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The Rundown

1 p.m. ET: After an appropriate period of mourning for the economic bailout/rescue bill, attention has shifted this fine Tuesday to how and when to bring the patient back to life.

President Bush spoke again from the White House this morning -- he really, really means it this time -- to say that passage of a bill remains imperative. Harry Reid said the Senate definitely will vote on the package, though he didn't say when or whether his chamber would go before or after the House, where negotiations are underway to come up with a new deal and a new vote.

Barack Obama, meanwhile, appears to be in an increasingly strong position. It may just be his race to lose. (Key quote: "As best I can tell, no one running for president since 1976 who has held a consistent lead after the first debate has ever lost.") Both Obama and John McCain are calling for the FDIC to raise its limits on federally insured bank deposits.

McCain changed an initial plan to come to Washington, and is instead going to Kansas City. But he also hasn't ruled out suspending the campaign again, a la last week, if necessary to saving the rescue bill, saying this morning: "I'll do whatever I can to make this thing work."

8 a.m. ET: Politics is usually a zero-sum game, but on Monday, everyone managed to lose. Did anyone come out of yesterday's events looking better than they had the day before? Consider:

President Bush could not possibly have less clout.
John McCain seemed to take credit for a win that didn't happen. Last week's intervention by McCain in the negotiations looks worse and worse.
Barack Obama was lukewarm, and did almost nothing to help save the vote. It was his base in the House that voted "no."
Nancy Pelosi couldn't resist taking shots at the GOP, when the moment called for statesmanship.
John Boehner could only deliver one-third of his GOP Conference, and still irritated conservatives. He's in trouble.
Opponents of the bill may have won, but did they? What's their alternative as the markets collapse? Or would they rather have the issue than the deal?

The path ahead now looks murky. The earliest the House would return to take another crack at the bailout is Thursday, meaning we could have the second bailout vote AND the VP debate on the same day. To co-opt those irritating baseball commercials, "There's Only One October!"

What will McCain and Obama do? McCain will be in Iowa today, while Obama visits Nevada, but It's hard to escape the thought that if they had both returned to Washington this week, instead of last week, and each set about lobbying members of their own party, their combined efforts could have yielded the extra 12 House votes that were missing yesterday.

Instead, they've both distanced themselves from the defeat. Obama has called for Congress to keep working at it, but hasn't provided much guidance or offered much help. And McCain, amusingly, blamed Obama and his fellow Democrats for the loss, right before saying that now is not the time to blame anyone. To borrow a phrase from the McCain camp's post-debate spin -- this was definitely not a "leadership moment." For anyone.

By Ben Pershing  |  September 30, 2008; 8:00 AM ET
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COMMENTS

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I think the democrats in the white house should hold accountability for the actions and benefits they accrued from the wall st. fallout. I only hear from one tv network who openly told the viewers how this fallout came about. What is wrong with honesty and being forthright from the other two networks?

Posted by: mzha | September 30, 2008 9:36 AM

It's looking better today. The rest of the week is looking fair. You need to add some polls here to see how it's looking and shaping up. Pie charts help you see how big the pie is and how it's being sliced. It beats being diced.

Posted by: JD in PA | September 30, 2008 11:25 AM

Let the chips fall. Yes, let's have the issue rather than the deal. Big hurry for what? There's plenty of time for a deal. Life is short, deals are long.

E-mailers lobbied Obama hard to shine the bailout on -- might explain his silence. McCain's decision making is impaired and he may be smelling defeat at this point.

Posted by: nickareeno | September 30, 2008 11:30 AM

Actually, ~66% of Obama's base voted yes for the bill. I believe your statement should be that Mr. McCain and Mr. Bushs' base did not vote for the bill, given that it was brought to the congress by Mr. Bush and only ~30% of his party voted in favor of it.
If this bill is so toxic to the Republicans, why should more Democrats have voted for it? Wouldn't that just provide ammunition for Republicans to "stick to their ideology" and paint the Democrats as "tax and spend" party?

Posted by: nj-bj | September 30, 2008 12:19 PM

It looks like the lobbyists are reworking it as a modified bailout. The stock bailout is going to be the super stock bailout. They riding the clutch and the pressure plate is burning and she's too much. They're trying to get some traction and we'll see what skids. I have a different machine, so I'm pulling in another direction. I was looking at a site earlier and my whole concept changed and might change again later this afternoon. I'll try to keep you Posted. Things had been going up early all morning then down later, so hopefully the afternoon will look better. It sure looks better than Monday. Today looks better and I guess we'll have next weekend locked up with the bailout. We'll need to wait on the new new deal before we get back to the future. The future is looking more expensive all the time. Things keep getting more dear, let me tell you.

Posted by: JD in PA | September 30, 2008 1:48 PM

Why don't we just do what everyone wants in the first place? Bail out the American public instead of the fortune 500 companies. Excuse the country of bad debt, ridiculously expensive mortgages on homes that weren't even worth the price anyway, mountains of overly redundant medical bills (why should the ambulance company and the hospital bill you for the ambulance ride?), surging credit card debt, repossessed cars, etc. Give everyone a pardon. Don't foreclose those homes; reassess those mortgages by finding a way to calculate the true value of the home and give the homeowner their true amount of equity (instead of saying their payments only went to interest). Bar unfair lending practices and make companies who practice them criminally liable. Put limits on credit card interest rates.

Since this would be a nationwide declaration of bankruptcy put federal limitations on it just like a regular bankruptcy. Some people can file for chapter 7, others have to file chapter 13 BUT everyone gets to file (except those who are in the top 20% income base)(they have no excuse to not be smart with their money). Make sure that everyone takes part in a financial planning course along with economics courses before the mass bankruptcies can be discharged. This way bad spending, poor understanding of financial matters and unfair practices won't happen again. Everyone who participates in this bail out cannot try to declare bankruptcy for the next 15 years (or more), debt to income ratios will be closely monitored, bills will have to be paid in a timely manner, etc. Anyone who defaults on the terms of their each individual "bail out" will be assessed the full amount of their debt with interest. Meaning that each person has to stay financially smart for the next 15 years of their lives.

Companies will still get individual portions of the money they are claiming that they "lost". Educating the public as a whole will prevent another financial meltdown. Fair lending and trading practices will have to be established and enforced. AND how many jobs have I just created with my plan???? :) Unemployment will go down and that 700 Billion can be used to help pay salaries to consumers who would soon have spending power again. Our economy will be balanced in 2 to 3 years, housing will slowly and steadily rise, stability and security will flourish, companies will gain trust in the U.S. again, and our country will once again be respected instead of ridiculed.

But this is just my 2 cents.

Posted by: Tracie | September 30, 2008 2:58 PM

I think the democrats in the white house should hold accountability for the actions and benefits they accrued from the wall st. fallout. I only hear from one tv network who openly told the viewers how this fallout came about. What is wrong with honesty and being forthright from the other two networks?

Posted by: mzha | September 30, 2008 9:36 AM

Which Democrats in the White House would that be? Names please.

Posted by: Anonymous | September 30, 2008 3:41 PM

The Post sped up this afternoon, so all is well that ends well today. I was looking at some old legal papers and stumbled upon an old yo-yo this afternoon. Duncan Butterfly.

Posted by: JD in PA | September 30, 2008 5:06 PM

The healthcare "system" is making people financially sick, and causing foreclosures:

http://www.nytimes.com/2005/02/02/business/02insure.html

The public aren't bying the hype of the need for a bailout. Both the politians and the media have lost the public's trust, the price tag is huge, the is a lot of credible dissenting opinion, there is little evidence for the problem or the cure, just more expensive fear mongering.

Posted by: Ash002 | September 30, 2008 5:18 PM

YO-YO internet stock.
484.38
Day High
Low $25.80
Looks whacky Paddy. Patch all this code together and lash up a bunch of PC's (billions served) no meat, no potato and trade in bailfast time. All of a sudden, just like that it's ALL-GONE bailfast real time. It gets stuck at 25.00 and change and won't go up. Sink the pink, it's old fashioned. What if the the stock dropped like a rawk? I dunno. The numbers don't just suck, they don't even make logical sense. I guess there's an investigation.

Posted by: Burning Man | September 30, 2008 6:56 PM

That's GO50, maybe not so good to go and soon all-gone.

Posted by: Anonymous | September 30, 2008 7:02 PM

Stock price can swing $200.00 in minutes now thanks to fast computers and slowing minds. Caution Posties. Something just went bust. I can't tell if it's the stock or the market. Cover your search bases. The power base is shifting again. You don't want to end up Post G05O and have the site go whacky.

Posted by: Anonymous | September 30, 2008 7:36 PM

Wild Google Mood Swings
At 85.00 it was good, at 25.80 it was a flop. Add a flip at 340.00 and you aren't just talking Big Money, you are talking some of the fastest money ever made. I'm searching for a fast jet to save time. The fast money is a little too shady for my liking. It's like a fast woman. Vote with your flip flop, vote with your wallet. I know, it's a new era with new masters.

Posted by: Bar gain hunter | September 30, 2008 7:57 PM

It looks like you could pick up google for one cent today if your timing was right or something unknown went haywire. This appears to be a huge problem. How huge we don't know. It looks like some sort of global glitch. You have your unknowns and known unknowns. You don't want the WPO to drop to 50 cents. I know I wouldn't. NASDAQ is investigating. You can't beat ink and paper. You can try. Print me up some paper stock and we'll talk.

Posted by: Anonymous | September 30, 2008 8:11 PM

THE DAMAGE WAS ALREADY DONE TO THE ECONOMY AND POLICY SINCE THE POWER TO ENTER THE PRESIDENT GEORGE BUSH, YOUR FEARS AND CONFLICT WITH WHAT YOU IRAQ WAS UNDER THE HEADING TO THE UNITED STATES VOLUME DURING these eight years, neglecting the remaining concerns of Americans, WHAT ARE INCOME. Employment, health, retirement, banking, education, finance, MEDICARE, INTERNATIONAL RELATIONS AND MUCH MORE, AND WHAT NOT MADE IN EIGHT YEARS WE KNOW THAT WE CAN NOT DO IN ONE DAY, JUST ONE PACKAGE WITH MAGIC OF ACTION IS IMPOSSIBLE, would have BE crazy FOR AFFIRM that, HE WANTS TO SAVE MY OPINION of a political trial, which was not approved AFFIRMING HIS PLAN, justified, NOT FOR THE FOLLOWING PRISON FOR THE MAJOR LOSSES multi-millionaires and the more than 4 THOUSAND SOLDIERS KILLED IN AN WAR WITHOUT SENSE.

Posted by: Katie | September 30, 2008 9:46 PM

why can't economists find a solution to bail wall street out without having to have tax payers bail them out? is that not possible?

I think dems didn't want to deliver the package without half of it being republican votes because, if they did, it would be guaranteed that if it didn't work, then repubs will spend years and years blaming dems, and dems are not about to have that, especially when the bail out was asked by bush/republican. I wouldn't either.

Posted by: mik | September 30, 2008 11:50 PM

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