We already know that businessman Chris Lee has canceled debate appearances with Alice Kryzan, and today we read in the Buffalo News and heard on WBEN radio that he has no comment on the economic crisis and bailout. None whatsoever. Complete silence.

Chris Lee’s continued absence when it comes to the financial crisis is mind-boggling. Either he’s for the bailout that was voted on yesterday, he’s opposed to it, or he’s for something different. He is not courageous enough to tell prospective voters where he stands. How ’bout that.

By contrast, Alice Kryzan has consistently stressed the importance of bringing alternative energy industry jobs to the district, releasing a comprehensive plan detailing how we can strengthen our economy and create jobs, while reducing our dependence on foreign oil and keeping our environment clean.

Despite touting his business expertise, Lee has offered no concrete solutions. Instead, he has argued for a continuation of failed Bush policies, making sure that millionaires get a tax break and that government doesn’t “get in the way.” We’ve seen the results of those failed ideas—financial crisis and more hard-earned taxpayer money going to fix the problem.

For his part, Chris Lee says nothing. He has no plan, no vision, and offers no leadership whatsoever. He does, however, recycle Bush talking points and a poor facsimile of Chris Collins’ winning 2007 strategy.

The financial meltdown and the bailout are difficult issues that further threaten an already reeling economy. I like to see that Kryzan is engaged - talking to voters, offering solutions. Lee? After the bailout bill failed yesterday, I called his campaign office yesterday to ask how he’d have voted for it.

The person on the other end said they’d release something about it “in the next few days”.

It’s been brewing for weeks, and the best they can do is the “next few days”?

How unbusinesslike.

Meanwhile, in Charlotte, Wachovia narrowly averts failure:

Crushed by its disastrous 2006 acquisition of mortgage lender Golden West Financial Corp., Wachovia succumbed Monday to the global financial crisis, agreeing to sell its banking operations to New York’s Citigroup Inc. for a mere $2.1 billion in a deal arranged by federal regulators.

Yes, Bank of America Corp. still stands on Tryon Street and is now one of the “Big Three” U.S. banks. But the Wachovia collapse leaves Charlotte bracing for the worst _ the loss of thousand of high-paying bank jobs that helped turn the state’s largest city into a booming center of the New South.

“We’ve been on the winning end of a countless number of bank transactions over the last 25 years,” said Tony Plath, a finance professor at the University of North Carolina at Charlotte. “And that has translated into new jobs and homes and construction. Now, we’re on the losing end. This is a big loss for the city.”

For years, it was Bank of America and Wachovia playing the aggressor, making deal after deal _ including the 2001 merger of First Union and Wachovia that led to the modern-day bank _ as they worked to create a second Wall Street on Tryon. Wachovia has 120,000 employees nationwide, including 20,000 in Charlotte.

An involuntary Buffalo homecoming in the works, perhaps?

Why can’t Palin speak for herself? Why is McCain jumping all over this?

The feckless management of the Broadway Market has ended, and day-to-day operations will now be managed by the City of Buffalo, at least until November 1.

Managed by Buffalo city government. ‘Nuff Said.

UPDATE: The bailout failed, the Dow, S&P, and NASDAQ are in free-fall, and there’s no word yet on whether McCain will now re-suspend his campaign.

The Albany Project has the New York delegation’s vote on the bailout, and here’s the roll call vote in Congress. Reynolds, Higgins & Slaughter voted in favor of the bailout. Randy Kuhl voted against it.

WTF now? Read the rest of this entry »

The financial bailout and the crisis that led to it is, for all intents and purposes, out of the average person’s hands. I’m no economist, so my grasp of the entirety of the situation is tenuous, at best. This is, however, par for the course, since it appears that even financial experts seem to have a flawed grasp of the issues.

I think a lot of people are, to put it mildly, nervous. Even though Buffalo never really reaped the rewards of the latest bubbles and booms, and the landing may be softer as a result, the tightening of credit will most likely cause a downward spiral of sorts across the board. At least for a while.

But even though I’m not religious in the slightest, I have faith that the country will come out of this crisis stronger, and hopefully with some positive changes on the other end.

From a Presidential political perspective, I have to say I feel far more comfortable with Obama at the helm than McCain. You may recall during the debate, there was some back-and-forth about tactics vs. strategy. McCain has been all about tactics; the Palin pick, the non-suspended “suspension”, and whatever other poorly thought-out snap decision he can make without much contemplation for the long term, focused primarily on short term gain.

On the other hand, Obama is all about strategy. Is there anything he changed in response to McCain’s erratic twists and turns? Nope. They have a plan, and they’re sticking to it. He is talking about issues that regular people are also talking about, and he’s free from pronouncements about the economy being fundamentally strong even when a former Fed chief calls what’s happening a once-a-century crisis.

Hope may not be a plan, but it’s a start. Here’s to hope.

Go to this website:

And vote for this kid:

Thanks.

Here is the Bob McCarthy article I referenced sort of in passing the other day. I take no pleasure in its content, as I don’t like to see any media venture fail - especially one that has a track record of good work such as the Niagara Falls Reporter.

One accuses the other of overdipping in the till, and there are counteraccusations of Golisano/Pigeon payoffs. This is why lawyers and lawsuits and contracts and judges exist, and there are two sides to every story, so somewhere betwixt the two is where the truth lies.

Hudson is, as always, welcome to post, as is anyone else - involved or not.

If it’s true that Pigeon paid someone off to try and affect an election, and the fact that he did so wasn’t disclosed, I’d find that to be sleaze of Illuzzian proportions. If it’s true that the publisher was stealing from the company, that’s sleazy, too, although the only people affected are those with a stake in the paper; the former is a macro concern while the latter is a micro-issue.

I do, however, ask that comments avoid ad hominem attacks on people. That’s not directed at Hudson, but at those who might rip into him.

Heather asks:

Since when did being a ‘businessman’ or ‘businesswoman’ become a four letter word. You use these terms as though they are the problem with America, when in fact they are the only thing that will pull us through this tough economic time. You think that the crisis is caused by CEOs and businesses, and you look to Congress as the savior? You have it backwards.

Thanks for asking!

I don’t think “businessman” or “businesswoman” is a four-letter word. On the contrary, without businesspeople, this country would quite literally stop functioning.

What I find amusing is the fact that the Republican party locally has turned to running self-funded millionaires, and for all of them the mantra is “run government like a business”. They hope the Collins template can be duplicated across the board. I interpret “running government like a business” generally as maximizing efficiencies, being lean and cost-conscious, reacting quickly to problems and being proactive with solutions.

So, when the self-anointed “business” candidate for congress remains silent on the financial crisis that’s gripping the entire country, I have to call his “businessman” credentials into question. Businesses throughout the country are looking at October 1 with growing trepidation as they wonder whether credit will dry up and a downward spiral begins, or whether congress will do something to try and help the situation.

Nowhere have I suggested that I support the bailout, and you read too much into my comments to say that I “look to Congress as the savior”. The federal government, however, does have a duty to institute rules and regulations to prevent this from happening again, and they have a duty to at least consider and debate the proposal that the administration has presented, and to present its own alternative plan if it so chooses.

The fact that Chris Lee can’t be bothered to make a statement of any kind with respect to the biggest financial crisis since World War Two is chilling and it is my hope that people throughout the 26th District learn of this fact, and question him about it.

Chris Lee: are you for the bailout, against the bailout, or for some other alternative form of relief? Should the relief be targeted more to the banking industry, the people affected by the foreclosure crisis, or both?

I have no idea where he stands, and it’s been two weeks in an eight-week general election season. No quick reaction, no proactive solutions, no nothing. That’s pathetic.

What does Chris Lee think of the economic crisis and the bailout being proposed by Bush and Paulson?

Alice Kryzan has reacted to it. But almost two weeks in and Chris Lee - the businessy businessman with business acumen and business experience who wants to run government like a business - has absolutely not a thing to say about a proposed $700 billion handout to some of the (until recently) wealthiest businesses on Earth.

Which business, exactly, does Lee use as an example for “running government”? AIG? WaMu? Freddie Mac? Fannie Mae? Lehman Brothers? Inquiring minds want to know.

Each day Chris Lee remains silent (and refuses to debate issues), his campaign grows more and more Humistonian in its blind absurdity.

Amherst, NY – Today, congressional candidate Alice Kryzan, NY-26, called on her opponent Chris Lee to make good on his pledge to focus on the issues in this race by agreeing to participate in public debates. To date, Kryzan has committed to a number of public debates in order to let the voters hear directly from her, while Chris Lee has become an expert in debate dodging.

Of seven proposed debates, Lee has pulled out of two debates he had previously committed to and seems unwilling or unable to fit another four into his schedule. Lee has dodged debates at SUNY Geneseo, RNews and a candidate forum sponsored by the AARP, which has over 100,000 members in the district.

Lee also appears unwilling to explain his positions to voters who have contacted him directly. Recently a non-partisan group was unable to get answers from Lee on important issues such as trade, health care and jobs despite repeated requests by phone, e-mail and a personal visit to his campaign headquarters.

“For someone who claims to want to make this campaign about the issues, he’s fallen short,” said spokesperson Anne Wadsworth. “Few policy positions, few statements, few debates. It’s hard for voters to have any idea what Chris Lee stands for.”

It’s time for Lee to stop dodging and start debating. Public debates are a crucial chance for voters to understand how candidates plan to address the issues facing their lives. In these turbulent times, voters need to know where candidates stand more than ever.

The Kryzan campaign calls on Lee to commit to a series of public debates so that voters can understand the very real policy differences between the two candidates. The people of this district deserve no less.

Jed is right. This is the dumbest ad ever. McCain could have made it lighthearted and mocking, but instead it’s as angry as McCain was in the debate. Obama acknowledged that McCain had correctly identified a problem, but offered different solutions. Obama’s graciousness, his opponent uses to try and hammer him.

As John Cole says,

If what you took from the debate last night was that Obama simply agreed with McCain on every issue, you are, to put it simply, a fool.

Here’s what Obama put out today. Succinct, accurate, not disingenuous.

Thanks to the over 100 people who came to Cole’s last night to join WNYMedia.net to watch this historic debate.

I think what happened last night confirmed why it was important to many people that the debate go on. We heard two knowledgeable men have a debate and discussion on foreign policy and domestic issues, and that debate was substantive. After two elections where one of the debaters was George W. Bush, who is probably in retrospect among the most disastrous presidents in (at least recent) memory, and a man who was - let’s say - not really strong on policy substance.

Foreign policy is supposed to be McCain’s forte, and he brought his A game, going after Obama a number of times. Many are commenting on the fact that McCain refused to look at Obama throughout the entire debate. I did notice this in comparison to Obama, who looked at McCain when he addressed him directly. McCain’s body language was starkly different, and he seemed contemptuous of Obama, and some have suggested that it may have to do with controlling his temper.

Although McCain did have Obama on defense a lot, Obama more than held his own. I think the conventional conservative wisdom that Obama is toast without a teleprompter is now DOA. Of course, we knew this from watching his 20-something primary debates, and also given the fact that Obama is a disciplined campaigner, brilliant, and quick study.

Obama, in other words, also brought his A game, and did at least as well - if not better - than “foreign policy” McCain. Of course, as an Obama partisan Democrat, I thought he won, but it was probably technically a draw.

But a draw in this debate is technically a loss for McCain, who should have - but didn’t - mop the floor with Obama.

Also, Obama kept talking about solutions to problems that we face, changing course on national defense to combat our real enemies, and the future. McCain seemed to dwell on the past, and I thought many of his positions were contradictory.

To me, the exchange of the night was this one - it was practically a trial’s closing argument:

Obama: So John, you like to pretend like the war started in 2007. You talk about the “surge,” the war started in 2003. At the time, when the war started, you said it was going to be quick and easy. You said you knew where the weapons of mass destruction were — and you were wrong. You said we were going to be greeted as liberators — you were wrong. You said that there was no history of violence between Shi’a and Sunni, and you were wrong. …if the question is, who is best equipped as the next president to make good decisions about how we use our military, how we make sure we are prepared and ready for the next conflict, then I think we can take a look at our judgment.

And this one made me hoot:

OBAMA: He even said the other day that he would not meet potentially with the prime minister of Spain because he wasn’t sure whether they were aligned with us. I mean, Spain. Spain is a NATO ally. If we can’t meet with our friends, I don’t know how we are going to lead the world in terms of dealing with critical issues like terrorism.

MCCAIN: I am not going to set the White House visitors schedule before I’m President of the United States. I do not even have a seal yet.

Obama parried every attack, and he laid some blows of his own. McCain seemed angry, and went off-message a bit, reminding people quite a bit that he has been in Washington for a very long time.

Now, I very, very eagerly await the Vice Presidential debate next Thursday. Usually, this is an afterthought. Last time, John Edwards tackled Dick Cheney. This time it will be Joe “gaffe” Biden versus Sarah “gaffe” Palin. This should be as interesting to rubberneck as the last accident on the 33.

WNYMedia will hold a watch party for that, as well. Details TBA.

There’s no deal yet on the bailout, yet McCain is going back on his word and traveling to Mississippi for the debate tonight, after all. Surprise, surprise.

Up until this minute, there was a reasonable, rational debate one could have over whether or not McCain’s so-called “suspension” and pledge to avoid the debate was simply gamesmanship or statemanship.

Given that he’s “resuming” his campaign now, with no deal on the bailout, and going to the debate - we can conclude that it was just a ploy - just a stunt.

Brinksmanship, gamesmanship, snap decisions, gut, impulse all took precedent over thoughtfulness, reason, deliberation, and brains.

UPDATE: McCain is already claiming victory in the debate that takes place in about 9 hours, and that he hadn’t committed to attending until a few minutes ago. Unbelieveable - click here.

After about 18 months of telling us over and over and over again that they can borrow more cheaply than the county, the control board found itself unable to do a thing.

The control board learned late Thursday that despite its assurances, it would be unable to secure the crucial $75 million loan that would keep county government operating beyond Tuesday.

Just before 5 p. m., control board Executive Director Kenneth J. Vetter turned to County Comptroller Mark C. Poloncarz and asked him to activate a backup deal he had in place.

Poloncarz believes he can borrow the $75 million in a private transaction with Bank of America. He says he can close it by Tuesday, in time to meet Friday’s $12 million payroll.

Erie County’s Fiscal Stability Authority — appointed by Albany’s powers — has a superior credit rating and controls many aspects of Erie County finances.

But Wall Street turmoil sent the board scrambling to borrow money the old-fashioned way, through the county comptroller.

The control board has been angling to borrow on the government’s behalf because it can save taxpayers money on repayment costs, given its top credit rating and the fact that it need not buy insurance against default.

Had the bridge loan - due to be repaid within the year - not gone through, the county would have been left temporarily broke, unable to make next week’s payroll, and there would have been a delay in the distribution of sales tax revenue to the municipalities and schools - $42 million worth.

Thank God my tax dollars go to funding this do-nothing, my-guess-is-better-than-yours control board.

Dave Debo interviewed me about the debate watch party scheduled for tonight at Cole’s on Elmwood, and I went to check it out and have to say that WBEN’s handling of audio is much, much improved. There’s even an RSS feed. Kudos (finally).

HT Be the Change.

Politico details the fact that introducing presidential politics, uninvited, into the bailout negotiations was batshit insane - just the latest batshit insane decision John McCain made impulsively lately. Or else it was just a silly stunt to try and look like a consensus-builder.

Paulson arrived near 8:40 p.m. but without Federal Reserve Chairman Ben Bernanke, who supports the secretary but appears to want to stand clear of the negotiating session. Democrats could very well feel stronger, and more united after the session. But the wild session left doubt about the ability of Congress to move quickly on the matter, even after leaders of House and Senate banking committees reached a bipartisan agreement Thursday on the framework for legislation authorizing the massive government intervention.

Democrats may feel stronger and more united after the White House session. But the wild session left doubt about the ability of Congress to move quickly on the matter, even after leaders of the House and Senate banking committees reached a bipartisan agreement Thursday on the framework for legislation authorizing the massive government intervention.

The whole sequence of events confirmed Treasury’s fears about the decision by Bush, at the urging of McCain, to allow presidential politics into what were already difficult negotiations. And while the markets were closed by the time the meeting ended, Friday could bring turmoil, and there will be immense pressure now by Treasury to get back on track before Monday.

McCain could feel that same pressure. Having called for the meeting, he will have to show if can deliver the votes of House Republicans, many of whom have been leery of him in the past. Mindful of this, the senator’s campaign issued a brief statement an hour after the breakup of the meeting.

Oh, and the whole “suspension” of the campaign? Yeah, that never happened. It was just McCain’s newest lie.