News reports all over the place that John McCain is suspending his campaign to deal with the financial crisis and the $700 Billion dollar bailout plan.

Obama initially refused McCain’s invitation to return to DC to deal with the problem.

FoxNews reports the story here…but its on nearly every news outlet.

Here are the remarks from John McCain in New York today:

Remarks on the Economic Crisis by John McCain New York, Wednesday, September 24, 2008 America this week faces an historic crisis in our financial system. We must pass legislation to address this crisis. If we do not, credit will dry up, with devastating consequences for our economy. People will no longer be able to buy homes and their life savings will be at stake. Businesses will not have enough money to pay their employees. If we do not act, every corner of our country will be impacted. We cannot allow… Read More

We have heavily editorialized here at the FlashReport against the outrageous appropriation of millions of dollars for the University_ of California to support "research on labor and employment and labor education" – or more appropriately put, public money for labor unions.

Well, I am pleased to announce that after culling through the line-item vetoes, Governor Schwarzenegger has COMPLETELY ELIMINATED funding for this boondoggle, again showing the advantage to taxpayers of sending the Governor a budget where he is not a party to agreeing to everything in it. Below is directly from the veto message.

Item 6440-001-0001-For support of University of California. I reduce this item from $3,000,920,000 to $2,995,520,000 by decreasing:

(1) Support from $3,123,516,000 to $3,118,116,000, and by revising Provisions 14 and 24 and by deleting Provision 16. Page 8

I am reducing this item by $5,400,000 to eliminate funding that supports research on labor and employment and labor education. While this budget bill provides for a modest reserve in 2008-09, it fails to make the necessary statutory spending reductions and revenue increases needed to… Read More

Well, earlier today Governor Schwarzenegger signed the budget. But he didn’t sign everything — the Governor took the opportunity to make healthy use of his line-item veto authority. One distinct advantage of a budget getting to the Governor’s desk over his own objection is that he has no commitment to authorize all spending in the budget — and he didn’t.

The Governor has used his line-item veto authority to cut $510 million out of liberal spending programs sponsored by Democrats and championed by the special interest groups that push their buttons.

Also, remember the executive order the Governor signed terminating thousands of part-time, retired annuitant and other state workers? Well, first and foremost, it has saved us $340 million since it was put into place. But better yet, my sources in the Governor’s office tell me that Finance Director Mike Genest and Cabinet Secretary Dan Dunmoyer alerted all agencies today that the executive order will remain in effect through the year. That means no hiring back all of the state workers who, apparently, we were able to do without for the past couple of months. More good news for… Read More

Some sanity from the halls of Congress, from California Republican Congressman Darrell Issa… As disturbing as the volatility and turmoil on Wall Street are, the prospect of transferring trillions of dollars of risk and losses to taxpayers is appalling. How can any American look their neighbor in the eye and suggest that they should bear the losses for the mistakes and greed of America’s wealthiest financial firms. I am emphatically against it. Accountability is a pillar of our free market economic system. The… Read More

Some sanity from the halls of Congress, from California Republican Congressman Darrell Issa…

As disturbing as the volatility and turmoil on Wall Street are, the prospect of transferring trillions of dollars of risk and losses to taxpayers is appalling. How can any American look their neighbor in the eye and suggest that they should bear the losses for the mistakes and greed of America’s wealthiest financial firms. I am emphatically against it.

Accountability is a pillar of our free market economic system. The market rewards good business decisions and punishes bad ones. The course of action supported by the Administration and the Congressional leadership undermines this fundamental principle by bailing out those on Wall… Read More

Earlier this year, the California Coastal Commission, with the Grateful Dead literally playing in the background, decided to tube the completion of the 241 toll road on the grounds, well, to be quite honest, there weren’t many grounds for their decision.

Since that flight of hippy three ring circus fancy, cold economic and environmental facts began to become clear as the federal government stepped in and announced that they would take a look at overruling the Coastal Commission. Today, while many of the same interests converged on the Del Mar Fairgrounds as did in February, the Commerce Department took charge and the difference was as stark as that between the Dead and real life.

In real life, recent studies have proven what any kindergartener knows – boulders, like the ones that form surf breaks, are heavier than the inch or two of silt that may, during hurricane type runoff be deposited on the beach from the always dry creekbed five miles away that the 241 will be built some thirty feet over via viaduct.

And in real life, the Commission’s rulingputs more commuters on the 5 and local streets – causing the pollution that the enviros say they… Read More

Ticked off over Dem support for the State budget, the California Teachers Association is considering shifting from a neutral stance to support for Prop 11, according to Cap Weekly….

Read it here.… Read More

I have been scanning the internet, looking for someone to put into words how I feel about all of this talk of a Federal Bailout of Wall Street — and (predictably) I found it at the Club for Growth. I have no kind words for President Bush or his agent, Treasury Secretary Hank Paulson (who probably stands to personally lose tens of millions if not more without a bailout) in this matter — that this kind of massive redistribution of wealth is being proposed by a Republican President is…shameful:

Club for Growth Condemns Federal Bailout Government Intervention is not the Answer

Washington – The Club for… Read More