George Stephanopoulos reports, "McCain holds key to administration's bailout passage."

This is just evidence that this whole bailout is a ploy to give McCain a high profile way to stand up to Bush.

Why is McCain the key?

They are both Senators and both will end up voting on this matter ...

What strikes me about the bailout treatment from the media, is that it is being presented as though there is one plan and only one plan, and that only McCain has any concerns about it. As I read it, Stephanopolous seems to think that the Dems will vote for Paulson's plan unless McCain and only McCain insist on saving peoples homes, having oversight, reducing exec pay and protecting student loans? I can't help but wonder what audience he is trying to reach with this nonsense on a blog.

Why is McCain the key? -tang

Because the GOP is abandoning Bush. If McCain supports this, so will most of them. If McCain fights it, which I expect him to do, them most will oppose it and Bush.

This is nothing but an election ploy with no downside for the GOP.

Either they flood 700 billion dollars into their buddies pockets, or they distance themselves from Bush and give McCain a bogus sound byte about how he's the real anti-Bush in the campaign.

And Snuffelaphagus and the rest of the whores in the media will lap it up like dogs.

If the Democrats support it, they are socialists. If they oppose it, they are condemning us to recession.

This is check, Obama, Pelosi. Your move.

Kind of off-topic, but it might be interesting to others looking for hypocrisy:

The rumor: McCain’s Chief of Staff is gay

Why is this important? Because Mark Buse is not a celebrity. He is a political figure who is one of the most important advisors to a man running for President - a man who does not support ENDA, the Matthew Shepard Hate Crimes Act, gay marriage or civil unions, gay and lesbian adoption, or the ending of Don’t Ask, Don’t Tell.

More links to more information in the actual article.

Limbaugh listeners must be fairly stupid.

I always listen to the jerk (and to Shannity), when Republicans demand socialist takeover of some industry. Both of these two idiots start advocating socialism like there is no tomorrow, and they start bad mouthing Dems for favoring raw capitalism. It happens every time with these two communist jerks whenever another Republican bailout comes along.

Progressives have a hard time seeing or speaking of the contradiction because progressives demand similar takeovers.

Libertarians spot these two for a bunch of socialist pigs every time, because we catch all the socialists at the trough.

I read the Stephanopoulos thing as a shrewd move by the Dems. Too bad it was leaked. They counter moved out of check and are saying "if you want this then McCain's name is front and center in voting for it".

Who he's trying to reach is us and see what happens with it rather than come out and sound like a whackjob by reporting it in a more high profile setting.

btw/ I'd want more than Paulson's used car salesman assurances that "McCain won't be a problem."

Nonsense. The $700 billion is to be used to buy 6weeks of time so the collapse won't happen before the election. Hoover tried a bank bailout in 1931 and it failed. We can create jobs like FDR did because our infrastructure is falling apart and that is where the $700 billion should go not bailing out the wealthy or the shadow banking system. People go back to work and then go to stores and buy things and that unclogs the system...not buying off bad debts keeping billionaires from losing their money. Stop listening to republicans or their paid economic cohorts.
McCain must be stopped from ruining our economy to maintain a wealthy few. "Stop your whining" is the order from Gramm who will be McCain's new treasurer. When the other shoe drops and there is no food in the stores or trucks to transport goods these millionaires will have their private supplies and guarded communities because they haven't lost a dime from their profits amassed from deregulation which caused our economic collapse. Time for the billionaires to give back and to stop their spending. It's not rocket science. They have it all and we have none and they want us to use what we get to make sure they lose nothing. Nothing needs to be rushed through (again), and let's get Obama in office first because these republicans have lied about everything and caused this disaster and they cannot be trusted. Put the money in the pockets of the citizens, the American worker, the same way FDR did once they got Hoover( the republican who bailed out the banks 2yrs earlier and that failed anyway) out of office. FDR became the new deal AFTER he got into office because he stood for the people and not the wealthy or their corporations. This is the oct. surprise...this "bailout" that "must be done before the election"...nO no no no no. Stop it now and wait til after the election when people we can trust will take control of the government.

McCain vote ?? I suspect he has no opinion because he is waiting to see how the bailout is testing with voters. Either way, he will say what tests good, and then skip the vote and the media will declare him a financial hero and throw him a parade.

This is check, Obama, Pelosi. Your move.

I see it differently.

Bush and Co. have overstepped. All Congress has to do is put a proposal on his desk that they like, which he can sign or not sign.

Oh? He'll accuse them of grandstanding? OK, explain what is wrong with the proposal then.

The ball is in Congress' court, which the Dems control. If Bush and Co. want the money, there will be significant strings attached, you can believe it.

Or, no deal. Bring it all down, then.

(Even though it's not that bad and everyone seems to know it.)

McCain wishes this was in his power to control, or even that he played some interesting role in it, other than to spout off like the buffoon he is.

Let me know when McCain takes a leadership role in the media.

The bailout is dead. Too many lies by the Bush administration.

If this was truly a crisis and the plan wasn't a partisan piece of crap, the Bush administration wouldn't be lying to sell it.

However, they are lying.

Fuck 'em.

It'll be tougher for the right to blame Dems and minority families for the mortgage crisis

It should also be harder to blame Freddie Mac and Fannie Mae, considering HUD requirements put in place in 2004.

* George Stephanopoulos reports, "McCain holds key to administration's bailout passage."

Is he still on the Clinton payroll?

Asshole.

A Democratic leadership source says that White House Chief of Staff Josh Bolten has been told that Democratic votes will not be there if McCain votes no -- that there is no deal if McCain doesn't go along.

This from the Stephanopoulos report. A sidebar on the ABCNews site says:

Obama to Support $700B Bailout If ...

Which makes it sound as if Obama is very close to supporting the bailout (the actual article has many more caveats).

So this makes it seems like Democratic members of Congress want to follow the lead of John McCain rather than Barack Obama. This does not seem like good politics for the Dems.

As usual, the Democratic Congress is blowing everything.

Michael, I saw the "outing" of McCain's chief of staff, too.

Why isn’t Focus on the Family et al talking about this huge bit of hypocrisy? (My blog link has FoF's toll-free phone number, if you want to ask one of Dobson’s scrubbeenies that question yourself.)

Best line in the article on Cheney:

"Cheney and the White House team made policy arguments for the proposal instead of political arguments that would help lawmakers explain a vote for the plan to voters in their districts."

Live by the sword, die by the sword. Serves them for having no policy apparatus, only a political one.

A while back at a rally in Wheaton Illinois Allen Keyes was standing in front of a crowd talking about how Liberal Democrats are screwing up America, and the Republican crowd cheered wildly for him. Reflecting on that perhaps if McCain chose Dennis Rodman American Republicans would likely with the medias help load up to give a very attractive lip stick candidate like Dennis, haven knows Dennis has enough tattoo’s to rival any hockey mom that looks like a pit-bull. Hands down Dennis would split the black vote. Half for the Republicans and the other half for the insane.

This bail out stuff is so insane here is a proposition; first to save a whole bunch of tax dollars; Disneyland is placed in government control. All home foreclosed victims get to live in Disneyland free, along with Katrina or any other disaster victims in during the Bush administration. Michael Medved is certain all Iranians want McCain to be president because they are praying for him. So, Sarah Palin said for Americans to pray away the Gays in America likely it is justifiable to pray away this horrible tax thing while everyone moves to Disneyland. First come first serve for those who want an exquisite condo with balcony overlooking Goofies Park. Relish in the excitement as screwed Americans can watch high roller banker’s work off their fraud and screw ups in the greatest American Idol performance in the new “survivors casting� of the green back meltdown.

Here popcorn sales go through the roof so being taxed as in an indexed hedge fund way America solves the issue. God that would be fun.

Americans know how to spend their money.

"[V]oters favor Barack Obama over John McCain as the presidential candidate best able to address the current financial crisis: 47% favor Obama, while 35% choose McCain. Independents prefer Obama over McCain by a margin of 44% to 30%, while Republicans and Democrats line up solidly behind their party nominees."

They're only hope is to try and pivot on McCain voting against the Bush bailout. Pin that motherfucker to the mat.

Nonsense. The $700 billion is to be used to buy 6weeks of time so the collapse won't happen before the election. Hoover tried a bank bailout in 1931 and it failed. We can create jobs like FDR did because our infrastructure is falling apart and that is where the $700 billion should go not bailing out the wealthy or the shadow banking system. Posted by: bjobotts

Nice thought. However, Hoover (and subsequently Roosevelt) wasn't trying to accomplish this with a trillion dollars wasted on a disastrous war, three major hurricanes over the last three years costing another $500 billion, and a nation of debtors holding, depending on who you read, anywhere from $5K to $17K of revolving credit debt. The U.S. is broke, the world is in a recession, no one's really interested in buying U.S. Treasury securities right now, and I don't think the Huskies are going to win three games this season.

The end is nigh.

Steve, you were great on Rachel Maddow last night--I wish you would have a bit more time so you could have spoken a tad slower to get your oh so critical comments in, but you did amazing job with the time you were given!

Ditto on your Maddow appearance, the second one I remember seeing. I hope you become a regular.

That 2-D backdrop of the legal books behind you deserves the heave-ho, however.

rumor going around on the rwnj blogs about biden withdrawing after the vp debate - these people must have iv's for the koolaid...

2008. The year the repugnacan administration managed to fleece the taxpayers into bailout after bail out after bail out. Then the mother of all bailouts appeared on everyone's radar screen.... WEALTHCARE.

Yup. Wealthcare, the single biggest give away in history. Wealthcare is being sold as an urgent, super urgent, extremely urgent, no make that dire-straights kind of thing. We HAVE to do it.

God will strike us all dead if Wealthcare gets too diluted.

It must be clean and quick. It must have a sense of virginity to it. It must be done...because the folks pushing it are demi-gods.

Hold on guys and gals. Voters across this great land have put their trust in their representatives to do the right thing. 2 words
Slow Down.

If wealthcare passes, expect riots in the streets.

This article, "Is Your Vote Safe," needs to go more mainstream:

http://www.truthout.org/article/rfk-jr-and-mike-papantonio-is-your-vote-safe

This headline on Yahoo! News made me happy:

Dire warnings fail to sway senators

Here's a woman who sees through Bush's Wall Street scam and wants nothing of his latest "new reality!"

Let's Play "WALLSTREET BAILOUT" The Rules Are... Rep Kapture

Fantastic!

No one seems to question that something huge has to be done, and right away. So I will. Why does something huge have to be done, and why does it have to be done now? I don't know the answers, and I'm not convinced it's because I'm stupid and ignorant. I suspect that nobody knows the answers, anymore than anyone understands derivatives, except the mathematical whiz kids who design them, but who ought to put their brains behind something tangible and useful to society, not the illusion of easy money for the greedy to feast on.

I sense a presence behind this stampede, just as there was in the rush to invade Iraq.

Have we even heard an intelligible explanation of what the problem is, and what the effects are likely to be, and when? All we hear is some version of financial collapse and deep recession, from the guys who up until a week ago told us everything was dandy. It seems to me that they've either been lying to us for years, in which case they all ought to be in jail, or they haven't got the foggiest notion of what's going on, in which case they should all be fired (that's a McCain metaphor, I know God can't fire the administration). Or maybe both. Actually, certainly both.

There's just something wrong here. It doesn't add up. And we've been stampeded yet again by this administration.

This is a case where we need somebody to command, "Don't just do something, stand there!" Until we figure out what this rotten mess is, who is responsible, and what can be done about it.

Hey, lookie over here:

http://www.nytimes.com/2008/09/24/us/politics/w24davis.html?_r=1&hp&oref=slogin

as NYT administers a very public ass-kicking to the McCain campaign for LYING, yes, I said LYING about Rick Davis's involvement as a lobbyist for Freddie Mac! I don't think an appropriate response for this will start with, "But, Obama....."

orange

News Flash:! McLiar does it again These people got caught once more. Douche Bag Rick Davis' company took $15,000 a month until it was taken over by the government last month. Headline alert with a 2 page article at the NYT
http://www.nytimes.com/2008/09/24/us/politics/w24davis.html?_r=1&hp&oref=slogin

it is just so fucking frustrating. If Obama tried any of this shit we would never and I mean Reverend Wright video loop 7-24 never ending

There is a rumble going through the Web right now.

Is it possible that a bit of sanity exists out there?

Are folks actually realizing that something is rotten about "The Fund?"

Here's a challenge:

Instead of calling it The Fund or masive bailout, call it Wealthcare.

When a 100 million people start calling it that, maybe, just maybe, we can have an intelligent discourse about just what wealthcare will do to, among other things, our Constitution.

Spread the word. Wealthcare it is.

I'm working on an easy to access application.

It can be found at the website: agovernmentfortherichandnothingbuttherichsohelpusgod.wealthcare.con

After 8-plus years of standing there with our collective jaw on the floor, getting our collective ass handed to us, we have finally figured out how to deal with these mouthbreathers. I always knew it would be this simple.

Ready? Repeat after me, folks:

Rush Limbaugh is a LIAR.

McCain? LIAR.

NRA? LIARS.

They're not "mistaken." Or "disingenuous." Nor do they "just not get it."

They are bald-faced, pants-on-fire LIARS.

Sad that it has to be this stupid and infantile.
Happy to have a cudgel in our collective hand.

The rules of a Wall Street bailout

http://www.youtube.com/watch?v=S27yitK32ds

now see, if I had written the book, it wouldn't have been called "rush limbaugh is a big fat idiot."

i would have called it "rush limbaugh is a fucking moron."

Buffet recapitalizes Goldman Sachs himself. OMG, the market works! And, get this, he gets top-shelf SHARES in return for his investment! Buffet to Paulson: You're a loser.

Republican leaders are now hoping Democrats load the legislation with unrelated measures that would give them the political cover to oppose it, members and aides said.

That pretty much says it all, when it comes to cowardly republicans. Looking for a way to blame the Democrats.

Of course, is there any chance the Democrat in Congress are 'smart' enough NOT to load it with unrelated measures?

We could only wish.

That's the best think that ever happened to Osama Bin Laden and al Quada. Not in their wildest dreams could they have imagined that the Bush administration and the Republicans would do most of the work for him.

After all: All Osama wanted was to bring America to its knees financially. Task accomplish if you ask me.

In other words: President Bush WAS the Manchurian candidate for Bin Laden.

Does anyone know what's happened regarding the Hess Company's employees' contributions to mcCain? Is that being investigated at all?

Benen is likely to be too modest to mention this, but Think Progress had this little tidbit, early in the morning (I only got to it now, tough):

Last week, The Rachel Maddow Show was the No. 2 program in cable news in the age 25-54 demographic and in total viewers at 9pm, beating CNN’s Larry King Live. “On Friday, Maddow’s was the #1 show in the demo at 9pmET topping a “Hannity-less� Hannity and Colmes.

There must be more young Carpetbagger/Wash.Monthly faithful "out there" than I knew :)

Bruno, @ 20:29,

At the moment, it's the *Repubs* who are trying to load the bill with -- totally unrelated -- extras (like "drill here, drill now"). All Dems are doing (it seems) is a) trying to comprehend where the eff the money is gonna end up and b) trying to put some brakes (aka oversight) on Paulson's Plan, aso known as Bush's Bailout.

Plus, there are now enough counter-plans to keep them jawing till Christmas or, at the very least, till Nov 4. And, if the sky doesn't fall by then... The urgency to jump into that sh..-pile head first, without even the time to hold one's nose, will prove to have been a false urgency. nd I'm OK with that. In fact, the more they talk -- without signing away our future to the fifth generation -- the happier I am.

"We can create jobs like FDR did because our infrastructure is falling apart and that is where the $700 billion should go not bailing out the wealthy or the shadow banking system."

Unfortunately, because the labor laws and unions that protect us also would prevent FDR types of job creation unless the labor laws were thrown out.

To exlibra
I hope your prediction comes through.... about being able to drag it out until the election.

Personally, I do not think that the crisis is as bad as the Bush administration makes it to be. I think that we can easily wait for a serious solution until the next President is in office (President Obama) I don't think we need a solution right now, immediately.

As mentioned by ajjp... Private companies are perfectly capable of taking care of this mess, without the government interfering. IF the government needs to step it, in NEEDS to be with an equity stake, and Government oversight, and a Board that oversees the entire debacle. The White House can appoint ONE person (Paulson) and the Senate can appoint 4, and the same in the House. A total of 9 Board members.

I'm sure that IF congress has the balls to wait until the end of the week, that more information will come out, and things will work out, WITHOUT having the do the Bush crazy plan.

The New York Times article states: They said Mr. Davis’s firm, Davis & Manafort, had been kept on the payroll because of Mr. Davis’s close ties to Mr. McCain, the Republican presidential nominee, who by 2006 was widely expected to run again for the White House.

Instead of hammering McCain's claim that Davis didn't work for Freddy Mac, or that he didn't take a salary.... The Democrats SHOULD hammer away on the fact that Freddy Mac was buying future influence with McCain by keeping Davis on the payroll. It didn't matter that he didn't perform any work now. He's expected to produce results when McCain becomes President.

Of course McCain will NOT be President, but that's the gamble they take. Freddy Mac was buying access to McCain. Let McCain spin that one.

My feeling is that the Republicans are trashing the treasury in spite--nothing derails the common good like crippling debt. Words cannot describe how loathsome these Republicans are. Anyone who cares so little about the welfare of the nation, or the welfare of its citizenry cannot in actuality call themselves citizens.

These same despicable people demand birth certificates of the dark-skinned, and speak with enameled flag-pin-buttressed egos, and yet they are more traitorous by far than enemy foreign enemy faced--they are trying to destroy the New Deal.
And they call themselves Christians. Hypocrisy never had such outspoken advocates. Propping up Palin while they rob us blind.

Bastards.

Rant off.

wbn says:
Unfortunately, because the labor laws and unions that protect us also would prevent FDR types of job creation unless the labor laws were thrown out.

What a crock. Labor laws and unions would prevent a 21st century New Deal?

Please. You mean the globalists, the supply side trickle down, republican fiscal conservatives would prevent that from happening.

They have demonstrated over their 35 + years of economic philosophical dominance they would rather allow business hire illegal labor at a fraction of the cost, or ship jobs overseas to bolster their bottom line rather than pay the American worker a decent living wage, which truly PUTS COUNTRY FIRST.

Labor laws and unions are the problem? Take your silly argument to the Drudge Report please.

Paulson had this plan ready in july.

As an additional measure, the SEC temporarily banned short-selling of financial companies' shares until Oct. 2, while the U.K. and Germany took similar steps. Additionally, the feds also proposed to guarantee up to $2 trillion in money market funds by infusing $400 billion into FDIC to prevent further flight from the nation’s money markets.

The bazooka plan that Paulson threatened in July, but hoped would never have to be put into action, now emerged more powerful than ever.

Did Bush and the White House know? Probably.

I've always been a sucker for an elegant turn of phrase, so this little bit by th Votemaster at the Electoral Vote had me snorting juice all over the keyboard:
President Bush has said that there will be dire consequences if the Paulson plan is not adopted immediately. However, even legislators who were easily cowed during the run-up to the Iraq war are beginning to show something that might, given enough time, possibly, eventually develop into something resembling a proto-spine.

Bruno, @22:09

I agree with you; I don't think there's as much of an emergency as we've been led to believe. To the execs, maybe. But not to the country or the world. We're being stampeded into a corral, by a few hustlers with smoky torches who hope that, in our panic, we'll think we're escaping a real fire and running into an open prairie.

As to whether they'll be able to hold off any final decisions till Nov 4... There's, I think, at least a 50/50 chance. All we now remember about the I-wreck situation is the unseemly haste but, still, it took 2-3 months. While now we have to hold off for less than two. Add to that that, in the case of I-wreck, nobody thought it would take years and trillions, while now everyone's pocketbook is being assaulted immediately -- that's something that even the Repubs can understand. Add to that that, in '02, a lot of people still trusted this mal-administration, while now many have had to readjust that opinion.

So, yes. I *do* think that the longer we hold off, the more likely it is that reason will begin to reassert itself over the animal panic. And the better our chances will be of dumping this mess into Obama's lap. Whether he'll thank us for it...

This, from today's NYT:
But Wall Street, its lobbyists and trade groups are waging a feverish lobbying campaign to try to fight compensation curbs. Pay restrictions, they say, would sap incentives to hard work and innovation, and hurt the financial sector and the American economy.

This is rich, no pun intended. Sapping incentives that led to the current "innovations" is exactly what is needed.

The greed, the greed.

* I haven't seen a mea culpa from a congressional candidate like this in quite a while.

There is so much more dirt on Rep. Feeney than his association with Abramoff. See www.bradblog.com