
Sunday, November 16, 2008
Tough Times for Tennessee Democrats

Tuesday, September 16, 2008
Tennessee's Bob Tuke Blasts Republicans on Financial Crisis

We all have been reading about something I never thought I would see - the failure or takeover of three of the largest and most venerable investment banks in America, together with the failure of several commercial banks and mortgage lenders across the United States. Add to those catastrophes the threats to the financial viability of Freddie Mac and Fannie Mae and the insurance giant AIG, and we face a financial industry crisis we have not witnessed since the Great Depression.
Of course this crisis does not necessarily mean there will be a world-wide financial collapse, but such a collapse is possible unless there is substantially better financial governance in the next several weeks than we have had in the past several years. CEO's and Boards of Directors in the private sector need to rein in the aggressive and reckless risk-taking that has weakened our financial markets and the public confidence in them. Government regulators need to enforce the laws and regulations that already are on the books, and they need to write and enforce new regulations that will require more sensible lending and investment policies and that will hold accountable those who fail to obey the rules. Congress, especially the Senate, needs to do its job of oversight.
I have been practicing law in the financial services industries for more than 30 years, and I have never seen such willful incompetence in both the private and government sectors. On the private side we have witnessed grossly exorbitant salaries and benefits claimed by executives (and awarded by ineffective Boards of Directors), greed in investments in subprime mortgage loans with losses that were entirely predictable, and failure to manage portfolios and people the way good business executives generally have in America for decades.
On the government side, the regulators of the financial services industries simply abdicated. Led by our historically incompetent President and Vice President, and influenced by lobbyists and massive campaign contributions, the Bush-Cheney-Alexander Republican approach of letting the financial markets govern themselves has resulted in this debacle. It did not have to happen. Proper regulation and Congressional oversight could have - and should have - curtailed subprime mortgage lending. The unsound housing investment bubble could have been prevented. Reckless investments by traditionally conservative institutions could have been stopped.
This is another reason I am running for the U.S. Senate: To offer Tennesseans a Senator who understands the financial industries and who will not be influenced by massive campaign contributions and cozy relationships with lobbyists. Lamar Alexander has voted lockstep with the Bush administration's economic policies and has voted to strike down legislation to protect consumers and to eliminate adequate oversight of our nation's financial system, which has led to the disaster we face today. At the same time he has received approximately $3 million in contributions from executives and PACs of banks, realtors and securities companies for his ardent opposition to government oversight that would have protected borrowers and consumers.
I will look after the interests of the people of Tennessee and America instead of giving in to the interests of big money and their cronies. Together, let's Take the Hill.
Tuesday, September 9, 2008
US Rep. Jim Cooper Speaks to TN Delegates in Denver

We have two big jobs to do: unify the Party and carry Tennessee in November.
You probably heard on the talk shows this Sunday that Barack Obama would already be 12 points ahead if the Democratic Party were unified but, sadly, we are not, so the race is dead even. Polls indicate that 28% of Hillary Clinton’s delegates have not come home, which is actually up from 16% this summer. We should not pressure Hillary delegates, but show them the love and respect that they deserve so that each one, in their own way, and in their own time, fully supports our nominee in November. We must be sensitive and caring. I thought last night was just about perfect with Ted Kennedy’s legacy speech and Michelle Obama’s focus on the future, but Pat reminded me that the evening could have been even better if the Kennedy video had also highlighted Hillary’s role as a champion of health care reform. She made an excellent point. Hillary is a marvelous Senator from the State of New York and her role in national politics is far from over.
We cannot play into Republican hands by letting them divide us because that is their only weapon. They have no ideas of their own; they just want to cut us up. Did you see the Washington Post cartoon today of an elephant sitting behind Hillary as she was preparing her speech tonight. The elephant whispers, “Hillary… Hillary,” and then says, “Obama would have picked you as his Vice President if he loved you half as much… as I hate you.”
We also need to carry Tennessee. Let’s be honest: we have slipped considerably from having failed to carry Tennessee for our own Al Gore in 2000 to not even being on the national radar screen today for Obama. We must not be bullied by the pundits. A long time ago, they said Harry Truman could not win. Today they are trying to turn Obama’s strengths into weaknesses. He is the most exciting candidate in modern times, and they deride his celebrity. He is one of the greatest speakers ever, and they say he is not specific enough. It reminds me of the story of Barack boating with the Pope. They are in the middle of a lake in a small boat and the wind picks up. The Pope’s hat blows off onto the water and Barack calmly gets up out of the boat, walks across the water, and picks up the hat, returning it to the Pope. Even the Pope is impressed. But the photographers with their telephoto lenses look at what happened and the headlines read the next day, “Obama Can’t Swim.”
Many of you have asked about my mother who is 89-years-old and a great Democrat. But she gets worried about Barack. She asks me questions like, “What kind of name is Barack Obama?” Even Michelle Obama asked that question on one of their first dates. My mother asks, “Who was Obama’s mother?” “Who were her people?” These are questions that the older generations asks and they deserve good answers. Fortunately, there are great answers. Barack Obama is not risky; he is solid as a rock. He is the living embodiment of the American Dream. It would be so sad if the rest of the world understood that, but we did not.
I have a head start in knowing Barack because we went to the same law school. It is a snake pit with lots of tough, sometimes nasty people. One student in my class proudly announced on the first day of class that he had already read every book for the year before the first day of class. I hate people like that. Other people kept their light on all night so that we would think they were studying, and they usually were working round-the-clock. But in the snake pit, Barack was a snake charmer. He is absolutely brilliant; I wish that I had done as well at law school as Barack. He is smarter than Bill Clinton, and more disciplined.
And when it comes to carrying Tennessee for Barack, remember that McCain came in third in the Tennessee primary, behind Huckabee and Romney. McCain may have even finished after “None of the Above.” Tennessee Republicans aren’t really fired up about McCain. He’s what was left over after everyone else dropped out.