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Author Topic: Bailout deal breaks down; Paulson back to Capitol  (Read 1474 times)

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Offline Wretched Excess

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Bailout deal breaks down; Paulson back to Capitol
« on: September 26, 2008, 12:04:24 AM »

while I didn't buy into the "we have a deal" spin that floated out of washington this afternoon, it looks like
the whole thing may be going back to square one.

Quote
Bailout deal breaks down; Paulson back to Capitol

WASHINGTON (AP) — A Republican rebellion stalled government efforts Thursday to avoid economic meltdown, a chaotic turnaround that disrupted the choreography of am extraordinary White House meeting meant to show joint resolve from the president, the political parties and the presidential candidates.

After six days of intensive talks on the $700 billion financial industry bailout proposed by the Bush administration, with Wall Street tottering and presidential politics intruding six weeks before the election, there was more confusion than clarity.

An apparent breakthrough was announced with fanfare at midday by key members of Congress from both parties — but not top leaders. Wall Street cautiously showed its pleasure, with the Dow Jones industrials closing 196 points higher.
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And a late-afternoon White House summit bringing together President Bush, presidential contenders John McCain and Barack Obama, and top congressional leaders, described as "a full-throated discussion" by one person in the room and "a contentious shouting match" by McCain's campaign, broke up with conflicts in plain view.

Conservatives were in revolt over the astonishing price tag of the proposal and the hand of government that it would place on private markets.

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Offline Wretched Excess

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Re: Bailout deal breaks down; Paulson back to Capitol
« Reply #1 on: September 26, 2008, 12:20:28 AM »
good heavens.

" . . . Treasury secretary who knelt before the House speaker and appealed for her support"?  is that a metaphor?

Quote
Talks Implode During Day of Chaos; Fate of Bailout Plan Remains Unresolved
WASHINGTON — The day began with an agreement that Washington hoped would end the financial crisis that has gripped the nation. It dissolved into a verbal brawl in the Cabinet Room of the White House, urgent warnings from the president and pleas from a Treasury secretary who knelt before the House speaker and appealed for her support.

“If money isn’t loosened up, this sucker could go down,” President Bush declared Thursday as he watched the $700 billion bailout package fall apart before his eyes, according to one person in the room.

It was an implosion that spilled out from behind closed doors into public view in a way rarely seen in Washington.

By 10:30 p.m., after another round of talks, Congressional negotiators gave up for the night and said they would try again on Friday. Left uncertain was the fate of the bailout, which the White House says is urgently needed to fix broken financial and credit markets, as well as whether the first presidential debate would go forward as planned Friday night in Mississippi.

When Congressional leaders and Senators John McCain and Barack Obama, the two major party presidential candidates, trooped to the White House on Thursday afternoon, most signs pointed toward a bipartisan agreement on a grand compromise that could be accepted by all sides and signed into law by the weekend. It was intended to pump billions of dollars into the financial system, restoring liquidity and keeping credit flowing to businesses and consumers.

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« Last Edit: September 26, 2008, 12:29:40 AM by Wretched Excess »
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Offline DixieBelle

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Re: Bailout deal breaks down; Paulson back to Capitol
« Reply #2 on: September 26, 2008, 06:06:53 AM »
the local D.C. news channels were playing this as negatively as possible. I know, ya'll are shocked right?
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I can see November 2 from my house!!!

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Offline JohnnyReb

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Re: Bailout deal breaks down; Paulson back to Capitol
« Reply #3 on: September 26, 2008, 06:31:44 AM »
I heard this from my Econ. 29 professor 45 years ago. I can't prove that it happened as he stated it but it did ring true then and appears to be true today.

 He said that Mr. Hoover went to FDR, who was secretary of the Democrat party at the time, and asked for help (legislation) to easy the depression and to get the country back on it's feet. FDR supposedly said something like, "No! We want this country on it's knees when we take over. Then we can do no wrong."
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"America is like a healthy body and its resistance is threefold: its patriotism, its morality, and its spiritual life. If we can undermine these three areas, America will collapse from within."  Stalin

Offline bijou

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Re: Bailout deal breaks down; Paulson back to Capitol
« Reply #4 on: September 26, 2008, 10:54:13 AM »
Obama working hard to get things back on track
Quote
Obama: In town, working out
Obama, headphones, baseball hat, hitting the gym. Spotted working out this a.m. at the Washington Sports Club, near Adams Morgan/Kalorama, from 7:30a - 8:20a.

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Offline jukin

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Re: Bailout deal breaks down; Paulson back to Capitol
« Reply #5 on: September 26, 2008, 11:14:16 AM »
Check out this video.  It takes ten minutes but is one of the best and most concise on the democrat party fingers in this meltdown.

<a href="http://www.youtube.com/watch?v=H5tZc8oH--o&eurl=http://hotair.com/archives/2008/09/26/video-financial-crisis-in-10-minutes-or-less/>

Community reinvestment act[/url]

Socialism just does not work.
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When you are the beneficiary of a policy that steals from someone and gives it to you in return for your vote, it produces a sense of entitlement and dependency.

Offline DixieBelle

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Re: Bailout deal breaks down; Paulson back to Capitol
« Reply #6 on: September 26, 2008, 11:29:56 AM »
^H5!

Now that video pisses me the hell off. That needs to be broadcast 24/7 all over the place. Ugh.
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I can see November 2 from my house!!!

Spread my work ethic, not my wealth.

Forget change, bring back common sense.
-------------------------------------------------

No, my friends, there’s only one really progressive idea. And that is the idea of legally limiting the power of the government. That one genuinely liberal, genuinely progressive idea — the Why in 1776, the How in 1787 — is what needs to be conserved. We need to conserve that fundamentally liberal idea. That is why we are conservatives. --Bill Whittle

Offline Happy Fun Ball

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Re: Bailout deal breaks down; Paulson back to Capitol
« Reply #7 on: September 26, 2008, 11:49:06 AM »
Rush was just talking about that meeting. Apparently, that meeting broke down at once because all of the democrats deferred to Obama, who then tried to conduct this meeting without a teleprompter, and the result was abject chaos. Now they're trying to spin this as McCain's fault.
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Offline BEG

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Re: Bailout deal breaks down; Paulson back to Capitol
« Reply #8 on: September 26, 2008, 11:53:01 AM »
Quote from: jukin on September 26, 2008, 11:14:16 AM
Check out this video.  It takes ten minutes but is one of the best and most concise on the democrat party fingers in this meltdown.

<a href="http://www.youtube.com/watch?v=H5tZc8oH--o&eurl=http://hotair.com/archives/2008/09/26/video-financial-crisis-in-10-minutes-or-less/>

Community reinvestment act[/url]

Socialism just does not work.

That video was great.  I emailed it to a ton of people.
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Offline jukin

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Re: Bailout deal breaks down; Paulson back to Capitol
« Reply #9 on: September 26, 2008, 12:22:02 PM »
I've been putting it up on all the boards I frequent and e-mailing it out to my address book.

Can't wait for the frothing hate mail I get back from the liberals in that book.
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When you are the beneficiary of someone’s kindness and generosity, it produces a sense of gratitude and community.

When you are the beneficiary of a policy that steals from someone and gives it to you in return for your vote, it produces a sense of entitlement and dependency.
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