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7:30 PM ET, September 29, 2008

memeorandum

 Top Items: 
Paul Krugman:
OK, we are a banana republic  —  House votes no. Rex Nutting has the best line: House to Wall Street: Drop Dead.  He also correctly places the blame and/or credit with House Republicans.  For reasons I've already explained, I don't think the Dem leadership was in a position to craft a bill …
RELATED:
Paul Krugman:
Bailout questions answered  —  I'm being asked two big questions about this thing: (1) Was it really necessary?  (2) Shouldn't Dems have tossed the whole Paulson approach out the window and done something completely different?  —  On (1), the answer is yes.
Chris Isidore / CNNMoney.com:
Bailout plan rejected  —  House leaders scramble for support for controversial Wall Street plan.  —  NEW YORK (CNNMoney.com) — The fate of the Bush administration's $700 billion financial bailout plan was abruptly thrown in doubt Monday as a House vote turned against the controversial measure.
Alexandra Twin / CNNMoney.com:
Stocks crushed  —  Dow down 778, worst point drop ever, after the House rejects the $700 billion bank bailout plan.  —  NEW YORK (CNNMoney.com) — Stocks skidded Monday afternoon, with the Dow's nearly 778-point drop being the worst single-day point loss ever, after the House rejected the government's $700 billion bank bailout plan.
David Kurtz / Talking Points Memo:
THAT MEAN, NASTY NANCY PELOSI
Discussion: Spin Cycle and TheZoo
David Kurtz / Talking Points Memo:
IT HURT THEIR FEELINGS?  —  Rep. Barney Frank (D-MA) …
Marc Ambinder:   A Failure To Communicate (What We Have Here)  —  John McCain has a fundamental problem.
Jeffrey Goldberg:
Sarah Palin Endorses Hamas  —  How can it be that some people still pretend that Sarah Palin is suited for high office?  This country has never seen someone so comprehensively unprepared for the vice presidency; Dan Quayle was Metternich by comparison.  I've watched Sarah Palin's interview …
RELATED:
Jonathan Martin / Jonathan Martin's Blogs:
In reintroduction, Palin to do more interviews and “tell her story”  —  Tacitly acknowledging criticism that she's been diminished in part by an overly protective media shield, Sarah Palin will take a more forward-leaning approach and do additional interviews in the weeks ahead, a top aide said today.
Discussion: Donklephant
Howard Kurtz / Washington Post:
‘Substantive’ Press Is Taken for a Spin  —  OXFORD, Miss. — David Axelrod was surrounded by a pack of camera-toting, mike-wielding, pushing-and-shoving media types, one of whom asked whether his man Barack Obama had been “too nice” in the just-completed debate with John McCain.
Ben Smith / Ben Smith's Blogs:
More to come from Palin-Couric  —  Howie Kurtz raised some eyebrows by reporting this morning that “the worst may be yet to come for Palin; sources say CBS has two more responses on tape that will likely prove embarrassing.”  —  A source familiar with CBS News' plans clarified that this is part of the …
Discussion: The Swamp
Andrew Malcolm / Top of the Ticket:
How Democrats set Sarah Palin up to ‘win’ Thursday's VP debate
Discussion: Newshoggers.com
Mike Allen / The Politico:
McCain takes credit for bill before it loses  —  Sen. John McCain (R-Ariz.) and his top aides took credit for building a winning bailout coalition - hours before the vote failed and stocks tanked.  —  The rush to claim he had engineered a victory now looks like a strategic blunder …
RELATED:
The Politico:
McCain blames Obama for bailout defeat
Discussion: The Daily Dish
Michelle Malkin:
Nancy Pelosi's bailout attack speech on the House floor; Update: Pence statement added  —  I noted it during my liveblog of the House debate.  Here's a video sample of her crap sandwich.  As I mentioned while it was happening, she received multiple rounds of applause on the floor before and after her spittle-flecked statement.
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Ed Morrissey / Hot Air:
Breaking: Bailout bill fails, Dow roller-coasters; Update: Pelosi speech added  —  This has to be considered a shocker.  The bailout bill failed in the House, and it wasn't especially close.  The final tally was 207-226, with Democrats supporting it 141-94, while Republicans opposed it 66-132.
SilentPatriot / Crooks and Liars:
Shorter House GOP: We killed the bailout bill because Pelosi hurt our feelings
Discussion: Politics Blog
New York Times:
House Rejects Bailout Package, 228-205; Stocks Plunge  —  In a moment of historic drama in the Capitol and on Wall Street, the House of Representatives voted to reject a $700 billion rescue of the financial industry.
RELATED:
Associated Press:
House defeats financial industry bailout bill
Rasmussen Reports:
Opposition to Bailout Plan Falls Dramatically  —  As Congress prepares to vote on a proposed economic rescue plan, opposition to the measure has declined significantly.  A Rasmussen Reports national telephone survey conducted Sunday found that 33% of Likely Voters now favor the plan while 32% are opposed and 35% are not sure.
Discussion: Donklephant and Eunomia
RELATED:
Ross Douthat:
Three Scenarios  —  The best case: This is an example …
Discussion: The American Scene
Ezra Klein / American Prospect:
A FAILURE OF POLITICS.  —  The final vote was 205 in favor, 228 against.  This is a huge failure.  A revolt of the incumbents.  More Republicans voted to kill the bill than did Democrats, but not by that much.  The leadership of both parties were whipping in the bills favor.
RELATED:
Nate Silver / FiveThirtyEight.com:
Swing District Congressmen Doomed Bailout  —  This was predictable, I suppose, but it's remarkable to see how strong a relationship there is between today's failed vote on the bailout and the competitive nature of different House races.  —  Among 38 incumbent congressmen in races rated as …
Discussion: The Moderate Voice, MoJoBlog and Salon
William Kristol / Weekly Standard:
McCain's Moment  —  No one wants to take ownership of the task of rescuing the economy right now.  The Bush-Paulson plan has failed.  The administration, House Democrats, and House Republicans (above all) have all proved unable to deliver.  But there is someone who might be able to save the economy …
Jonathan Martin / Jonathan Martin's Blogs:
Obama sought rape victim for ad  —  Barack Obama's campaign earlier this month sought to find a rape victim to appear in a campaign commercial, according to an e-mail obtained by Politico.  —  Kiersten Steward, director of public policy at the Family Violence Prevention Fund …
Bloomberg:
Fed Pumps Further $630 Billion Into Financial System  —  Sept. 29 (Bloomberg) — The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.
 
 
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 More Items: 
Mark Knoller / CBS News:
Bush Administration Adds $4 Trillion To National Debt
Ian Welsh / Firedoglake:
Give Paulson 150 Billion and Come Back In January and Do it RIGHT …
Yves Smith / naked capitalism:
Mussolini-Style Corporatism in Action: Treasury Conference Call …
Discussion: Dealbreaker
David Bernstein / The Volokh Conspiracy:
EARMARKS AS A “GATEWAY DRUG”: That's what McCain said at the debate …
Tom Jensen / Public Policy Polling:
Obama takes the lead in North Carolina
Michelle Malkin:
Breaking: It's official. …
Discussion: Gateway Pundit
Josh Marshall / Talking Points Memo:
COMIC RELIEF  —  Minority Leader Boehner (R-OH) says it's …
 Earlier Items: 
Wall Street Journal:
Stocks Plunge as Rescue Plan Fails to Gain House Approval
Discussion: FP Passport and Salon
Brad Flora / Windy Citizen Full Feed:
Chicago dive bar scores hit with nude Sarah Palin portrait
Discussion: Gawker and Wake up America
David Kurtz / Talking Points Memo:
MCCAIN CAMP TO IFILL: GO EASY ON PALIN
Discussion: Harry's Place
Stanley Kurtz / New York Post:
O'S DANGEROUS PALS
Discussion: Power Line and Hot Air