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Deal Stalls, Talks Continue Into Night

Hours after some key congressional leaders said the $700 billion Wall Street bailout was all but signed, chafing from some members -- including House Republicans -- has stalled the bailout's forward progress, sending talks into the night.

At the moment, Treasury Secretary Hank Paulson is hudding in a conference room off the Senate chamber with Sen. Chris Dodd (D-Conn.), Rep. Barney Frank (D-Mass.), Sen. Judd Gregg (R-N.H.) and Rep. Spencer Bachus (R-Ala.) in an effort to hammer out some form of acceptable compromise.

Bachus said he has not been authorized to negotiate on behalf of his caucus, so his purpose at the meeting is unclear.

Earlier in the day, Bachus drew criticism from Frank, who appeared the most optimistic of all that a deal was about to be struck. Frank said that in bi-partisan meetings today, Bachus had no questions about the bailout deal, but afterward raised concerns with the press that Bachus said came from him and Sen. John McCain (R-Ariz.), who suspended his presidential campaign to participate in the bailout talks.

The meeting underway started a little after 8 p.m. tonight and a statement is anticipated near 11 p.m.

Sen. Lindsey Graham (R-S.C.) wandered by the meeting and staged an ad hoc press conference, blasting the proposed bailout deal.

"We would like to get a program in place people can buy into," said Graham, a longtime McCain ally. "We're not for the Paulson proposal," Graham said.

-- Lori Montgomery

By Frank Ahrens  |  September 25, 2008; 10:07 PM ET
Categories:  The Ticker  
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Next: No Deal Yet, Talks Resume Tomorrow

Comments

And according to this article, McCain is not in the room where the negotiations are taking place. At this point, it is not absurd to ask if there is some sort of backroom deal with the Republicans stalling until they can figure a way to give McCain credit.
These negotiations should take place in public- I am sure C-SPAN would behappy to provide 24 hour coverage.

Posted by: skeptic | September 25, 1908 10:27 PM | Report abuse

The Congress does not have the power to transfer this much power to the Executive Branch, without amending the Constitution. This bailout of Wall Street robber barons is a massive restructuring or our government and financial systems that should not be made without modifying the Constitution.

This move will change the entire power relationship between the Congress and the Executive Branch, as well as the power relationship between American citizens and our government. To give governmental powers and obligations to financial institutions over our populace is clearly outside of the realm of the Constitution.

There is no sunset provision on many of the main powers granted by this legislation and thus these powers will become a permanent change to our government.

Let's face the truth and respond accordingly. The same political sellouts in Washington, DC who have been giving big business and liberal social agendas anything they want have been doing the same behind the scenes by removing most of the laws and regulation management on that level as well.

Over the last ten years they have removed or ignored most of the regulations that were put in place to assure another great depression never happened again.

They are desperate for more power and money to delay the inevitable and to assure that your average American citizen takes on most of the burden! Including bailing out foreign banks that are in the U.S.!

So, we have a President with approval ratings in the low 20 percentiles rushing out to ask a Congress with a 9% approval rating to give them unprecedented powers, amnesty from oversight and court prosecutions, and another 700 Billion+ dollars guaranteed by the taxpayers and the full force of the American government to extract that money and interest from us all. They have made slaves of us!

They say the power and funds must be delivered within days to avoid a global economic meltdown that will have dire consequences for us all.

It's a shame to think that there are many Americans left in our nation who believe a word of what comes out of the mouths of any of these traitors in the Bush administration. Politicians in Washington, DC are fearful of losing their jobs if the true economic consequences manifest BEFORE election day, instead of after, and thus the politicians give the appearance of doing something huge.

First, there is no assurance or even likelihood that this unprecedented bailout and amnesty for Wall Street traders will work. They have already thrown hundreds of billions of dollars of your money into bailouts for Barons, Fannie Mack, Fanny May, and AIG. The 700B+ more they claim they need this week is probably what they estimate is needed to prevent the collapse till after Nov 4, 2008 which is election day.

The requested bailout bill would establish unprecedented powers for the Executive Branch to keep borrowing large sums, many analysts believe that the true costs could range between 1 to 5.5 Trillion dollars of your money!

They want the power to designate private financial companies and banks "as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them" (Sect. 2-B-3).

Upon passage of this legislation, going to the bank will be similar to going to the DMV, tax offices, or any government agency. The banks will be more under the control of the Executive Branch and inversely your bankers will be your government. MORE FREEDOM TAKEN AND BIG BROTHER WATCHING!!

The secretary will be allowed to buy and sell mortgage securities and then use the funds from any sales to pay for administrative costs and other measures in this program, instead of returning the funds to the taxpayers.

The real kicker is found in Section 8, where it reads "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."

No more power and money in exchange for their failures!

Let the financial chips fall where they may and let the market corrections occur and if the consequences for the American public are dire, let us shift through the ashes and rubble of their greed and the excess created to determine how and why this happened. Let Congress use their investigatory power to launch inquiries to determine who should have their assets seized and who is going to prison for this treachery.

This monopoly game is over. It is time to enforce the rules and start over. It is time for many of those in high places to go to jail!

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Posted by: AJAX | September 25, 1908 11:25 PM | Report abuse

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