By Natalie Gewargis

Sep 26, 2008 11:43am

Hill Democrats: Step Up, House Republicans; Go Away, John McCain

"It’s time for House Republicans to come to the negotiating table and for presidential politics to leave the negotiating table," Senate Majority Leader Harry Reid, D-Nev., said this morning. "I asked for (Sen. McCain) to take a stand on the issue. But all he has done is stand in front of the cameras. We still don’t know where he stands on the issue."

With House Republicans so far not part of the negotiating process in any meaningful way, Democrats are pushing back hard this morning for House Republicans to come to the table and for Sen. John McCain, R-Ariz., to stop, in their view, impeding the process by injecting presidential politics into what were already tough negotiations.

Reid this morning implied that House Republicans seemed on board until McCain returned to town and inserted himself in the process.

The process was on track, Reid said, "and then guess who came to town?"

House Republicans say that’s not true, that all week they have been standing in opposition to the bill.

This morning, House Minority Leader John Boehner, R-Ohio, sent a letter to House Speaker Nancy Pelosi, D-Calif., saying that this week, Democrats “announced that a bipartisan deal was at hand, even though the reservations about the underlying proposal I had expressed to you had not been addressed. Each time such announcements were made, or even rumored, I or my staff made it clear to media and to your staff that any such deal did not include House Republicans."

McCain met with the House Republican Caucus this morning and told them, "We need a deal."

The GOP presidential nominee today has also spoken to Treasury Secretary Henry Paulson, Senate GOP leader Mitch McConnell, ranking Republican on the Senate Budget Committee Judd Gregg, R-N.H., Boehner, and Rep. Paul Ryan, R-Wis.

Ryan may ultimately be the most significant of the bunch, since he’s a leader of the House GOP contingent that is nearly lockstep against the Paulson proposal.

"Sen. McCain and the president between them need to get the House Republicans to come to the table," Rep. Barney Frank, D-Mass., the chairman of the House Financial Services Committee, said last night to reporters.

Could the Paulson bill pass the House without serious Republican participation?

That’s unclear. Pelosi is refusing to bring it up without Republicans committing 100 votes — she does not want this to become an issue the GOP uses against Democrats in the fall.

Or, as Frank put it late last night, "Ms. Pelosi will not bring a partisan bill to the floor. She will not say that we’re going to have a one-sided Democratic bill that is attacked by the House Republicans in response to a request from George Bush. That’s not good for the country."

Republicans are faulting Pelosi for not acting like the head of a majority party. Pass the bill, they say, you don’t need Republicans, you have the votes.

This means that Republicans — including those closely allied with the McCain campaign — are now sending out conflicting messages. They are insisting that this process be bipartisan, while behind the scenes, they are faulting Pelosi for insisting that the plan pass with bipartisan support.

McCain met with House Republicans yesterday and was told that a vast majority opposed the very notion of the U.S. government purchasing bad assets. Many, including Ryan, are rallying behind an idea to, instead, offer insurance to troubled financial firms for the toxic assets. But Paulson and many on Wall Street find the proposal unworkable since it would take far too long to enact and wouldn’t provide immediate relief.

One issue that Capitol Hill Republicans gripe about quietly is that Paulson seems to know little about the politics of this at all.

Reid gave voice to this today, noting that the Bush White House and Paulson seemed to have expressed "amazement" that members of Congress have constituencies involving not just Wall Street, but Main Street.

"Secretary Paulson, fine man that he is, has learned a lot about how we deal with our constituents," Reid said, noting that he has received calls and e-mails from constituents in his hometown of Searchlight, Nev., calling on him to oppose the bailout.

He described the bill as "very unpopular," but said that "just because something at first glance seems unpopular … doesn’t mean we don’t have an obligation to the country."

After the disastrous White House meeting Thursday afternoon, last night, a group from Congress and Paulson huddled to try to rescue the rescue package.

As was the case at Thursday morning’s negotiating session, Rep. Spencer Bachus, R-Ala., the ranking Republican on the House Financial Services Committee, attended the meeting, the only House Republican to be there.

At last night’s meeting, Reid asked if Bachus had the power to negotiate on behalf of the House Republicans.

Reid pointed out that he had designated Sen. Chris Dodd, D-Conn., to negotiate for Senate Democrats, McConnell had picked Gregg, Pelosi had picked Frank.

Had Boehner given similar authority to Bachus? Reid asked.

Bachus left the room to find out.

Then he returned.

"He had no authority to do anything," Reid said today. "And last night he left early."

This morning, Boehner wrote to Pelosi to urge her to seriously consider recommendations from House GOP Deputy Whip Eric Cantor, R-Va., and his working group of House Republicans, which includes the proposal to provide insurance instead of a bailout of toxic assets.

"If such consideration is not given, a large majority of Republicans cannot –- and will not –- support Sec. Paulson’s plan," Boehner wrote.

Boehner also announced that his No. 2 — GOP Whip Roy Blunt, R-Mo. — will represent House Republicans in ongoing negotiations over the bailout bill, replacing Bachus.

This could be seen as a positive development, given that the respect that House GOP leaders have for Bachus knows bounds.

– Jake Tapper and Z. Byron Wolf

User Comments

I didn’t think this would be possible, but John McCain makes Bush look good.
What a jerk.

Posted by: goodbye | September 26, 2008, 11:46 am 11:46 am

McCain made the wrong move once again.

Posted by: Vanessa | September 26, 2008, 11:48 am 11:48 am

As usual, Harry Reid was his smug, vacuous self. He cannot put aside his strong partisan politics even in a time of crisis in the country. How can anyone ever deal with this blow-hard?

Posted by: virginia | September 26, 2008, 11:49 am 11:49 am

Is it just me, or is Chris Dodd looking more and more capable and presidential?

Posted by: Holly | September 26, 2008, 11:49 am 11:49 am

Harry make up your mind, will you.

Posted by: cardinal | September 26, 2008, 11:53 am 11:53 am

Harry Reid makes you long for Tom Dacshle.

Posted by: cardinal | September 26, 2008, 11:55 am 11:55 am

“This means that Republicans — including those closely allied with the McCain campaign — are now sending out conflicting messages. They are insisting that this process be bipartisan, while behind the scenes they are faulting Pelosi for insisting that the plan pass with bipartisan support.”
Unreal.

Posted by: Mortimer Snerd | September 26, 2008, 11:57 am 11:57 am

Strangely despite reporting that House republicans never were on board with the plan Jake doesn’t feel the need to mention that.
No the house Republicans are not being contradictory. if the democrats don’t want their input and will not discuss anything with them then the democrats should just go ahead and pass it without them (which they can). The whole “bipartisan plan” was just what the democrats cooked up. Then Reid knew house republicans weren’t on board and he said McCain was their only hope, yet said a deal had been made and everything was fine. So yes Reid was lying. This is all about how democrats can use this against republicans, nothing more, nothing less.
The only person who is acting like a negotiator is McCain. He’s the one making sure all views are heard, talking to all parties, not going on a long winded monologue ala Barry at the meeting and then just bitching about everything. If the democrats want republican cover so damn badly, why are they not negotiating?

Posted by: zaggs | September 26, 2008, 11:58 am 11:58 am

holly,
it’s just you.
—————————————-
mccain should just give up now.
the rep. need to go away have a private convention and regroup

Posted by: j | September 26, 2008, 11:58 am 11:58 am

“Is it just me, or is Chris Dodd looking more and more capable and presidential?”
If by presidential you mean successfully obstructing S.190 in 2005 that would have prevented all of this and then looking in the camera and blaming everyone but himself, then yes he’s looking very presidential.
And taking over $100K from Fannie.
And over $200K from Goldman, you know, Democrat Paulson’s former company. If that’s presidential then yes, he’s looking very, very presidential.

Posted by: Woody | September 26, 2008, 11:58 am 11:58 am

McCain, stuck his nose into the $700 Billion debate for no good reason, he though it would help him but it hurt the negotiations.
McCain lose again.

Posted by: Lookupl | September 26, 2008, 11:58 am 11:58 am

During the meeting with Bush, it is reported the Democrats had Obama take the lead and do most of the talking. Now Reid is accusing McCain of grandstanding?
The majority of the Republicans have been apposed to this bailout of the rich from the beginning, long before McCain went back to Washington. Reid, a liar and a cheat, knows that. But Reid prefers to score cheap political shots against McCain whom he has never liked or ever attempted to work with in Congress. Reid is the absolute definition of what is wrong in Washington and should be given a hard and swift kick to his tired rear-end out of Washington. This bailout should be failed and Reid, Peloksi and Obama’s political grandstanding is why.
But no, the Democrats have already stated this bailout won’t go ahead unless 80-100 of the Republicans sign on? Why? So if it fails they can attempt to excuse themselves and blame it on the Republican congressional base who have apposed bailing out the rich with this package and which does virtually nothing for main street America. Typical gutless blame the other guy democratic caca. But then, the Democrats have no idea where main street America is.

Posted by: Reid has to go | September 26, 2008, 11:59 am 11:59 am

McCain:
STRIKE TWO.

Posted by: Ed from MA | September 26, 2008, 12:00 pm 12:00 pm

I think Harry Reid has summarized McCain’s “helpfulness” pretty nicely.

Posted by: chris | September 26, 2008, 12:00 pm 12:00 pm

“Republicans are faulting Pelosi for not acting like the head of a majority party. Pass the bill, they say, you don’t need Republicans, you have the votes.”

Posted by: Belle Starr | September 26, 2008, 12:01 pm 12:01 pm

The House GOP had all week to raise their objections? Where have they been? Could they not speak up before the meeting yesterday?

Posted by: Chris | September 26, 2008, 12:01 pm 12:01 pm

This blank check bailout will be an unqualified disaster for the economy. What’s wrong with starting with $100B just to keep Fannie and Freddie afloat and find out where the bad assets are? Having a group of bribe-grabbing criminals manage $700B makes me a little nervous.

Posted by: Woody | September 26, 2008, 12:02 pm 12:02 pm

McCain was clearly out of his league at yesterday’s roundtable. Even Bush made more of a contribution than McCain.

Posted by: Puat | September 26, 2008, 12:03 pm 12:03 pm

Poor Harry Reid. Seems he hasn’t been too sharp as of late.
And by the way, where is the “post partisan” wonder child? Why hasn’t he, Obama, been able to “reach across party lines” and negotiate a deal? Isn’t this supposed to be one of his marketing schemes, that he’s “the “post partisan golden child”?
All he has done during this crisis is behave in a non-helpful, hyper-partisan manner, trying o score points off of America’s troubles, like a good little Alinsky disciple.

Posted by: OxyCon | September 26, 2008, 12:03 pm 12:03 pm

now maybe McCain can stop his elementary school political antics to keep the focus off governor Falin, and continue…oh WHEN DID HE ANNOUNCE HIS CAMPAIGN WAS OFF IN SCHOOL SUSPENSION?

Posted by: watching | September 26, 2008, 12:03 pm 12:03 pm

WHAT DO YOU EXPECT FROM A MAVERICK? THIS IS EXACTLY WHAT YOU GET — THROWING ALL CAUTION TO THE WIND. HE SAID IT HIMSELF LAST NIGHT TO BRIAN WILLIAMS THAT HE’S A GAMBLING MAN. I DON’T WANT THIS KIND OF “LEADERSHIP” IN THE WHITE HOUSE.

Posted by: Blue in Michigan | September 26, 2008, 12:03 pm 12:03 pm

As Nero fiddles…
We are on the verge of market capitulation and possible bankruptcy. I am sure The President was speaking to foreign investors this am, not the public. His message was simple; don’t pull your money out.
I expect political capitulation is also very near. I would be very surprised if a viable 3rd party doesn’t emerge from this. Fully half of congress should be ousted. Start with any who have increased their net worth more than their salary. If they bring assets to their office they should be in a Government run blind trust.
Both parties are corrupt and ineffective, we suffer.

Posted by: smith | September 26, 2008, 12:04 pm 12:04 pm

Can someone at ABC or within the media please address the fact that insurance means we give them money for all ready admittedly bad assets with NOTHING in return? If this is like any other insurance program, all the companies have to do is file a claim upon paying into the program. Then, we hand them the money to compensate for bad assets. WHAT DO WE GET IN RETURN? Nothing. INSURANCE WOULD BE MORE OF A HANDOUT THAN THE NEGOTIATED BAILOUT PACKAGE.

Posted by: dauphin101 | September 26, 2008, 12:04 pm 12:04 pm

McCain will be at the debate tonite.
I guess Bob Barr offering to speak in his stead did not go over well.

Posted by: Ryan C | September 26, 2008, 12:04 pm 12:04 pm

Great work Senator McCain.
By way of you, coupled with “the war is lost”, “our solders are murdering innocent women and children” is the only time we get to hear a corpse speak (Reid)……remarkable
Tonight during the debates, you will show the world why Barry has uh…uh…uh…no clue AGAIN!
Very much looking forward for you allowing the American people see why it’s so very important Barry not be allowed at the adult table.
Seymour

Posted by: Seymour | September 26, 2008, 12:05 pm 12:05 pm

Woody,
Fannie and Freddie have NOTHING to do with this bailout. This is a CREDIT bailout. The Feds already bailed out Freddie and Fannie.

Posted by: Blue in Michigan | September 26, 2008, 12:05 pm 12:05 pm

McCain and the old school tricks that blew up in his face. Now he is attending the debate and his campaign is back on, exactly what was suspended because it wasn’t his campaign. What a lame duck candidate he is. He must have pissed off so many people from Old Miss.
Stop giving real Mavericks a bad name Mr. flip flopper.

Posted by: Sense | September 26, 2008, 12:06 pm 12:06 pm

This thing is destroying the democrats credibility.
Obama and Reid just look really really bad

Posted by: Jo | September 26, 2008, 12:06 pm 12:06 pm

“Fully half of congress should be ousted.”

Posted by: Belle Starr | September 26, 2008, 12:07 pm 12:07 pm

Just make sure this bail out has some pork for housing advocates, please.

Posted by: cardinal | September 26, 2008, 12:08 pm 12:08 pm

I hope Obama can recover from this, but it’s not looking good.
And Barney Frank & Chris Dodd are on videotape telling the republicans there is “no problem” with Fannie Mae & Freddie Mac several years ago.
McCain is smelling like a rose. I’m worried about Obama’s chances now.

Posted by: Jo | September 26, 2008, 12:08 pm 12:08 pm

Anyone who takes John McCain seriously has rocks in their head. The only demographic he is strong on is old southern white men. C’mon America, wake up to this doddering old fool once and for all. He has no idea what he’s doing and Palin doesn’t know her ass from her elbow.

Posted by: Marge from Huntington | September 26, 2008, 12:08 pm 12:08 pm

ANYONE WOULD MAKE BUSH LOOK GOOD,,,,,PALIN IS MAKING MC CAIN LOOK LIKE AN AQQ DOING HER JOB.THEY SHOULD NOT HAVE BEEN THERE IN THE FIRST PLACE

Posted by: indp voter | September 26, 2008, 12:09 pm 12:09 pm

Is it me or does it look like this crisis is a farce?
The ecomany has been moving along for 10day or more. With WA MU crashing the FDIC bailed/took them over soooooo, I’m a bit lost now. WA Mu was going under anyway it been like that for months.
Was this just another smoke screen, headline grabber by McCanin and the Republican party to distract from the election?
American people is this really what we want? a lot of game playing again, panic and crisis?
Have you noticed everything with the Republicans is a stage 1 fire alarm. When they step on the sceen here come the trucks. I can’t live like this another 4 years.

Posted by: Kathy | September 26, 2008, 12:09 pm 12:09 pm

Reid has to go: During the meeting with Bush yesterday, neither McCain or OBAMA spoke. The news media was there, and had already said this. It is in the news all night long, so get your facts straight before you speak.
I hope the Democrats stand their ground.
If the Republicans want more stuff in this bailout plan then where the hell is it. What do they want added. I personally think they are buying time for McCain so he can use this as an excuse to not show up at the Debt tonight. EMPTY Crappin’ SUITE. I am so sick of this man.

Posted by: beck | September 26, 2008, 12:09 pm 12:09 pm

Obama’s “If you need me, just call me” is very very worrisome.
He just doesn’t appear to take his job or this crisis seriously.
What a shame. Now he’ll lose.

Posted by: Jo | September 26, 2008, 12:09 pm 12:09 pm

MCCAIN’S AN IDIOT! THE THINGS HE DOES MAKES ABSOLUTELY NO SENSE.. HE’S A LOSER WHO SHOULD NOT BE PRESIDENT AT ALL..

Posted by: dvine | September 26, 2008, 12:10 pm 12:10 pm

Reid has to go,
Read the news releases on the meeting. Pelosi and Reid both deffered their speaking to Obama — as the lead of their party.
When McCain was asked to speak, guess what he did? He deffered his comments to his aide.
Finally, toward the end of the meeting (that McCain WANTED), Obama finally asked for some comments from McCain. He spoke in generalities for 2 minutes.
That says it all.

Posted by: Blue in Michigan | September 26, 2008, 12:10 pm 12:10 pm

Shame on the Democrats for playing politics with this process. Obama says this is the most serious economic crisis facing the U.S. since the Great Depression – but sees no reason why he should stop studying for the debate and go to Washington to be involved in the process. There are two reasons both he and McCain needed to be involved: One of them will inherit the results of this bailout and That person needs to understand what went into the bailout and way via direct participation.
Pelosi, Reid, Bush, and several other “leaders” reached an agreement on the bailout. Then Reid and Pelosi announce to the world that the package is close to passing. One major problem with that scenario – the House Republicans weren’t involved at all and weren’t on board. Democrats should have passed the package as was without Republican support – but refused to do so without having Rep votes as well to use as political cover should the bailout not work as predicted.
In other words, America is at the edge of an economic cliff and the potential Dem President doesn’t want to be directly involved and the Congressional Dem leadership refuses to act for political reasons.
The Democrats are a bunch of little kids who should not be given full reign over this country – which will happen if Obama is elected.

Posted by: marylou | September 26, 2008, 12:10 pm 12:10 pm

McBush coming to a Debate WOW ….
Well I hope No Reporters ask him a
Question before the Debate and Spook
him like a Deer and he Runs Back
to DC……ON WITH THE DEBATE
LET THE FUR FLY……………LOL

Posted by: Anita Yova | September 26, 2008, 12:11 pm 12:11 pm

I hope Obama doesn’t end up bailing tonight on the debates, like he backed out of 10 townhall debates.
That man just can’t debate. I’m worried now about his chances.

Posted by: Jo | September 26, 2008, 12:11 pm 12:11 pm

SLOW DOWN!!!!!!! What’s the big rush!? I hope the Republicans STAND THEIR GROUND! and save the taxpayers from this freaking dilemma that Barney Frank has thrust upon us!

Posted by: Tom | September 26, 2008, 12:12 pm 12:12 pm

MCCAIN HAS NOTHING TO OFFER TO HELP THIS ECONOMY, THIS NATION OR US.. GO BACK TO YOUR ROCKING CHAIR – OLD DUDE!

Posted by: dvine | September 26, 2008, 12:12 pm 12:12 pm

Call your congressman and say no to the bailout. I don’t want my hard earned money going to ACORN or to the people caused this mess.

Posted by: LM | September 26, 2008, 12:12 pm 12:12 pm

The media is covering this one correctly. McCain is a serial flip flopper. He just did it today and by all accounts he did not help the financial crisis in any way. There is nothing wise or smart about McCain and his political moves. We need wisdom not arrogance, Intelligence not blatant stupidity.
Obama/Biden 08

Posted by: Sense | September 26, 2008, 12:13 pm 12:13 pm

McCain fails again.

Posted by: dem in chicago | September 26, 2008, 12:14 pm 12:14 pm

No to the bailout that is full of pork for ACORN. The Dems added pork to it!

Posted by: lm | September 26, 2008, 12:14 pm 12:14 pm

Something does not compute. The dems have a majority in the House, but it’s the House reps that are holding up the deal? Can’t that nitwit Pelosi control her own people? I love how the “mainstream” press is spinning this thing. We may as well have Obama’s cornation and get on with the disaster that will follow.

Posted by: Pennres | September 26, 2008, 12:14 pm 12:14 pm

McCain will debate tonight confirmed:
Oh, I guess that means McCain, unlike Obama, doesn’t need need three days to prepare for the big foreign policy debate exam?
McCain will kick Obama’s behind (what little is left of it). obama with his uhhh….ehhhhh….just boring as hell.
But at the end, does it really matter to any of you whether there is a debate or not? John McCain could stand there and not say a word for 90 minutes and you’ll say he won.

Posted by: HERO | September 26, 2008, 12:14 pm 12:14 pm

“exactly what was suspended because it wasn’t his campaign.”

Posted by: Belle Starr | September 26, 2008, 12:14 pm 12:14 pm

BOTH parties are responsible for why we need this bailout. It is not one side or the other…it is both.
Equal blame can be on both sides.
Now, what the hell does McCain think he is trying to prove?? The only thing he has shown me this past week is it really is not about the people, it is only about him. Just like Bush… “Thanks, But NO THANKS”

Posted by: beck | September 26, 2008, 12:15 pm 12:15 pm

Once again Obama was right, the two candidates needed to stay away from this bailout process. Harry Reid actually does a pretty good job in washington, he is very tough and highly intelligent but it all gets lost because he cant refrain from injecting an insult now and then. That really has to stop. I am a republican from Nevada and I have seen how the republican party has gone karl rove on harry reid just like they did with the last dem leader Daschle. That kind of politics has to stop and I am a bit embarrassed my senator plays those childish games. As for this election, It seems to me Obama has been one step ahead of mccain. I’m really starting to think that Obama has the intelligence, the temperment and the ability to inspire this country to solve some really difficult issues

Posted by: joe | September 26, 2008, 12:15 pm 12:15 pm

“The House GOP had all week to raise their objections? Where have they been? Could they not speak up before the meeting yesterday?”
They did speak up. Try searching back through this week’s news articles. Find me ONE article where the House Republican leadership showed any backing at all for the plan. Reid and Pelosi lied about them being on board to try to make McCain look bad. They’re more concerned with scoring cheap political points than getting the plan passed.
So is Obama going to come back to Washington to vote on the plan? Or is he going to vote “not present” this time?

Posted by: wlk876 | September 26, 2008, 12:15 pm 12:15 pm

The Donks have had the votes to pass whatever they want.
The problem is that they want Republicans to vote with them for cover. Which, since the House Republicans had no input on the bill, they will not do until they are heard.
Keep in mind, the House Republicans would not be climbing out on the limb if they didn’t have the polls on their side.

Posted by: Captain America | September 26, 2008, 12:16 pm 12:16 pm

McCain First!

Posted by: Thinking | September 26, 2008, 12:17 pm 12:17 pm

I have been on the other sites and I am finding several Republicans today against McCain and his stunt. Here is a sample of several I have read this morning:
I am a life long registered Republiican who believes McCain’s actions are the worst form of political trickery. McCain is not the head of his party–I think Bush will hold that job for another month or so. Further, McCain is not a member of the Senate Committe working on this issue nor is he a member of the Joint Economic group that is or has been assisting in finding a solution. Yesterday, before McCain’s dramatics, it was announced that an agreement was close. This morning, before McCain arrived in D.C., it was announced that a tentative agreement in principle had been reached. Amazingly, the agreement was reached without John Boy’s interference. Why the rush on McCain’s part? This is a very serious issue and the Congress should take the time needed to get it right and not be bullied into a quick but wrong decision for pure political reasons. McCain is behind in the polls and the GOP will stop at nothing to retain the White House ergo cheap political tricks. It scares me to think how McCain/Palin will handle equally tough or tougher problems if, God help us, they are elected in November. Will they rush to decisions without proper deliberation and thought? Rather that the label of “mavericks” I think McCain/Palin should more appropriately be labeled “loose cannons”. I am one of many Republicans that intend to vote for Obama. Bob Dempsey, Lincoln Nebraska

Posted by: beck | September 26, 2008, 12:17 pm 12:17 pm

This is really unfortunate, because it was intended to make it look like our Congress had the ability to come to together in a crisis. Of course this didn’t happen…That makes the future of our country seem really dim.

Posted by: thetruth | September 26, 2008, 12:17 pm 12:17 pm

let the crooked banks fail just because they gave 43 million to the democrats dosent mean we have to bail them out regular people will be protected by the fdic only the rich have anything to lose and the insurance companies are controled by the states and they have to have funds or the states shut them down this is just a way for the dems to steal more money

Posted by: david | September 26, 2008, 12:18 pm 12:18 pm

“Obama says this is the most serious economic crisis facing the U.S. since the Great Depression – but sees no reason why he should stop studying for the debate and go to Washington to be involved in the process.”

Posted by: Belle Starr | September 26, 2008, 12:20 pm 12:20 pm

Since every memmber of the House of Reps is up for re-election, let’s not re-elect any of them.
Barney Franks is an idiot.
All Republican’s wanted more oversight on Fannie and Freddie and Franks’s said “no need … they are fine.” (just 3 years ago. All Repub’s voted for the oversight every single Democrat voted against it.
Franks wants this over with and hopes it all goes away so they don’t investgate him.

Posted by: susie | September 26, 2008, 12:22 pm 12:22 pm

Let me see if I have this right:
McCain requests a meeting with Bush and Obama and leaders so that he can help this process go through.
At the meeting, he doesn’t say much of anything, won’t say what position he has taken, and admits that he hasn’t even READ Paulson’s 3 page bill.
Then, he declines to take part in the negotiations.
This morning, he says that the meeting was helpful to get the process moving forward, I guess he considers yelling helpful.
The wheels, my friends, are coming off the straight talk express…..

Posted by: Steve from NH | September 26, 2008, 12:23 pm 12:23 pm

The issue is that Obama tacked on an earmark for ACORN of 20% of the returns to the treasury from the bailout. That’s an awful lot of many for an community organization that does more political work for democrats and voter fraud than anything else. 20% of the returns, that’s quite an earmark. No Republican was going to vote for that.

Posted by: s.b. | September 26, 2008, 12:23 pm 12:23 pm

There is a very good article on what the House Republicans want in US news by Michael Barone. One paragraph is:
“What do House Republicans want? A senior House Republican gave me and some other reporters a look yesterday at what a working group headed by Assistant Minority Whip Eric Cantor is demanding. The senior House Republican (hereinafter SHR) has what sounded to me like an ingenious approach. He cited Ginnie Mae loans to low-income borrowers, which the government can insure. He proposed that the government (presumably through the entity envisioned by the Paulson plan) offer to sell insurance to financial institutions that hold mortgage-backed securities (hereinafter MBS). Premiums would be determined by the rates of foreclosure on each class of securities so far. Under this plan, the government would be taking in money, not paying it out. Of course, if the premiums are not enough to cover losses, the government might eventually take losses, as it did when the savings and loan industry collapsed. But losses don’t seem inevitable and in any case will mostly occur in out-years, not now.”
Seems strange for something so important Democrats don’t want to hear any alternative.

Posted by: Zaggs | September 26, 2008, 12:23 pm 12:23 pm

“Reid and Pelosi lied about them being on board to try to make McCain look bad.”

Posted by: Belle Starr | September 26, 2008, 12:26 pm 12:26 pm

Harry Ried… Just another hitman like Daschle was. It’s wearing to have to wade through his negativeness and divisive attacks headlined by the mainstream media and I don’t trust a word he says because he seems just a major partisin hack!

Posted by: bob | September 26, 2008, 12:28 pm 12:28 pm

By the way, where are the reports of Reid, Frank, Dodd, Pelosi or Obama going to Paulson, Boehner, McConnel, Bush, etc? Why is McCain the only one helping negotiations along?

Posted by: Zaggs | September 26, 2008, 12:28 pm 12:28 pm

How in the world would McCain’s presence hinder the bailout agreement process? Then they said that he has no authority to do anything. Contradictions of their words abound! The Dems are just upset because he made Obama look bad.

Posted by: msa123 | September 26, 2008, 12:28 pm 12:28 pm

Republicans against bailout details.
Democrats are pushing a bailout deal that puts 20% of the money into the troubled Acorn housing organization. This is pure pork by democrats.
The deal that’s on the table now is not a very good deal. Twenty percent of the money that should go to retire debt that will be created to solve this problem winds up in a housing organization called ACORN that is an absolute ill-run enterprise, and I can’t believe we would take money away from debt retirement to put it in a housing program that doesn’t work.

Posted by: edabe | September 26, 2008, 12:28 pm 12:28 pm

DEBATE TECHNIQUE: ON A OLD WEAK OPPONENT
WITH A HISTORY OF THE ECONOMY IS STRONG
UNLEASH HELL………………..

Posted by: Anita Yova | September 26, 2008, 12:28 pm 12:28 pm

McFirst, and Falinpailin are bad for America. This last political stunt is window into his thinking. It isn’t very pretty. He is petty and small minded, has nothing to offer but look at me, his whole life has been ment to draw attention to himself. He says he is a Maverick, but in truth he unable to get along, shoots from the hip, and misses the target.
How many more Country first stunts are we going to see in the next 40 days or so?

Posted by: THinking | September 26, 2008, 12:28 pm 12:28 pm

There is a stalemate between the parties because the Dems are trying to sneak Bullsh!t into the bailout bill. 20% of part of the $700 billion to go to ACORN–Obama’s organization that has been investigated for voter fraud. The Republicans are trying to stay focused on the financial mess. The Dems are trying to rip off the tax payers even more by pandering to the lobbyist who want a piece of the pie.
Hello??? The Dems have a majority in both houses. Obviously there are sane Democrats left in the party who are not backing the Reid, Pelosi, Dodd,bullsh!t.
Where’s Obama in all this mess? Has anyone bothered to call him. NO!!! that’s because he’s not needed.

Posted by: S Adams | September 26, 2008, 12:30 pm 12:30 pm

I would loved to have been a fly on the wall in that meeting. We’ll never know exactly what happened.

Posted by: david | September 26, 2008, 12:32 pm 12:32 pm

“Fannie and Freddie have NOTHING to do with this bailout. This is a CREDIT bailout. The Feds already bailed out Freddie and Fannie.”
Blue in Michigan,
The $700B is to establish a fund to purchase bad mortgages and their derivatives. Given that Fannie and Freddie hold more than half of the nation’s mortgages, this bailout indeed has much to do with them.
The $300B bailout last spring was just to help cash-strapped home owners refinance their mortgages and essentially keep F&F solvent. Guess what? That wasn’t enough.
Can you please explain what you mean by a CREDIT bailout? Where is the $700B as you understand it?

Posted by: Woody | September 26, 2008, 12:34 pm 12:34 pm

Media has a false impression that they must try to make both sides look the same. Sometimes one side is just crazy. If McCain acts this erratic with the pressure of being behind by a few votes, wait until he has the pressure of the presidency on his shoulders.
Look out world because it’s going to be a bumpy ride!

Posted by: The Unshrub | September 26, 2008, 12:34 pm 12:34 pm

“The issue is that Obama tacked on an earmark for ACORN of 20% of the returns to the treasury from the bailout … No Republican was going to vote for that.”

Posted by: Belle Starr | September 26, 2008, 12:34 pm 12:34 pm

Haha, Obama voted for ‘present’ again.

Posted by: golfgirlusa | September 26, 2008, 12:37 pm 12:37 pm

Can someone explain what the sticking points are that they can’t get this passed…..

Posted by: matt | September 26, 2008, 12:37 pm 12:37 pm

Belle Star-You have no idea what you are talking about. The bailout is for EVERYBODY! The bailout helps the rich, the least. The wealthy do not need loans, their retirement accounts are not affected, they do not have to worry about losing their kids college funds. It’s the lower and middle class who will feel the affects. No loans will be available for cars, homes, home improvement loans, college. Small businesses will fail or stay stagnant with no room for growth or increase in employee hires because they are dependent on govt small business loans which will not be there.
We risk slipping into a deep recession or depression if something is not done now and all the Dems are worried about is how much they can give to Democratic organizations and lobbyist with their hands out. Obama is showing his ignorance by worrying more about a debate on foreign policy instead of an economic downfall that will not only affect the U.S. but all World Markets.

Posted by: S Adams | September 26, 2008, 12:39 pm 12:39 pm

SO GLAD TO NOW OUR NEXT PRESIDENT WILL FIND A BASKETBALL GAME TODAY BEFORE THE DEBATE TONIGHT TO RELEIVE HIS FRUSTRATIONS. Hope when the phone rings a 3AM he isn’t on the court.
McCain and OHB should have gone back to DC. They are Senators and should be doing their jobs for us. This is serious stuff!!
These debates are a joke, they are given the questions and know how to answer. Only gives MSM more fodder.
Photo op…Obama…hum.
The dems are messing with us….they want to finish the job and make this a completly socialistic country. Pullosee and her cronies have to GO.

Posted by: MEW | September 26, 2008, 12:40 pm 12:40 pm

I am amazed that I actually agree with the Republicans in regard to this issue. I don’t want Congress following the leader over a cliff similar to the Iraq war vote. Slow down and get it right. Yes, we need to do something, but we need economists, not politicians, reviewing the options and providing an explanation to the taxpayers. I don’t trust the Democrats or the Republicans these days, but a rush to judgment with doomsday threats just doesn’t encourage me to a quick response these days. It seems to me many of the Dems in Congress just want to leave for recess instead of doing their job. For too many years, the Republican Congress left the Democrats out of negotiations, now it seems the Democrats are doing the same. And guess what, the middle class seems to be the one always stuck with the bill.

Posted by: mhh | September 26, 2008, 12:41 pm 12:41 pm

Obama supporters got false impression that he will be better handling the economy issue.
But what did he say? What did he do for the economy?
Nothing.
He is voting for ‘present’.
All he did just blaming, blaming Bush, blaming wall street.
That’s NOT what we need.
When every one is there together at the meeting, Obama should have his opinion. Why he didn’t?
He is only good at individual speech, and prepared speech.
Nobama!

Posted by: golfgirlusa | September 26, 2008, 12:41 pm 12:41 pm

McCain added nothing to the bailout meeting yesterday. It was a stunt and it backfired.

Posted by: jim | September 26, 2008, 12:41 pm 12:41 pm

golfgirlusa
Psst – they haven’t voted yet. You sound like Palin.

Posted by: The Unshrub | September 26, 2008, 12:42 pm 12:42 pm

If I was a pure partison democrat, I’d let the republicans hang themselves with this crisis. Let them come out against it while the entire economy tanks and then use that to screw them in the GE. Unfortunately, they probably will not do that because democrats actually have principals they adhere to rather than posture to.

Posted by: steve | September 26, 2008, 12:43 pm 12:43 pm

“Can someone explain what the sticking points are that they can’t get this passed…..”

Posted by: Belle Starr | September 26, 2008, 12:43 pm 12:43 pm

Sorry Belle Starr, my post was directed at david.

Posted by: S Adams | September 26, 2008, 12:44 pm 12:44 pm

What I saw on Thursday was Obama made some points of what he thought and when they asked McCain, he deffered to another person, and didn’t say anything else….
McCain was right, he knows nothing about the economy….

Posted by: matt | September 26, 2008, 12:45 pm 12:45 pm

“Let [the Republicans] come out against it while the entire economy tanks … “

Posted by: Belle Starr | September 26, 2008, 12:47 pm 12:47 pm

Well, thank God McCain rode in on his horse to save the country from depression. Prediction, the old man will be so drained and off balance due to this latest stunt that his performance in this debate will suffer, Remember, this is the foreign policy debate in which McCain is expected to win hands down. All Obama as to do is show that he can hold his own and look competent on the subject. I predict that within 24 hours the McCain age/heath issue will be in full swing and should peak just at the time of the Palin/Biden debate. Good work John. What stunt will you pull next week?

Posted by: DMR | September 26, 2008, 12:49 pm 12:49 pm

This time McCain skipped the FLIP and went straight to the FLOP.
MCCAIN’S STUNT FLOPPED.
STRIKE TWO, JOHN.

Posted by: Ed from MA | September 26, 2008, 12:49 pm 12:49 pm

Jake,
I have a suggestion for you on a story that everyone in the mainstream media is missing.
The average guy on the street hears only three worda about this deal in Congress:
$700 BILLION, BAIL-OUT, WALL STREET!
AND HE HATES IT!
The MSM is regurgitating the Democratic talking points that McCain stopped the deal, somehow, yesterday.
You know this is not true. Regardless, this is not a negative for McCain if he is seen as stooping this deal. The more Democrats argue this way the more they align themsleves with Bush and Paulson in the mind of the average person on the street. And, the more McCain looks like he is standing up for the average guy.
I wish you would consider this possibility in your reporting. I say this to you because I have always found you equally fair (or mean) to both sides!

Posted by: SRK | September 26, 2008, 12:50 pm 12:50 pm

Steve – If the democrats are so principled, then why don’t they just pass the legislation they’ve all agreed to? Because they can pass the legislation if they put it to the floor — where they are in majority …
Letting the bill slide, and the economic crisis deepen, shows how the democrats are acting in a purely partisan manner.
They’re standing there with a lifesaver saying “I’m not going in until these other guys jump in with me.”

Posted by: PL | September 26, 2008, 12:51 pm 12:51 pm

Can’t the FBI simply ARREST the Congress? Belle
They should but there is a law that covers their rears, imagine a world where everyone could commit fraud with taxpayer money, nearly bankrupt an entire nation and look like “innocent children” with their hands in the cookie jar. The sad part is that come election time they will be back in office doing business as usual.

Posted by: david | September 26, 2008, 12:52 pm 12:52 pm

It was two years with a republican president. Your comment is only a rationalization to vote for more republicans. Besides, they may have not fixed the problem BUT THE PROBLEM WAS PRINCIPLELY caused by republicans.
Posted by: The Unshrub | Sep 26, 2008 12:40:38 PM
**************************************************
Unshrub–The problem actually started in 1999, Clinton Adm. with the dismantling of The Glass-Steagall Act of 1933. Banks were happy about this because the had no more restrictions to adhere to. In short, this has led to the “Bankers Panic of 2008″

Posted by: S Adams | September 26, 2008, 12:54 pm 12:54 pm

SRK, so you want to control the press on how they do their job?!?!?

Posted by: matt | September 26, 2008, 12:54 pm 12:54 pm

mhh – I would be too if they weren’t just doing it for polictical gain. Bush brings it to the table some republicans agree with it (along with some democratcs)then McCain comes in and once again waits to see how the public feels so he can look like a hero and also stalling his debate with Obama, messes things up. Then the republicans won’t make a stand the want it passed but want the democrats to pass it so they can say to the American Public we didn’t do it the democrats did. I have no respect for government people that cannot take responsibility for messes they caused and have no guts to take a stand.

Posted by: AttitudeOfGratitude | September 26, 2008, 12:54 pm 12:54 pm

I say like many are saying that if this plan is this great, then Harry, put it to a vote. If you win and it works then you’ll look like a stud, if it fails you can blame Bush and some of the republicans who helped in getting it passed.
Simple enough.

Posted by: david | September 26, 2008, 12:59 pm 12:59 pm

mcbush looks like the kid in school who never does his homework, but always pushes himself up to the front of the picture and has a silly grin on his face and tries to take credit for all the work. He’s becoming more and more child like every day.

Posted by: cjr | September 26, 2008, 1:00 pm 1:00 pm

geecee- Do you really think that a Senator with 26 yrs experience thinks a Jr. Senator of 2 yrs, who only spent 143 days in Washington before announcing his run for presidency, is a challenge? Please!!! You obviously have not seen McCain in a debate. He will wipe the floor with Obama, then get on his plane and head back to Washington to do his Senate job, while Obama continues his pitiful campaign and lets the more experienced members of Congress get us out of the financial mess we are in.

Posted by: S Adams | September 26, 2008, 1:01 pm 1:01 pm

“are rallying behind an idea to instead offer insurance to troubled financial firms for the toxic assets. But Paulson and many on Wall Street find the proposal unworkable since it would take far too long to enact and wouldn’t provide immediate relief.” What was Paulson was doing all these months? Same question to SEC chairman Cox? Is it possible Paulson & other old wall streeters want to help their old buddies. This tells us one thing: “not to hire wall street hands in the next administration.

Posted by: madayil Nair | September 26, 2008, 1:06 pm 1:06 pm

belle star my thoughts; the democrats can pass this they have enough votes. what the dems are doing is they don’t want this to be seen as a democratic bill. that way if the dems and obama win they can announce that due to the republican bailout bill their is no money for social programs. because of the bush/republican bailout bill.

Posted by: colorado | September 26, 2008, 1:09 pm 1:09 pm

Democrats warned they would play politics if McCain returned to work. What they did not want was scrutiny over the biggest welfare handout in history to cover past left-wing errors in judgment. The original bill could never be passed with the so-called bipartisan architects of Paulson-Reid-Pelosi-Frank. Democrats threw everything into the bill including the kitchen sink and then demanded Republicans get on board for their political cover. The band-aid bill would get us past the elections, where Democrats could claim they fixed the world, but even if the pork was stripped off, the bill would not work as written. To Democrats it’s their way or the highway (and yes even highway funds were tacked on) The Democrats have all the votes they need to pass the welfare bill in both houses so if it’s such a good idea, pass it and live with the results. Only there won’t be a political life for those who pass it after it fails in December. We need real action, not a money grab.

Posted by: John | September 26, 2008, 1:10 pm 1:10 pm

Adams: Yes, I have seen McCain in a debt…. lets just say it will be interesting to see if he remembers his name.

Posted by: beck | September 26, 2008, 1:12 pm 1:12 pm

I can’t beleive a brilliant economic mind like McCain’s could not fix this problem. He came riding into town only to not say anything. He should have stayed home and done some gardening or what ever old men do. Why is it that rep talk radio and all of their pundents were saying this is not a time to think, it is a time to act. I guess because they back McCain. Also, why do the republicans insist on everything being a life or death crisis and we need a decission yesterday. We need to get away from the alarmist mentality of the last eight years and start thinking before we act. If it were up to bush we would have passed a two page bill written in two days with no oversight. McCain talks about being a gambler and having to make spur of the moment decissions. Help us all if McCain has to do anything spur of the moment. We need a thinker and a negotiator, not another “decider.” Help save America from McCain. And when was the last time the Gov of Alaska met with foreign officials. Who asked her to represent America, We did not vote for her and there is nothing anyone can say to convence me she is qualified to do anything. Alaska voted her Gov. Baltimore has more people and I don’t want them representing America. We have larger school districts in the U.S. than Alaska has people.

Posted by: andy | September 26, 2008, 1:19 pm 1:19 pm

I wonder if McCain hurt the situation more than he helped. I heard he lossed his temper some on the hill.

Posted by: Luke | September 26, 2008, 1:20 pm 1:20 pm

beck–the Dems have a majority in the House and Senate. They could push this threw if they wanted. Obviously there are Democrat hold outs because Pelosi, Reid, Dodd, are adding $ for stupid organizations that have no bearing on the financial bailout. They added a part of the $700 billion to go to ACORN–Obama’s org that has been investigated for Voter fraud. The Dems are pandering to the lobbyists instead if staying focused on getting us out of the mess we are in. And yes, I know what is at stake here.

Posted by: S Adams | September 26, 2008, 1:23 pm 1:23 pm

response to john precisely that is my take as well.
the dems wanted exclusive rights to hammering out a bi partisan bill. as written the bill would have saddled the tax payer for generations to come.
as they were shamelessly trying to pass this under the radar, mccain showing up stopped the raid on our tax dollars dead on its track.

Posted by: colorado | September 26, 2008, 1:24 pm 1:24 pm

McCain got this one right … Gallup Poll today: Obama down 2 … McCain up 1
…. the House DEMS are as ridiculous as their presidential nominee … give away, give away, give away!!!!!!!!

Posted by: Francisco Cardenas | September 26, 2008, 1:27 pm 1:27 pm

Pelosi is big troblemaker here.

Posted by: Tim | September 26, 2008, 1:32 pm 1:32 pm

The democrats will not let McCain have anything to do with their little bill, they fear Obama will lose if he is able to get one grain of credit. Where is Obama’s input on the bill? I’m sure the media followed him to the gym this morning… what? no teleprompters at the gym?

Posted by: Thomas | September 26, 2008, 1:32 pm 1:32 pm

I love Obama’s “this is the worst financial mess since the great depression” “call me if you need me” He’s thinks this is a crisis but he’s too busy campaigning to bother with his Senate job he’s only held for 2 yrs. Meanwhile, the Dems are telling McCain, a 26 yr Senator, to stay away. The reason is, the Dems are trying to prop up Obama, their little man child because they know he’s a fish out water with the crisis we’re in.

Posted by: S Adams | September 26, 2008, 1:33 pm 1:33 pm

Maybe there’s a different reason why the Democrats want the Republicans to “STEP UP” and McCAIN to “GO AWAY”
The economy is going sour, because Wall St. AND Main St. with the support of Washington have been living a life of speculation and greed, based on economic fraud and illusion. The Democrats have the votes to pass their cosmetically modified version of the Bush Administration’s bailout proposal. The Republicans (including McCain) should vote against it, because it’s simply a bad deal for the American people. Both sides will be praised and vilified, depending on whose side you’re on. SO WHAT!.. like that isn’t happening already.
As for bipartisanship, until we see a frank (no pun intended, Barney) and honest admission of responsibility on all sides of the political spectrum, all bipartisanship means is that the politicians in Washington have agreed to pull the wool over the eyes of the American people.
This mess has Democratic Party DNA and fingerprints all over it… and the Bush Administration failed to take charge, in spite of the fact that they predicted this was going to happen (as the NYT 9/11/2003 article attests). The Democrats have the majority, so they should act like a majority… but of course they recognize that this bailout is widely unpopular, and need to have the Republicans in Congress on board to avoid political liability. Bipartisanship in this case is about using you to cover my butt. Republicans in Congress should JUST SAY NO!

Posted by: Andrew O. | September 26, 2008, 1:35 pm 1:35 pm

“belle star my thoughts; the democrats can pass this they have enough votes. what the dems are doing is they don’t want this to be seen as a democratic bill. that way if the dems and obama win they can announce that due to the republican bailout bill their is no money for social programs. because of the bush/republican bailout bill.”

Posted by: Belle Starr | September 26, 2008, 1:42 pm 1:42 pm

Another distinction between Dems and Repubs. Dems will swallow a bitter pill, after making it as palatable as they can, to try to solve a problem not of their own making to save the country. Repubs., who caused the mess, will scuttle such a deal, purely for political gain. I know not a single Republican from coast-to-coast who deserves reelection. The GOP has not only bankrupted the nation, it is bankrupt. Voters would do the GOP a favor by turning them all out and forcing them to rebuild.

Posted by: hopesprings52 | September 26, 2008, 1:42 pm 1:42 pm

The audacity of the Dems to stick Dodd out there as the point man on a bailout is laughable!!!!

Posted by: NYrwr | September 26, 2008, 1:46 pm 1:46 pm

“The audacity of the Dems to stick Dodd out there as the point man on a bailout is laughable!!!!”

Posted by: Belle Starr | September 26, 2008, 1:50 pm 1:50 pm

yawn..wasted words.
the republicans are not seen ( by the majority of the country ) as “getting it” , that is all. talk all you want ,post all you want ,but after 11/04/08 youll be singing a different (democratically controlled ) tune.
republicans ,pack your bags ,youre going on a LOOOOOOOOOOOOOOOONG vacation…

Posted by: bah | September 26, 2008, 1:52 pm 1:52 pm

This bill is a stinker. Due to the mess created by greedy fatcats and BushGOPer hands-off business policies, the GOP president and his team developed a plan that while still horrible, has been revised by Congress, and is necessary. If Bush’s own Party will not buy into it, the Dems should walk away. Let the economy collapse — it’s the fault of Bush and the GOP. This package is also a bailout for Bush and the GOP, in that it hopefully staves off the economic collapse they’ve brought down on the nation. If they’re not interested, then f ‘em.

Posted by: hopesprings52 | September 26, 2008, 1:55 pm 1:55 pm

Does anyone wonder why the Democrats are saying they need the Republicans to pass this? Last time I checked, they have a majority in the House and Bush will sign this. Maybe they are looking for an actionable defense for all of the calls, mine included, (90% negative by some accounts) against this sham of a bailout for the upcoming election.
By the way, I am an Independent that would not vote for either of these idiots.

Posted by: Gusamongus | September 26, 2008, 2:00 pm 2:00 pm

“If Bush’s own Party will not buy into it, the Dems should walk away.”

Posted by: Belle Starr | September 26, 2008, 2:04 pm 2:04 pm

hopesprings52–How are the Republicans at fault here when the Dems have a majority in the House and Senate? They could pass the bill without Republicans, however, some Dems are holding off because of the “extras” the Dems Pelosi, Reid and Dodd had put in, like 20% of part of the $700 billion bailout to go to the ACORN org. who is being investigated for fraud. This is an organization that Obama was a leader in by the way.
McCain is showing leadership, just by being there, Obama looks like an inexperienced man child who is out of his element.

Posted by: S Adams | September 26, 2008, 2:11 pm 2:11 pm

mccain blew his opportunity to arrive in Ms by parachuting out of a plane wearing his superman shirt. – Now he just looks silly – but maybe he always did.

Posted by: cjr | September 26, 2008, 2:16 pm 2:16 pm

I would have to agree that Obama’s position has not changed regarding the financial crisis… because he DOESN”T HAVE a position.

Posted by: Andrew O. | September 26, 2008, 2:21 pm 2:21 pm

Both parties are scare. Dems don’t want to pass it on their own for fear of it turning to garbage and then the republicans using it against them. Republicants don’t want to do anything because NOW the way to be fiscally conservative and all of a sudden they are back to BIG government = bad. Where were these republican clowns for the past 7 years when this government was growing wildly out of control in both size and power? I mean they were all for borrowing x billions from China to fund this bogus war, now they don’t want to do it to save the country…priorities people…where are they? There’s plenty of blame to toss around on this one, lets just get the thing done.

Posted by: Gilbert | September 26, 2008, 2:40 pm 2:40 pm

Harry Reid is a sick person!! Do you remember him saying a week ago, we (Congress) are leaving town. We are in unchartered territory, we don’t know what to do. Now, all of a sudden, he wants John McCain to leave town???? Why? I believe it is way past time for Harry Reid to give up politics and retire in the sun!! Sooner than later!!

Posted by: Nan | September 26, 2008, 2:41 pm 2:41 pm

Congressional Democrats are ignoring their constituencies to pass a flawed bill that will cost us billions if not trillions of dollars. They are ignoring other options and siding with the Bush white house. You can try to crap on McCain on this one but honestly it is the Democrats once again failing their country.
Ask yourself…why no other economics and financial gurus are being interviewed in front of Congress? There are plenty of alternatives and the people in overwhelming numbers are voicing their “NO!” to the Bush/Paulson plan. Sorry I am a Democrat and I believe Pelosi, Reid, Barney etc should all be recalled if they won’t listen to the will of the people.

Posted by: ThomasDark | September 26, 2008, 2:45 pm 2:45 pm

This initial deal was done in the Senate banking commitee. It consisted of both Reps and Dems. No one but the White House knew that Paulson had this deal in the works for months until Fratto let this info slip out. I agree there should not be any rush to get an agreement and that all options should be explored. As far as the Dems passing this on their own, they learned their lesson on this back in 1993 when the Reps screwed them on some unpopular legislation that needed to get done. As far as the Glass Steagal bill goes, it was a Rep, Phil Gramm who wrote that legislation and snuck it in with a spending bill just before Xmas that year. The same guy who is responsible for the Enron loophole that has allowed specualation to run wild and nearly brought California to bankruptcy. When it comes to this 2005 thing and McCain supposedly saving the day, the thing people seem to forget is the Reps were still in control of both houses. So if the legislation was so good why couldn’t McCain get his own party to support it?

Posted by: Jake | September 26, 2008, 2:52 pm 2:52 pm

Bernie Franks plan, which is on his website seems to be the most forward thinking plan. 10% surplus tax on those making over a million a year. This would raise 300 billion over 5 years.
The 700 billion dollar was just an estimate. There are no facts supporting that amount. This is a very important moment in our country.
Politically it looks like the Repubs have an agenda. Make it look like they are going against Bush while the Dems support him. Brilliant move. Lets just hope the American people realize the Dems are actually throwing around ideas and the Repubs are just sitting around saying no. I agree the bail out plan sucks, but come up with a plan.

Posted by: chris | September 26, 2008, 3:01 pm 3:01 pm

Harry Reid is a sick person!! Do you remember him saying a week ago, we (Congress) are leaving town. We are in unchartered territory, we don’t know what to do. Now, all of a sudden, he wants John McCain to leave town???? Why? I believe it is way past time for Harry Reid to give up politics and retire in the sun!! Sooner than later!!
Posted by: Nan | Sep 26, 2008 2:41:41 PM
**********************************************
Nan–My thoughts exactly, and he can take Pelosi, Dodd and Franks with.

Posted by: S Adams | September 26, 2008, 3:07 pm 3:07 pm

Chris–Barney Franks is as clueless as the rest of the libs in Congress, maybe more so.
The same Barney Frank you are talking about had a romantic relationship with a top exec at Fannie mae, Herb Moses and franks also was a top reciepient of Fannie Mae campaign donations.
Barney Frank on Sept 10, 2008, “Fannie Mae an Frethie Mac are noth fathing any kindth of thinathal crithis”
Yeah he’s a REAL reliable source about this financial crisis mess.

Posted by: S Adams | September 26, 2008, 3:16 pm 3:16 pm

So, can somebdy tell me where John McCain stands on this issue? I’d love to hear it. Does he stand with his Republican president or not?

Posted by: mara | September 26, 2008, 3:30 pm 3:30 pm

Democrats are insane. The bailout falls apart, thank god, and they’re up there insisting we give 700B to Paulson and his cronies. Yeah, like the guys that broke it can fix it. If there was a viable third party, I’d be gone because the other two are frick and frack.

Posted by: oakland | September 26, 2008, 3:31 pm 3:31 pm

S Adams – You seem really concerned by the Presidential candidate’s call to DC. So, can you explain to me what John McCain’s position is on the economic bailout, and what kind of positive or constructive influence his presence had in Washington yesterday? As far as I can tell, he was completely clueless, refused to take a stand, derailed the proceedings for a few hours and then hopped into his family jet with Cindy and flew to Ole Miss. I agree with Obama – having the two candidates in Washington served absolutely no purpose – there was actually progress being made and some bi-partisan work for a change. Thank God they both left.

Posted by: mara | September 26, 2008, 3:37 pm 3:37 pm

I applaud the House Republicans for opposing this most unprecedented transfer of wealth and power in US history. The Paulson/Bernake plan is Tyranny in disguise. I also applaud Sen. Shelby for his work as well.
While most lawmakers battle over the minutia, the core provisions of the proposal are still intact.
You can put lip stick on Tyranny but it is still Tyranny.
I have been calling my Congressional representatives all week telling them that if they support the bailout proposal, they will pay come November.
I have urged many to do the same.
Before Congressional leaders, police officers, military personnel, and even presidents take their position, they must swear to uphold the Constitution against enemies both foreign and domestic. The execution of this proposal would create the greatest domestic enemy to the Constitution ever.
And don’t forget about the price tag which, like always, will far exceed expectations.

Posted by: rickyj523 | September 26, 2008, 4:02 pm 4:02 pm

Not sure why this keeps getting removed.
I’m against the $85,000,000,000.00 bailout of AIG.
Instead, I’m in favor of giving $85,000,000,000 to America in a We Deserve It Dividend.
To make the math simple, let’s assume there are 200,000,000 bonafide U.S.
Citizens 18+.
Our population is about 301,000,000 +/- counting every man, woman and
child. So 200,000,000 might be a fair stab at adults 18 and up..
So divide 200 million adults 18+ into $85 billion that equals $425,000.00.
My plan is to give $425,000 to every person 18+ as a We Deserve It
Dividend.
Of course, it would NOT be tax free.
So let’s assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 in taxes.
That sends $25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ has $297,500.00 in their pocket.
A husband and wife has $595,000.00.
What would you do with $297,500.00 to $595,000.00 in your family?
Pay off your mortgage – housing crisis solved.
Repay college loans – what a great boost to new grads
Put away money for college – it’ll be there
Save in a bank – create money to loan to entrepreneurs.
Buy a new car – create jobs
Invest in the market – capital drives growth
Pay for your parent’s medical insurance – health care improves
Enable Deadbeat Dads to come clean – or else
Remember this is for every adult U S Citizen 18+ including the folks who
lost their jobs at Lehman Brothers and every other company that is cutting
back. And of course, for those serving in our Armed Forces.
If we’re going to re-distribute wealth let’s really do it…instead of
trickling out a puny $1000.00 ( ‘vote buy’ ) economic incentive that is
being proposed by one of our candidates for President.
If we’re going to do an $85 billion bailout, let’s bail out every adult
U S Citizen 18+!
As for AIG – liquidate it.
Sell off its parts.
Let American General go back to being American General.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.
Here’s my rationale. We deserve it and AIG doesn’t.
Sure it’s a crazy idea that can ‘never work.’
But can you imagine the Coast-To-Coast Block Party!
How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 Billion
We Deserve It Dividend more than I do the geniuses at AIG or in Washington
DC
And remember, The Birk plan only really costs $59.5 Billion because $25.5
Billion is returned instantly in taxes to Uncle Sam.

Posted by: nookly23 | September 26, 2008, 4:12 pm 4:12 pm

I have these questions for McCain this evening?
Did he have any clue about the crises we are facing and can he explain to the American Public not in generalities but specifically of what he believes is a problem and the reason why we all are subjected to this pain

Posted by: Abdul Hirani | September 26, 2008, 4:53 pm 4:53 pm

yeah your math is a bit off, it would cost 850 TRILLION dollars, not billion, trillion….beside the point where would the money come from?
Everyone who’s NOT 18 would be paying this for years and years to come.
The general idea sounds cool…if only there wasn’t such a thing as economics.
On to the point:
Both parties are bogus. Fighting over who’s going to save the day when they were both responsible for the situation.
I respect democrats because for the most part they aren’t trying to keep americans poor while a few get UBER rich.
I respect republicans because they have the balls to try and accomplish this.
Why is it that when the democrats are a minority in the house and senate the republicans can still get thigns done.
When it’s the opposite the democrats can’t get their shoes tied
In the same respect
Why is it that when Republicans run things the America turns to crap? Wars on tangible and intangeble objects: drugs, terrior, Iraq. Horrible economic plans, etc, etc.
The democratic party needs to man up and start lying like the republicans do.

Posted by: Gilbert | September 26, 2008, 5:22 pm 5:22 pm

Like millions of Americans, I am really skeptical about this whole 750 Billion bail out. And, I’m especially skeptical about the RUSH to spend the 750 Billion dollars of tax payers money … which does not allow independent economists the time to properly investigate and evaluate this plan. In addition, Bush and the Democrats seem to be united on this bail out. My guess is that Bush wants to pay back big money Wall Street people, who helped him over the years … and, since the Democrats expect to rule both houses and, possibly the White House … they are salivating at the chance to control spending the 750 Billion. In spite of all the rhetoric about careful spending and oversight, the Democrats have already allocated 20% of this huge sum to fund crooked liberal programs, like Acorn. If we simply print Billions for bail outs, even if the market returns, inflation will make our currency virtually worthless.
P.S. Did anyone ask Alan Greenspan what he thinks???

Posted by: Howard | September 27, 2008, 6:33 pm 6:33 pm

PELOSI, REID, AND OBAMA will say or do anything to get their greedy power hungry hands on that $700 Billion dollars. Once they get it, they will flush this country down the toilet … and, all you fools who supported them will feel betrayed and victimized … but you will have nowhere to go for help!

Posted by: Howard | October 1, 2008, 10:27 pm 10:27 pm

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