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Dems Claim Wall Street Rescue Deal Done

From the DNC’s MSNBC:

Congressional leaders discuss the economic bailout plan. From left: Sen. Jack Reed (D-RI), Rep. Barney Frank (D-MA), Sen. Chris Dodd (D-CT) and Sen. Chuck Schumer (D-NY).

Lawmakers: Wall Street rescue accord reached

Dodd, Frank: Agreement in principle, expect passage of bill within days

WASHINGTON – Warned that time was running short to bolster the distressed economy, congressional Republicans and Democrats reported agreement in principle Thursday on a $700 billion bailout of the financial industry, and said they would present it to the Bush administration in hopes of a vote within days.

Emerging from a two-hour negotiating session, Sen. Chris Dodd, D-Conn., said, “We are very confident that we can act expeditiously.”

“I now expect that we will indeed have a plan that can pass the House, pass the Senate (and) be signed by the president,” said Sen. Bob Bennett, R-Utah.

The bipartisan consensus on the general direction of the legislation was reported just hours before President Bush was to host presidential contenders Barack Obama and John McCain and congressional leaders at the White House for discussions on how to clear obstacles to the unpopular rescue plan.

Key lawmakers said at midday that few difficulties actually remained.

“There really isn’t much of a deadlock to break,” said Rep. Barney Frank, D-Mass, chairman of the House Financial Services Committee.

Bush told the nation in a televised address Wednesday night that passage of the package his administration has proposed is urgently needed to calm the markets and restore confidence in the reeling financial system. His top spokeswoman, Dana Perino, had told reporters earlier Thursday that “significant progress” was being made.

Financial markets were mixed in early trading; the Dow Jones industrial average rose more than 200 points on optimism about the deal but a credit market squeeze remained as doubts about the proposed plan’s effectiveness drove demand for short-term, safe-haven assets.

House Speaker Nancy Pelosi, D-Calif., said Bush’s agreement with Democrats on limiting pay for executives of bailed out financial institutions and giving taxpayers an equity stake in the companies cleared a significant hurdle.

The core of the plan envisions the government buying up sour assets of shaky financial firms in a bid to keep them from going under and to stave off a potentially severe recession.

Even as political figures haggled over the shape and price of the bailout, new economic indicators showed that orders for big-ticket manufactured goods plunged in August by the largest amount in seven months and that new applications for unemployment benefits were at their highest level in seven years.

Everyone in that photo — and most of those mentioned in the article should be behind bars for what they have done to the US economy.

Instead, they are treated like the white knights riding to the rescue by our one party media.

It is Orwellian.

This article was posted by Steve on Thursday, September 25th, 2008. Comments are currently closed.

40 Responses to “Dems Claim Wall Street Rescue Deal Done”

  1. Consilience says:

    John Boehner is saying there is “no deal”.

  2. mrfocus says:

    Dog bites man, Dems Lie:

    “Deal or No Deal? Boehner Says ‘No Deal’

    September 25, 2008 11:11 AM

    House Minority Leader Rep. John Boehner, R-Ohio, just issued a statement on the legislation being hammered out by House Financial Services Committee Chairman Rep. Barney Frank, D-Mass., and Senate Banking Committee Chairman Chris Dodd, D-Conn.

    “As I told our Conference this morning, there is no bipartisan deal at this time,” Boehner said. “There may be a deal among some Democrats, but House Republicans are not a part of it.””

    http://blogs.abcnews.com/politicalpunch/2008/09/deal-or-no-deal.html

  3. Media_man says:

    “Everyone in that photo — and most of those mentioned in the article should be behind bars for what they have done to the US economy.”

    Jail is too good for them.

    We haven’t even scratched the surface yet of what the gov’t is on the hook for. Public Employee Pension & retire H/C benefits will add another trillion to this mess before very long, not to mention Social Security & Medicare. All of this is the Democrats doing, yet nothing is said.

    And when something like this happens, the GOP gets blamed.

    Orwellian isn’t quite the right word. It’s more than bizarre. It requires a new metaphor.

    We’re heading toward Post WWI Germany as far as what our currency will be worth, let alone our 401k plans & private savings.

    The public employee union leetches will get all kinds of COLA adjustments & the private sector schlubs will be eating dirt.

  4. Consilience says:

    I’m guessing McCain will lead the House—with Sen Shelby in tow (he was kicked off negotiations in favor of Sen Bennett)—-and insist on lifting Federal Regulations which impact the “crisis”.
    ———————————-
    Boehner Statement on Ongoing Bipartisan Economic Discussions

    Washington, Sep 25 – House Republican Leader John Boehner (R-OH) issued the following statement today on ongoing bipartisan discussions on Capitol Hill regarding an economic rescue package:

    “I am encouraged by the bipartisan progress being made toward an economic package that protects the interests of families, seniors, small businesses, and all taxpayers. However, House Republicans have not agreed to any plan at this point. We owe it to all those with a stake in this process to continue our discussions until we arrive at an agreement that is acceptable on both sides of the aisle – and more importantly, one that serves the interests of American taxpayers. With that in mind, I look forward to joining my colleagues, President Bush, Sen. McCain, and Sen. Obama at the White House later today to take the next critical steps on a rescue package.”

  5. 1sttofight says:

    Meanwhile Sen. Obama was sitting in Oxford , Miss wondering why no one was returning his phone calls.

  6. Consilience says:

    Obama is an over-educated, narcissistic, ego-maniac—and does not have the best interest of this country at heart. He and his ilk are a menace and must be defeated.

  7. Colonel1961 says:

    Boehner should hold the line. Dem mau-mauing (sp?) about poor people not being able to buy houses started this whole cluster-f*ck – let them eat cake.

    Credit bad? Today? Tight? Hmmm. I just got a $150k car loan in twenty minutes…

  8. Consilience says:

    Colonel1961, Concur. This is Boehner’s last chance to prove his conservative bonifides. There is a whole passel of younger conservatives who have been frustrated by his Michael-like behavior. The empathy is making me sick—there’s no known anecdote for stupidity (as PJ O’Rourke said; “Stupidly; a renewable resource.), this faux concern is political crap. Time for the adults to take over and get the government out of the way.

  9. Colonel1961 says:

    Consilience: PJ O’Rourke for President. ‘Parliament of Whores’ is right up there with ‘Animal Farm’ in exposing this human economic and social intercourse we call politics.

  10. Reality Bytes says:

    Dis Clodd most certainly be investigated. I MEAN I WANT HIM TAKEN OUT D.A. GUILIANI STYLE @ NOON DURING LUNCH WITH AN AGENT HOLDING HIS COAT & HIS HANDS CUFFED IN FRONT OF HIM – REMEMBER THOSE DAYS!?

    (YES I’M YELLIN’!) Ouch! I just somethin’ pop in my head! NEVERMIND – THIS FROM NEWT LAST NIGHT.

    http://newt.org/tabid/102/articleType/ArticleView/articleId/3742/Default.aspx

    GINGRICH: Listen, I think this is an appallingly bad plan. I think it will be an engine of corruption.

    I think that the — if you read the fine print, the idea that the secretary of the treasury intends to buy back — buy assets at above their market value means that — one of two things. Either the current snapshot model of market to market is wrong, and we ought to replace it with a rolling market to market, in which case we’d know the true value; or the secretary of treasury intends to enrich some people by paying them more than they can get while not enriching other people.

    And I think this is going to be a nightmare to implement, and I believe it is about as bad as anything I’ve seen in economic policy…

    COLMES: Then what do you think should be done?

    GINGRICH: I think, first of all, they should replace the current snapshot to market with a rolling three-year average.

    I think, second, they should change the current loan reserve pattern so it’s not pro-cyclical.

    I think, third, they should zero capital gains.

    I think, fourth, they need to adopt an energy plan to keep about $500 billion a year here at home instead of going overseas.

    But on a practical level, if they need to open up a window to loan money to treasury plus 2 percent, and people want to come in and borrow the money and the responsibility (ph) of a workout not a bailout, and those people want to work their way out over the next three to five years. I’m comfortable saying this is a liquidity crisis; let’s meet it; let’s loan the money. But let’s make sure they are responsible for their bad debt, and they’re going to work their way out.

    This idea that we’re going to buy the paper and some bureaucrat in Washington is going to be responsible for $700 billion in bad paper, I think, is socialism at its worst. I can’t imagine why this administration is doing it. I think it is profoundly wrong, and I hope it is defeated if it comes to the floor in this form

    WHY THE HELL ISN’T THIS GUY RUNNING THE COUNTRY!????

  11. Consilience says:

    Colonel1961—I’ll drink to that!!! We could do worse————–or should I say, we have done worse! There have been a few of these kids from our side who have made onto television who have impressed me. We may lose this year—though everyone I know is voting for McCain by 10-1 (and my network is scattered all over the country), so these polls must reflect the bastions of blue state America. I’ll take my chances with red states any day. Keep the faith!

  12. Consilience says:

    This isn’t perfect, but it’s better than the crap they’re talking about on the radio.Comes from Jeb Hensarling, Congressman from Texas.

    http://www.house.gov/hensarling/rsc/doc/changes__alternatives_to_treasury_bailout_9-23-08.pdf

  13. Reality Bytes says:

    Colonel!

    Giving money and power to government is like giving whiskey and car keys to teenage boys. – PJO

    My favorite author. And remember…Peace Kills!

  14. Consilience says:

    Speaker Gingrich isn’t running the country because he’s better thinker than leader. I admire him immensely—have read all of his books and heard him speak in person more than once—he never uses notes. He would be crucified for his poor behavior by both the right and left—I believe he knows that. McCain would be wise to listen—and Palin should make Newt her friend as Bobby Jindal has. Newt does the thinking…

  15. Reality Bytes says:

    P.J. O’Rourke Quotes for The Day:

    I like to think of my behavior in the sixties as a “learning experience.” Then again, I like to think of anything stupid I’ve done as a “learning experience.” It makes me feel less stupid.

    If government were a product, selling it would be illegal.

    In our brief national history we have shot four of our presidents, worried five of them to death, impeached one and hounded another out of office. And when all else fails, we hold an election and assassinate their character.

    Making fun of born-again Christians is like hunting dairy cows with a high powered rifle and scope.

    Seriousness is stupidity sent to college.

    The Clinton administration launched an attack on people in Texas because those people were religious nuts with guns. Hell, this country was founded by religious nuts with guns. Who does Bill Clinton think stepped ashore on Plymouth Rock?

    The Democrats are the party that says government will make you smarter, taller, richer, and remove the crabgrass on your lawn. The Republicans are the party that says government doesn’t work and then they get elected and prove it.

    The mystery of government is not how Washington works but how to make it stop.

    The weirder you’re going to behave, the more normal you should look. It works in reverse, too. When I see a kid with three or four rings in his nose, I know there is absolutely nothing extraordinary about that person.

    There are a number of mechanical devices which increase sexual arousal, particularly in women. Chief among these is the Mercedes-Benz 380SL convertible.

    (Gee – how’d that one get in there?)

    There is only one basic human right, the right to do as you damn well please. And with it comes the only basic human duty, the duty to take the consequences.

    Whatever it is that the government does, sensible Americans would prefer that the government do it to somebody else. This is the idea behind foreign policy.

    When buying and selling are controlled by legislation, the first things to be bought and sold are legislators.

    You can’t get rid of poverty by giving people money.

  16. Colonel1961 says:

    RB: I agree – the best PJ quote of all time = Giving money and power to government is like giving whiskey and car keys to teenage boys.

    No. 2 = There are a number of mechanical devices which increase sexual arousal, particularly in women. Chief among these is the Mercedes-Benz 380SL convertible. (Of course, I think my just-upgraded-today Ferrari 360 F1 Spyder should work pretty well, too!)

  17. Exeter says:

    That explains it – I went with a Saturn (sigh…)

  18. Reality Bytes says:

    Nice taste in auto’s there Colonel – but you’re makin’ us all a little green with envy. Lucky for you this site tends not to attact class warfare types.

  19. David says:

    It occurred to me that perhaps this was all a plan by President Bush to defeat Obama. Perhaps he put forward a bill so socialist that he figured even McCain would denounce it (while Obama would love the wealth redistribution). Thereby ending the “McCain is a continuation of Bush” talk. Except, of course, the *Mavrick* forgot he was supposed to be “conservative” again.

    I would just like one of these “leaders” to explain to me and the general public exactly what crisis we are in? I am not currently waiting in line for my ration of gas or soup so what exactly is the issue? What would happen if say government didn’t step in?

  20. Consilience says:

    David, You are correct; this may have been a set up, but I don’t think so. If Bush is gaming this, he’s truly a cynical bastard. I believe Bush has listened to his advisers (as Woodward wrote about how he listened to his military bubbas on Iraq—and was wrong) and he’s simply not leading. Gingrich has the best take on this situation—-Bush and McCain would do well to listen.

  21. Moonspinner says:

    Colonel1961, do I want to meet you!!!!! LOL LOL

    Okay, now to get serious, I agree all those in the pic should be behind bars or worse. But they will continue to get re-elected by the voters and thus corrupt government will continue.

  22. notsoyoungjim says:

    Dems trying to sneak a fastball past the House R’s

    Lindsay Graham on Fox. Says there was never any agreement on bailout bill between dems and Repubs. Best nugget: Dems have inserted provision into their bill to give several billion (with a “b”) dollars to ACORN. ACORN is probably the most corrupt organized crime organization involved in voting fraud and intimidation.

    There is no bill. Rep. Barney Frank was on MSNBC wailing about Repub treachery and bad-mouting all the Repubs who met today with Bush. Chris Dodd said, “I’m going home” and walked out.

  23. gipper says:

    Colonel1961, you make me almost want to vote for Obama, in the hopes that he will redistribute some Ferrari my way. (Just kidding.)

    http://www.youtube.com/watch?v=N7SdEZPP44g&feature=related

    Enjoy the YouTube!

  24. BillK says:

    Colonel, nice vehicle!

    As the old saying goes, affording the Ferrari isn’t the issue, it’s how to afford the van full of Ferrari mechanics that must follow you anywhere you drive it. :D

  25. 1sttofight says:

    I have come to the conclusion that I do not want to pay other peoples debts.

    Screw the bailout, if the banks make it fine, if they don’t, that is fine too.

    Bout time someone stopped this maddness.

    I am locked and loaded, Bring it on.

  26. BillK says:

    Not a bad attitude, 1st, and I understand completely.

    However without a bank we essentially will suffer a recession if not a depression as businesses will not be able to obtain loans and will have to start shedding employees by the tens of thousands.

    If that were to happen, don’t for a moment think that wouldn’t guarantee decades of Democrat majorities in the White House and Congress, confiscatory tax rates for anyone the Dems don’t like at the moment, and Government programs that would make the New Deal look like Reagan’s policies.

    To me, $700 billion is a small price to pay to ensure at least a chance to avoid decades of pure Socialism imposed by Democrats and welcomed by American sheep.

    It’s the ultimate resolution to the decades the left has spent convincing the poor and minorities that only Government programs can make their lives better; now they can point and say “see, capitalism failed, we need to manage things” and Americans will, once again, look at their lifetimes as the sum of American history and say “well, it couldn’t get any worse, let’s try it.”

    We unfortunately as a society are far beyond expecting people to pay their debts; the left is still pushing forgiveness of all third world debt as well.

  27. Reality Bytes says:

    You really can’t miss Colonel1961 in his new Ferrari.

    It’s the one with a gun rack in the back. ;-)

  28. Colonel1961 says:

    Y’all are killin’ me… lol

    Living well is the best revenge. It is funny, of my previous Ferraris, it’s the people who appear to be very much un-rich that appreciate them the most – no jealousy – they really are excited to see them.

    Here’s the link to the car – second one down on the list. And I promise I won’t mention it again…

    Col.

    http://www.netlook.com/private/init.cfm?id=FERATLG-USGAATL&pid=290

  29. Exeter says:

    So – no one wants to see my Saturn?

  30. Colonel1961 says:

    I do!

  31. Exeter says:

    Holy Hannah, Colonel – that is one sweet ride! The only thing missing is a scorching hot chick in a bikini, making her butt-print on the hood. I’m envious, but in a good way – I now have something to shoot for.

  32. BillK says:

    It also shows Ferraris come in colors other than red, black and yellow. :-) :-)

  33. Reality Bytes says:

    A clip of Colonel in his last car

    http://www.youtube.com/watch?v=tU-EPRHuwg4

    You know Colonel, there’s an old saying:

    In Heaven –

    The English are the bankers
    The Germans are the engineers
    The French are the chefs
    And the Italians are the waiters

    In Hell –

    The English are the engineers
    The Germans are the chefs
    The French are the waiters
    And the Italians are the bankers

    (actually – here on Earth, I tend to agree with you – the Italians are The Machinists)

  34. 1sttofight says:

    Where is the gear shifter?

  35. Reality Bytes says:

    Exeter: I do believe the governor from Alaska has declined the Colonel’s offer due to a scheduling conflict.

  36. dulcimergrl says:

    What kind of Saturn is it, Exeter? I’m a big Saturn fan! :-)

  37. Exeter says:

    Okay, in the pretense that my car is just as interesting as the Colonel’s, this is what my babe-magnet looks like:

    http://images.iimanager.com/vdata/garyscarscom/270523_x640_01.jpg

    except that it’s gold, not silver.

    Still, I bet my bumper-stickers are better than the Colonel’s:

    – All I am saying is, give war a chance
    – We will not tire, we will not falter, we will not fail
    – Peace…through superior firepower
    – Proud supporter of the vast right-wing conspiracy

  38. dulcimergrl says:

    My Saturn is gold too! It’s been a good car for us since we bought it new in 2001. Since we don’t want two car payments ever again, we don’t plan to replace it for at least another 3 years. It’s been holding up well.

  39. Reality Bytes says:

    Speaking of bumper stickers: My brother in Kennebunkeport has on the back of his 40 Ford Rod

    “Why Do They Call It Tourist Season If You Can’t Shoot ‘Em?”

    And yes, itll smoke your Ferrari there Colonel – so long as we’re talkin a straight line – 2500lbs with a 410+ hp modified 327 chevy bored to just south of 350, 4 speed muncie with proper through the floor pedals & a 4:10 rear.

  40. Colonel1961 says:

    It’s F1 shifting, i.e., once ‘Drive’ is engaged via the toggle on the console, the gears are shifted via paddles on the steering column.

    Mrs. Colonel’s only request: no Rosso Corsa (Red) ever – too cliche. Oh, and no chicks in bikinis! (Dang it!)

    My bumper sticker says: Live simply, so others may simply live! lol

    And, of couse, ‘Obama – Biden’! (Now I’m really laughing!)


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