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Talks Implode After Day of Chaos; Fate of Bailout Plan Remains Unresolved

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kpete Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 10:36 PM
Original message
Talks Implode After Day of Chaos; Fate of Bailout Plan Remains Unresolved
Source: New York Times

Talks Implode After Day of Chaos; Fate of Bailout Plan Remains Unresolved

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.

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.

Read more: http://www.nytimes.com/2008/09/26/business/26bailout.html?_r=1&hp&oref=slogin
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Whoa_Nelly Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 10:39 PM
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1. Republicans and the Corporates
Total fuck ups
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liberalmuse Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 10:41 PM
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2. Paulson does seem sincere...
unlike Bush, but I think he's going about this the wrong way. Either he's an extremely honest man in actually believing we would trust him with stewardship of $700 Billion, or he is a corrupt, power hungry asshole. I really think it is the former, rather than the latter. Still, no go.
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soothsayer Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 10:43 PM
Response to Reply #2
4. actually, it's the latter. that's the thing about sincerity---once you can fake that, you're golden
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JDPriestly Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 10:56 PM
Response to Reply #2
6. Just an arrogant, very rich CEO who is used to having people
jump when he snaps his fingers.
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Zorro Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 11:04 PM
Response to Reply #2
8. Paulson's an interesting guy
Apparently donated $100M to The Nature Conservancy, and led it for a while when it found itself in some difficulties a few years back.
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wtmusic Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 10:41 PM
Response to Original message
3. This sucker's going down. nt
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mike_c Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 10:43 PM
Response to Original message
5. good-- every day that passes without a rich bastards bail out is a day...
Edited on Thu Sep-25-08 10:43 PM by mike_c
...that our children and grandchildren are not indentured to pay off those rat fuckers. Let's not mince words.
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DogPoundPup Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 11:01 PM
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7. Ohio Republican who headed the House financial services committee blames the mess on W.H ideologues
In the aftermath of the US Treasurys decision to seize control of Fannie Mae and Freddie Mac, critics have hit at lax oversight of the mortgage companies. The dominant theme has been that Congress let the two government-sponsored enterprises morph into a creature that eventually threatened the US financial system. Mike Oxley will have none of it. Instead, the Ohio Republican who headed the House financial services committee until his retirement after mid-term elections last year, blames the mess on ideologues within the White House as well as Alan Greenspan, former chairman of the Federal Reserve.

The critics have forgotten that the House passed a GSE reform bill in 2005 that could well have prevented the current crisis, says Mr Oxley, now vice-chairman of Nasdaq. He fumes about the criticism of his House colleagues. All the handwringing and bedwetting is going on without remembering how the House stepped up on this, he says. What did we get from the White House? We got a one-finger salute. The House bill, the 2005 Federal Housing Finance Reform Act, would have created a stronger regulator with new powers to increase capital at Fannie and Freddie, to limit their portfolios and to deal with the possibility of receivership.

Mr Oxley reached out to Barney Frank, then the ranking Democrat on the committee and now its chairman, to secure support on the other side of the aisle. But after winning bipartisan support in the House, where the bill passed by 331 to 90 votes, the legislation lacked a champion in the Senate and faced hostility from the Bush administration. Adamant that the only solution to the problems posed by Fannie and Freddie was their privatisation, the White House attacked the bill. Mr Greenspan also weighed in, saying that the House legislation was worse than no bill at all.

We missed a golden opportunity that would have avoided a lot of the problems were facing now, if we hadnt had such a firm ideological position at the White House and the Treasury and the Fed, Mr Oxley says.
http://www.ft.com/cms/s/0/8780c35e-7e91-11dd-b1af-000077b07658.html?nclick_check=1
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