Bailout Deal Appears To Fall Apart After McCain And House GOP Push Surprise Alternate Proposal
Bailout Deal Appears To Fall Apart After McCain And House GOP Push Surprise Alternate Proposal
Earlier today, Democratic and Republican leaders in Congress announced that they had reached a “fundamental agreement” on a government bailout of the nation’s financial system. But following a meeting at the White House this afternoon, which included Sens. John McCain (R-AZ) and Barack Obama (D-IL), there are “fears the Wall Street bailout deal is falling apart.”
In an interview with CNN this evening, Senate Banking Committee Chairman Chris Dodd (D-CT) said the meeting became “contentious” when “all of a sudden there was some new core agreement floating around, which no one had heard of before, until we sort of got to the White House.” Asked who introduced it, Dodd said it was McCain and the House Republicans:
BLITZER: Who introduced that?
DODD: Well, it, we’re told it came out of the Republican House. We were even told at one point that this was, maybe, John McCain was floating the idea. That Hank Paulson was considering it. And of course Barney Frank and I, along with Republicans from the House and the Senate, of course, had spent three hours this morning working on a different core. We were told for the last seven days this was the core issue that would give the secretary the authority to move, to deal with the crisis.
Aggravated from having “spent seven straight days at this,” Dodd said that the surprise proposal at the meeting “looked like…a rescue plan for John McCain for two hours.” “It took us away from the work we were trying to do today,” said Dodd. Watch it:
Noting that “it was McCain who urged President Bush to call the White House meeting,” Politico’s David Rogers writes that “the whole sequence of events confirmed Treasury’s fears about inserting presidential politics into what were already difficult negotiations.” One of the chief negotiators in the House, Rep. Barney Frank (D-MA), described it more bluntly:
House Financial Services Chairman Barney Frank, D-Mass., told Democratic colleagues that McCain’s involvement has destroyed chance of an agreement, sources told ABC’s George Stephanopoulos.
Frank compared McCain’s involvement to: “Richard Nixon blowing up the Vietnam peace talks in 1968.”
Marc Ambinder reports that McCain and his staff are sounding out “moderate Democrats and conservative Republicans to see whether they support the conservative Republican Study Committee’s alternative bailout bill.” McCain spokeswoman Jill Hazelbaker denies McCain is “pushing any specific proposal.”
ABC News’ George Stephanopoulos reports that when Treasury Secretary Hank Paulson told a room full of Democrats, “Please don’t blow this up,” House Speaker Nancy Pelosi said, “We’re not the ones trying to blow this up; it’s the House Republicans.” “I know, I know,” Paulson replied.
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YOU MANIACS!!!
YOU BLEW IT UP!!!
September 25th, 2008 at 7:45 pmAm I wrong for giggling like mad about this? I can’t help it. The fact that John McCain suspended his campaign and rushed back to Washington to snatch defeat from the jaws of victory is just so wonderfully comical.
September 25th, 2008 at 7:47 pmBy reaching a “fundamental agreement” does that mean it’s favorable to America’s fundamental workers?
September 25th, 2008 at 7:51 pmSo their answer to giving massive tax cuts and years of deregulation that
led to this mess is to give more tax cuts and and more deregulation.
This is bizarro world.
September 25th, 2008 at 7:54 pmMcLame…living up to his name!! Interesting that this news about the McCain effort to steal the show seems to have been suppressed for a few hours.
So glad it tanked!!
September 25th, 2008 at 7:55 pmAll in an attempt by McCain to grab the spotlight and skip the debate. Country first, right??? I think I’m going to vomit …
September 25th, 2008 at 7:55 pmAnother take on this sham: Dodd says White House meeting was a disaster
WASHINGTON (MarketWatch) — Sen. Chris Dodd, the top Democrat on the Senate Banking Committee, said Thursday that bipartisan meeting with President Bush at the White House on the mortgage rescue plan was nothing short of a disaster. In an interview on the CNN cable news network, Dodd described a meeting in which Democrats were blindsided by a new core mortgage proposal from House Republicans, with the tacit backing of Republican presidential candidate John McCain. “I am not going to sign on to something I just saw this afternoon,” he said. Dodd said Republicans and Treasury Secretary Henry Paulson had to decide what they wanted to support. The whole meeting “looked like a rescue plan for John McCain,” Dodd said. He said he was simply going to pretend that the meeting had never happened.
Johnny had a big great idea – He was going to ride in at the last minute on a white horse and save the world just like they taught him in flight school. Only problem is the horse is transparent and old.
September 25th, 2008 at 7:55 pmI’m also inclined to think McCain did this on purpose to keep him in Washington and away from Mississippi (blowing up a tentative agreement). Having an agreement, tentative at best, would relieve McCain of his “Nation Saving Exercise” and force him to fly to Mississippi.
Here I Come to Save the Day!!! (NOT)
September 25th, 2008 at 7:56 pmjohn mccain not for one minute suspended his campaign. his wife was out and about. his ads were all over the t.v. his team was out squawking all day today and yesterday. david letterman even busted his ass on t.v for lying about canceling his appearance.
September 25th, 2008 at 7:57 pmOf course McIIIrd’s program would be a trough for the corwhoreporates to feed at. You expected something different?
September 25th, 2008 at 7:59 pmAnd by shitcanning the agreed upon proposal worked up by the people who actually know how to do this, he guarantees there won’t be a bill by Friday, so he’s safely out of the debate.
McWuckFad.
September 25th, 2008 at 8:00 pmMcCain reminds me of a seagull. Fly in squawking, flapping, and making a lot of noise, crap all over everything, and then flap away after leaving a big mess.
September 25th, 2008 at 8:01 pmhusseintoasterhead:
youre right this is comedy at its best……or is that the latin lettuce makin me laugh?!
September 25th, 2008 at 8:01 pmLadies and gentlemen, I have an announcement to make.
Dire times like this call for dire measures. First and foremost, we MUST FIX THE ECONOMY. I have a power drill and a framing hammer – I could probably use those. And in light of this effort to fix the economy, I can no longer dedicate my full energies to commenting.
This is why, as of 8:05 pm Eastern Daylight Time, I, hussein toasterhead, have suspended my TP commenting campaign.
This was a tough decision, my friends. And one not to be taken lightly. But one that, in retrospect, was not avoidable.
Any comments I post from now until such time as the economy as fixed are not actually comments. On account of my commenting campaign is in suspension.
Sincerely,
September 25th, 2008 at 8:05 pmHussein Toasterhead
This strategy might have made sense if McCain and the House Republicans came up with a plan that better protects the taxpayers. But in stead he comes up with a plan that is more corporate business friendly. Is he intentionally trying to tank his candidacy?
September 25th, 2008 at 8:06 pmLooks once again that Johnny Boy has that reverse Midas touch; everything he touches turns to shit.
Nice goin’t McDepends. I guess this is how successful you would be as POTUS.
September 25th, 2008 at 8:06 pmDrama McQueen.
September 25th, 2008 at 8:06 pmI wish the repug msm would stop including Sen. Obama or the dems when mcchimpy does another stupid thing.
September 25th, 2008 at 8:07 pmIf indeed politics was injected into this, then it is a sad day for America.
September 25th, 2008 at 8:08 pmbs Says:
youre right this is comedy at its best……or is that the latin lettuce makin me laugh?!
September 25th, 2008 at 8:01 pm
_______
It’s like they’re trying to keep a step ahead of The Daily Show. You couldn’t write fiction as funny as this.
September 25th, 2008 at 8:08 pmstart the clock when the dems cave in to the republican plan.
September 25th, 2008 at 8:08 pmWay to show how you can be bi-partisan McCain. The voters are going to love you for blowing up the bailout. What happens if the stock market tanks tomorrow and the domino effect goes into place? McCain and the neoCon Republicans are playing with fire here.
September 25th, 2008 at 8:09 pm“include fewer regulations and more corporate tax breaks for businesses.”
And this shows that McCain is for more regulation, how?????
September 25th, 2008 at 8:10 pmSo the plan his lobbyists <> I mean closest advisors, didn’t pass the sniff test.
It’s a win-win-win-win play by Johnny.
He gets to say:
1. “I rushed to America’s rescue.”
2. “The reckless Obama-led Dems want America to suffer more.”
3. “Instead of the debate. I’m crawling in the w/my blanket.”
4. “If my debate is delayed, we must delay the VP debate too.”
When he submits his lobbyist/advisors next bail-out bid, their “compromises” will still be incredibly advantageous to McCain’s Wall St. donors. And there will even greater pressure on the Dems to make it law.
-AF
September 25th, 2008 at 8:11 pmAndrew Sullivan Is A Fraud
spearNmagicHelmet Says:
start the clock when the dems cave in to the republican plan.
No way are they going to cave to the republicans. That would hand McCain a victory and Obama a defeat. Why would the Democrats do that? They have the Republicans backed against the wall right now. They came up with a plan and Wall Street was calm today. What’s going to happen tomorrow when Wall Street sees that McCain and his band of merry thieves have blown the whole thing sky high.
McCain is being manipulated by his neoCon handlers. He doesn’t even know what is in the plan he is “tacitly” agreeing to. And he still doesn’t know what is in the plan the bi-partisan congress came up with. What a tool and what a fool.
September 25th, 2008 at 8:11 pmIn other news, John McCain changes his campaign slogan from “Country First” to “Cronies First.”
September 25th, 2008 at 8:11 pmtarazan Says:
If indeed politics was injected into this, then it is a sad day for America.
September 25th, 2008 at 8:08 pm
______
“If?”
The only thing I’m wondering is where they managed to find the vein to inject it in.
September 25th, 2008 at 8:12 pmIf McCain tries to use his not showing up at the debate as an excuse to cancel the VP debate the Democrats better say :Not No, Hell No”. By next Thursday there is either going to be a plan in place or we are going to be in a depression. So just let one Presidential debate go bye-bye, but insist on the VP debate. If there ever was a time in our history where a VP debate was necessary, this is it.
September 25th, 2008 at 8:13 pmLittle did we know that the urgency for McSame to get back to Washington was the need to torpedo what the folks there — who had been working on this — had hammered out.
<*SHEESH!!!*> These people are amasing. They think we’re stoopid.
Cheers,
September 25th, 2008 at 8:14 pmmisshusseinmolly Says:
McCain reminds me of a seagull. Fly in squawking, flapping, and making a lot of noise, crap all over everything, and then flap away after leaving a big mess.
I’m reminded of the seagulls in Finding Nemo, squawking “Mine. Mine. Mine.”
September 25th, 2008 at 8:15 pmAnd flipping around the channels today, I came across the movie “Top Gun” — the Lead character’s name is “Maverick”
His reckless flying caused his co-pilot to be killed. He crashed and burned. And then he went to Congress as Duke Cunningham, accepted 2.4 million SSS in bribes and went to jail…oops, there I go again, getting fiction and reality mixed up…. but is there a parallel with this Maverick McCain?
September 25th, 2008 at 8:16 pmNote to entire US Federal Legislature.
Ignore McIIIrd, he’s just a crazy old lunatic.
Proceed with your previous plans, put a do not disturb sign on the door.
Let the old fart ruminate about his grand scheme, but just cut him out of the legislative proces.
That is all.
September 25th, 2008 at 8:16 pmThe Democrats need to say to the Rethuglicans: “Go FOAD. You don’t want to work with us. You want to ram your sh*te through. We’re done with you. We will pass our bill, the way we drew it, and Dubya can veto that if he wants….”
There are certain benefits to being the majority party.
Cheers,
September 25th, 2008 at 8:17 pmLibertyLover Says:
His reckless flying caused his co-pilot to be killed. He crashed and burned. And then he went to Congress as Duke Cunningham, accepted 2.4 million SSS in bribes and went to jail…oops, there I go again, getting fiction and reality mixed up…. but is there a parallel with this Maverick McCain?
September 25th, 2008 at 8:16 pm
______
Uh, no… Tom Cruise’s character is like 4 crashed planes short.
September 25th, 2008 at 8:21 pmcharlie brown — meet football.
not.
September 25th, 2008 at 8:25 pm29. LibertyLover Says:
“Country First” to “Cronies First.”
that is the best comment — it totally describes McSame’s campaign!
September 25th, 2008 at 8:32 pmHas it ever been so clear that McSame doesn’t give a shit about the country, that all he wants is to be president?
By all accounts we’re facing the most serious economic crisis in seventy years, and he wants to use it as an opportunity to revive his flagging campaign.
McSame is running the most disgusting, dishonorable campaign in recent memory. And this is coming on the heels of Chimpy smearing him in SC in 2000.
McSame is challenging Nixon for the sleaziest campaign in history.
September 25th, 2008 at 8:46 pmYou know what McCain’s suspension of his campaign reminds me of? The segment of the movie Amazon Women on the Moon called ‘The Return of the Invisible Man” Where a stark naked Ed Begley Jr. cavorts around the room saying “You can’t see me!” and “Whoo, look! That teacup is floating all by itself!” when it’s excruciatingly obvious that everybody can see him–all of him.
Does John McCain really think nobody can see him?
(a great movie…)
September 25th, 2008 at 8:50 pmSomewhat OT: I ran into a Slate June 2006 article that said Paulson owns 4,580,000 shares of Goldman Sachs woth $700 million and asks if he would have to sell them to be Sec of Treasury. Anyone know how many he owns today?
September 25th, 2008 at 8:51 pmJohn McCain:Morally,and Intellectually unfit to be President of the United States.
September 25th, 2008 at 9:05 pmI am seeing Republicans strongly opposing it, and Democrats with their noses up Paulson’s butt. WTF is going on? McCain, Mr Deregulation is taking a sort of stand, while Obama simply said he will go along with the general consensus. Two phonies. I want to see some REAL stand by Obama, and do an FDR, who would not appear with Hoover at a press conference. FDR, though I disagree with his questionable WW2 pre-intelligence, did stand a firm stand on the New Deal and the economy.
This bill should be dead on arrival, and that $700 billion should go toward health care, education, developing wind, solar, and electric power, car companies that are on the forefront of electric power, helping the sick, extend unemployment, and stopping foreclosures. These are the same Democrats that went along with Iraq war, bankruptcy overhaul bill, and FISA.
Both parties and candidates stink, and frankly the only ones that I found ripping this biggest extortion scam in history are Ron Paul, Bob Barr, and Dennis Kucinich. It is something out of the Godfather or The Sopranos, “You pay for protection, or we breaka yu legs” or in the bailout lie, “You pay for our rich friends or we breaka the economy”.
September 25th, 2008 at 9:08 pmAnd most importantly, temperamentally unfit to be President of the United States.
September 25th, 2008 at 9:14 pmAdjourn. It’s on the House Republicans. Is this a McCon-House Republican campaign gimmick?
September 25th, 2008 at 9:19 pmDoes anybody remember the Janet Jackson-Superbowl incident; when the Entire Republican party lost its collective mind? Where, in God’s name, is that indignation now??? How is it possible that the party of Abraham Lincoln has devolved into this beast slouching towards Bethlehem? Please God, let the American People rise up and Bash this Beast, Amen!
September 25th, 2008 at 9:20 pmImpeach Pelosi, Cheney and Bush and Save the Constitution!
Impeach Palin and Restore the Rule of Law!
This last-minute “alternative” Republican bail-out plan just proves that the Republicans and a few lapdog Blue Dog Democrats really don’t give a damn for our country, our nation’s taxpayers, but they do give a damn for their Wall Street multi-millionaire crony pals and lax government regulatory oversight (which is what caused all this economic mess in the first place).
One can paint all the lipstick one wants on the Wall Street piggy bank…but the Wall Street pigs are still pigs.
September 25th, 2008 at 9:23 pmMcCain is the drunk driver telling the EMTs how to care for the passenger in his wrecked car.
September 25th, 2008 at 9:24 pmHe isn’t fooling anyone but fools.
September 25th, 2008 at 9:32 pmpalin can’t bring this
back to katie, can she?
*
September 25th, 2008 at 9:32 pmMcCain parachutes in after a general agreement on the bailout had been reached… and then he joins some House Republicans with a completely different plan… and then the original agreement falls apart… Heck of a parachute John: why didn’t you just stay in bed for another day and continue your fake unsuspended “suspended” campaign…
“Old and in the way” – that was the name of a band that spun off in the 70s, from the Grateful Dead, I believe. Anyway, that phrase fits Old Johnnie like a glove…
September 25th, 2008 at 9:32 pmI don’t know, this sounds VERY, VERY suspicious. McCain/Bush/Paulson put their heads together and come up with an October surprise that totally screws the Dems yet again. McCain has the support of the House Republicans on his ‘alternative’ plan. I’ll bet you they spin it so it sounds 80 times better than the ‘$700B taxpayer bailout, and even though we don’t really need to do anything, all the idiots that didn’t want the ‘bailout’ but are convinced that somethingneeds to be done will believe that this really will solve our (nonexistent) emergency. McCain then WILL look like he saved the day and Barack will be left with egg on his face, betrayed by the spineless democrats once again duped by the evil geniuses of the Rovian Empire.
We are so screwed!
September 25th, 2008 at 9:34 pmSS/DD
Everything that comes in contact with Bush turns to sh!t.
September 25th, 2008 at 9:36 pmReading the Rebublican ‘alternative’ plan confirms the fear we should all be feeling about this:
http://www.politico.com/blogs/thecrypt/0908/As_deal_drifts_House_GOP_releases_alternative.html
This IS going to spin VERY nicely for McCain and the republicans. It removes the UPFRONT taxpayer money, replacing that cost with a suspension of MORE regulations and a reduction or cessation of capital gains taxes to ’stimulate’ private capital back into the market.
We MUST make sure that we call out the back door tax cuts for the wealthy and the fact that decreased regulation got us into this mess.
Either that, or we MUST be prepared to hand over the little money and dignity we have left.
September 25th, 2008 at 9:57 pmOld and in the Way
* Jerry Garcia – Banjo and vocals
* David Grisman – Mandolin and vocals
* Peter Rowan – Guitar and vocals
* Richard Greene – Fiddle (3-2-1973 to 5-25-1973)
* Vassar Clements – Fiddle (6-5-1973 to 4-28-1974)
* John Kahn – Acoustic bass
Love that band. Terrific blue grass and loaded with old Bill Munroe tunes. Garcia, Clements and Kahn are now gone.
September 25th, 2008 at 10:01 pmWashington Mutual just crashed. It was taken over by the FDIC, and then sold to JP Morgan. All deposits are safe, but stockholders have lost everything.
September 25th, 2008 at 10:15 pmMcCain as the uniter?
Could be if he didn’t suck so bad at it.
September 25th, 2008 at 10:15 pmI am worried about this. I haven’t looked at the reports about the alternative yet, but I just get the feeling that it will address all the whining that people have been doing about bailing out the corporations with tax dollars. If it removes the taxpayer portion, it might get momentum from the populace and McCain will look like a rose.
September 25th, 2008 at 10:25 pmThis is`absurd- how can McCain oppose something he admits he hadn’t even read? More lies from the Mccain campaign. He couldn’t oppose or agree to it- he had no idea what it was.
September 25th, 2008 at 11:58 pmJohn McCain continues to act strangely for someone who professes to want a deal. After a stumbling start McCain at least gave lip service to wanting a clean bill and a couple of other things. Now we find out that McCain is gutting regulation and adding a poison pill amendment. So much for a clean bill.
Strangely, McCain was still talking today about being against the Paulson plan in its present form. The Paulson plan has not been on the table for the last 5 days so why is McCain using this strawman argument. He is simply being dishonest; disturbingly so. Obviously McCain wants the issue more than he wants a deal. So much for country first.
September 26th, 2008 at 12:19 amMcCain made a f ucking fool out of himself.
Heh.
September 26th, 2008 at 12:53 amI new article posted to cnn.com entitled, "Bailout talks implode, economy’s fate in peril", is suggestive of the talks imploding. However, it is conceivable to me that it is not the talks that are imploding, but rather the Republican Party that is imploding before our very eyes. They can see that everything they have run on since President Reagan, less government; de-regulation; supply-side economics; and last but not least the trickle down theory, is the root cause of our current economic mess. The question for them is not how they save our economy, but how do they save their Party? Popular opinion is solidly behind the Democratic Congress with demanding that the bail-out of our financial market meet the conditions of regulation and oversight; mortgage assistance for people whose mortgages are in trouble; scrutiny over the amount of the bail-out; and language to stop any "golden parachute" payments going to the CEO’s of the organizations involved within the bail-out. Now what has made the news is that the ranking Republican member of the House Banking Committee, Rep. Spencer Bachus (R-AL), has conceded that he does not have authorization to speak for his colleagues. This is a very troubling assertion, but it also shines a bright light into the vast darkness that is the current Republican Party. It appears that committee appointments mean nothing to the House Republican Leadership, and that every issue must be approved by leadership, albeit minority leadership, in order to be recognized by all Republicans in the House. This is the House Republican modus operandi that equals their Senate counterpart’s use of the filibuster. What happens now? It is really quite obvious. We’ve seen it before. After the media gets hold of this and projects a picture of a static Democratic Congress, then, the House Republicans will reach consensus. We then will be told, lead by Sen. John McCain (R-AZ), how they stood together for the American people and solved this economic crisis. This cheap political grandstanding by the Republican Party is hope only of stopping the implosion of their political affiliation. Call your Congress person, call the media, tell them that this political nonsense must end. It is time to put all Americans first, and end politics as usual. My Blog
September 26th, 2008 at 5:01 amGrandstanding at its best.
I’m with davidual–call your congressmen and women and tell them enough is enough and not to let the GOP let their crazy grandpa try to run the show. Because if McDepends gets his way it will be like a plane wreck where they tell you to put your head between your knees-so you can kiss your a** goodbye.
September 26th, 2008 at 7:39 amI just want to say that this imbecile, McNoBrains is making a mockery of the campaign, the debate, the economy, everything. After the this, no one should complain about the elections and corruptions of any other country!
September 26th, 2008 at 9:22 amthe,oops
September 26th, 2008 at 9:23 am“Update – CBS News reports that the alternative plan McCain floated would ‘include fewer regulations and more corporate tax breaks for businesses.’”
Surprise, surprise, surprise! John McIIIrd – Mr. Deregulationevenifitcausestheeconomy2crash.
September 26th, 2008 at 10:12 amThis smells like a BIG TRAP set by Bush and McCain. So we now have Dems agreeing with the worst president in history, supporting him in a bailout a majority of people don’t want. Along come the conservative Repubs saying the bailout only helps banks, and not ordinary citizens. Tell me that’s not a trap! Using Bush’s unpopularity against the Dems…brilliant.
September 26th, 2008 at 10:41 amPreach it, Dodd! I love how his befuddlement makes McCain’s involvement seem all the more unhelpful.
September 26th, 2008 at 11:42 amIf, despite all the weaseling McCain is doing to avoid the debate, he shows up.. it will be up to Obama to call him on his lies directly.
Otherwise, there is no telling how this will all play in the sound-bite mind of the average voter. Most of them never hear the gory details.
September 26th, 2008 at 12:30 pmBarney Frank is kicking ass and taking names.
September 26th, 2008 at 3:01 pm