Sunday, September 28, 2008

BREAKING NEWS: Congress close to bailout deal

By Michael J.W. Stickings

So there's a deal... almost.


Congressional negotiators "made great progress" toward reaching a deal on the White House's proposed $700 billion bailout of the financial system, House Speaker Nancy Pelosi said.

Pelosi, flanked by Senate Majority Leader Harry Reid and other congressional leaders, made the announcement at 12:30 a.m. Sunday after a long evening of talks on Capitol Hill.

Their goal has been to craft and announce a final deal on legislation by Sunday in time for the start of financial markets around the world.

Reid said he expected a deal to be finalized by Sunday afternoon.

House Republicans have not yet signed on the newest plan, but their negotiator, Rep. Roy Blunt, R-Missouri, said he would present it to the GOP caucus Sunday morning after it is written on paper.

I'll wait to comment until I see the specifics. I'm generally opposed to the bailout plan, but I do hope Barney Frank is right: "I do think we have reached as good a product as you can in this democracy given all the interests." And by that I mean I hope the "as good a product as you can" isn't just, for all intents and purposes, a blank cheque for Bush, Paulson, and the Wall Street oligarchs.

(More at the Politico: A "tentative agreement" is in place.)


One quick note from Think Progress: "After declaring he'd return to Washington to help with the bailout negotiations immediately after last night's debate, Sen. John McCain (R-AZ) never went to Capitol Hill today. In fact, McCain stayed largely holed up in his Arlington apartment, leaving only to go to his campaign headquarters just around the block."

So much for the great John McCain, the maverick leader Washington just can't do without. So much for his desperate, arrogant, and utterly self-serving political stunt.

What a transparent farce it all was.

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  • bailout = bullshit

    By Blogger The Social Reformer, at 3:26 AM  

  • The whole idea that a bailout has to happen is ridiculous. If steps were taken years I ago this wouldn't have had to happen. That being said with the equity stake, the oversight, the mortgage help, and the realization that something must be done, I think it's the best we're gonna get. I credit the Dems for crafted a solid bill. Now let's watch John McCain run away from it and spend the next month of this campaign bashing the Dems for it.

    By Blogger creature, at 10:05 AM  

  • I may have posted this previously, and if I did, please accept my apologies. I think the headline for the bailout should read as follows:
    "Bush crime family, with help from Paulson, Rove, Cheney & Bernake crime families, pull off biggest heist in world history, as 700 billion dollars is stolen from 300 million innocent Americans without a single shot being fired,"

    By Blogger Bob's Blog, at 10:14 AM  

  • It is ridiculous, Creature, the result of a concerted campaign of fearmongering. And Bob, I think that's the perfect headline.

    By Blogger Michael J.W. Stickings, at 11:46 AM  

  • While all this could have been avoided years ago, as Creature rightly says, I'm not very comfortable with this bailout as a solution. The Washington Post had an article a few days ago with 4 other possibilities being thrown around by economists, some of which make a hell of a lot more sense to me. Also in that article was the suggestion that several approaches are likely needed to do this right.

    I don't like that the only "official" plan being debated is this Paulsen-based bailout, and that's the only plan that most Americans are probably even aware of that's out there. I wish I felt confident that other approaches were being discussed, not just variations on Paulsen's plan, and that citizens could voice their views on the other ones as well.

    By Blogger lindabeth, at 12:33 PM  

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