Top Items:
Paul Krugman:
No deal — I hate to say this, but looking at the plan as leaked, I have to say no deal. Not unless Treasury explains, very clearly, why this is supposed to work, other than through having taxpayers pay premium prices for lousy assets. — As I posted earlier today, it seems all too likely that a …
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Larisa Alexandrovna / The Huffington Post:
Welcome to the final stages of the coup... In 2000, the long fought for and long admired democracy of the United States of America began a slow and steady decline toward fascism - a Bush family tradition - with the installment of a president - a man the citizens overwhelmingly rejected …
David M. Herszenhorn / New York Times:
Administration Is Seeking $700 Billion for Wall Street Bailout — WASHINGTON — The Bush administration on Saturday formally proposed to Congress what could become the largest financial bailout in United States history, requesting unfettered authority for the Treasury Department to buy up to $700 billion in mortgage-related assets.
New York Times:
Text of Draft Proposal for Bailout Plan — LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS — Section 1. Short Title. — This Act may be cited as ____________________. — Sec. 2. Purchases of Mortgage-Related Assets.
Discussion:
Mish's Global Economic …, Firedoglake, NION, Dealbreaker, The RBC, TPMCafe and PointOfLaw Forum
Calculated Risk:
NY Times Makes a Funny — From David Herszenhorn at the NY Times: $700 Billion Is Sought for Wall Street in Massive Bailout … I hope you laughed. I did. A little gallows humor. — And, yes the cost is still unknown, but there is no way that the taxpayers will profit.
Glenn Greenwald / Salon:The complete (though ever-changing) elite consensus over the financial collapse
Ian Welsh / Firedoglake:
Hank Paulson To Dems: Not Allowing CEO's to Keep Multi-Million Dollar Salaries Is A “Poison Pill” — Glad to see Paulson and the Republican Party are looking after Wall Street first: … A poison pill? The executives who drove their banks into insolvency won't let the government save …
Discussion:
Alas, a blog
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David Rogers / The Politico:
Dems on bailout: Include homeowners — Democrats are drafting a joint House-Senate bill to expedite action on the Treasury Department's $700 billion rescue plan for the financial markets but want the government to use its new leverage to slow foreclosures and cap compensation …
Discussion:
TPMCafe
Peter Baker / New York Times:
A Professor and a Banker Bury Old Dogma on Markets — WASHINGTON — For the last year, as the nation's economy lurched from crisis to crisis, the chairman of the Federal Reserve, Ben S. Bernanke, had been warning Henry M. Paulson Jr., the Treasury secretary, that the worsening situation might ultimately force …
Elizabeth Williamson / Wall Street Journal:Lobbyists Scramble to Sway Deal
Discussion:
Talking Points Memo
Peter S. Goodman / New York Times:But Will It Work? — As the federal government steps to the center …
Patrick Healy / New York Times:
Pact on Debates Will Let McCain and Obama Spar — The Obama and McCain campaigns have agreed to an unusual free-flowing format for the three televised presidential debates, which begin Friday, but the McCain camp fought for and won a much more structured approach for the questioning …
CNN:
Cheney must preserve records, judge orders — WASHINGTON (CNN) — Vice President Dick Cheney must preserve a broad range of records from his time in office, a federal judge ordered Saturday, ruling in favor of a private watchdog group. — U.S. District Judge Colleen Kollar-Kotelly found …
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Brooks Jackson / FactCheck.org:
Obama's Social Security Whopper — He tells Social Security recipients their money would now be in the stock market under McCain's plan. False. — In Daytona Beach, Obama said that “if my opponent had his way, the millions of Floridians who rely on it would've had their Social Security tied up in the stock market this week.”
Discussion:
The Swamp
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Andrew Malcolm / Top of the Ticket:
Sarah's Surprise: Palin to meet world leaders at U.N. next week — Alaska Gov. Sarah Palin will meet in New York next week with Afghanistan President Hamid Karzai, among other world leaders scheduled to visit the United Nations annual autumn General Assembly Session.
Discussion:
protein wisdom
Sebastian Mallaby / Washington Post:
A Bad Bank Rescue — With truly extraordinary speed, opinion has swung behind the radical idea that the government should commit hundreds of billions in taxpayer money to purchasing dud loans from banks that aren't actually insolvent. As recently as a week ago, no public official had even mentioned this option.
Julia Hoppock / Political Punch:
Oh, That Joe! (No. 14 in a Series) - Biden Says Obama Won't Take His Beretta — Sen. Barack Obama better not mess with his running mate Joe Biden's guns...or else. — In an out-of-nowhere attempt to re-assure a southwestern Virginia labor crowd about gun owners' rights, Biden …
Discussion:
Michelle Malkin, Hot Air, www.redstate.com, Political Machine, The Caucus, TigerHawk and New York Times
Al Giordano / The Field on the Narcosphere:
The AP's Ron Fournier: Racial Arsonist and Unethical Journalist — Deep-seated racial misgivings could cost Barack Obama the White House if the election is close, according to an AP-Yahoo News poll that found one-third of white Democrats harbor negative views toward blacks - many calling them …
Discussion:
The New Republic, NewsBusters.org, Jack & Jill Politics, Prometheus 6, Newshoggers.com, Tom Watson, Jules Crittenden and Althouse
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