IFILL (Moderator) in icky color
Biden (Democrat) in blue
Palin (Republican) in red
My comments are in GREEN
IFILL: The House of Representatives this week passed a bill, a big bailout bill -- or didn't pass it, I should say. The Senate decided to pass it, and the House is wrestling with it still tonight.
As America watches these things happen on Capitol Hill, Sen. Biden, was this the worst of Washington or the best of Washington that we saw play out?
BIDEN: Let me begin by thanking you, Gwen, for hosting this.
And, Governor, it's a pleasure to meet you, and it's a pleasure to be with you.
I think it's neither the best or worst of Washington, but it's evidence of the fact that the economic policies of the last eight years have been the worst economic policies we've ever had. As a consequence, you've seen what's happened on Wall Street.
Biden, don't let facts get in the way of a good story. And better yet, say it with such a straight face, people actually believe you. Very simply - the mortgage issue began this fiasco, banks involved in the process or having bought out securities based upon subprime, lost money, those banks collapsed, leading to further economic distress, credit tightening, further collapse ... Freddie and Fanny ... none of it had to do with THIS administration. Freddie and Fannie held 1.5 trillion worth of mortgages, nearly half of all mortgages in this country - Freddie and Fanny were government created entities, BY THE DEMOCRATS, for their constituents. It was not this administration that benefited Mr. Biden. Republicans attempted to reign in Freddie and Fanny - Democrats (like Frank and Waters - howled to the moon to not mess with it if it isn't broken). It was seriously broken and Democrats refused to fix it.
If you need any more proof positive of how bad the economic theories have been, this excessive deregulation, the failure to oversee what was going on, letting Wall Street run wild, I don't think you needed any more evidence than what you see now.
So the Congress has been put -- Democrats and Republicans have been put in a very difficult spot. But Barack Obama laid out four basic criteria for any kind of rescue plan here.
He, first of all, said there has to be oversight. We're not going to write any check to anybody unless there's oversight for the -- of the secretary of Treasury.
Republicans wanted oversight of Freddie and Fanny to reign in the hundreds of billions, and hold someone accountable. You, Mr. Biden refused that oversight.
He secondly said you have to focus on homeowners and folks on Main Street.
Thirdly, he said that you have to treat the taxpayers like investors in this case.
And, lastly, what you have to do is make sure that CEOs don't benefit from this, because this could end up, in the long run, people making money off of this rescue plan.
And so, as a consequence of that, it brings us back to maybe the fundamental disagreement between Gov. Palin and me and Sen. McCain and Barack Obama, and that is that the -- we're going to fundamentally change the focus of the economic policy.
We're going to focus on the middle class, because it's -- when the middle class is growing, the economy grows and everybody does well, not just focus on the wealthy and corporate America.
If it was all about the middle class Mr. Biden, why were democrats so eager to net everyone, able or not, and give them a mortgage, guaranteed through the federal government?
IFILL: Thank you, Senator.
Gov. Palin?
PALIN: Thank you, Gwen. And I thank the commission, also. I appreciate this privilege of being able to be here and speak with Americans.
You know, I think a good barometer here, as we try to figure out has this been a good time or a bad time in America's economy, is go to a kid's soccer game on Saturday, and turn to any parent there on the sideline and ask them, "How are you feeling about the economy?"
And I'll bet you, you're going to hear some fear in that parent's voice, fear regarding the few investments that some of us have in the stock market. Did we just take a major hit with those investments?
Fear about, how are we going to afford to send our kids to college? A fear, as small-business owners, perhaps, how we're going to borrow any money to increase inventory or hire more people.
The barometer there, I think, is going to be resounding that our economy is hurting and the federal government has not provided the sound oversight that we need and that we deserve, and we need reform to that end.
Now, John McCain thankfully has been one representing reform. Two years ago, remember, it was John McCain who pushed so hard with the Fannie Mae and Freddie Mac reform measures. He sounded that warning bell.
People in the Senate with him, his colleagues, didn't want to listen to him and wouldn't go towards that reform that was needed then. I think that the alarm has been heard, though, and there will be that greater oversight, again thanks to John McCain's bipartisan efforts that he was so instrumental in bringing folks together over this past week, even suspending his own campaign to make sure he was putting excessive politics aside and putting the country first.
Blah blah blah ... listening to her may hurt my ears, which it does, BUT she doesn't lie. I prefer truth to lies, even if the truth hurts my ears.
BIDEN: Well, that's what I've done my whole career, Gwen, on very, very controversial issues, from dealing with violence against women, to putting 100,000 police officers on the street, to trying to get something done about the genocide in -- that was going on in Bosnia.
Mr. Biden, someone should call you on this. 100,000 police officers were never put on the street. Do you figure no one can find the 1990s newspapers to prove this? It was less than 10,000 nationwide. In Bosnia? genocide? Amazing how morally sturdy you are - where the fuck were you when Rwanda was happening? Don't talk about Bosnia when you have enough blood on your hands with Rwanda (and I am not ignoring McCain and the blood he would have for failing to act). We should be proud of you in Bosnia ... and pretend you weren't around for Rwanda. At least McCain doesn't pretend - he just doesn't say anything.
And I -- I have been able to reach across the aisle. I think it's fair to say that I have almost as many friends on the Republican side of the aisle as I do the Democratic side of the aisle.
But am I able to respond to -- are we able to stay on the -- on the topic?
You don't cross the aisle Mr. Biden, you don't. You have friends on the other side, but you don't cross over on most issues. A few, yes. But then again, so have very nearly every Senator, but for Obama.
IFILL: You may, if you like.
BIDEN: Yes, well, you know, until two weeks ago -- it was two Mondays ago John McCain said at 9 o'clock in the morning that the fundamentals of the economy were strong. Two weeks before that, he said George -- we've made great economic progress under George Bush's policies.
Nine o'clock, the economy was strong. Eleven o'clock that same day, two Mondays ago, John McCain said that we have an economic crisis.
That doesn't make John McCain a bad guy, but it does point out he's out of touch. Those folks on the sidelines knew that two months ago.
Biden, you are a dipshit. During their last debate, McCain AND OBAMESSIAH BOTH said that our economy will recover and neither doubts it will again be strong - they both expressed confidence in it. And you know why? Because the fundamentals are good Senator. They are and you know they are, but you must continue playing up the weaknesses to get voter support. As soon as you (if elected) get elected, suddenly, you would talk about how strong the economy is .... It is all politics Biden, and you know it, but you count on voters being morons.
IFILL: Gov. Palin, you may respond.
PALIN: John McCain, in referring to the fundamental of our economy being strong, he was talking to and he was talking about the American workforce. And the American workforce is the greatest in this world, with the ingenuity and the work ethic that is just entrenched in our workforce.
That's a positive. That's encouragement. And that's what John McCain meant.
Now, what I've done as a governor and as a mayor is (inaudible) I've had that track record of reform. And I've joined this team that is a team of mavericks with John McCain, also, with his track record of reform, where we're known for putting partisan politics aside to just get the job done.
Now, Barack Obama, of course, he's pretty much only voted along his party lines. In fact, 96 percent of his votes have been solely along party line, not having that proof for the American people to know that his commitment, too, is, you know, put the partisanship, put the special interests aside, and get down to getting business done for the people of America.
We're tired of the old politics as usual. And that's why, with all due respect, I do respect your years in the U.S. Senate, but I think Americans are craving something new and different and that new energy and that new commitment that's going to come with reform.
I think that's why we need to send the maverick from the Senate and put him in the White House, and I'm happy to join him there.
Blah blah blah blah. yes, she does raise a few good issues, but she keeps on that whole maverick and reform and change thing ... hurts my ears.
IFILL: Governor, Senator, neither of you really answered that last question about what you would do as vice president. I'm going to come back to that...
... throughout the evening to try to see if we can look forward, as well.
Now, let's talk about -- the next question is to talk about the subprime lending meltdown.
Who do you think was at fault? I start with you, Gov. Palin. Was it the greedy lenders? Was it the risky home-buyers who shouldn't have been buying a home in the first place? And what should you be doing about it?
PALIN: Darn right it was the predator lenders, who tried to talk Americans into thinking that it was smart to buy a $300,000 house if we could only afford a $100,000 house. There was deception there, and there was greed and there is corruption on Wall Street. And we need to stop that. Again, John McCain and I, that commitment that we have made, and we're going to follow through on that, getting rid of that corruption.
PALIN: One thing that Americans do at this time, also, though, is let's commit ourselves just every day American people, Joe Six Pack, hockey moms across the nation, I think we need to band together and say never again. Never will we be exploited and taken advantage of again by those who are managing our money and loaning us these dollars. We need to make sure that we demand from the federal government strict oversight of those entities in charge of our investments and our savings and we need also to not get ourselves in debt. Let's do what our parents told us before we probably even got that first credit card. Don't live outside of our means. We need to make sure that as individuals we're taking personal responsibility through all of this. It's not the American peoples fault that the economy is hurting like it is, but we have an opportunity to learn a heck of a lot of good lessons through this and say never again will we be taken advantage of.
IFILL: Senator?
BIDEN: Well Gwen, two years ago Barack Obama warned about the sub prime mortgage crisis.
LIAR. he did not. We have the letter McCain sent two years ago Mr. Biden. And whats his name wasn't on the letter. No democrat wanted oversight or reform, least of all not Obama.
John McCain said shortly after that in December he was surprised there was a sub prime mortgage problem. John McCain while Barack Obama was warning about what we had to do was literally giving an interview to The Wall Street Journal saying that I'm always for cutting regulations. We let Wall Street run wild. John McCain and he's a good man, but John McCain thought the answer is that tried and true Republican response, deregulate, deregulate.
So what you had is you had overwhelming "deregulation." You had actually the belief that Wall Street could self-regulate itself. And while Barack Obama was talking about reinstating those regulations, John on 20 different occasions in the previous year and a half called for more deregulation.
Again, not so. We have McCain's letter Mr. Biden, calling for investigations and regulations. I assume you believe if you say this enough people will believe you and not check, because you are Biden.
As a matter of fact, John recently wrote an article in a major magazine saying that he wants to do for the health care industry deregulate it and let the free market move like he did for the banking industry.
So deregulation was the promise. And guess what? Those people who say don't go into debt, they can barely pay to fill up their gas tank. I was recently at my local gas station and asked a guy named Joey Danco (ph). I said Joey, how much did it cost to fill your tank? You know what his answer was? He said I don't know, Joe. I never have enough money to do it. The middle class needs relief, tax relief. They need it now. They need help now. The focus will change with Barack Obama.
IFILL: Governor, please if you want to respond to what he said about Sen. McCain's comments about health care?
PALIN: I would like to respond about the tax increases. We can speak in agreement here that darn right we need tax relief for Americans so that jobs can be created here. Now, Barack Obama and Sen. Biden also voted for the largest tax increases in U.S. history. Barack had 94 opportunities to side on the people's side and reduce taxes and 94 times he voted to increase taxes or not support a tax reduction, 94 times.
Now, that's not what we need to create jobs and really bolster and heat up our economy. We do need the private sector to be able to keep more of what we earn and produce. Government is going to have to learn to be more efficient and live with less if that's what it takes to reign in the government growth that we've seen today. But we do need tax relief and Barack Obama even supported increasing taxes as late as last year for those families making only $42,000 a year. That's a lot of middle income average American families to increase taxes on them. I think that is the way to kill jobs and to continue to harm our economy.
Generally accurate. She does not have the ego Biden does that forces him to make shit up as he goes, so she doesn't fabricate - she just conflates issues.
IFILL: Senator?
BIDEN: The charge is absolutely not true. Barack Obama did not vote to raise taxes. The vote she's referring to, John McCain voted the exact same way. It was a budget procedural vote.
Ha. ha. yes, And for many people, the way the Senate votes is so confusing, like the House.
I propose a bill - to raise taxes on lightbulbs.
Democrats in BLUE and Republicans in RED
Bill To Raise Taxes on Lightbulbs.
Motion to Open debate: Y Y
Debate Y N
Motion to close debate. Y N
Motion to modify the bill (if any changes were advanced) Y Y
Motion to open debate Y Y
Debate Y N
Motion to cloe debate Y N
Motion to vote on amended bill Y Y
Vote on bill to raise taxes on lightbulbs Y N
Now, did a Republican and a Democrat vote YES on the motion concerning raising taxes? Yes, they did, but NOT on the actual motion to raise taxes, just on the PROCEDURES - as Biden stated, but he counts on all of us not understanding the difference, and it is complicated. the above is not an actual outline of the process, but reasonably close for purposes of my example.
John McCain voted the same way. It did not raise taxes. Number two, using the standard that the governor uses, John McCain voted 477 times to raise taxes. It's a bogus standard it but if you notice, Gwen, the governor did not answer the question about deregulation, did not answer the question of defending John McCain about not going along with the deregulation, letting Wall Street run wild. He did support deregulation almost across the board. That's why we got into so much trouble.
Yes, McCain did if you count up all those Y votes even if they are not related to the actual vote on RAISING TAXES, just the procedures.
IFILL: Would you like to have an opportunity to answer that before we move on?
PALIN: I'm still on the tax thing because I want to correct you on that again. And I want to let you know what I did as a mayor and as a governor. And I may not answer the questions that either the moderator or you want to hear, but I'm going to talk straight to the American people and let them know my track record also. As mayor, every year I was in office I did reduce taxes. I eliminated personal property taxes and eliminated small business inventory taxes and as governor we suspended our state fuel tax. We did all of those things knowing that that is how our economy would be heated up. Now, as for John McCain's adherence to rules and regulations and pushing for even harder and tougher regulations, that is another thing that he is known for though. Look at the tobacco industry. Look at campaign finance reform.
Bla blah blah ... generally accurate, but annoying none the less.
Thats the extent of what I can do with that interview. The rest is about the same. Biden carefully walks a line, but the truth is never as clear as he makes it, and Palin is just not equipped to out maneuver Joe Biden, who, as Palin said, was doing this when she was in second grade.
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