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Wall Street Bailout, Cheney Documents, Sen. Stevens on Trial

POSTED: 09:51 AM ET, 09/22/2008 by Amanda Zamora

Hello and welcome to The Daily Read, our recommended reading for this morning. See something we missed? Post your suggestions in the comments below.

The Big Bailout » As Treasury Secretary Henry Paulson urges Congress to take action on the Bush administration's $700 billion economic rescue package, Democratic lawmakers are pushing for conditions on the bailout while both presidential candidates call for increased oversight of the Treasury Department. — Wall Street Journal, Washington Post

Cheney Records » A federal judge has ruled that Vice President Dick Cheney must preserve all his official records, as requested by a watchdog group that filed suit last week in an attempt to safeguard the documents. — Washington Post

Sen. Stevens on Trial » Republican Sen. Ted Stevens will appear in court Monday for jury selection in his trial; the embattled Alaska incumbent has pleaded not guilty to charges that he accepted hundreds of thousands of dollars in gifts from oil executive Bill Allen. — Associated Press

Palin E-Mail Hack » The FBI yesterday searched the apartment of a University of Tennessee student in connection with last week's hacking of Gov. Sarah Palin's Yahoo e-mail account. The student, the 20-year-old son of a Democratic state representative, has not been charged with anything. — Wired

The Iraq War » The Iraqi government is struggling to process detainees being held on minor charges, despite an amnesty law passed in February by the Iraqi parliament meant to unclog the prison system ... meanwhile, a hearing opens against a U.S. soldier accused of abusing and killing an Iraqi detainee. — L.A. Times, MSNBC

Olmert's Fall » Israeli Prime Minister Ehud Olmert formally resigned yesterday after a string of corruption probes plagued his administration; Israeli police recommended last week that Olmert be indicted on charges of bribery, breach of public trust, money laundering and fraudulent receipt of goods. — Washington Post

Mbeki Resigns » South African President Thabo Mbeki's resignation comes amid allegations that his administration had a hand in corruption charges brought against his political rival, Jacob Zuma. — Washington Post

By Amanda Zamora |  September 22, 2008; 9:51 AM ET The Daily Read
Previous: Picks of the Week: Russia-Georgia War; No Help for Workers | Next: Stevens Corruption Trial To Begin Today

Comments

Please email us to report offensive comments.



just like in ''blazing saddles'' they must protect their phoney, balonie jobs.........

Posted by: al | September 22, 2008 10:46 AM

Fools and greed have been in charge of our government. In the White House we have a president who makes the Ivy League where he was educated look like a two year college with pass or fail grades. Now his party wants Palin herself a undereducated PTA mom to be president. The end of times are sure to be here.

Posted by: Archie Haase | September 22, 2008 10:51 AM

there is so much bs going on in finance ... I believe most everyone has lost confidence ... so get ready ... cash is king

Posted by: vs | September 22, 2008 10:52 AM

Ordering Cheney's papers preserved is like closing the barn after the horses are gone. Remember the mysterious "Cheney Office Fire"? I wonder who was burning what?

Posted by: DickWatch | September 22, 2008 10:54 AM

Its been widely reported that 60,000 (sic) people attended Sarah Palin's visit to the Villages in Florida yesterday.

I was there.

6,000 tickets were given out on Friday. Of those about 3,000 people were let 'in' and another 4 - 5,000, with tickets or not, watched from behind the gates.

So 60k is a wild exaggeration.

KCR Gainesville, Fl

***

Posted by: KCR | September 22, 2008 10:55 AM

the democrats have investigated every republican and every republican supporter in the country and overseas. They failed to investigate fannie-mae or leman or anything else that matters to the american people.
we need to change out congress and elect mccain....
http://americanpoliticalblog.wordpress.com/

Posted by: lclifton | September 22, 2008 11:00 AM

Catastrophic financial Crisis along with Crime and Corruption dominate the headlines .... How very American ... Let us hope that whoever takes control of the White House will not bend to the whims of the minions of monetary greed who have run the previous administration and destroyed a great portion of America's wealth and well being!

Posted by: Barrie O. Ward The Canadian Geezer | September 22, 2008 11:01 AM

Pelosi, Reid and Obama in control of the US? That, my friends is what Halloween is about this year.
"We've already lost this war..."
Harry Reid
Jeremiah Wright has been my mentor for twenty years...." Barrack Hussein Obama
"blah, blah, blah, blah...." Sandra Pelosi
http://americanpoliticalblog.wordpress.com/

Posted by: matooso ferrera | September 22, 2008 11:04 AM

I hope people will carefully read the proposal for the bail-out. It gives dictatorial powers to the Secretary of the Treasury with no legal rights of the courts to challenge. This document is very frightening. Read it--

Posted by: Pits and McGoo | September 22, 2008 11:07 AM

BAILOUT??
My grandkids' grandkids will still be paying for this fiasco. If we are going to start nationalizing businesses, we need to start with the oil companies, not the banking, financial & insurance companies.

Posted by: Montana Tom | September 22, 2008 11:10 AM

John McChange was all for deregulation of financial markets but now is for it. Again, the change he offers is only his own changing perspective. No thanks!

Posted by: Thoren58 | September 22, 2008 11:12 AM

The GOP has bankrupted America.

Posted by: Richard | September 22, 2008 11:12 AM

Senator McCain's statement last night on 60 Minutes that he has no hesitation to highly recommend Governor "Hockey Mom" Palin to assume the presidency is an insult to everyone except those who want to continue another eight years of "sameness", greed, protection of the wealthy and letting Main Street fend for itself and continue the growing death grip of generational deficeits.

Governor Palin would make an excellant head of the local "Hockey Mom's" support group.

This country does not need a "hockey mom" as a possible next President of this country.

Posted by: Noble Smith | September 22, 2008 11:12 AM

The bailout might be somewhat correct, if they had first taken everything from those rich CEOs that created this problem, and thet might have aided in repaying we taxpayers for bailing them out. Or maybe they should spend some time in jail for fleecing the public....!

Posted by: George Kesselring | September 22, 2008 11:15 AM

Has anybody actually read Paulson's proposal??

Great commentary here:
http://market-ticker.denninger.net/archives/587-The-Mother-Of-All-Frauds.html

' "The Secretarys authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time"

This is clever and nobody in the mainstream media has figured it out.

If you think the cost of this bill is $700 billion, you're wrong. The cost is actually infinite and the entire bill constitutes a giant money-laundering scheme.

Paulson can (and presumably will) buy up to $700 billion of these "assets", then sell them. Let's say he decides to buy them at 60 cents on the dollar and sell them for 10. You, the taxpayer, will eat the fifty cents, for an immediate cost of $350 billion dollars.

Having done so, he is then authorized to do so again, since the $700 billion is no longer on the government's balance sheet.

In fact, he can do this without limit, other than possibly due to the federal debt ceiling, which of course Congress will raise any time we get close to it. Oh yeah, this bill does that right up front too. No need to bother with it the first time around.

Folks, $700 billion isn't even close to the total cost of this monster. '

Posted by: Jean | September 22, 2008 11:17 AM

I'd like to propose a creative solution to the Wall Street Bailout dilemna:

Rather then mortgage our childrens future, lets just auction off Alaska.

Many Alaskans apparently want to succeed from the Union anyway. And, I understand you can see Russia from there.

So maybe Putin would be willing to put up a cool Trillion to buy it back.

To prevent this type of thing from occuring again, we can move Wall Street, the greedy bankers, businessmen, and politicians up there so the Poliburo can give them proper oversight and regulation.

Posted by: Anonymous | September 22, 2008 11:17 AM

What have conservatives conserved?

Taxes for our children for decades to come?

Conservatively helped 4100 Americans die in a 2 trillion dollar war in a land that had nothing to do with who killed 3000 Americans on US soil?

Republicans are conservative with only two things:

Intelligence and thoughtfulness.

Posted by: ApostasyUSA | September 22, 2008 11:17 AM

as this lovely country of ours moves on so does the amount of imigrants that dont care deep down for America. our values our dreams for a continued great nation are being undermined by citizens who dont hold our politions accountable. our people are lazier and less educated as a hole, no one wants to be bothered therefore gov. does what they want (no accountablity)

Posted by: what | September 22, 2008 11:17 AM

Rick Davis, Senator John McCain’s campaign manager and longtime adviser, was paid more than $30,000 a month for five years (almost $2 million total) as president of an advocacy group called the Homeownership Alliance, set up in the summer of 2000 by the mortgage giants Fannie Mae and Freddie Mac to defend them against stricter regulations, current and former officials say.

Posted by: McAint | September 22, 2008 11:33 AM

The Republican crooks have devastated this country...which is now broke. Laissez-faire
economics does not work...it has never worked. The Republicans have also proven themselves to be morally bankrupt as well. How anyone could even entertain another Republican in the White House is a testament to American stupidity, unconsciousness, and narcissism...which are the very root causes that are bringing this country down.

Posted by: Rob | September 22, 2008 11:33 AM

Rick Davis, Senator John McCain’s campaign manager and longtime adviser, was paid more than $30,000 a month for five years (almost $2 million total) as president of an advocacy group called the Homeownership Alliance, set up in the summer of 2000 by the mortgage giants Fannie Mae and Freddie Mac to defend them against stricter regulations, current and former officials say.

Posted by: McAin't | September 22, 2008 11:33 AM

Republicans, their greedy ways, and their corporate friends have finally done us in. The chickens have come home to roost. It's been a good ride though. The fall of America should be an interesting thing to see and live, if nothing else. Don't let this deter us from comsuming excessively though. We need to uphold our legacy as the most spoiled and excessive nation to ever exist. Drill baby drill! Eat baby eat! Spend baby spend!

Posted by: JK | September 22, 2008 11:33 AM

If McCain/Bush/Cheney would walk on my property without their Secert Service people, we could settle this real quickly. Make them live with me for the rest of their lives, give up all their illegal gains and live like us common folk.

While they are here, I'll get some of my friends together and we'll all move intoa few of McCains houses.

Kick'em out and take what they have. That's what they have been doing to us.

Posted by: Gary | September 22, 2008 11:33 AM

This whole financial downturn is a product of the last 20 years. If the government wants to help the average American --all those making under 50k-- they would tell all employers to stop with holding taxes now. The tax rates for 2008 need to be droped so all that make less than 50k pay nothing to the Federal Government. State and sales tax can stay where it is.

Posted by: cal | September 22, 2008 11:33 AM

The GOP should be listed as an "Un-American" organization.

They have lied, decieved, cajoled and obfuscated. They have raped and pillaged to their advantage.

The America that was is no longer.
Obama cannot fix this, no one is going to be able to fix this.

30 years of trickle down has bankrupted the 99% of the US while the 1% have become super rich.

God help us, because the GOP certainly will not!

Posted by: Lee | September 22, 2008 11:33 AM

This whole financial downturn is a product of the last 20 years. If the government wants to help the average American --all those making under 50k-- they would tell all employers to stop with holding taxes now. The tax rates for 2008 need to be droped so all that make less than 50k pay nothing to the Federal Government. State and sales tax can stay where it is.

Posted by: cal | September 22, 2008 11:33 AM

This whole financial downturn is a product of the last 20 years. If the government wants to help the average American --all those making under 50k-- they would tell all employers to stop with holding taxes now. The tax rates for 2008 need to be droped so all that make less than 50k pay nothing to the Federal Government. State and sales tax can stay where it is.

Posted by: cal | September 22, 2008 11:33 AM

If McCain/Bush/Cheney would walk on my property without their Secert Service people, we could settle this real quickly. Make them live with me for the rest of their lives, give up all their illegal gains and live like us common folk.

While they are here, I'll get some of my friends together and we'll all move intoa few of McCains houses.

Kick'em out and take what they have. That's what they have been doing to us.

Posted by: Gary | September 22, 2008 11:33 AM

For eight years we have been distracted by Curious George's monkeylike antics, without paying much attention to the shadowey figure behind the scenes.

Posted by: Gloria Mundi | September 22, 2008 11:39 AM

Republicans, their money loving greedy ways, and their corporate masters have finally done us in. The chickens have come home to roost. It's been a good ride though. The fall of America should be an interesting thing to see and live, if nothing else. What a shame. But let's not let this deter us from continuing to comsume excessively and live beyond our means. We need to uphold our legacy as the most spoiled and excessive nation to ever exist. Drill baby drill! Eat baby eat! Spend baby spend! Consume baby consume!

Posted by: JK | September 22, 2008 11:40 AM

That's it. Final straw. I officially don't care what they do, because it doesn't make sense and I realize that I have no power over their decisions. As my father used to say to me and my brothers when we abused family assets: "Go ahead, tear it up. It's paid for."

Well, none of what we Americans have is paid for. It's all on credit, and we aren't even paying the interest, let alone making the minimum payments.

I suppose that those in charge subscribe to the fantasy that good times will return and then we can recoup our losses. The dollar will be strong and the taxpayers--oh, not the corporations or the wealthy, just us folks--will handily pay down the national debt with our miraculous success.

I guess we'll be going somewhere else to make money, though. It's abundantly clear that that's where the money is: Somewhere else.

Posted by: Brad Eleven | September 22, 2008 11:58 AM

SHRED OF EVIDENCE

NEWSWIRE--Vice president Dick Cheney has been ordered to retain all records from his time in office.

You say my records must remain intact;
You'll only ask to look as last resort.
Some hope they'll prove my good intent. In fact,
Some might be better used as proof in court.

www.newsandverse.com
Light verse, ripped from the headlines

Posted by: newsandverse | September 22, 2008 1:51 PM

Let's see. 700 Billion dollars divided by about 200 million of us.
It means they put $4000 on your credit card (and another 4K$ on your wife's) this week. It's necessary to "save the economy".
OK. But who carried away the money that disappeared?
What happened to the money? Why isn't anybody even looking?
-- This is a Big bailout. Last week's 80 Billion bailout is small
potatoes by comparison. This Big one will help "save" Goldman-Sachs. Good. That's the company that Treasury Secretary Paulson was CEO of, isn't it? It's important to save that one. Paying off $4000 over many years is going to cost you a lot more than 4K$.

Posted by: Richaado/California | September 22, 2008 1:59 PM

If you are against the bailout, check out http://www.VoteNoBailout.org to send a letter to Congress telling them to reject the legislation.

Posted by: Vote No Bailout | September 22, 2008 2:24 PM

Okay, the taxpayers must relieve the banks from their massive losses or the economy has a nuclear implosion.
How about giving the banks the mother of all mortgages? We buy all their bad loans and, when we eventually liquidate the loans and properties the bank is obligated to make 20-30 year loan payments to pay back the U.S. treasury.
That way it doesn't matter what golden parachutes the banks give their executives (it's their money); the government can be more gentle with distressed homeowners because we own the loans; the bank shareholders won't be wiped out (business will go on as usual) and, perhaps most important, the banks will wind up paying for their disaster so it won't happen again.
Basically the government will be preserving liquidity by giving the banks a long term loan (the mother of all mortgages) to pay off their losses.
We avoid a depression and they don't profit from idiot business bubbles.

Posted by: Give THEM a mortgage. | September 23, 2008 2:54 PM

"Your mission objectives: 1) Start a ruinous war, 2) oversee the destruction of the most robust economy in history,3) demote the constitution to the role of toilet paper..." secret intercept from Osama bin Laden to two Al Qaeda agents named Bush and Cheney.

Posted by: bkmur | September 23, 2008 4:45 PM

The FBI is looking at potential fraud by mortgage giants Fannie Mae and Freddie Mac, Lehman Brothers Holdings Inc. and insurer American International Group Inc., said two officials, speaking on condition of anonymity because of the sensitivity of the investigations. The inquiries, still in preliminary stages, will focus on the financial institutions and the people who ran them, one senior law enforcement official said.

http://ap.google.com/article/ALeqM5ioHc80xKMiATnqCpK0cDKJzk_nPQD93CNJV00

Posted by: jj | September 23, 2008 8:11 PM

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