Bailout Plan Stalls After Day of Talks

Bailout Plan Stalls After Day of Talks

www.nytimes.com

WASHINGTON — The status of a rescue plan for the nation’s financial system was in doubt, at least for the moment, on Thursday as lawmakers emerged from a White House meeting with President Bush to say that negotiations have a ways to go.

“My hope is that we can get a deal,” said Senator Christopher J. Dodd, chairman of the Senate Banking Committee, hours after House and Senate negotiators had announced that an accord was at hand. It had also been President Bush’s hope that an agreement could be announced after the late-afternoon meeting.

(visit the link for the full news article)



Related AboveTopSecret.com Discussion Threads:
Frightening!!!!!! (Draft Bailout Bill)
McCain Suspends Campaign To Help With Financial Crisis
Stocks Wipe Out As Fears Grow

*SNIP*

I cannot believe that President is using the financial crisis as a proxy to salvage John McCain's campaign! How low can he go? Very low apparently.

The good news is:

*SNIP*

Surprise, surprise -- Congress is getting the message that the public is majorly pissed off, and want no part of a bailout that benefits Wall Street at the expense of taxpayers.

Hopefully, this means that the fascist language of the first draft is dead or on the way out.

www.nytimes.com
(visit the link for the full news article)

Mod Edit: Breaking News Forum Submission Guidelines – Please Review This Link.


[edit on 25/9/2008 by Mirthful Me]

Don't be fooled that this is because of the people... This IS a rescue plan for John McCain. That's exactly what it is. After some time, it will be revealed that he came up with the deal that saved the day and the economy (which it won't, but the people will be fooled enough to elect him in November, before the economy fully tanks)

I won't be surprised if the Plan bears his name. "The McCain Economic Survival Package". Sounds about right. He's an economic genius!

And bonus: He doesn't have to debate Barack Obama!

Funny that before McCain arrived this morning, this thing was all but wrapped up. The stock market was up 200 just from the bi-partisan spirit in Washington. A couple meetings later, and all of a sudden, there's a huge wrench in the works, and there is no deal...

Hmmm...

Interesting Times...


[edit on 25-9-2008 by Benevolent Heretic]

I was listening on the radio in my neck of the woods that the protest and massive screaming from the tax payer has been inundating no only the mail boxes of the members of congress but the big media outlets.

Because so far no media outlets and congress has addressed the fact that the majority of the tax payer are up in arms!!!!!!!!!!!!!!!!

Is been protest people and not media is covering them.

reply to post by Benevolent Heretic


your blind loyalty to Obama Clouds your judgment. This isn't a rescue plan to save McCain.

The economy will collapse before the elections in Nov. If they don't do something Now.

Leave your blind partisan politics at the door your not doing anything to help, your only being part of the problem!

THIS IS A MESS!! Sen. Reid just spoke and said that Sen. McCain has add nothing to the negotiations plus his mere presence through the negotiations off track. Sen. Obama point out the same just a couple of minutes ago. Then two Republican senators in a press conference accused Sen. Dodd and Sen. Reid of taking bribes from Countrywide and others. ALL THIS HAPPEN IN A MATTER OF 10 MIN! as I was watching Fox Bussiness News.

IS A MESS! And you can put the blame on Sen. McCain political stunt of showing in Congress like the White Knight to the rescue. Both sides were working just fine before presidential politics were added to the negotiations.

Its laughable, he came in to lead and is his own party that dont want to listen to him.

reply to post by Benevolent Heretic


The big problem that McCain have is that he is the presidential candidate that happen to be in the same party as the present administration that happens to be in mist of the biggest financial crisis ever to face this nation with a massive bail out at the expenses of tax payer.

This is not going to set well with the voters and tax payer in the nation.

McCain is actually struggling and in need of big help to convince the people that he is not bush.




[edit on 25-9-2008 by marg6043]

IS A MESS! And you can put the blame on Sen. McCain political stunt of showing in Congress like the White Knight to the rescue. Both sides were working just fine before presidential politics were added to the negotiations

If McCain is against the bill then he truly is an American Hero.

I hope he holds his guns as most Americans are against the bill.

reply to post by whiteraven


I dont know about hero. John McCain is a hero in my eyes even if his against or for this bill, as a military service member that I am I have the upmost repsect for him as a person.

He is a politician and he knows that compromises got to be made in this issue. But what kill me is the why he had to go down there? He should had stay away from these negotiations while keeping himself informed having close contact with fellow senators. His presence alone just charged this with so much politics that few things are getting done.

Good. I'm glad it stalled. And I hope it stalls, and stalls, and stalls some more. I hope it stalls for so long despite all of their fear mongering to push congress into approving this treasonous approval of unconstitional powers. I hope it stalls so that the economy completely collapses and there is a revolt in the streets, and maybe out of the ashes of this collapse we can build something new that is not run by corruption.

This is a good thing . This means that there is debate. That there could be a chance of that crazy bill not passing .
(and or)
Maybe there just rewording it to be not so alarming ? Guess it all depends on what playbook your looking at .
They need to get Ron Paul in there to school them on the dangers of all the suggestions.
I would like to see a serious assessment of risk vs reward for all the ideas .



I still say this is a good thing . If this is rushed through without debate it will have no chance of doing any good.

[edit on 25-9-2008 by d11_m_na_c05]

Every average American should immediately fax, call and email their Congressperson requesting that this bill is completely torpedoed.

There are comic books that contain more words than the proposed bill, and equally bizarre and questionable fact scenarios. The complete bill can be read in two minutes at: www.nytimes.com/2008/09/21/business/21draftcnd.html?ref=business

Allen H. Meltzer, Former Economic Adviser to President Reagan stated: "This is a scare tactic to try to do something that's in the private but not the public interest."
See NY Times Sept. 23, 2008 at: www.nytimes.com/2008/09/23/business/23skeptics.html?scp=1&sq=Allen%20H.%20Meltzer&st=cse

In truth, most of us are not doing that well financially anyway, especially under this administration. If you are one of those who are, President Bush recently proclaimed that we are not in a recession anyway, so what's the problem?

This bill is a huge give away program to the private sector. When President Reagan's Former Economic Adviser says this is only a scare tactic, perhaps we ought to listen, and tune out our fears.

This bill is a product of Political Action Committees, and shamelessly asks that we underwrite the gambling of banks on No Document loans, No-Ratio mortgages, and Stated-Income loans. These are also known as “Liars’ Loans,” as 95% of the borrowers didn’t provide any documentation to get the loans.

The bill may exceed a cost of $10,000.00 per taxpayer. The bill is comic book short but not at all funny.

Be happy that this bill has stalled. It means the American Political Process is at least minimally functioning.

Originally posted by Mercenary2007
your blind loyalty to Obama Clouds your judgment. This isn't a rescue plan to save McCain.

My judgment is just fine. This has nothing to do with Obama. Or me and my loyalties, for that matter.

The economy is going to collapse no matter what they do. This has been happening for some time and this latest "fix" is just a desperate attempt to look like they're doing something about it.

In the name of "Country First", McCain put himself first to try to rescue his flailing campaign by looking like an economic hero - and in the name of not "politicizing" the economic crisis, he blew into Washington on his white horse and brought campaign politics with him and now everything is screwed.

I don't want this bailout to happen at all, but I hope this self-serving stunt blows up in McCain's face.

reply to post by Benevolent Heretic


Just what I'm talking about.

The economy is going to collapse no matter what they do. This has been happening for some time and this latest "fix" is just a desperate attempt to look like they're doing something about it.

In the name of "Country First", McCain put himself first to try to rescue his flailing campaign by looking like an economic hero - and in the name of not "politicizing" the economic crisis, he blew into Washington on his white horse and brought campaign politics with him and now everything is screwed.

I don't want this bailout to happen at all, but I hope this self-serving stunt blows up in McCain's face.

Thanks for making my point for me. instead of seeing for what it is a current senator going back to Washington to do his JOB in the senate that WE are paying both him and Obamato do you continue with your partisan poilitics!

I don't want the bailout to Happen either But do you see me backing the actions of one canadate over the other. I've called them both out on ther actions the last 24 hours!

your so blindly loyal to Obama that you can't even see the hold outs are in the house not the senate. McCain is a Senator so he has no say over problems in the house.

McCain hasn't publicized his returning to Washington and wanting to Postpone the debate friday anymore than Obama has. Actually Obama has beens making it more political than McCain has. Again maybe if you weren't so blind in your loyalty You'd be able to sift through the S**t that Obama and his followers have Been spinning the last 24 hours.

McCain made one statement about his decission and thats It. Obama kept running on and on about it. We get it Obama Only cares about getting elected enough already! He only returned to Washington Because BUsh called him and said he was needed in Washington to Help work out a compromise Along with McCain and the leaders of both parties in both houses.

Drop your blind loyalty and partisan politics and maybe you'll see the whole picture and not the one Obama is Painting with his one sided brush.

[edit on 9/25/2008 by Mercenary2007]

In the name of "Country First", McCain put himself first to try to rescue his flailing campaign by looking like an economic hero - and in the name of not "politicizing" the economic crisis, he blew into Washington on his white horse and brought campaign politics with him and now everything is screwed.

He is a polititian, hero, cancer survivor, divorced father who seems to truly believe in the America he almost died for.

He is far from perfect and so I would tend to agree that politics has a lot to do with his flair.

Yet, being the maverick that he is I hope and pray he lives up to his "country first" status and stands up to the powers that be.

We will see......he is after all also being supported by some of the Countrywide execs.(bad guys)...lets see how far he will go with his country first idea as opposed to the "Countrywide Bank" ideas. (by the way Countrywide was one of the first victims of the crash)

I hope he stops this bill!

update...Pat Buchanan, MSNBC, just said that McCain has bet his bid for the presidency upon the outcome of this bill....if he supports it PJB stated he will lose his bid at becoming the next President of the USA.



[edit on 25-9-2008 by whiteraven]

Originally posted by Mercenary2007

McCain is a Senator so he has no say over problems in the house.

Ahem!!

Sen. McCain is the face of the GOP. He rush in to D.C. because he was going to be the saviour that was going to lead this negotiations and deliver a deal.

Now he has become irrelevant even to the people of his own party. Both Obama and McCain should get out of the way and advise from afar, they are both irrelevant at this point because many of the Senators and Representatives are up for reelection and they are for once listening to the people.





[edit on 25-9-2008 by Bunch]

Originally posted by Benevolent Heretic


Funny that before McCain arrived this morning, this thing was all but wrapped up. The stock market was up 200 just from the bi-partisan spirit in Washington. A couple meetings later, and all of a sudden, there's a huge wrench in the works, and there is no deal...

Not true, the Dems had hashed out problems between Dems in the House and Senate with a few token Republicans, but they did not "reach across the aisle" to involve the Minority leadership in any meaningful discussions. All parties must be involved for this to really work.

Hey Area51, you nailed it as far as I can see.

This day was one of the more memorable in News Reporting I can remember
Early in the morning the conversations were centered around how bad it looked that McCain returned back to work .... by this afternoon when Obama
decided to join him and the President the tables had turned over 180 degrees
to hear how important it was to resolve the Crisis.

In the meantime I'm reminded of the old 1940 classic movie "The Great McGinty" and that was before watching Bill O'Reilly
www.foxnews.com...
Who set today's political record straight.

I was just thinking, I've heard some crazy stuff about martial law and Bush trying to stay in office ect. With congress and the American public being largely against this bailout, I wonder if Bush would ever "take control" in order to save the economy, you know, be the "decider". He seems very interested on pushing this thing through. And with congress's popularity numbers it wouldn't be difficult for them to be a scapegoat.

Originally posted by Mercenary2007
I don't want the bailout to Happen either But do you see me backing the actions of one canadate over the other.

If you don't support one candidate or the other, that's fine. I do. My support of Obama, however, has nothing to do with my view of what McCain has done.

your so blindly loyal to Obama that you can't even see the hold outs are in the house not the senate.

You are mistaken. I have been watching this closely all day today. I know exactly what happened.

Actually Obama has beens making it more political than McCain has.

McCain brought a campaign aid to the meeting with Bush. Obama brought a Senate aid. I think it's clear what's on McCain's mind. Obama was there to do Senate work. McCain was campaigning.

He only returned to Washington Because BUsh called him

At least we can agree on something. Obama didn't want to politicize the thing, and didn't want to swoop in unless he was needed. Bush said he was needed, so, reluctantly, he went.

Drop your blind loyalty and partisan politics and maybe you'll see the whole picture and not the one Obama is Painting with his one sided brush.

The one thing I missed today was Obama's statement after the meeting. I haven't seen him since early this morning, in fact. So, I have no clue what picture he's painting. All I've heard about ALL DAY LONG is the John McCain Hail Mary.

You're assuming I have "blind loyalty" because I am so against McCain on this. You are incorrect. My criticisms of John McCain are for his actions alone and have nothing to do with my opinion of Obama. You can tell me 50 times to "drop my blind loyalty" but I don't have blind loyalty, so it's really not having any effect.