TALKS ON BAILOUT FAILS - THIS BAILOUT IS VERY BAD FOR THE U.S.

[America]

This Bailout Is Like You Bailing Out The Burglar That Robbed Your House

OXFORD, Miss. - With the presidential campaign in limbo and Wall Street on tenterhooks, efforts by U.S. lawmakers to craft a $700-billion financial rescue plan stalled Thursday amid growing opposition to the bailout among conservative Republicans.

The setback sparked a wave of partisan finger-pointing among frustrated members of Congress, just hours after Senate leaders from both parties announced they had reached broad agreement on the principles of a bailout.

"I can tell you, I don't believe we have an agreement," said Alabama Senator Richard Shelby, the ranking Republican on the Senate banking committee. "There's still a lot of different opinions. Mine is, it's flawed from the beginning."


U.S. President George W. Bush discusses the economic crisis during a meeting with members of congress, including John McCain, left.

The remarks came after an unprecedented White House meeting that included President George W. Bush, Republican presidential candidate John McCain, Democratic candidate Barack Obama and leaders of Congress from both parties.

The meeting ended with Democrats complaining it had been a waste of time and seemed aimed more at bolstering McCain - who had urged Bush to convene the gathering - than making progress on a deal.

"I'm sorry we lost two or three hours on what was just a show down at the White House," said Democratic Senator Chris Dodd of Connecticut, chairman of the Senate banking committee. "I can't quite understand what was going on down there except political theatre.

"I didn't need to be in the White House basically to have a photo opportunity for John McCain."

McCain, who announced Wednesday he would suspend his campaign to join negotiations, balked at the Democratic criticism.

"I've got to do what I think is right for the country . . . and if that hurts me politically, I'll gladly take the hit," he said.

Democratic leaders in Congress announced negotiations would resume late Thursday. Speaking to reporters after the White House meeting, Obama said he would stay in Washington overnight, but urged McCain to join him Friday night in Oxford, Miss., for their first scheduled presidential debate.

McCain has said he would not attend the debate unless a deal on the financial crisis was reached.

"What I have found, and I think it was confirmed today, is that when you inject presidential politics into delicate negotiations, it is not necessarily as helpful as it needs to be," Obama said. "There's the potential for posturing and suspicions."

McCain told NBC News he remained "very hopeful" a deal could be reached and that he would then attend the debate.

At times Thursday, the whirlwind turn of events seemed equal parts politics and statesmanship.

Early in the afternoon, negotiators from the Senate and House of Representatives emerged from negotiations to say they had struck a deal to authorize the federal government to buy bad mortgage assets that have plunged Wall Street into financial crisis, and which Bush said could trigger a long and painful recession.

The proposed plan would place caps on pay packages for corporate executives receiving help and would see the government take an ownership stake in some firms so U.S. taxpayers could benefit if the companies again become profitable.

The plan would have made $250 billion immediately available to the U.S. Treasury, with further authorizations subject to further scrutiny by Congress.

"I now expect we will indeed have a plan that can pass the House, pass the Senate, be signed by the president, and bring a sense of certainty to this crisis that is still roiling in the markets," Senator Robert Bennett, a Utah Republican.

Within hours, conservative Republicans in the House of Representatives said they would not go along with the plan, jeopardizing chances it would be approved.

McCain, too, withheld his own endorsement of the agreement, saying lawmakers continued to have "legitimate concerns" about the bailout.

Obama said he thought "things were moving forward."

"There was some rough consensus around those principles," Obama said. "My impression from the meeting today was that the president and the Secretary of the Treasury still have some work to do with the House Republicans."

Rep. Eric Cantor, a Republican leader in the House, said he had "not seen a way to getting majority support" among GOP lawmakers for the plan.

At the White House, Bush again implored lawmakers to reach a deal.

"We're in a serious economic crisis in the country if we don't pass a piece of legislation," Bush said.

But it was unclear what had actually been accomplished at the White House.

"It was not a negotiating session," said Democratic Rep. Steny Hoyer, the House Democratic leader.

Members of Congress from both parties have reported voters are furious with the idea of helping Wall Street at a time when homeowners are defaulting on their mortgages and ordinary taxpayers are seeing the retirement savings nosedive.

The negotiations come at a tricky time, not just for the presidential candidates, but for lawmakers facing re-election in November.

Republicans, in particular, say they cannot justify the deal to constituents and oppose the bailout on principle, calling it unwarranted government intervention in the market.

[SeedyROM]

Dems want a deal with no Mortgage Insurance to cover losses from any company that fails after the deal is done. Why no insurance??? The original deal came from Sec. Paulson, Benanke and others who failed to contain this disaster. Do these Dems drive thier cars without insurance?

http://www.cbsnews.com/stories/2008/09/25/politics/politico/thecrypt/main4479162.shtml
House Republicans were left out of the morning deal making on the bailout and are already being blamed for derailing the bailout negotiation.

So now they've released their own set of "principles" in the 11th hour, relying on mortgage insurance, injections of private capital into the financial system and free market principles. Many of the ideas are tried and true conservative ideas, like loosening regulations in hopes of freeing up private capital. The thrust of the GOP alternative is essentially a private insurance plan for mortgage backed securities, but it's not clear if such a plan could go into effect quickly enough to salvage the teetering credit markets.




Chris Dodd was lost in the whitehouse meeting the same as he's been lost the last 12 years.....he's one of the architechs of the financial meltdown. Dodd spent more time on camera talking trash than was necessary. He's an idiot, as is Senator Barney Frank. Dodd wants to pretend Reps are holding out when in fact both parties are being cautious due to constituent complaints.

There was never a deal, just political posturing and sweet talk for the markets.

http://economictimes.indiatimes.com/There_never_was_a_deal_McCain_on_bailout_/articleshow/3529141.cms
“I knew going in, because I had been over on the House side with my House Republican colleagues, there never was a deal,” McCain said.


"There is not yet a majority of Democrats or Republicans who are willing to vote yes for anything," he said.
The votes at this hour do not yet exist."

"Schmidt also accused Obama of buying up time vacated by McCain on television networks for campaign advertisements when the Republican made up his mind to pull down his ads on Wednesday.

"It is an example once again of Senator McCain putting his country first, while Senator Obama puts Senator Obama first," Schmidt said."

[asroc]

SeedyROM wants more insurance to protect these already negligent companies, yet doesn't want to protect peoples' houses, which is what the Dems wanted and had drafted by noon today.

Clearly, he and the house reps feel that the problem was too much regulation.

[SeedyROM]

Asroc, the insurance protects the investment made with American capital which in turn protects this country from further turmoil with this bailout. Stop acting like a stupid little child. Dems wanted to rush in an rubber stamp a deal to beat McCain's arrival and you bought the sucker story. Sheep always bahhhh when they fear what they don't understand.

When and where did I say anything about people's homes? So long as home owners can make thier payments or be backed by the Fed, there is no issue with home losses due to a company failure...........simply a change of bank ownership if a bank fails.

[asroc]

Rubber stamp a deal? They completely rewrote Paulson's shit proposal. If they wanted to beat McCain, they would have rubberstamped that.

This is all McCain theater, everybody knows it.

[Moby]

the republicans want to delay the bill to avoid the debate on Friday night. They know that the economy will become an issue.

McCain has not suspended his his campaign. I saw ads on TV tonight. His minions are out doing the talk show circuit.

He cancelled Letterman last night because of the crisis and then appeared on CBS. On his birthday a few years ago during the Katrina crisis, after he had cake with Bush, he appeared on Conan's show.

The republicans are stalling to help their candidate as his numbers are slipping.

Posting statements released by the McCain campaign are nothing more then statements released by the McCain campaign. It's the same as you continuing to post articles with the McCain campaign complaining about the media attacking Palin's family since September 1, without ever being able to show an article of anyone attacking Palin at all in August and not even a mainstream source in the past few weeks.

[SeedyROM]

Neither plan is acceptable, both plans are in limbo. Modifications is one of a few issues that were similar, too early to say which is better. I did like the Dem plan better, but it too needs a lot of work and it needs dems with a desire to negociate rather than grandstanding for Obama. I hear more complaints about McCain from Dems than I hear complaints about Obama from Reps. on TV. Obama needs to suspend his campaign, he can restore it later if they have time for a debate.

[SeedyROM]

the republicans want to delay the bill to avoid the debate on Friday night. They know that the economy will become an issue.

McCain has not suspended his his campaign. I saw ads on TV tonight. His minions are out doing the talk show circuit.

He cancelled Letterman last night because of the crisis and then appeared on CBS. On his birthday a few years ago during the Katrina crisis, after he had cake with Bush, he appeared on Conan's show.

The republicans are stalling to help their candidate as his numbers are slipping.

Posting statements released by the McCain campaign are nothing more then statements released by the McCain campaign. It's the same as you continuing to post articles with the McCain campaign complaining about the media attacking Palin's family since September 1, without ever being able to show an article of anyone attacking Palin at all in August and not even a mainstream source in the past few weeks.


Are you sure those ads are McCains? 527 ads are not controlled by McCain.

Google it, Palin attacks are legit. Please stop the jibberish. There are
10,100,000 reasons why you should !!!

http://www.google.com/search?hl=en&q=palin+family+attacks&aq=f&oq=

Results 1 - 10 of about 10,100,000 for palin family attacks. (0.25 seconds)

[asroc]

I did like the Dem plan better

I hear more complaints about McCain from Dems than I hear complaints about Obama from Reps. on TV.

Kind of telling admissions here.

Also, why would Obama suspend his campaign? McCain didn't. He just said he did.

Regardless, they should be able to multitask these things. A campaign can still run while you're in the Senate for a day/36 hours. You can work and go to the debate. The debate takes 90 minutes and 70 million people will be watching.

[SeedyROM]

A mix of both parties plans, that is how politics works. Not an admission of anything significant.

If Obama suspended his campaign officially, then he could vote on the bailout Bill. There is a process politicians must take.

McCain made it official, do you have proof he did not? Or will this be another refusal to address a direct question? If you want answers you need to quid pro quo !!!

Not a question of multitasking, jets only go so fast. Security arrangements etc... make the trip a little more complicated. McCain is anticipating the bailout may take longer. They can debate at the veep time slot.

[SeedyROM]

See my answer on the other thread.

[asroc]

McCain is still running ads, his campaign office in my own town (all of them in the US) is still open, he spoke at the CIG today and interviewed with Couric yesterday.

From Team McCain: "Good morning –

John McCain will be in New York City this morning to address the Clinton Global Initiative and then heads back to Washington, D.C. As announced yesterday, the campaign is suspending after today’s remarks. Now on to today’s news…"

http://www.politico.com/blogs/jonathanmartin/0908/A_suspension_in_name_only.html

Across the country, McCain campaign offices are up and running, accepting volunteers, conducting phone banking, literature dropping and other GOTV activities. This held true on a local, state, and even regional level. The Huffington Post called up 15 McCain-Palin and McCain Victory Committee headquarters in various battleground states. Not one said that it was temporarily halting operations because of the supposed "suspension" in the campaign. Several, in fact, enthusiastically declared the continuation of their work. Others hadn't even heard that the candidate for whom they were devoting their time had officially stopped campaigning.

http://www.huffingtonpost.com/2008/09/25/mccain-campaign-still-act_n_129327.html

His campaign adviser's presence notwithstanding, McCain announced Wednesday that he was suspending his campaign activities to focus on getting the people's business done.

"I don’t know about what they were told," McCain spox Brian Rogers tells ABC News, but Holtz-Eakin is "Sen. McCain's top economic policy adviser. They've been working on this stuff over the last weeks; he's the go-to guy."

http://blogs.abcnews.com/politicalpunch/2008/09/mccain-campai-2.html

Once it was reported that McCain's campaign adviser was attending the meeting, he was then curiously no longer attending.

2:40 p.m. McCain speaks to reporters in a ballroom in his New York hotel, using a teleprompter rather than his preferred method of speaking off the cuff when talking to the media. McCain says he will suspend the campaign and says that he has instructed his staff to work with debate organizers on a postponement.

3:45 p.m. Senior McCain aides come to speak with reporters. Mark Salter stresses that McCain's statement had no hint of a partisan attack and no posturing. Salter says McCain could still debate Friday, if a deal is reached quickly in Washington.

Late afternoon McCain cancels an appearance on the Late Show With David Letterman, but he tapes an interview with Couric that airs in the evening.

8:30 p.m. The two campaigns release a joint written statement: "This is a time to rise above politics for the good of the country. We cannot risk an economic catastrophe. Now is our chance to come together to prove that Washington is once again capable of leading this country."

Later that evening Both campaigns say that the candidates plan to meet Thursday with President Bush at the White House.

Thursday, Sept. 25

9:15 a.m. McCain appears at the Clinton Global Initiative in New York. Former President Clinton introduces McCain and praises him for bucking his party and spending a lot of time on global warming.

McCain thanks Clinton but gets right to the bailout situation and his decision to suspend his campaign.

"I cannot carry on a campaign as though this dangerous situation had not occurred, or as though a solution were at hand, which it clearly is not," he says. "As of this morning I suspended my political campaign. With so much on the line, for America and the world, the debate that matters most right now is taking place in the United States Capitol."

McCain also says something that sounds political: "No Wall Street executives should profit from taxpayer dollars. Let me put it this way: I would rather build a bridge to nowhere — and put it square in the middle of Sedona, Arizona — than take money from teachers and farmers and small-business owners to line the pockets of the Wall Street crowd that got us here in the first place."

11:05 a.m. McCain takes off aboard his campaign plane from Newark International, bound for Washington, D.C.

Midmorning McCain's running mate, Alaska Gov. Sarah Palin, visits a firehouse in Manhattan, near the site of the Sept. 11 attacks. Palin was in New York meeting with world leaders. She planned to travel on to Philadelphia but did not have any scheduled campaign events.

11:45 a.m. McCain lands at Reagan National Airport. Plans are for him to go to his Senate office. Reporters covering his campaign will accompany him, but aides are being very careful to distinguish between campaign events and official Senate business.

1:00 p.m. The McCain campaign plans to suspend all advertising and fundraising, in addition to campaign activities. NPR's Peter Overby points out that McCain does not need to do any fundraising, since he took $84 million in public financing. The McCain campaign is also receiving money from the Republican National Committee, but the RNC has not yet said whether it will also stop raising money.

http://www.npr.org/templates/story/story.php?storyId=95054406

I guess "officially suspended" means "say it's suspended" and little else.

Here's is the OBVIOUS REALITY: Saying he's suspended his campaign is part of his campaign, nothing more.

You can vote while your campaign is in operation, I don't understand why you think otherwise.

[Moby]

McCain made it official, do you have proof he did not? Or will this be another refusal to address a direct question?
McCain campaign ads are continuing to run. His staff is continuing to do the talk show circuit. I've seen them so I know there's no suspension of any campaigning. He may not be officially campaigning right now but there's no suspension of his campaign.

If you didn't notice, him going to Washington is campaigning.

[SeedyROM]

McCain is still running ads, his campaign office in my own town (all of them in the US) is still open, he spoke at the CIG today and interviewed with Couric yesterday.



http://www.politico.com/blogs/jonathanmartin/0908/A_suspension_in_name_only.html



http://www.huffingtonpost.com/2008/09/25/mccain-campaign-still-act_n_129327.html



http://blogs.abcnews.com/politicalpunch/2008/09/mccain-campai-2.html

Once it was reported that McCain's campaign adviser was attending the meeting, he was then curiously no longer attending.



http://www.npr.org/templates/story/story.php?storyId=95054406

I guess "officially suspended" means "say it's suspended" and little else.

Here's is the OBVIOUS REALITY: Saying he's suspended his campaign is part of his campaign, nothing more.

You can vote while your campaign is in operation, I don't understand why you think otherwise.

Maybe they are running or maybe the ads are paid for an cannot be cancelled? What if the media refuse to cancel to make him look bad? We can go at this till McCain''s staff answer the questions. Maybe they changed thier mind? We'll find out soon enough.

And you rely on 5th party information and blogs, regurgitated horsehockey, not as reliable as direct quotes or press releases now are they?? Didn't you complain about BLuffington BloatedPost before? Politico is 3rd party info, again not as reliable, some company's have an agenda you know!

I guess we'll see if the ads really stop or not.

[SeedyROM]

McCain campaign ads are continuing to run. His staff is continuing to do the talk show circuit. I've seen them so I know there's no suspension of any campaigning. He may not be officially campaigning right now but there's no suspension of his campaign.

If you didn't notice, him going to Washington is campaigning.

Looks like he was working and not grandstanding like that Idiot Dodd.

[asroc]

seedy a) define what suspending a campaign means. b) call any of those mccain offices mentioned in huffpo yourself during office hours. you will find that they are open and running.

[SeedyROM]

Open and running offices is normal, jeese why be so anal, call the FBI its a conspiracy. The word was the ads would be suspended, nothiing more. I'll wait for the official report over the next retarded blog crap. On the other thread you made it clear you didn't trust blogs, but on this thread I guess you flip flopped? LOL!

Do you have a press release that states offices would be closed, go to JohnMcCain.com and figure it out, stop the games. Open and running, maybe the Cancer Man did it!

[asroc]

define "suspended campaign" if it does not include campaign offices

[disrupter]

I can't believe the number of Dems on board with this while Republicans aren't.

Who has been Cluster****ing the democrats for 8 years?

the democrats really do not have a philosophical, intellectual frame of reference.
They don't even raise objections when the same Republicans completely betray their own dogma.

the Republicans are wrong, & the Democrats are worthless.

Time for a major political bowel movement.
Flush ALL the turds out of Washington.

[asroc]

deal or no deal, mccain left dc hours ago and will debate. so basically this whole thing was some bullshit "take charge" posturing with no results.

[disrupter]

McCain is posturing, that is all he knows how to do.

He has no real intellectual core.
that is why he has so many schizoid flip-flops.

Not the last of which is choosing Palin & then not letting her get out there & campaign.

it is kind of lame isn't it?

McCain pretends to have convictions,
but all of his actions belie that.

[PhoneMistress]

deal or no deal, mccain left dc hours ago and will debate. so basically this whole thing was some bullshit "take charge" posturing with no results.

Exactly.

FYI. It takes at least 24 hours to pull television ads as most ads are prepped in most cases 24 hours a head of time.

No one picked up on the fact that McCain did the exact same thing 8 years ago.

McCain's tempter tantrums aside. The bailout is a bad idea and contrary to what "they" say time is not of the essence. Who in the House is getting calls from his/her constituents begging them to vote yes for the blackmail money? If Congress votes for this they are clearly not considering the will of the people. The "no" vote should be unanimous.

[asroc]

campaign un-suspended lol

[SeedyROM]

Agreed, glad to see someone knows something about TV ads

Exactly.

FYI. It takes at least 24 hours to pull television ads as most ads are prepped in most cases 24 hours a head of time.

.

[Moby]

No one picked up on the fact that McCain did the exact same thing 8 years ago.
Actually some of us did but those blind to political stunts such as Seedy wouldn't notice even if you did show them.

[SeedyROM]

Actually some of us did but those blind to political stunts such as Seedy wouldn't notice even if you did show them.

I remember briefly, I did campaign for McCain in 2000 to keep that drunken coke whore from being elected. I did not respond to that sentence because today's call to DC is far more important that you would care to admit.