The house GOP and some critical GOP senators are the ones that are stopping this deal from going thru.

The GOP will pay heavily in November, the election of 2006 will look like a GOP victory compared to 2008.

Now another dominoe has fallen – Wamu !!

to make the McCain fly-in look foolish? And the eventual Obama fly-in a result of the non-agreement making Obama potentially look, well, stupid?

Not to put myself on the level of your insight Blackhedd, but my instincts put the Dow at 9000 by 11am Friday.

I don’t see how the Dems are able to pull this off as a problem the Repubs must solve, but perception is reality.

Hurricane Obama is coming! It’s blowing real hard and destroying everything it touches. This makes Katrina look like a baby girl. The American public is swamped. 300,000,000 people are drowning. Where is the federal government?
What? It’s bunkrupt? Everyman for himself!!

It seems to me there is much needed help being blocked by a few republicans. This thing is serious, we can’t do without this bill. These guys should let it through.

Right now the Democrats are claiming they were closed to a deal before McCain and the House GOP derailed it.

There are even reports floating around of Paulson expressing the same views to some degree.

I fully expect tomorrow that the Democrats and Obama will point to the losses on the Market and say “This is McCain’s fault for injecting presidential politics into the bail-out negotiations.” Then proceed to try to blame McCain for the drops in the DOW.

Sadly, it might just work.

Let’s get real – neither party is going to take the fall for this by themselves.

If it’s really a matter of great national urgency, both sides have got to saddle up and do it.

If it’s not a matter of great urgency, or if the plan won’t work, it’s kosher to oppose it, and to kill it. The people who do that have to really be in favor of killing it, however, and have to be ready to take the political responsibility for putting the plan down.

What won’t happen, though, is for one party to hang back, avoid supporting the bailout because of political concerns, let the other side pass a necessary bailout, and then campaign against them for having passed it. Congressmen and Senators are not that stupid or that patriotic.

The Ds can pass whatever they want to; they have the votes in both houses. They want Rs to join them in their $700B assault on the American taxpayer. McCain called them. They can pass it an go out against the hurricane of R opposition about their $700B giveaway of OPM to their fatcat Wall Street friends, they can make a deal that McCain can take statesman-like credit for, or they can make the economic World fall apart. I’m thinking the Dow looks like a bungee jumper in the morning and maybe we’ll all find salvation in time to fly to Oxford, MS tomorrow night.

The unspoken premise of this post seems to be that any deal, any deal at all, is better than no deal. It seems reasonable to me to at least admit the possibility that a bad deal could be worse than no deal at all. Warren Buffett is, of course, famous for making good deals. Why don’t we just take the structure of his Goldman Sachs deal and pencil in “United States of America” in place of “Warren Buffett”? We probably won’t do better, and easily could do much, much worse, as deals go.

Someone with more expertise in these matters than me should pipe in here, but I think that a fair number of republicans (especially in the Senate) actually do have to support this thing to get it done. As I understand it, to get a bill like this passed quickly, the House and Senate rules essentially have to be suspended, which takes a 2/3 vote in the House and unanimous consent in the Senate. That’s why legislation is put on the “suspension calendar” at the end of the term. Thus, unless there is broad consensus on this package, it is DOA. Am I incorrect about any of the above?

But none of them are crazy. A deal will be done, I’m guessing by Asia’s opening Sunday night, if not tomorrow. My guess is Paulson will get a check, it’s just a question if the Street thinks the check was big enough.

These events are sinking any chance of McCain getting elected and will assuredly cause a massive GOP ouster in November.

Don’t forget there was about $3.3 Trillion in 401Ks, and allot of people will remember in November what their Sept 30th statement says they lost since Jan 01, 2008. On average about 25%+

I hate the idea of bailing out these companies. They danced with the devil, they should have to pay.

to agree to something very similar to the Paulson plan but with just a couple of changes that are hard for Dems to oppose in the circumstances – i.e. capital gains tax cut from 15 to 10%, diversion of the proceeds to the Social Security Trust Fund, etc. Something that will allow him to claim that he protected the taxpayers. The Congressional Republicans will back down (having now set the stage). The bill won’t be great, but it will be marginally better than it could have been. And McCain will be able to also claim that he brokered the deal by getting the House Republicans to come back to the table. In short he:
(1) “fights” his own party (house Republicans), and
(2) at the same time gives the taxpayer a slightly better deal than we would have had if he had not returned to DC.

And then he kicks Obama’s butt in Oxford tomorrow night. He wins economy and foreign policy in 1 day.

The Democrats wanted 20% of all monies realized from this to go to ACORN and they would use the funds to help low income people with their mortgages.

The American taxpayers were being set up to hand over $200,000,000 plus to ACORN.

This deal was terrible. Thank God the Republicans shot it down. This was just the beginning.

The legislation was to use a whole bevy of “community organizer” organizations to facilitate the use of the money. As with ACORN they were all organizations set up by George Soros.

Didn’t any of you read the fine print?

The stock market swings hundreds of points in a single week. 400 down one day, 300 up the next. I’m far from being an economic guru, but I think a lot of it is just fear-driven silliness. One can draw a parallel to oil prices. Some lunatic in Iran says he wants to bomb Israel and oil shoots up over “supply fears” when in fact, the supply of oil is plentiful. I’ve never bought stock before (unless you count 401(k)) but if the markets take another nose-dive tomorrow (as I think most of us expect it to) I may just have to buy as much as I can because it will surely rise again.

… earlier today about how I didn’t even want a bailout deal? Do you remember how I said that this was still a democracy, and we ordinary folks want to be consulted about these sorts of things.

Well, I was a little out of sorts. I’ve had a chance to reconsider, and I’ve decided … that I really like banks. I want banks to continue to operate. I want my money to be there when I go to get it. Memo to Paulson, Bush, Reid, Pelosi, et al: Uncle. I give. No mas. I’ll take your big, fat, greasy, pork-laden deal. I eat with a side of misery and despair. Just get it done.

does the bill address the problems, or will it make things worse?

I know that there are psychological reasons they want to pass it quickly, but absent that sentiment, is there actually a need to ram through such far-reaching legislation without any kind of appropriate inspection? It seems to me that a suspension or modification of the mark-to-market rule would take much of the pressure off the holders of the MBS.

I imagine there is a lot I’ve missed, but Fannie Mae has been around a long time, and venal administrators and executives have been around even longer. Yet this came up rather “suddenly,” at least in the grand scheme of things.

What has changed, however, are the accounting rules. If changing that rule could stop the bleeding, shouldn’t that be tried before such a massive bill, whether bailout or rescue? Even if, as Andy Kessler at the WSJ claims, the deal could make trillions for the Treasury?

It even made Skeletor shut up.

MRE’s, check…. Water, check…. Weapons, check…. Bullets, check…. etc…

Unless someones up for hunting down a boatload of Tea for Harbor dumping

I’ll poke my head back out in 10 years see what’s left…

LOL

McCain says to the Dems, we need to cut the pork, like the HUGE Acorn payout, and make it more like a loan than a payoff of the Wall Street crooks.

Otherwise, Johnny says, “I told you, I will make you famous.”

He can go to the debate and say I’m trying to protect the taxpayer’s $700 billion. “We don’t need to just write this HUGE check from taxpayers to pay those that created the problem. There is a better way and I have laid it out.” The public is behind him on this 4 to 1.

I just don’t think Johnny will blink on this one. He’s in the driver’s seat; he has the spotlight. BO is in the back seat like a hitchhiker trying to figure out where he’s headed.

The Dems created this mess. Now they want us to provide them political cover? I say, let them write and pass their own bill. Use it as THE issue and club them with it in November. Serves the greedy bastards right. Remember that Dodd, Frank, Johnson, Raines, Gorelick and many more have been feeding at this trough.

I only read some of the comments here and my mind started spinning with thoughts but to be brief although in no way concise I wanted to make a few blanket statements.

There was never a plan agreed on that was just media talking out their blow hole LOL – It was only that they agreed on the principles of a plan.
I personally think This is all going to work out well – Sure a Bailout Blows unless of coarse us taxpayers are gonna see a divided check at the end of it all (yeah right) But The fact that this problem was caused by Democrats I think it really leverages Republicans to say hey we did it your way now lets try some conservatism. If the republicans do it right they have all the power. Democrats wanted to cut and run from the start and if they don’t put aside partisanship and get something done it will come back to haunt them. In the end there is no way McCain can get blamed as long as people keep pushing for the truth. The Media can’t hide this one, the evidence is too overwhelming. There is no reason for republicans to cower here except for the fact that they didn’t push conservative values earlier 5 years ago 8 years ago and even longer. Now is the perfect time to say see, this is what we were trying to say before and for the sake of being fair we let you D’s have it your way now let us get you out of the mess you are in. It will then be a bi-partasin solution and we can press forward and let politics play out how ever but right now we have to fix this and quick. I see republicans with the upper hand in this negotiation regardless of the majority. Any way just my two cents with out any numbers only though because I have to get to a meeting ?