memeorandum: K Drum Is Good On The Bail-Out — Kevin Drum has a useful overview … (Tom Maguire/JustOneMinute)

10:30 PM ET, September 20, 2008

Top Items:

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 …

Discussion: TalkLeft, JustOneMinute, Calculated Risk, Alas, a blog, The Sideshow, Economist's View, PoliPundit.com and RADAMISTO

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.

Discussion: Calculated Risk, Newshoggers.com, CNNMoney.com, The Caucus, Portfolio, Brian Beutler, Once Upon a Time, Matthew Yglesias, Gateway Pundit, Hullabaloo, Prairie Weather and MyDD

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: Firedoglake, Dealbreaker, Mish's Global Economic …, TPMCafe, The RBC, Law Librarian Blog, PointOfLaw Forum and The Caucus

Calculated Risk:

Bailout Proposal — Here is the proposal so far: (hat tip Michael)

Discussion: Emptywheel, Newshoggers.com, Open Left, ECHIDNE OF THE SNAKES, The Impolitic, American Street, Daily Kos and Mathew Gross

Tom Maguire / JustOneMinute:

K Drum Is Good On The Bail-Out — Kevin Drum has a useful overview of the upcoming bail-out of the financial industry; Krugman provides an interesting hand-wringer, and Dean Baker (as summarized by Mark Thoma) is useless. Let's roll Drum: … Well, yes.

Discussion: TalkLeft, TigerHawk, Economist's View, American Prospect and RADAMISTO

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 …

Discussion: Balkinization and Patterico's Pontifications

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 …

Discussion: At-Largely

Josh Marshall / Talking Points Memo:
BEFORE WE JUMP IN — There are subjects I know a lot …

Discussion: Eschaton

Atrios / Eschaton: 0 To $1 Trillion In 4 days Flat

Peter S. Goodman / New York Times:
But Will It Work? — As the federal government steps to the center …

Discussion: BAGnewsNotes

Glenn Greenwald / Salon:
The complete (though ever-changing) elite consensus over the financial collapse

Discussion: Open Left, Corrente and Stop The ACLU

Kevin Drum / Mother Jones:
Solvency vs. Liquidity

Discussion: Paul Krugman, Balloon Juice, Eschaton and Wall Street Journal

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 on Friday, but the McCain camp fought for and won a much more structured approach for the questioning …

Discussion: TalkLeft, Crooks and Liars, Pam's House Blend and Brilliant at Breakfast

Associated Press:

Poll: Racial misgivings of whites an Obama issue — WASHINGTON (AP) — 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 …

Al Giordano / The Field on the Narcosphere:
The AP's Ron Fournier: Racial Arsonist and Unethical Journalist

Discussion: Jack & Jill Politics, Tom Watson and Marc Ambinder

Allahpundit / Hot Air: AP poll: Racism among white Democrats could cost Obama the election

Nate Silver / The New Republic: Racism Costs Obama 6 Points?

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: Hot Air, Political Machine, The Caucus and TigerHawk

Jo Mannies / St. Louis Post-Dispatch:

McCain takes slight lead in Mo., new poll finds — Sen. John McCain (left) and Sen. Barack Obama — Republican presidential nominee John McCain has improved his standing among Missouri voters. — And he may have running mate Sarah Palin to thank. — McCain's growing support from women …

Discussion: FiveThirtyEight.com

Mark Leibovich / New York Times:
Meanwhile, the Other No. 2 Keeps On Punching

Discussion: Washington Post, Brian Beutler, Townhall.com, Althouse, Matthew Yglesias and On Deadline

FactCheck.org:

Scaring Seniors — An Obama-Biden ad says McCain supports “cutting benefits in half” for Social Security recipients. False! — A new Obama ad characterizes the “Bush-McCain privatization plan” as “cutting Social Security Benefits in half.” This is a falsehood sure to frighten seniors who rely on their Social Security checks.

Discussion: Viking Pundit, The Swamp, Ben Smith's Blogs, MSNBC, Wake up America, Don Surber and TRAIL BLAZERS

Brooks Jackson / FactCheck.org:
Obama's Social Security Whopper

Discussion: The Swamp

CNN:
Obama hammers McCain over Social Security

Discussion: TalkLeft, Washington Monthly, Associated Press and BrothersJudd Blog

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 …

Discussion: The Moderate Voice

Associated Press:
Judge orders Cheney to preserve records

Discussion: Political Machine and The Raw Story

Gallup:

Gallup Daily: Obama 50%, McCain 44% — PRINCETON, NJ — Gallup Poll Daily tracking from Wednesday through Friday finds Barack Obama maintaining his lead over John McCain among registered voters, by a 50% to 44% margin. — Obama has held at least a small margin over McCain in each …

Discussion: The Moderate Voice, MyDD, The Impolitic, Daily Kos, Liberal Values, Booman Tribune, Taylor Marsh, skippy the bush kangaroo and Donklephant

Jesse McKinley / New York Times:

Same-Sex Marriage Ban Is Tied to Obama Factor — SAN FRANCISCO — Could Senator Barack Obama's popularity among black voters hurt gay couples in California who want to marry? — That is the concern of opponents of Proposition 8, a measure on the November ballot that would amend …

John Amato / Crooks and Liars:

Rachel Maddow's ratings are incredible — If only MSNBC would have listened to us months ago, but at least she's there now. Move over Larry King, there's a new girl in town....Her ratings even beat Countdown a few times. — It's nice to see and we hope you will continue to tune in.

Carlotta Gall / New York Times:

At Least 40 Are Killed in Blast at Pakistan Hotel — ISLAMABAD, Pakistan — A huge truck bomb exploded at the entrance to the Marriott Hotel in Islamabad on Saturday evening, just a few hundred yards from the prime minister's house, where all the leaders of government were dining after the president's address to Parliament.

Discussion: The Huffington Post, Stop The ACLU, The Caucus, Matthew Yglesias and Truthdig