Michael Steele and the GOP

Embattled GOP Chairman Michael Steele will in all likelihood not be reelected to serve as head of the RNC. He has spent all of his political capital. His lack of money management skills and bad judgement has cost him dearly. It is the opinion of most liberals that he was the Republican Party’s stooge. Being named as the head of the RNC has always been viewed as a knee jerk reaction to President Obama’s election. He is window dressing at best. He was the GOP’s boy when it was convenient and it suited them.

What’s sad is he didn’t get any credit whatsoever for the GOP’s thrashing of the democrats in the midterm elections! He does however get all the blame! He has basically been pimped as the GOP’s attack dog against President Obama. You know, the old divide and conqueror. I can’t believe he didn’t see through that! He is totally alienated from his own party and he surely find no love on the other side of the aisle.

It appears that Michael Steele has served his purpose. Where he goes from here is anybody’s guess. It’s doubtful he will be asked to join the talk show circuit or any significant speech making opportunities. He is persona non grata, a man without a country. He is alone in the wilderness. For all intent and purposes he’s a social and political pariah. It’s anyone’s guess if he will be able to rise from the ashes of defeat and dejection.

The blogosphere is full opinions and predictions about where Mr. Steele goes from here. The attached article below is an example of the opining about Mr. Steele. It’s doubtful that he can make a comeback. His colleagues are running away from him like Mark Ferman trying to find the emergency exit at the Apollo Theater! Time will tell, it will be interesting to see if Michael Steele can pick up the pieces.

Steele Attacked Without Being Named – Washington Wire – WSJ.

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  • http://www.facebook.com/people/Shirley-Gallagher/100002579722348 Shirley Gallagher

    Dig Deeper: What You Need to Know About the Financial Crisis
    April 20, 2012,
    6:12 pm ET by Azmat Khan

    Amid the fiercest financial crisis since the
    Great Depression, FRONTLINE has
    been at the forefront of investigating the
    roots of the meltdown, the hidden
    stories of those who warned about what was
    to come and the lessons moving
    forward.
    Over the next two weeks, we’ll
    continue the story in our four-hour special,
    Money, Power and Wall Street —
    watch a preview above. The film goes inside the
    struggles to rescue and
    repair a shattered economy, exploring key decisions,
    missed opportunities
    and the unprecedented and uneasy partnership between
    government leaders and
    titans of finance.
    Until then, here’s some of the best of our reporting on
    the financial crisis.
    The Warning [October 2009]
    “I didn’t know Brooksley
    Born. I was told that she was irascible, difficult,
    stubborn, unreasonable.”
    Former SEC Chairman Arthur Levitt
    In The Warning, FRONTLINE unearths the
    hidden history of the nation’s worst
    financial crisis since the Great
    Depression. At the center of it all is
    Brooksley Born, the head of an
    obscure federal regulatory agency — the Commodity
    Futures Trading Commission
    [CFTC] — who not only warned of the potential for
    economic meltdown in the
    late 1990s, but also tried to convince the country’s
    key economic
    powerbrokers to regulate the secretive, multitrillion-dollar
    derivatives
    market, whose crash helped trigger the financial collapse in the
    fall of
    2008. In The Warning, she speaks for the first time on television.
    *
    Explore our video timeline of the tide of deregulation and the drumbeat of

    warnings in the lead up to the financial crisis
    * Learn more about
    Born, the prevailing economic philosophy in era of Federal
    Reserve chairman
    Alan Greenspan and the hidden dangers of derivatives.
    * Read extended
    interviews with Born; Gary Gensler, the head of the CFTC under
    President
    Obama; Arthur Levitt, the former head of the Securities and Exchange

    Commission; and other key players.
    Inside the Meltdown [February
    2009]
    “Rumors are such that they can just plain put you out of business.”
    Bear
    Stearns’ former CEO “Ace” Greenberg
    The sudden and complete
    financial meltdown of 2008 took most of America by
    surprise. How did it all
    go so bad, so quickly? Who is responsible? How
    effective has the response
    from Washington and Wall Street been? FRONTLINE goes
    inside the chain of
    events that set off the crisis, what key officials didn’t
    see, couldn’t stop
    and weren’t able to fix.
    * Peruse our timeline of the meltdown, with
    play-by-play breakdowns of the
    early warnings, formative disasters and key
    decisions and deals that got us
    where we are.
    * From the rescue of
    Bear Stearns to the decision to not bail out Lehman
    Brothers to the
    government’s takeover of Fannie and Freddie, explore analysis
    from key
    players.
    * Read extended interviews with “Ace” Greenberg, the former
    chairman and CEO of
    Bear Stearns; Mark Gertler, New York University
    economist and a longtime friend
    of Federal Reserve chairman Ben Bernanke;
    Sheila Bair, former chairwoman of the
    Federal Deposit Insurance Corporation;
    and others involved in the crisis.
    Breaking the Bank [June 2009]
    “It just
    seemed to me that the conservative, right thing to do was take the
    [TARP]
    money. Little did I know the pain that would invoke…” Former Bank of
    America
    CEO Ken Lewis
    The merger of Bank of America, the nation’s largest bank, and
    Merrill Lynch in
    September 2008 was supposed to help save the American
    financial system by
    preventing the imminent Lehman Brothers bankruptcy from
    setting off a
    destructive chain reaction. But within days, the entire global
    financial system
    was collapsing. FRONTLINE reveals the story of two banks at
    the heart of the
    financial crisis, their rocky merger, and the government’s
    new role in taking
    over — some call it “nationalizing” — the American
    banking system.
    * Track how how four CEOs grew a small North Carolina
    bank into the nation’s
    largest — Bank of America — in our interactive
    map.
    * Read extended interviews with former Bank of America CEO Ken
    Lewis; former
    Merrill Lynch CEO John Thain; the former directory of policy
    planning at the
    Treasury Department, Michele Davis; and others.
    Ten
    Trillion and Counting [March 2009]
    “Here’s the fundamental problem: How much
    money can a society borrow before it
    begins to have negative effects on our
    ability to borrow any more?” Former
    Treasury Secretary Paul O’Neill
    All
    of the federal government’s efforts to stem the tide of the financial

    meltdown have added hundreds of billions of dollars to an already staggering

    national debt. FRONTLINE traces the politics behind this mounting debt and

    investigates what some say is a looming crisis that makes the current
    financial
    situation pale in comparison.
    * Learn more about the debt
    during the George W. Bush presidency and during the
    Clinton years.
    *
    Read extended interviews with former Office of Management and Budget Director

    Peter Orszag; former Treasury Secretary Paul O’Neill; former Comptroller
    General
    David Walker; and others.
    The Card Game [November 2009]
    “It’s
    almost as if 15 years ago, the industry discovered that you could make
    money
    off of the most vulnerable people in America over and over, and that would

    be the business model.” The Center for Responsible Lending CEO Martin
    Eakes
    In a joint project with The New York Times, FRONTLINE investigates the
    future of
    the massive consumer loan industry and its impact on a fragile
    national economy,
    as credit card companies face rising public anger, new
    regulation from
    Washington and staggering new rates of default and
    bankruptcy. We talk to
    industry insiders, lobbyists, politicians and
    consumer advocates as they square
    off over attempts to reform the way the
    industry has done business for decades.
    * Learn about credit card tricks
    and traps to watch out for and what the
    consumer’s responsibility is.

    * Read extended interviews with Treasury Secretary Tim Geithner; former

    Chairman of the Senate Banking Committee Chris Dodd; and American Bankers

    Association Vice President Nessa Feddis.
    The Wall Street Fix [May
    2003]
    “When Congress sees these scandals taking place … they become the
    latter-day
    Elmer Gantrys, protecting investors that they had abused so badly
    before.”
    Former SEC Chairman Arthur Levitt
    Years before the financial
    crisis, FRONTLINE went inside the culture of Wall
    Street and the world of
    investment banking, investigating the hidden
    relationships between the
    Street’s biggest bank, Citigroup, and the bubble’s
    most spectacular failure,
    WorldCom to show how Wall Street drove the telecom
    boom, pocketing enormous
    profits, and then took millions of investors on a ride.
    * Explore our
    chronology of the long demise of the Glass-Steagall Act, from its
    passage in
    1933 to its death throes in the 1990s, and how Citigroup’s Sandy
    Weill dealt
    the coup de grâce.
    * Read analysis of the politics and the impact of
    Sandy Weill’s creation of
    Citigroup, the first full-service superbank, and
    the repeal of the
    Glass-Steagall Act that stood in his way.