MCCAIN TO SUSPEND CAMPAIGN AND WANTS DEBATE DELAY; FOCUS ON ECONOMY - Page 15 - Mercedes-Benz Forum

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post #141 of 259 (permalink) Old 09-25-2008, 07:50 PM
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McCain move upsets Wall St bailout talks

WASHINGTON (Reuters) - Negotiations toward a massive bailout for Wall Street fell into disarray on Thursday after Democrats said they learned in a White House meeting that presidential candidate Sen. John McCain is backing a new plan differing markedly from one that has been under discussion.

Massachusetts Democratic Rep. Barney Frank, chairman of the House of Representatives Financial Services Committee and a participant in the afternoon White House meeting, said negotiations could be seriously set back.

"House Republicans, in some kind of arrangement, with McCain went off to wherever. I don't know whether they're ready to negotiate this. Their thing was some totally different mortgage insurance plan ... that would clearly delay this for a week or more," Frank told reporters.

"We're waiting to hear from the House Republicans," said Frank, who has played a key role in talks over a Bush administration proposal to spend $700 billion in taxpayer money to buy up bad mortgage debt from banks.

A group of conservative House Republicans on Thursday offered a mortgage insurance plan as an alternative to the Bush plan, which has encountered criticism on Capitol Hill.

The conservative group's plan calls for the U.S. government to offer insurance coverage for the roughly half of all mortgage-backed securities that it does not already insure.

The Treasury Department, they said, should charge premiums to holders of those securities to finance the insurance.

They also called for temporary tax cuts and regulatory relief for businesses. In addition, they said, financial institutions participating in their proposed program would have to disclose more about their mortgage asset holdings.

Waxman said McCain appears to have embraced the proposal from conservative House Republicans including Wisconsin's Paul Ryan, Texas' Jeb Hensarling and Virginia's Eric Cantor.

"It seems like (McCain) embraced Jeb Hensarling's position ... It's a completely different approach," Waxman said. "It's hard to imagine where we go from here."

Frank said his committee held a hearing on Wednesday where witnesses included Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, the two officials who have championed the Bush administration's massive bailout plan.

Frank said Hensarling attended the hearing as a committee member, "but he never mentioned an alternative plan."

Speaking to reporters elsewhere in the Capitol, Senate Banking Committee Chairman Christopher Dodd complained that up until Thursday's White House meeting, no Republicans brought up an alternative plan for the Wall Street bailout, including during meetings and Senate hearings.

Senate Majority Leader Harry Reid said he was "a little stunned" when he heard talk at the White House about a completely new plan drawn up by House Republicans.

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #142 of 259 (permalink) Old 09-25-2008, 07:54 PM
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"The deal" was DOA! And you and most retards know it! So get over it!!!
Because, as we have been pointing out for two years, the REPUBLICANS and the NEOCONS are two different parties and they can't get along any better than Democrats and Republicans.

Way to go NeoCons, continue to F'up the system.

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post #143 of 259 (permalink) Old 09-25-2008, 08:05 PM
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Sounds like, from the so far sketchy reports that McCain has his own plan, I am guessing more Gramm magic and his advisers are pushing him to be the White Horse savior at all costs.

Problem is, right now, he is simply ONE Senator, not even on any banking committees. And I would imagine he has managed to piss off just about everyone that he would have to deal with to make his walk on water moment happen.

Interestingly, CNN, has NO reports that place direct blame on McCain. Three Faux reports either directly or indirectly put blame on McCain for the failure.

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post #144 of 259 (permalink) Old 09-25-2008, 08:12 PM
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President Bush is now suggesting that the deal was never close and that McCain kept them from making a big mistake! Thank God Sen. McCain showed up to prevent a national disaster!!
When and where did he say that? Here is the press briefing and only public statement of the day.

Press Briefing by Dana Perino

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post #145 of 259 (permalink) Old 09-25-2008, 08:24 PM
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"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #146 of 259 (permalink) Old 09-25-2008, 08:26 PM
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The black hole explains much. The two remaining operating synapses can't work well with that much gravity pull on them.

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post #147 of 259 (permalink) Old 09-25-2008, 08:32 PM Thread Starter
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When and where did he say that? Here is the press briefing and only public statement of the day.

Press Briefing by Dana Perino
That press briefing was this morning douchbag! Here's something a little more current: Bailout deal stalls as GOP lawmakers revolt - Yahoo! News

Don't believe everything you think
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post #148 of 259 (permalink) Old 09-25-2008, 08:35 PM Thread Starter
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Obama says more work needed...

Obama says more work needed for deal - Yahoo! News

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post #149 of 259 (permalink) Old 09-25-2008, 08:50 PM
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post #150 of 259 (permalink) Old 09-25-2008, 08:56 PM
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The American public is largely opposed to the bailout. By fighting it the house Republicans and McCain buy themselves separation from the whole fiasco and the Bush administration, and thereby gain a leg to stand on in November politically. Studly closely the non engagement demonstrated by the opposition. McCain rushed back to Washington to sit mum in the 'meeting' and then meet in secret with the house minority. The plan the Republican law makers laid out in brief sounds promising in principal. Why won't they present it in a timely way on it's own merits?

http://www.nytimes.com/2008/09/26/bu...hp&oref=slogin
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. 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 Thursday afternoon, all 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 to have pumped billions of dollars into the financial system and transformed the way Wall Street is regulated.

“We’re in a serious economic crisis,” Mr. Bush told reporters as the meeting began shortly before 4 p.m. in the Cabinet Room, adding, “My hope is we can reach an agreement very shortly.”

But once the doors closed, the smooth-talking House Republican leader, John A. Boehner of Ohio, surprised many in the room by declaring that his caucus could not support the plan to allow the government to buy distressed mortgage assets from ailing financial companies.

Mr. Boehner pressed an alternative that involved a smaller role for the government, and Mr. McCain, whose support of the deal is critical if fellow Republicans are to sign on, declined to take a stand.

The talks broke up in angry recriminations, according to accounts provided by a participant and others who were briefed on the session, and were followed by dueling press conferences and interviews rife with partisan finger-pointing.

In the Roosevelt Room after the session, the Treasury secretary, Henry M. Paulson Jr. literally bent down on one knee as he pleaded with Nancy Pelosi, the House Speaker, not to “blow it up” by withdrawing her party’s support for the package over what Ms. Pelosi derided as a Republican betrayal.

“I didn’t know you were Catholic,” Ms. Pelosi said, a wry reference to Mr. Paulson’s kneeling, according to someone who observed the exchange. She went on: “It’s not me blowing this up, it’s the Republicans.”

Mr. Paulson sighed. “I know. I know.”

It was the very outcome the White House had said it intended to avoid, with partisan presidential politics appearing to trample what had been exceedingly delicate Congressional negotiations.

Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the Senate banking committee, denounced the session as “a rescue plan for John McCain” in an interview on CNN, and proclaimed it a waste of precious hours that could have been spent negotiating.

But a top aide to Mr. Boehner said it was Democrats who had done the political posturing. The aide, Kevin Smith, said Republicans revolted, in part, because they were chafing at what they saw as an attempt by Democrats to jam through an agreement on the bailout early Thursday and deny Mr. McCain an opportunity to participate in the agreement.

The day seemed to hold promise as it began. On Wednesday night, Mr. Bush had delivered a prime-time televised address to the nation, warning that ‘’our country could experience a long and painful recession” if lawmakers did not act quickly to pass a huge Wall Street bailout plan.

After spending Thursday morning behind closed doors, senior lawmakers from both parties emerged at noon in the ornate painted corridors on the first floor of the Capitol to herald their agreement on the broad outlines of a deal.

They said the legislation, which would authorize unprecedented government intervention to buy distressed debt from private firms, would include limits on pay packages for executives of some firms that seek assistance and a mechanism for the government to take an equity stake in some of the firms, so taxpayers have a chance to profit if the bailout plan works.

“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,” said Robert F. Bennett, Republican of Utah, a senior member of the banking committee. He made a point of describing that meeting as free of political maneuvering. “It was one of the most productive sessions in that regard that I have participated in since I have been in the Senate,” Mr. Bennett said.

-Marty


"...pour out of one vessel into another; and as those old Romans robbed all the cities in the world, we skim the cream of other men's wits, pick the choice flowers of their tilled gardens to set our own sterile plots."
-a Richard Burton

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