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.
By 10:30 p.m., after another round of talks, Congressional negotiators gave up for the night and said they would try again on Friday. 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.
The talks broke up in angry recriminations…
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.”
What a fracking soap opera!
Read the details. Enjoy it over your morning coffee.
#39
Exactly, Paddy-O, which is why the Democrats are resisting passing something without the Republicans being on board too.
The Republicans want to avoid any responsibility for doing anything, in case it goes wrong, then they can blame the Democrats.
Yeah, that’s leadership… as I said, 100% political posturing and gamesmanship.
#41 “Yeah, that’s leadership… as I said, 100% political posturing and gamesmanship.”
Well, the Dems wanted to have the leadership position in Congress. Now that they have it, it is time to LEAD, not follow the minority. If they don’t want to be responsible for leadership decisions then they should turn control over to the minority…
It’s clear the Congressional Republicans have no interest in solving this problem, only using it for partisan political advantage.
42,
The Democrats are actually trying to (to my amazement), but the GOP is only interested in the political future of McCain.
Ands don’t quote me his 2005 speech on regulation. One of my biggest peeves with McCain is that he sold his soul and principles to get the GOP candidacy.
#44 “The Democrats are actually trying to (to my amazement), but the GOP is only interested in the political future of McCain.”
As I posthat?ted earlier (you didn’t read or understand it) the Dems can pass this bill without the repubs and the Pres will sign.
What don’t you understand and
#42
Sure Paddy-O, that’s a sucker bet you’d love the Democrats to take. The Republicans need to get on board with a solution with the Democrats. This is a SERIOUS problem threatening our nation and we need EVERYONE working to solve it, not using it for their own petty political purposes.
#46 “The Republicans need to get on board with a solution with the Democrats.”
Umm, no they don’t. Lead or turn over to those who can.
They need to act or turn over control. Leadership is a bitch.
#47
Yeah, you’re full of it, Paddy-O.
Should America turn leadership over to a party that, during a major crisis in America did NOTHING to fix the situation, and in fact made it worse, in order to score partisan political points?
I think not.
#48 “Should America turn leadership over to a party that, during a major crisis in America did NOTHING to fix the situation”
If the current party in power doesn’t act they will have done NOTHING. They already have the lowest approval rating in history for being a do nothing congress.
Sounds like they both suck.
But, act or lose the leadership come 2 years…
Thanks for playing, Paddy-O. Great willfully obtuse act you got going there.
Pelosi is between a rock and hard place.
When the sh*t hits the fan (and it will), she will be blamed because:
A) She did something that didn’t work.
or
B) She did nothing when she could have (doesn’t matter it wouldn’t have worked anyway).
She’s f**ked because in either case, the repubs had no hand it (other than past offenses but that’s another story).
Bye, bye, Nancy.
Obama may win the election but you got snookered into losing the house back to the repubs.
Aren’t two-party systems great?
#50 “Thanks for playing, Paddy-O. Great willfully obtuse act you got going there.”
In other words. You can’t come up with plausible excuse as to why the Dem leadership refuses to … lead. Except, that they aren’t leaders…
#51 LibertyLover
I’ll take that bet. After the next election, the House will be Democratic, regardless the outcome of this bailout. Now, if it goes horribly wrong, they may not have as large of margin, but even that I doubt.
This thing is confusing. No one party is going to take all the hits.
“Wolf!”
“Wolf!”
“Wolf!”
“God damn it, for the last time, ‘WOLF!’”
“What the F&@# is wrong with you guys. I said ‘WOLF!!!!’”
“I’m telling you: wolf. That’s it: wolf. What part of wolf didn’t you understand?”
“Are you just going to stand there and let me die out here because I may have used the word ‘wolf’ in some distant past reference?”
“Look, I’m just the messenger. But the message is ‘wolf.’”
“Hear me out. You got to underst… HOLY MOTHER OF GOD…”
#52
You know why, Paddy-O. You know what games the Republicans are playing. You just pretend not to. That’s willfully obtuse. I’m not wasting my time.
I’d have more respect for you if you admitted that yes, the Republicans are going to take advantage of this national crisis to score political points, and they’re gambling that the voters won’t notice how sleazy that is, and punish them at election time.
#55 “You know what games the Republicans are playing. You just pretend not to. That’s willfully obtuse. I’m not wasting my time.”
Part of leading is being brave. If the Dem leadership thinks the plan is good, pass it. If they don’t, they just need to say so.
Sheep concern themselves with games. Leaders take the initiative and LEAD.
You don’t get it. I don’t care about “games” just correct decisive action.
Yep==fun how the politics is following the business model.
Over the past 5-6 years, if you were a bank, mortgage house, stock trader and you did not match the Lehman Bros leveraged profit taking because of the irresponsible risk involved, YOU GOT FIRED!
Now, the same thing is going to happen to our politicians.
Sheep is not quite the right metaphor, unless that applied to the American voter. The sheep want to be “lead” but only down in the valley where the grass is green and their is lots of water. Wolves too–so don’t take us up farther on the hill, thats too difficult.
The more we learn about this it is instructive to see how EVERYONE did cause this. Still, the buck finally lands on BushCo’s desk and all he can do is request a blank check. Dipshit.
#57 “Still, the buck finally lands on BushCo’s desk and all he can do is request a blank check.”
Yep. And, now we’ll see if the Dem leadership is stupider than W…
#58–Paddy==I think the Dems are more stupid than Bush, or at least more craven. We all suffer from a lack of information on what terms are in what bailout package other than the first 3 page plan that should serve as an arrest warrant for anyone proposing it.
I think the Dem’s were correct about requiring Repug buyin. You call it sheepish behavior, and in that sense, you are right. But it is also the job of Congress to reach consensus and not ram things thru on a party vote.
The Country would be best served if this bi-partisan congressional action in balance/offset to Presidential Power were the norm rather than the rare exception.
You know, when some bring forth such a proposal, after screwing things up in the first place, it deserves more than scurtiny.
I see nothing wrong with saying the Paulson Plan is OUT and announce a Congressional plan to be written in 7-10 days. Provide bridge loans or allow the weakest banks to fail in the meantime. No reason for “all” the bad banks to be saved.
A little capitalism, a little socialism to finally flavor the complete lack of regulatory oversight is what is needed.
That and for the Public/Voters to recognize we need “good government” and we should take the Pubs at their word that they don’t believe in government at all. That about says it all.
I don’t think the executive pay provision is a good idea. Most likely the existing executives will be sent off, and you still need to have good people running the companies. They’re not going to show up if the government is setting their salary.