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Obama Invites Congressional Leaders for Cocktails at the White House

The White House is illuminated as the sun sets on Jan. 28, 2009. (Ron Edmonds/Associated Press)

By Michael D. Shear
First, a contentious, partisan vote. Then, wine and cheese.

Lest the Congress let itself get tied into knots tonight as they debate the $825 billion stimulus package, President Obama has offered an incentive to finish early.


Obama invited the bipartisan leadership of Congress to the White House this evening for a 7:30 p.m. gathering in the Red, Blue and Green rooms. The cocktail party will be the first of its kind for the Obama administration.

There ought to be some interesting conversations as the lawmakers mingle. The House is expected to pass the stimulus bill tonight despite the very vocal opposition of the chamber's Republican leadership.

The list of those invited includes:

Speaker Nancy Pelosi (D-Calif.)
Representative Steny Hoyer (D-Maryland)
House Minority Leader John A. Boehner (R-Ohio)
Representative Eric Cantor (R-Va.)
Sen. Majority Leader Senator Harry Reid (D-Nev.)
Sen. Richard J. Durbin (D-Ill.)
Sen. Minority Leader Mitch McConnell (R-Ken.)
Sen. Lamar Alexander (R-Tenn.)
Sen. Jon Kyl (R-Ariz.)
Sen. John Thune (R-S.D.)
Sen. John Cornyn (R.Texas)

By Web Politics Editor  |  January 28, 2009; 3:41 PM ET
Categories:  B_Blog , Barack Obama , Washington Life , White House  
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Cloward Piven sent out over & over & over, before it was 'over'.
Apparently no one had the intellectual self dicipline to read this;

September 28, 2008 Barack Obama and the Strategy of Manufactured Crisis

Posted by: rtfanning | January 28, 2009 7:56 PM | Report abuse

Posted by: TheBabeNemo

you may also want to consider this ;
I would place this under the category of a treasonable offense:

1. to set up the housing bubble with super cheap 1% fed money for longer than ever and then to join a hedge fund after that fundamental flaw in the banking and leverage structure has been put in place.

2. To not advise putting further regulation in place to deleverage banks but instead to join a hedge fund and to use what is effectively insider information to advise them to cream bank stocks and confidence in them until the entire global banking structure collapses.

3. I believe that Paulson Hedge Fund with its $21 Billion “credit opportunities fund” has made more than $100Billion on beating down financial stocks and credit default swaps.

Why is this not in the WSJ and on every news channel every day? Where is Obama on this?

Why has the SEC/NYSE chairman not reinstituted the uptick rule? Liquidity my ass! It is because he acts in the interests of the hedge funds rather than the 401k investor and has destroyed free flow of information and investor confidence that there is an even playing field.
Here are three obscure articles on the subject.

NEW YORK, Jan. 15, 2008 /PRNewswire/ -- Paulson & Co. (Bloomberg: 573991Z US)

Inc., a New York-based investment management firm, today announced its

retention of Dr. Alan Greenspan, former chairman of the Federal Reserve Board,

as a member of its advisory board.

Posted by: rtfanning | January 28, 2009 7:15 PM | Report abuse

6 years of growth after 9/11 absolutely.

In Dec 2007 the unemployment rate was 4.6%.

We had more job openings than qualified candidates with the exception of Michigan where the economic policies of Jennifer Granholm are the major piece of Obama's stimulus package.

Posted by: debmries | January 28, 2009 5:54 PM | Report abuse

My favorite stimulus: 1st bailout

AIG was given $150 Billion in bailout but it was only worth $120 Billion. Hum, wonder why?

Nancy Pelosi owned $100,000 in AIG stock and John Kerry and 50 other members of congress owned $250,000 - $500,000.

And some think CEO's are corrput?

I think the blame is being pointed at them to divert Americans from the truth.

Posted by: debmries | January 28, 2009 5:51 PM | Report abuse


am i reading you wrong?
6 years of growth after 9-11.
No way. we have never recovered.

Posted by: TheBabeNemo | January 28, 2009 5:49 PM | Report abuse

Please prove the 8 years of failed economic policies. It was 6 years of excellent growth after a terrorist attack.
The housing fiasco is a DEM feel good program - that each party got involved in.
Predator lenders including Obama's good friend Franklin Raines (who made $90 million off of Fannie Mae), ACORN are at the center of this mess.

It was not created by Bush and the economy turned AFTER the DEMS Pelosi, Reid Frank took over congress.

Just the facts jack.

Posted by: debmries | January 28, 2009 5:47 PM | Report abuse


not to mention that half the institutions we are attempting to save-- broke USCode regulatory requirements. But I haven't heard one word about the criminal activity that took place for the past 7 years.

plus, the banks are supposed to come up with renegotiation policies for families.

i still want to see how the 6400 families that are being foreclosed upon daily are going to benefit.

Posted by: TheBabeNemo | January 28, 2009 5:45 PM | Report abuse

Take a 20 year old out to dinner and teach him / her the facts

Government is petrified that it won't succeed with its $ 2 trillion auction.
Don't forget that 9 out of 16 primary dealers in U.S. Treasury bonds are foreign owned.

Think he can write an "Executive Order" to force the credit markets to float this loan ?

Nouriel Roubini and Elisa Parisi-Capone of RGE Monitor release new estimates for expected loan losses and writedowns on U.S. originated securitizations:

Loan losses on a total of $12.37 trillion unsecuritized loans are expected to reach $1.6 trillion. Of these, U.S. banks and brokers are expected to incur $1.1 trillion.
Mark-to-market writedowns based on derivatives prices and cash bond indices on a further $10.84 trillion in securities reached about $2 trillion ($1.92 trillion.) About 40% of these securities (and losses) are held abroad according to flow-of-funds data. U.S. banks and broker dealers are assumed to incur a share of 30-35%, or $600-700 billion in securities writedowns.
Total loan losses and securities writedowns on U.S. originated assets are expected to reach about $3.6 trillion. The U.S. banking sector is exposed to half of this figure, or $1.8 trillion (i.e. $1.1 trillion loan losses + $700bn writedowns.)
FDIC-insured banks’ capitalization is $1.3 trillion as of Q3 2008; investment banks had $110bn in equity capital as of Q3 2008. Past recapitalization via TARP 1 funds of $230bn and private capital of $200bn still leaves the U.S. banking system borderline insolvent if our loss estimates materialize.
In order to restore safe lending, additional private and/or public capital in the order of $1 – 1.4 trillion is needed. This magnitude calls for a comprehensive solution along the lines of a ‘bad bank’ as proposed by policy makers or an outright restructuring through a new RTC.
Back in September, Nouriel Roubini proposed a solution for the banking crisis that also addresses the root causes of the financial turmoil in the housing and the household sectors. The HOME (Home Owners’ Mortgage Enterprise) program combines a RTC to deal with toxic assets, a HOLC to reduce homeowers’ debt, and a RFC to recapitalize viable banks.

Posted by: rtfanning | January 28, 2009 5:36 PM | Report abuse

Let's see...8 years of Republican fiscal strategy lands us in a deep recession. And the same people who steered us into this mess suddenly want us to belive they now, at long last, have a clue? And worse, the clue is more of the same failed policies that landed us in this mess?

"We really think this is the better way," Boehner said.

Really? More gasoline for the fire, huh?

Posted by: deprivation | January 28, 2009 5:29 PM | Report abuse

I'm glad someone is questioning this "we gotta do it or die" package.

I work with major corporations $3 Billion and up - every single one of my clients had a great year in 2008 - why aren't we hearing about those companies? 40% of companies had record year in 2008.

Leave things alone - reduce the deficit, let companies go thru chapter 11.

Encourage people to think positively (not all this gloom and doom) so they will spend normally and we wouldn't be in this situation today.

This downturn is from the media making it out to be worst than it is and if the negativity continues it will become a self-fulfilling prophecy.

Posted by: debmries | January 28, 2009 4:56 PM | Report abuse

I think it's a good idea. Lobbyists wined, dined, and essentially bribed legislators into selling out to get us in this mess. Maybe a little wine, loosening up, and getting to like each other could help to neutralize the damage industry lobbyists have done. Get the defenses down and find ways to see each other's points of view.

Posted by: rooster54 | January 28, 2009 4:52 PM | Report abuse

Cheese ought to go pretty well with all that GOP whine.

Posted by: JohnQuimby | January 28, 2009 4:43 PM | Report abuse

A cocktail reception? Obama is getting frighteningly desperate GOP votes for his stimulus - even as it looks less and less likely that more than a handful will back it in the entire Congress.

Posted by: parkerfl1 | January 28, 2009 4:22 PM | Report abuse

Posted by: scrivener50 | January 28, 2009 4:10 PM | Report abuse

Ahhh. The ol' college ploy: Get 'em drunk first, then maybe they'll go for the idea.

Crafty, Mr. President, crafty.....

Posted by: kolbkl | January 28, 2009 4:08 PM | Report abuse

Four Dims, and Seven RepubliCANs?

Wait! I forgot about all the Congressmen now calling themselves Executives!

Boehner and Cornyn better get more numbers!

Posted by: SAINT---The | January 28, 2009 3:56 PM | Report abuse

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