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[quote]Treasury Secretary Henry Paulson left a late-night session at the Capitol Thursday without a deal on the bailout plan the White House says is needed to prevent economic disaster.

Four of the five parties involved in the deal — House Democrats, Senate Democrats, Senate Republicans and the White House — had agreed to the general outlines of a plan, Sen. Chris Dodd (D-Conn.) and Rep. Barney Frank (D-Mass.) said after the meeting ended.

That left one remaining obstacle: House Republicans.

Or maybe two.

Although John McCain hasn’t said whether he supports the bipartisan, bicameral compromise struck earlier in the day Thursday, one of his leading Senate surrogates – Lindsey Graham of South Carolina – said Thursday night that McCain joined House Republicans in opposing that proposal.


With so many parties involved, Paulson asked congressional leaders to limit the meeting participants to one representative each from the Senate Democrats, House Democrats, House Republicans and Senate Republicans.

Rep. Spencer Bachus (R-Ala.) stood in for the House Republicans. But as Frank said after the meeting, “he wasn’t even marginally deputizedâ€

I'm generally opposed to a depression, but I'm also pretty opposed to just handing out money like Paulson wanted. Any bailout should have some pretty hardcore oversite and large heavy strings attached, otherwise this is just gonna happen again and cost us even more money.

frigidmagi wrote:I'm generally opposed to a depression, but I'm also pretty opposed to just handing out money like Paulson wanted. Any bailout should have some pretty hardcore oversite and large heavy strings attached, otherwise this is just gonna happen again and cost us even more money.

That's why I love Dodd's plan. Oversight, strict controls, gradual funds only when it seems to work, and best of all:

If you sell the government bad assets, and they lose money, you now have to fork over equity.. portions of your company.. to the government. For 125% of the value of what you sold.

That's seems a decent deal. I can accept that. Are we still making it to the tune of 700 billion?

frigidmagi wrote:That's seems a decent deal. I can accept that. Are we still making it to the tune of 700 billion?

250B now(Estimated by economists to be what's needed to clean up the 'Doomed To Fail' stuff), additional released on the condition it's needed and success of the plan.

This was largely agreed on and going forward until midday today, when the House Republicans rallied around McCain, injected Presidential politics, and offered their idea: Let the Free Market Fix It. And While They Do That, Suspend And Cut More Taxes, Remove More Regulations.

Again, you can replace the GOP's economic stance with a small BASIC script.

additional released on the condition it's needed and success of the plan.

I have a feeling this is gonna ballon like Freddie Mac.

Let the Free Market Fix It. And While They Do That, Suspend And Cut More Taxes, Remove More Regulations.

This kinda assumes alot on the behalf of the free market, which we don't even have (a free market I mean).

I liked Dodd's plan myself.....was hoping if there was to be a bail out (something had to happen honestly) that it would be one which protected the Taxpayer more than Wall Street.

But thank you House Republitards and McCain. You've gone and fucked it all up.

Here's to seeing 90 minutes of Senator Obama on TV tonight in some fashion.

Edit: I beleive this is appropriate for the House Republicans right now. (warning: YouTube Video Link).

frigidmagi wrote:

additional released on the condition it's needed and success of the plan.

I have a feeling this is gonna ballon like Freddie Mac.

Let the Free Market Fix It. And While They Do That, Suspend And Cut More Taxes, Remove More Regulations.

This kinda assumes alot on the behalf of the free market, which we don't even have (a free market I mean).

Well, three important notes:

1) The plan is about encouraging businesses to insure more of their debt. First off, they've tapped themselves out on that. Second, that insurance is a scheme called 'Credit Default Swap'. The best way to imagine it is a roulette table with an arbitrary number of positions. All of them, except one, pays 1:1.. That is, you make neither headway, nor fall back. However, one is you lose everything.

2) Less taxes on the rich just hasn't born out the increased economic growth claimed. The biggest growth recently was under the Clinton increase, suggesting that taxes either don't influence or assist growth.

3) Deregulation is the core of this. As Havoc said, the other component is greed, but this is Wall Street. Their culture exists to exhort how awesome greed is.