being made to payoff loans. When the jig was up, the whole thing collapsed.
It was well detailed in a PBS documentary.

Also read your history books. Remember, Roosevelt pulled the country out of a Great Depression. But tough decisions had to be made. The next president will be crucial. I'll assume you know who I'm voting for. Bush is dumping this on the next president, but he's still the president right now. Don't let him sneak out the backdoor yet. If the republicans want to play chicken with the economy, let them pay for it in November. You guys hold the hammer.

Whatever the solution, I do know this. Taking a loan to pay off a loan hurts you more in the future. Don't panic and go for some quick gimmick.

Step back and look at the big picture too. Do you want patch up a broken financial system or should you rebuild it? Look at what works and what doesn't.
What's worth repairing and what needs to be started from scratch?

I'm not a great financial expert, but I'll throw this as a possibility, selective bailouts. If you are concerned about protecting pensions. Then protect the pensions. Wealthy investors who lost can only be paid back a certain amount. Those losers need to get real job. They had their chance to contribute their wealth to the economy, but they bought into the get rich quick schemes. They have to live with their decision.

And know this, there is a core component to every complicated machinery. The answers are there if you get to the core of the situation.

"If you can't explain it simply, you don't understand it well enough."
Albert Einstein

Good Luck, We all need it.
  
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