Bailout plans and speeches on Capitol Hill

Thursday, September 25, 2008

President Bush addressed the nation last night. It was his first prime-time speech devoted exclusively to the economy. It's just one of many political firsts in Washington this September morning. Democratic and Republican lawmakers have been meeting throughout the night to hash out a deal on the $700-billion rescue plan. It's not clear whether the presidential and vice-presidential debates will take place as scheduled, or at all — John McCain is saying he will not show up at tomorrow's presidential debate in Mississippi until there's a bailout plan.
Guest: Todd Zwillich, Capitol News Connection

Comments [3]

Miriam

Vive la Revolucion! Time to haul out the guillotines and cut off the heads of the bastards who created this mess, made their money and got out before the fall! As soon as the taxpayers, who are paying out of their noses for this financial fiasco, have bailed out our economy, we must demand justice. The people who created these derivative tools on Wall Street need to be tried in court, found guilty, and their wealth redistributed back into the treasury, not to mention the retirement accounts that plummeted because of their vile, selfish behavior.

To all those modern day King Louis XIV's and Marie Antoinettes, I have one piece of advice - watch your backs.

Sep. 25 2008 07:18 PM
TK

When I heard John McCain say he wants to "suspend" his campaign, it seemed like he was just trying to earn points like when he got the RNC to "suspend" the Republican National Convention during Hurricane Gustav.

It's like he's trying to say "Hey, look at me. I'm a serious leader."

Sep. 25 2008 09:07 AM
Lee Caron

Alternative to the Wall Street Bailout?

Heard an interesting proposal by former Treasury Secretary, Paul O"Neill: guarantee the bad investments, instead of buying them.

As mortgage-backed securities can no longer be traded on the market, the Treasury is
suggesting the solution is to buy them (estimating their value at $700B). Instead, O'Neill suggests the government certify them and provide federal backing. When they reach maturity, they receive the value agreed upon. The government avoids putting up $700B in cash, and the securities can be traded, thus "unfreezing" the stock market.

Sounds sensible to me, but what do I know? I'm just a humble tax-payer.

Btw, big fan of The Takeaway, the coverage and commentary are the best!

Lee

Sep. 25 2008 07:51 AM

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