Kill the bailout: Capitol Hill to pull an all-nighter; negotiations break down
Treasury Secretary Hank Paulson’s meeting with lawmakers at 8pm Eastern tonight to try and bail out his trillion-dollar bailout.
The cable networks are reporting that Capitol Hill will pull an all-nighter.
I would urge all those Beltway staffers again to review Paulson’s abysmal record of misjudgments and pronouncements before signing onto anything in a rush to nail something down before tomorrow’s market open.
And fiscal conservatives in Washington: Keep an eye on the lard-up for us, please. God knows what the bailout architects will try to stuff into the package in the middle of the night.
***
Update: Negotiations break down. The Democrats have banded together…to turn on their old Maverick friend, John McCain.
What did you expect, my friend?
Top Democrats angrily accused Republican White House contender John McCain of sabotaging an astronomically expensive deal to bail out Wall Street and shore up the US economy.
The 700-billion-dollar package stalled at talks convened by President George W. Bush with top lawmakers and both the men vying to succeed him — McCain and Democrat Barack Obama.
Senate Majority Leader Harry Reid said Treasury Secretary Henry Paulson and Federal Reserve chief Ben Bernanke were joining a new round of late-night discussions Thursday in a bid to get the deal back on track.
“John McCain did nothing to help, he only hurt the process,” the senior Democrat said at a joint news conference with Senate banking committee chairman Christopher Dodd.
Barney Frank, the Democratic chair of the House of Representatives financial services committee, said: “I think this was a campaign ploy for Senator McCain.
“I think they then had the problem that there might not have been enough of a deadlock for him to resolve,” he said, after Dodd had earlier announced an in-principle agreement with some senior Republicans on the bailout package.
See what others have said
Note from Michelle: This section is for comments from michellemalkin.com's community of registered readers. Please don't assume that I agree with or endorse any particular comment just because I let it stand. A reminder: Anyone who fails to comply with my terms of use may lose his or her posting privilege.
Comments
You must be logged in to post a comment.
 |
Obama’s new campaign candy: More mortgage aid, homeowner “bill of rights”
February 1, 2012 11:39 AM by Michelle Malkin
88 Comments
One cheer for the belated SEC lawuit against Fannie/Freddie execs
December 16, 2011 11:53 AM by Michelle Malkin
45 CommentsBailing out the world
November 30, 2011 09:35 AM by Michelle Malkin
131 CommentsBreaking: Barney Frank will not seek re-election
November 28, 2011 09:54 AM by Michelle Malkin
168 CommentsSnortalicious: Chicago corruptocrat/Fannie fat cat William Daley wears Occupier costume
October 17, 2011 01:56 PM by Michelle Malkin
20 Comments
Here are your 1 percent-ers: Obama’s bundlers
October 17, 2011 03:13 AM by Michelle Malkin
79 CommentsJohn McCain Understands the Frustrations of ‘Occupy Wall Street’
October 12, 2011 09:07 PM by Doug Powers
122 CommentsWho’s Up For Another Fannie Mae Bailout?
May 9, 2011 11:20 AM by Doug Powers
67 Comments
Categories: Subprime crisis
Pundit & Pundette
» Obama's war on conscience, cont'dRedstate
» Media MattersHot Air
» National Review to Newt: Get outAmSpecBlog
» Explosion Near Israeli Embassy in India
has harry ordered the cots and pizza?
I hope someone is making sure those bad car loans and student loan payments aren’t included. I don’t trust these people as far as I could throw them.
Thanks for keeping us informed, Michelle.
navy and credit cards and ferin banks….
About time they earned their salaries. Sounds like the Republican Congressmen on the run! Stay strong ya’ll!I wish my representatives were on the right side. I hope the bill dies.
Have any of you seen my wallet? I can’t seem to find it. It was her a few hours ago.
Her = Here.
OT: doesn’t obama have a home in DC anymore? heard on nightly news he was staying at the Mayflower hotel.
That would be intersting if he no longer maintains a residence.
zero idea how to check something like that.
At the rate they’re going sperm banks will be included by morning.
et
funny stuff
Why have a residence where you don’t work?
Please don’t use the term “bailout”…
LOL et, LOL !!!!!
I’m for sure screwed in this whole thing. My senators are Obama and Durbin. Won’t lose any sleep wondering which way they will vote.
But in the House, I still have John Shimkus. He has been a winner with me this year.
Don’t forget that may include female eggs.
Actually, I believe it’s a Holiday Inn Express…he wants to be prepared for tomorrow.
Decisions made at 4:00 A.M. are rarely sound ones. What is the big hurry? Oh, I forgot, congress is set for an election vacation starting tomorrow. Heaven forbid they be deprived of their secure re-election pandering, their junkets, their Hollywood/Hamptons fundraisers, their schmoozing with lobbyists on jets and yachts. How dare us peons keep them from their really important stuff.
I hope they come to the right decision and we have an early-morning, old-fashioned hanging in the Washington D.C. “town square.” String ‘em up!
Whatever the result, I hope President McCain doesn’t capitulate to BHO on the debate; Obama’s looked like he was about to bust-out crying with Brit Hume this evening. I love it!
get a rope.
Funny!
Superb coverage (as usual) Michelle. You’re the Best.
Keep Praying (and telephoning our elected ruling class) folks, it’s working.
South,
They haven’t even passed the budget yet. Too busy playing politics trying to zing Dubya and 4got they actually are there to do a job I guess. It is truly breathtaking to what degree nancy and harry have blundered their “leadership”.
(To all the PC bloggers, PARDON MY CAPS, but I do believe this situation calls for some YELLING from CONSTITUENTS!)
In fact, I have been calling my own Congressional Reps for 2 days with NO answers from them about their positions on this “Bailout”. (Reid, Ensign, Porter & Berkley)
Will they vote in the middle of the night and then go home???!!!???
IN ANY CASE, I have told them to VOTE NO. I have also told them that I GET IT:
Sec. Paulson “says” he needs:
• 700 Billion “LAXATIVE” to flush the “toxic” mortgage backed securities out of financial institutions, then dump them upon the U.S. taxpayers at premium prices, to “free up” the flow of credit.
DID I GET THAT RIGHT? NO, THE LOWLY MIDDLE-CLASS VOTERS ARE NOT SO STUPID.
YOU CANNOT REFORM LACK OF INTEGRITY, ON THE PART OF BROKERS, INVESTORS, OR LOAN APPLICANTS, BY REWARDING THEM.
• THE RESULT OF PAULSON / BUSH’S PLAN, AS I SEE IT, will be a huge trough for all the same PIGS on Wall Street AND in the Congress, from both parties. The very same PIGS that got us into this.
HERE’S AN IDEA:
Socialism is socialism, so if our government is going to pony up on a “bailout” how about a plan to address our financial cisis and dependency on foreign oil:
Buy us all American made electric cars, with an agreement from GM and Ford to pour a significant portion of the proceeds directly back into the credit market as a “laxative”.
• More U.S jobs created
• Less oil consumed
• Money reinvested into the ailing credit markets
Now, I am no “financial genius”, but isn’t it those “geniuses” that got us here in the first place?
I SAY NO WAY TO PAULSON’S SCHEME.
Oh, and let’s make it clear as to who the victims are, THOSE OF US THAT HAVE NOT DEFAULTED ON OUR LOAN COMMITMENTS OR COMMITTED FRAUD WITHIN THE FINANCIAL MARKETS ARE THE VICTIMS!!!!
I hope obambi goes, watching him debate himself would be priceless.
Has anyone heard of any rally for Saturday in DC if this is still going on? I would love to go
Thanks, that was very funny!
These are all old people. Old people CANNOT pull all-nighters without amphetamines. This is why teenagers can sneak out of the house as much as they want…their parents HAVE to sleep.
The question now is: Who is supplying the amphetamines? And do we really want the most important piece of legislation of our lifetimes being debated by wired old people?
(Go sleep it off and get back to us next week…… you’re not fooling anyone)
SWMBO, please elect Steve Sauerberg. We don’t need DICK TURBIN. Shimkus is a great guy. I voted for when I lived there. (You know, I could still vote for him, it’s Illinois)
I’m guessing Patrick Kennedy.
The Democrats are letting the oil-drilling moratorium sunset.
They will get the student loans, car loans, and likely that sperm bank thingy in return.
Hmmm while we are at it….
For $700 Billion, let’s buy out Columbia and solve that problem too.
LOL John Ansell, not to worry, Sauerberg is getting my vote.
We could sure use you up in Chicago come November. You could balance out the dems up there, remember to vote (conservative) early — vote OFTEN.
Down here in southern Illinois, we are being sat on by the helmetheaded gov. If we try to vote early vote often, we’d get caught. Illinois money only goes to the DMZ up north anyway.
This is what scares me the most. Will we still have gun rights? Will we still have a home? Those lowlife’s have slid things into bills before like in Sept. of 1996 when suddenly it was illeagle to own a gun if ever sentenced for any kind of violence in the past. That meant if someone 60 yrs old did something foolish when he was 16 he was instantly a law breaker if he owned a gun. There were good law officers that had to quit their jobs because they couldn’t have a gun. Here in Nebraska a prison gaurd had to quit his job because he could no longer handle a gun. This is getting out of hand more and more each day. The government is getting us right where they want us and we are letting them. Every single one of them needs to be put out of office and pay back all the wages they have been paid for screwing us. They need to be put in the soup line. Not a one could do an honest days work because for one thing, they don’t know what honest is and another thing is…can you imagine ted kennedy operating a jack-hammer……..I mean in his younger days, it would kill him to actually work. But we paid him to kill a young girl and he kept his so called job of screwing the rest of us in a different way than he did Mary Jo. We are sheep being led off to slaughter.
A raise for themselves for sure.
People that lived through the Great Depression, must be laughing their arses off at all the hand wringing Nancy boys running around now. Let them fail. Nobama 08! Nobailout 08!
Did anyone watch Brit Hume tonight when Obammer showed up. He kept saying he didn’t know how we got in this mess. Said it a couple of times…and this man wants to be president. It isn’t rocket science. The Republicans try to keep the government from throwing money down the bottomless pit of socialism and the dems block every effort then turn around a blame the Republicans. Amazing how stupid people are.
On September 25th, 2008 at 8:39 pm, On-my-soap-box said:
I wouldn’t put it past them, given the Democrats are in charge!
Well I can’t find anything about Obambi ever owning a home in DC let alone still having one…hmm
enjoy the night
My idiot democrat liberal neighbor just shared his enlightened view on this bailout plan. He loves it. He just wishes the democrats would get all the credit for it. Now the reason he loves it is that the government is going to buy securities at 20 cents on the dollar and later sell them at 4 times that amount. And by doing so will pay off the national debt with the profits. Did i mention that he gets his news from msnbc?
Obama doesn’t have a home in DC? Well his children reported going 8-10 weeks with out seeing him, so where has he been? Maybe he’s one of those fiscal conservative guys who stays in in office. That sound like him, right?
How come conservative politicians are conservative until it’s time to be conservative?
Hey, give ‘em a break. They’re working ALL night.
et, do you live next door to Robert Reich by chance?
I wonder if the Secret Service has anything to do with Obama staying at a hotel?
Sen. Shelby was just on with Rachel Maddow and he’s dead set against this bill. He gave the impression there won’t be a bill anytime soon.
Once again the truth is blistering in exposing the hypocrisy of the left. “Diversity” and bleeding hearts have caused this crisis. Investor’s Business Daily cuts to it…here
Fannie and Freddie, social engineering, lowering standards to help “minority victims”. This is not a failure of free markets, its the direct result of government forcing lenders to change the rules for lending money – plain and simple.
Somehow I feel safe from this “sky is falling” picture they are posing to us that if this doesn’t pass were doomed…. I’m not buying it, or paying for it.
I plan on sleeping well tonight, the crapweasels can stay up for 10 days for all I care.
Repeal the Community Reinvestment act, then we’ll talk settlement.
Bleh, I posted this is the wrong place earlier.
What’s the point of bailing out these reckless and useless companies if the Government doesn’t at the very least:
- Put an end to the Community Re-Investment Act
- Convict Frank, Dodds, and el at
- Centure blabbermouted Chuck Schumer
- Evoke heavy fines on Realtors, Mortgage Companies, and banks that gave out loans to people with no means of ever re-paying them.
- Convict CEO from said Banks, Mortgage Companies and Realtors
- Make house flipping illegal
_ Convict groups like La Raza that told Illegals how to obtain mortgages illegally
- And most importantly start mass deportation of illegal aliens and build the freakin fence
Stupid lawmakers keep saying that Illegals help the economy. Yeah right! They help it go straight to sh*#.
ahahahhahahaha, Ann Coulter just said on Hannity and idiot Odopey should debate Bidet tomorrow night , they disagree on so much… lmao
ahahhahahaha, that was funny, + I love her.
Wow, they’re actually working?
Mookie, you mean you actually watch that channel? Why?
I love how these people think if the government makes money on this – that the money just magically appeared. Did it ever occur to them that the money actually came from somebody somewhere?
I guess if Barney Frank is working all night, his old roomie might be too. “Let me be Frank with you”
Speaking of Frank, check this out.
Sometimes I think Alan Combs watches MSNBC for his liberal, BS Dimocrat (yes, I spelled that correctly) talking points right before he goes on with Sean Hannity. Did anyone else see Newt absolutely clean his clock tonight about 15 minutes into the program? It was beautiful. Discuss.
Thanks, AG! I’m miserable with a sinus headache and have a ton of work to do online, but that made me smile. (It hurts too bad to laugh:-(
LC
I missed that! I hope they put it up on Fox or youtube. Let me know if you have a link.
Oddly enough, her show is pretty good. She’s nothing like Olbermann, starting with actually having Republicans on the show and conducting respectful interviews. She’s done, in my opinion, a really good job covering this bailout bill in a way that people who aren’t policy wonks can understand. And she’s not afraid to say she’s wrong or doesn’t understand something. It’s weird, especially in prime time opinion news shoes.
And I hate Alan Colmes.
TWENTY FRIGGIN’ PERCENT was to go to ACORN?????
Oh sorry….looks like it was only TEN PERCENT to go to ACORN.
!!!!
No…it’s 20 after all.
GEEEEEZ.
Powerpro—I just saw that on Fox, and was about to comment , but you beat me to it. I almost bit my glass in two when I heard that 20% was going to Acorn!!!
Yes. Can you believe that? No wonder the Demo-nazis didn’t consult with the Republicans in the House. Newt said today, that there was no deal, nor were any member of the Republican Leadership involved in the bill’s creation.
Now we know why Barney Frank, and Dingy Harry had hissy-fits in the meeting with Pres. Bush, when there were actually Republicans present who stood up for the American taxpayers. Way to go guys!!!!
http://www.democratandchronicle.com/article/20080925/NEWS01/80925009/1002/NEWS
I’ve been calling a McCain electoral landslide for months on LGF. The above link is the first time I’ve seen anyone else say it.
BTW — LGF is currently down????? Anyone else having trouble getting it?
On September 25th, 2008 at 10:31 pm, soccerdad said:
I just got in…
So they have to work all night. Oh the poor babies. I feel so bad for them.
Maybe if they had been doing their jobs all along, we wouldn’t be in this mess. FIRE THEM ALL!!!
This is what I sent (email) tonight to my senators and congressman:
Please vote AGAINST the bailout. I work hard to pay my bills. Do not reward irresponsible behavior by giving MY taxdollars to people who made unwise decisions. I expect that my tax dollars will be used in purely Constitutional purposes. This bailout is not only unconstitutional, it destroys the American Dream: that by hard work, vision, and personal sacrifice, I can make a better life for my family and me. If you elect to bail out foolish, ignorant, or greedy people, you remove incentive to excel and achieve.
Please vote against this bill.
So the libs picked up their ball and went home whinging because McCain didn’t agree to their insane plan.
I’m starting to really like this guy. LOL
I would love to learn that he and the republicans work out a viable and acceptable deal overnight like Newt suggested and then the Dems are on the line, forced to defend this monstrosity.
On September 25th, 2008 at 9:02 pm, coffee, good question…the answer is why I’ll not be voting for my Repub senator in a month..he brags about reaching across the aisle…grrrrr. Smith Oregon…BOOOOO
Might be the first time I’ve ever agreed with you.
The universe teeters with breathless anicipation, of the enlightenment that will result from that circle-jerk.
Con-gress. Opposite or Pro-gress.
Michelle, as much as we detest many things McCain has done, I really do think that he stiffened the opposition to this bailout. He may have made the supreme sacrifice for that and the nation will survive because of it.
By all accounts, that’s not the case. It sounds like he did very little one way or another.
The Dems think they have us over a barrel and they are stalling any bill, unless it contains all sorts of cash for their crooked projects. They figure if the stockmarket hits 1000, they’ll win the election.
That is the way they are thinking. They will do what they can to bring on a Great Depression, thinking it will result in Democratic dominance for the next fifty years.
Bush and two top officials proclaim that we’re on the eve of destruction, so we better do as they say. Last time they were Rummy and Powell. . .
Once burned, twice wise? Guess we’ll see.
Two questions
a) So who was Todd and who was Sarah in that relationship
b) Is Pillow Talk admissible in court?
Yeah, my blood’s so mad feels like coagulatin’
I’m sitting here just contemplatin’
I can’t twist the truth, it knows no regulation.
Handful of senators don’t pass legislation
And marches alone can’t bring integration
When human respect is disintegratin’
This whole crazy world is just too frustratin’
And you tell me
Over and over and over again, my friend
Ah, you don’t believe
We’re on the eve
of destruction.
The Dems are all over CNN saying Obama made all the proposals and McCain had nothing to say. Interspersed with clips of Palin telling Couric she’ll get back to her. Not the campaign’s finest moment. The Dems had their usual BS about tax credits being a giveaway of tax money to the rich.
“The Dems are all over CNN saying Obama made all the proposals and McCain had nothing to say”
Yes I heard them claim Obama was instrumental in the CEO salary limitation portion of the agreement. Another insider, when told of this news, said Obama had absolutely nothing to do with it whatsoever.
And now they’re claiming McCain had nothing to say, yet somehow they’re blaming him for the talks breaking down. That’s a neat trick – apparently his presence alone is enough to make the dems lose the plot, LOL!
Why should 20% of any profit go to Acorn??? This is taxpayer money, and ALL proceeds (if there were any) should go directly back to the taxpayers in the form of rebates or something similar. Acorn are giving NOTHING, so why should they become a beneficiary? This is such a farce.
“Futures sharply lower as bailout deal hits a snag in Congress” (CNN)
..this could well be our economic black Friday.
Very interesting. You mean 1 senator, John McCain, can now stop all action? Gee, I thought the President was a one man government. Now, it’s switched. It is now the Republican candidate that runs the country now. He says, “no” and everything stops.
McCain probably won’t be elected as President thanks to this economic mess, but at least he’s doing what he thinks is right and I respect this. All this talk about him doing it for political showmanship is total crap.
On the economic note, I’ve been living in the UK for the past two months and can tell you that the US economy, in the state it’s in right now, is far better off than the UK economy. I’m headed to France this weekend and I expect to find the same thing (keep in mind France has a semi-nationalized system).
The resolve of our nation has always been tested most when the chips are down, but we’ve moved past that to a nation of whiners and babies.
This is such a paper thin attempt
to smear McCain it isn’t even funny.
As if they were going to say something good about him.
Just wait. The Dems will announce tomorrow that Odhimmi, in true messiah-like fashion, came in and saved the day.
No, but word is that Billy Clinton has ordered pizza and fat interns.
Mookie watches Rachel Maddow every night. It’s a soulmate thing; you wouldn’t understand.
You would think that someone with Obam-uh’s super amazing community organizing skillz could help reorganize the financial markets…but you’d be wrong.
WAIT! WAIT!
Our friends in Congress don’t actually know what to do yet – the polls are clear.
You don’t expect them to actually LEAD, do you?
How funny it will be if the polls indicate that even 51% of Americans don’t trust the bailout. Then it won’t be McCain’s fault that the talks stalled. No, then it will be Oschleprock who “saved things.”
Even in these days of failures, you can bank on that…
I watched Sarah’s body language during that clip. Sarah looked sacastic, and Katie didn’t get it. Watch the tone of her voice when she says it. Sarah’s no dummy. Watch out Biden!
It is a Majority Democrat Congress.
If they can’t get a bill through the fault lies with the majority. Nuff Said
this is good news!! whenever the guvmint cries ‘crisis’ its just to get more power over our lives.
You should have sent the monthly CD’s back!
I am against anything the Marxist, Barney Frank is for.
I think what is ignored by everyone except Newt and Putin is tht the nations that buy oil are quickly disintegrating as the nations that produce oil are thriving.
I wonder if the rebel Republicans who are trying to stop the bailout are the same ones who tried to shame Comrade Pelosky into allowing a vote on the energy bill?
I got it! Send Sara Palin to debate Obama, put it on Pay-per-view and use that to fund the bail out.