Dems Blast McCain, House GOP for Stalling Bill

In a news conference on Capitol Hill still underway, Senate Majority Leader Harry Reid (D-Nev.) said "the insertion of presidential politics has not been helpful. I repeat: The insertion of presidential politics has not been helpful."

Reid went on to say that several days ago, he asked Sen. John McCain (R-Ariz.) where he stood on the bailout, "but all he has done is stand in front of the cameras."

Reid started by saying that "it's fair to say" that progress is being made on a compromise as staffs are meeting now to hammer out language. The obstacle, he said, is House Republicans.


Appearing with Reid was Sen. Chris Dodd (D-Conn.) who said he will distribute a seven-page "discussion draft" of the $700 billion Wall Street bill, which he cautioned is not yet a bill.

The schedule Reid laid out for passage of the bill:

- Get it drafted by midnight tonight.
- Stay in session through the weekend.
- Vote on it Monday or Tuesday.

On Wall Street, after stumbling out of the gates this morning, opening down triple-digits, the Dow has climbed back up to nearly even on the day, following President Bush's assurance that a bailout deal will be done.

UPDATE: 11:19 a.m.

From The Post's Paul Kane:

After walking out of negotiations last night, House Republicans have announced today that they will re-enter the bailout talks. Rep. Roy Blunt (R-Mo.), the minority whip, has been appointed to represent the House Republicans, taking the place of Rep. Spencer Bachus (R-Ala.), the ranking member of the House Financial Services Committee. Bachus told a bipartisan group of negotiators last night that he did not have the authority to talk on anyone's behalf.

-- Frank Ahrens


September 26, 2008; 11:13 AM ET  | Category:  business
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Comments

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I think part of the issue is the framing of the discussion. Someone on Bloomberg said it would be better to call this a Bridge Loan rather then a bail out. And as with any loan put specific conditions and goals for it to be paid back including putting up highly rated mortgage assets first, no dividends to stock holders, etc etc. For once put the taxpayer first with the upper hand not the sucker being taken for a ride.

Posted by: NYC | September 26, 2008 11:18 AM

This is so surreal.

We have the President warning us of impending economic doom if he doesn't get what he wants yesterday!

We heard the exact same message when we HAD to invade Iraq, when we HAD to pass the Patriot Act, and when he needed to wiretap america, otherwise there would be no Washington anymore.

These things were forced down our throats, under calls of being traitors or unamerican if we so much as suggested to slow things down a bit, take a closer look.

Funny how since we were first told about the need for a bailout or we would die, life has simply gone on.

If the republican congress had paused and debated the afore mentioned issues with the same attention and discussion and fact checking and pondering all alternatives and opinions ...America wouldn't be in this position to begin with.

I hope it will be 50 years before republicans can get as much as a sniff of the White House.

Posted by: Gary P. | September 26, 2008 11:20 AM

bear in mind that the CEO of Freddie Mac (Franklin Raines) (you know, the company that started this whole snowball) is deep in bed with Senator Barack Hussein Obama. Franklin is a large supporter of Obama’s campaign, and Obama’s campaign manager's lobbying firm is still being paid by Freddie Mac

Click on the link below to view this video.

If the link doesn't launch the video, copy and paste the link into your browser's address bar and hit "enter."

http://www.comcast.net/data/fan/html/popup.html?v=867700934

Posted by: gop | September 26, 2008 11:21 AM

Why do the Post's headlines always read "Dems 'blast' the Republicans"? Why do you almost never report on the Republicans "blasting" the Democrats? The blasts go both ways, you know.

Posted by: RODOM | September 26, 2008 11:22 AM

Click on the link below to view this video.

If the link doesn't launch the video, copy and paste the link into your browser's address bar and hit "enter."

http://www.comcast.net/data/fan/html/popup.html?v=867700934

Posted by: bigmess | September 26, 2008 11:23 AM

It's a good thing that house Republicans stopped this bill, not a bad thing. Reid was so angry he couldn't even speak yesterday. Hmmm, and I thought McCain was the angry man... the truth has a tendency to float to the top eventually. Reid is simply POd because he looks as helpless and ineffective as he truly is.

Posted by: HawaiianGecko | September 26, 2008 11:25 AM

Remember its Frank and Dodge who were asleep at the wheel that encouraged the risky loans in the first place.
Why should we taxpayers foot the bill, what is wrong when the democrats agree with the president. This can only mean trouble. When Harry Reid one day say's it's important that mccain be there and when he shows up, its no longer important. This wasn't a game by Reid in my impression so why are so many idiots wanting both mccain and obama to put a stupid debate on rather than do the job we voted them for. When both candidates are not in washington but campaigning, they are absent from their responsibilities.

Posted by: Emily | September 26, 2008 11:26 AM

"Why do the Post's headlines always read "Dems 'blast' the Republicans"? Why do you almost never report on the Republicans "blasting" the Democrats? The blasts go both ways, you know."

So blast away. This is the comments section. Why do Republicans always whine about bias in the articles instead of addressing the issues? If you had something significant to say, presumably you would say it instead of crying "bias" and holding your breath.

Posted by: Potter | September 26, 2008 11:26 AM

Bush's Rovian thugs controlling McCain are taking credit while Republicans are walking out because they can't stand the idea of oversight, help for homeowners and limiting huge windfalls for CEOs

No more years

Posted by: Roy | September 26, 2008 11:28 AM

In my latest nightmare my cynical mind says that Bush and the republicans actually put the brakes on any deal behind the scenes so that a solution to the financial crisis could be secretly handed to McCain who would mouth it when things got really messy. Hey presto! solving the impression that he has no economic sense. True or no, this is what comes to mind whenever the words, republican, Bush , McCain appear anywhere near each other.

Posted by: Bob Sterry | September 26, 2008 11:28 AM

Who do the dems put in charge? Barney Frank, whose boyfriend at FANNIE MAE was responsible for allowing FANNIE MAE to back subprime loans without income check and no documentation. Barney Frank, who Bush administration and Congressional Republican efforts for the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis.[28] Under the plan a new agency would have been created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry. "These two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis," Frank said. He added, "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.

Then there is Harry Reid, mob lawyer. Then Chris Dodd, who got a "friends of Angelo" loan from Countrywide Mortgage.

The dems are nitwits.

Posted by: Karen | September 26, 2008 11:30 AM

Of course, the Republicans are stalling! The hiatus on the campaign is critical for them because McCain is bleeding voter support in the polls and dares not face the public (or Obama) in the debate since he has been caught so short on the economy/economic policy. They also need to stall the VP debate since Palin is so out of her element when confronted with unrehearsed questions (see the Couric interview on CBS several days ago)!

While some of the points of the framework for the bailout agreement are reassuring, the devil will definitely be in the details.

And there is nothing in the proposed framework about oversight, re-regulation, and transparency of the financial institutions and their instruments, or taxation of corporations. Both elements need to be included. Both are critical. The GAO reported in August that 72% of all corporations doing business in the US paid $0 taxes during the period 1997-2005 (that included 58% of all domestic corporations). Since taxpayers are obviously assuming all the corporate risks, the corporations damn well need to be paying AT LEAST the same percentages of tax that individuals do!

Posted by: Ann Shannon | September 26, 2008 11:31 AM

This is just a ploy by the repubs to inject politics into this plan to help insane McCain. Why didn't they raise these "concerns" yesterday? This dirty old man is clearly out of touch.

Posted by: bigbod8910 | September 26, 2008 11:31 AM

"

bear in mind that the CEO of Freddie Mac (Franklin Raines) (you know, the company that started this whole snowball) is deep in bed with Senator Barack Hussein Obama. Franklin is a large supporter of Obama’s campaign, and Obama’s campaign manager's lobbying firm is still being paid by Freddie Mac

Click on the link below to view this video.

If the link doesn't launch the video, copy and paste the link into your browser's address bar and hit "enter."

http://www.comcast.net/data/fan/html/popup.html?v=867700934

Posted by: gop | September 26, 2008 11:21 AM "

Bear in mind that the above post is a complete fabrication.

Posted by: tom | September 26, 2008 11:32 AM

Wasn't it Reid who said before he told McCain not to return: “We need, now, the Republicans to start producing some votes for us. We need the Republican nominee for president to let us know where he stands and what we should do.”. At least Kerry admitted that he voted FOR the 87 billion before he voted AGAINST it.Reid can't remember what he said 24 hours earlier.

Posted by: Steve in Florida | September 26, 2008 11:32 AM

Help for homeowners? No, it is for the 4% of "homeowners" who took out loans they can't afford, refinanced for a media room. Law-abiding, honorable homeowners, 100 million of us, are getting the shaft, while the bad homeowners are getting their mortgages forgiven, getting to keep their cars, built-in pools. They are allowing mortgage worth $700,000 to be forgiven under this plan. Us stupid hicks, paying the mortgage on time on $300,000 homes, are subsidizing these "homeowners" who are really home stealers.

And where does this $700 billion go? 20% goes to far left groups like ACORN and LA RAZA, who helped steer these defaulters into loans they couldn't ever afford.

Posted by: Karen | September 26, 2008 11:35 AM

the strangest thing about McCain's ridiculous stunt, maybe not stranger than lying to Letterman, who ridiculed him again last night and even got Paris Hilton into the act ("revenge is sweet" she said, recalling how she had been used), is that we still don't even know, because he won't tell us, whether he just wants more compromises to the Paulson plan or is against the whole concept and for the house republican alternative. You can't lead if you aren't part of the conversation and aren't prepared to do or say anything except stand in front of cameras and pretend to suspend your campaign and then hope no one notices you haven't.

Posted by: JoeT | September 26, 2008 11:39 AM

Everyone just needs to calm down. John McCain assured us less than two weeks ago that the fundamentals of the economy are strong. I'm sure he's right. I mean, the man's not a complete imbecile. Is he?

Posted by: Jstir | September 26, 2008 11:41 AM

We need Sarah Palin to come and clean up this mess. She lives very close to her neighborhood bank and therefore is an expert on banking.

Posted by: Jstir | September 26, 2008 11:43 AM

Bigmess & gop,

Thank you for that link, I guess that says it all.

In closing, the video once again proves Sen.Reid to be the manipulating liar that we all he is.

Reid quote today 9-26,
"This is not our fault"

Posted by: Bishop TuTu | September 26, 2008 11:45 AM

McCain polarized the situation by inserting himself in talks about economic and banking issues about which he admittedly is not expert in and so far he has had nothing to contribute.

The idea that these candidates can “suspend” their campaigns 40 days before the election is moronic. We need to judge how they think under pressure and formulate a plan for our nation''s future.

McCain has slowed down, frustrated and aggravated this dire problem by putting his ego and misplaced sense of duty above the needs of our country. If that was not his intent, then he surely lacked good judgement.

Obama’s assessment of how presidential politics could be divisive was correct, as was his request that he and McCain issue a joint statement agreeing to be supportive of a bipartisan solution. He is also correct in wanting the debate to go forward. Although he may not have come up with an instant solution (gee, who has?), at least he showed a reasoned sense of responsiblity and did not grand stand at the expense of making things more complex than they already are.


Posted by: Madeleine | September 26, 2008 11:48 AM

The Democrats are the ones being partisan and political, by hyperventilating over McCain ever since he pulled his little dramatic move.

But the reality is that this bill is wrong. The Republicans are right and I don't think McCain is really behind it either.

The system is collapsing and the financial sector major players are either on the ropes or failing. But there is a reason for this, and the reason isn't some cute technical banking issue that is such that by propping up the banks and buying their toxic portfolios will make these problems better.

Several sectors of our economy are due for a collapse and/or contraction for problems related to the banking crisis. Bailing out the banks by buying their self-inflicted investment portfolios will not fix those problems.

Several sectors of our economy are headed for collapse and/or contraction. Jumping in with this bailout is a selective bailout that helps Wall Street but ignores the larger problems that still exist.

The Bush-backed Paulson bailout is like, if several wings of a house is on fire, all the firemen dropping their hoses and rushing in to prop up the doorways on the argument that it will allow firemen to run around with hoses and help put out the fire. (1) it's not putting out the fire itself, and (2) it's a distraction from putting out the fire itself. The $700 billion payout is Wall Street welfare, period.

With the economic problems that are unfolding, parts of our economy will collapse (are collapsing). That is clear. What is not clear is that it benefits America to dump a lot of money into Wall Street right now. Moreover, saving Wall Street's investment portfolios and putting money back in financiers' pockets after they have already gambled it, won't stop the collapses. All it does is use taxpayers to put money back in financiers' pockets that they have already gambled and lost.

The Bush-Paulson approach is extremely arrogant. It says: the system will collapse if we don't bail out Wall Street and the system might collapse even if we do bail it out. What they aren't saying is the truth: that the system will collapse whether or not we do this bailout.

What is troubling is not that a clutch of Republicans in the House are rebelling or that McCain is being called a "spoiler" for the fact that his presence has suddenly cast public light on the fact that Republicans were unhappy with this deal and it was the Democrats who were voting for it, what is troubling is that the Democrats are all on board for it.

The economy (big parts of it) are collapsing. This has been happening for over a year now. For Bush-Paulson bailouts to suddenly assert themselves, declaring we need to bail out Wall Street now, is cynical at best and ripping off the taxpayer at worse.

Let the process unfold without the predatory scams of Wall Street financiers who come up with sudden, terrifying explanations as to why we need to buy all their bad paper now "or else". We have to accept the "or else" because a collapse will happen whether or not Wall Street succeeds in persuading Congress to go along with this taxpayer-funded bailout scam.

Posted by: AsperGirl | September 26, 2008 11:48 AM

Whether you are a republican or not, how can our country
possibly vote for a man who believes this?

From the two books by these names...

.

From Dreams of My Father: 'I ceased to advertise my
mother's race at the age of 12 or 13, when I began to suspect that by doing
so I was ingratiating myself to whites.'

From Dreams of My Father : 'I found a solace in
nursing a pervasive sense of grievance and animosity against my mother's
race.'

From Dreams of My Father: 'There was something
about him that made me wary, a little too sure of himself, maybe. And
white.'

From Dreams of My Father: 'It remained necessary
to prove which side you were on, to show your loyalty to the black masses,
to strike out and name names.'

From Dreams of My Father: 'I never emulate white
men and brown men whose fates didn't speak to my own. It was into my
father's image, the black man, son of Africa ,( he lies here he has no
african roots) that I'd packed all the
attributes I sought in myself , the attributes of Martin and Malcolm,
DuBois and Mandela.'

And finally the most ALARMING one of them all...

From Audacity of Hope: 'I will stand with the
Muslims should the political winds shift in an ugly direction.'

We CANNOT have someone with this type of
mentality running our great nation! I don't care whether you're a Democrat,
Republican or an Independent; We cannot elect this man into the most
powerful position in the United States of America...President.

Posted by: Jennifer | September 26, 2008 11:50 AM

Karen: while there are certainly those who should never have applied for (and never should have been approved for) the loans they got, innocent Americans are now in the same predicament when they lose jobs, have health setbacks, have to relocate or have lots of things happen to them, and have to sell their homes, only to find that because of the meltdown, they aren't worth what they owe on the mortgage. that's not their fault, they were making the payments on loans they were perfectly qualified for, and in any normal market could have sold and moved to a smaller place, rented, or whatever. those are the innocent victims, and there are many more of them than the ones you describe. I know, I am one. I lost a job, will get another in another location, and have listed my house at a price that will result in losing the 20% equity I had and require me to come out of pocket to pay the bank. I have no problem making the payments, but I have to move, so I have to sell.

Posted by: JoeT | September 26, 2008 11:52 AM

I wonder which democrat is charged with responsibility of calling Obama, and telling him its OK you can vote present for the 161st time.

Maybe this financial issue, is above Obamas pay grade.

Posted by: Bishop TuTu | September 26, 2008 12:02 PM

Jennifer, I bet you're really good at pulling passages out of context from the Bible, too. God forbid Obama should be honest about what's it was like to grow up biracial. We'd much rather have our candidates lie and evade the press, right?

Posted by: ETH | September 26, 2008 12:02 PM

Republicans always hype their own hyperbole. They are only for the rich and connected. You fools who are middle class or lower are so stupid to follow their ideology and think they are for your values. You will never be on their level and they want it that way. Just keep voting for them and suffer the consequences. If you look around, minorities are doing just fine and it won't be long before they are the majority and the ask kicking will really begin.

Posted by: REPUBLICAN HYPE | September 26, 2008 12:03 PM

I don't care what they call it, a "bridge loan" or "bailout". I for one will not support any candidate who votes in favor of this bill, resolution, draft, or whatever they want to call that. Why should we as americans put up $3,000 of our own money; that the majority of us need in these desperate times, to help finance some wall street, banker, criminal's mistakes. We've already paid over 400 billion for the other collapsing financial institutions, now you want 700 billion, I for one tell those people where to stick their 700 billion. I got a great idea, instead of spending 46 billion dollars a month in Iraq, how about use that money, or the CEO's of those companies each sell 2 of their houses, and you'll get close. All day long these people speak of free markets, deregualtion, and softer (ie. no oversight) oversight on the Federal Reserve, until they make colossal mistakes and bankrupt 1/4 of our economy, then how quickly they turn into Socialists. I think Ben Bernanke, and Henry Paulson should be banished to an island, like Napoleon. Find another country to destroy

Posted by: steve | September 26, 2008 12:09 PM

gop wrote: "bear in mind that the CEO of Freddie Mac (Franklin Raines) (you know, the company that started this whole snowball) is deep in bed with Senator Barack Hussein Obama. Franklin is a large supporter of Obama’s campaign, and Obama’s campaign manager's lobbying firm is still being paid by Freddie Mac"

gop, keep in mind that McCain's campaign manager was on Freddie Mac's payroll until *last month.* For doing no work at all, apparently.

Posted by: drossless | September 26, 2008 12:13 PM

The level of ignorance and selfishness displayed in most of these posts (not you, Joe T.) is both dismaying and remarkable. Will you folks please go to your local library and read the history of the Great Depression, the panic of 1907, etc. If we stand around long enough with our hands on our hips, there's a fair chance we'll see an unprecedented economic meltdown. Are you all ready to roll the dice on that? I'd rather be on the hook for $10,000 per person now. The challenge is to find an approach that can work and that does the best job possible of minimizing the cost. But getting into stupid political fingerpointing contest will not deliver what is needed.

Posted by: savage64 | September 26, 2008 12:14 PM

It's becoming obvious that people like (former presidential candidate) Sen. Dodd are going WAY out of their way to prop up Obama's campaign.

Makes one wonder if they see something in the election polls that we are not aware of.

Posted by: jodi | September 26, 2008 12:32 PM

The U.S. invasion, known as Operation Detachment, was charged with the mission of capturing the airfields on Iwo Jima.[1]

The battle was immortalized by Joe Rosenthal's photograph of the raising of the U.S. flag atop the 166 meter (546 ft) Mount Suribachi by five Marines and one Navy Corpsman... From Wikipedia

FRESH OFF THE PRESS!!!!

OPERATION DETACHMENT FAILED! No McCain Flag Planting on Hill.

Posted by: OPERATION DETACHMENT FAILED! | September 26, 2008 12:56 PM

George F Will.."McCain has lost his head"

If anybody finds it can you PUNT it to Mississippi please?


(Today) Thank you someone for punting.

Posted by: Thank you for punting | September 26, 2008 1:39 PM

What a power and money hungry candidate we have in Obama....totally untrustworthy, loving himself only...certainly NOT a Patriot of any kind.

PUMA DEM for Mc Cain and Palin.

Posted by: Paul | September 26, 2008 3:58 PM

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