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CONGRESS CALLS IT QUITS SHORTLY BEFORE 11 PM, LEGISLATION MAY BE PASSED TOMORROW… DEPENDING ON WHO YOU ASK
Bi-partisan talks to reach a deal on the proposed $700 billion bailout of Wall Street stalled Thursday, but it wasn’t for a lack of effort by some officials.
Sens. Lindsey Graham and John McCain, among others, worked late into the night holding closed-door meetings on an earmark-free financial rescue bill that would include greater accountability, transparency and independent oversight, as well as a path for taxpayers to recoup the money and a cap on the executive pay of those companies that take part.
Reports were that an agreement was close to being finalized, but Graham shot down those claims as “lies” — especially with regard to the Democratic spin that McCain’s return to Washington caused a breakdown in negotiations.
“The proposal that was being presented was not a very good deal for the taxpayer, so [McCain] came back to try to find a way forward and [Democrats] spent the whole day telling a falsehood,” Graham said on FOX News late Thursday night. “There was no deal that John McCain destroyed. There has never been a deal. We’re trying to find one, we hope we can, but it takes buy-in by more than five or six senators.”
But blame for Congress’ failure to reach a plan falls not on the shoulders of McCain but rather on a number individuals in both parties.
Republicans formed a vocal mini-revolt which went a long way toward deteriorating the situation. House Democrats, for their part, offered little compromise and instead accused Republicans of walking out on a meeting.
Despite this, Graham said McCain would work further into the night to help strike an amicable proposal that would favor Americans and divert the impending financial crisis.
When asked about tomorrow night’s presidential debate in Mississippi, which McCain said he will likely skip if a bill is not close to being passed, Graham said the campaign would love to debate, but that working on the economic crisis was more important right now.
“We will have debates, we’ve been trying to debate Senator [Barack] Obama for six months,” said Graham. “We’ve done everything but kidnap the guy. We want a debate but what we want to do is save America from an impending crisis without throwing the taxpayer over.”
This whole spectacle has just been wild.
Paulson screaming that the sky is falling; getting down on his knee to beg Pelosi to go along with the bailout.
Ordinary Americans figuring out that the entire finance, banking, and treasury are set up to skrew them out of their property.
Both parties, presidential candidates, and even fractions amung the parties squabbling and finger pointing to try and turn a “disaster” into political points.
The astonishing abuse of power that is the nationalization of huge swaths of the finance industry.
Every politician who has said over the last year “Oh the economy? It’s great! Never been better!” being exposed for an idiot or a liar.
I remember the south carolina republican primary debate… they asked those guys about the economy… and they all said it was just plain awesome except for this one guy who knew the boom was coming to an end and could explain why. And now it’s happened and everyone else is running around like headless chickens screaming, “It’s an emergency!!! We need to do something rash and ill concieved as fast as possible!”
Enjoy your inflation everyone.
A day’s wages for a loaf of bread????
“Enjoy your inflation everyone.”
Yep and we’ll have the Democrats to thank for it because while the Republicans were trying – in vain – to reform Fannie Mae and Freddie Mac, the Barney Franks and Chris Dodds of the world blocked them at every turn.
Of course, when they were the ones making the money off them – i.e. the Obama’s of the world – they weren’t particularly interested in giving up that money train. Or reforming it. In the meantime, loans continued to fly out of the door of pressured banks to people who had no chance of repaying them, in the name of “social justice” and “fairness.”
Now those very same people want taxpayers (us) to pay $700 billion to fix a problem they’re responsible for to begin with.
It’s funny now to listen to people bitching and whining about Sarah Palin’s “inexperience” in Washington matters. Well, we’re watching people fight and bicker who have been in Washington for years and this is what it’s gotten us.
To hell with all of them and let’s just start over.
Joe- there’s plenty enough blame to go around, and it wasn’t the Democrats who asked for $700 Billion from the taxpayers. This is the Bush plan; if this passes, I imagine (good or bad) this will be his administrations “legacy”, even more than the war in Iraq.
Adam – How come your hero couldn’t broker a deal?