Capitol Hill Talks Continue

Negotiations on Capitol Hill continued today on the Bush administration's plan to stabiliize the U.S. financial system. Democratic leaders said that staff aides are working through some of the issues early in the day and the high-level negotiations involving members of Congress will come later. One member of the Democratic leadership said they hope to finalize a deal within 24 hours and vote Sunday or Monday. Some elements of the plan being advanced by House Republicans will be added to the compromise package but much of the work is still on the proposal made by Treasury Secretary Henry M. Paulson Jr., with provisions added by Congress Thursday for protecting taxpayers equity, limiting executive pay and requiring oversight. House Democrats are expected to meet at some point later today to discuss the progress of the negotiations.

--Paul Kane

September 27, 2008; 1:20 PM ET  | Category:  business
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So, they are close to a deal. But it still sounds like the same deal, with the cash-for-trash auctions that led Robert Shimer of the University of Chicago to say "this is fundamentally no different than giving taxpayers' money to owners, managers, and debt-holders of firms that made the worst decisions."

I guess we as a nation deserve the abuse we are about to get, because our government knows that if they just hideout for a couple days, they can just ram through the program everyone found so objectionable earlier this week. But what did my daughter do to deserve this?

Posted by: Pilgrim | September 27, 2008 2:06 PM

How will government intervention in markets restore confidence?

Who has confidence in Government?

The medicine proposed is worse than the ill.

From Presidential candidate Chuck Baldwin:

If George W. Bush, John McCain, or Barack Obama had any honesty and integrity, they would approach the current banking malady in much the same way that President Andrew Jackson did. In discussing the Bank Renewal bill with a delegation of bankers in 1832, Jackson said, "Gentlemen, I have had men watching you for a long time, and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out."

What President Andrew Jackson said to the bankers in 1832 is exactly what an American President should say to these criminal international bankers today. But what George Bush, John McCain, and Barack Obama want to do is provide amnesty for the international bankers, just as they want to provide amnesty for illegal aliens. I say, No amnesty for Wall Street, and no amnesty for illegal aliens, either. Instead of sending these banksters on extended vacations to the Bahamas with millions of taxpayer dollars in their pockets, we should be sending them straight to jail!

More from Chuck:

Posted by: JohnKing | September 27, 2008 2:40 PM

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