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House Bailout Vote, Freddie and McCain, Terror Convictions Overturned

POSTED: 09:59 AM ET, 10/ 3/2008 by Amanda Zamora

Good morning and welcome to today's Daily Read. First things first -- check out The Fix for a recap of last night's vice presidential debate between Gov. Sarah Palin and Sen. Joe Biden. Next, here are a couple of ways you can track today's House vote on the financial rescue package: the House posts minute-by-minute updates on floor action on Twitter, we've got live video of the debate, and our business desk is blogging the crisis here. Now, on to the Read.

The Financial Crisis » Interest groups are lobbying until the final moments as the House prepares for today's climactic midday vote on a $700 billion plan to rescue the U.S. economy ... meanwhile, new data reveals growing uncertainty around the globe as lenders are reluctant to make even basic loans ... California says shrinking credit may force it to ask for $7 billion in federal assistance ... Justice Department investigators are expected to target individuals, not financial companies ... the tale of a failed lender who was able to work the system, despite sanctions for "unsafe" lending ... finally, an examination of the SEC's 2004 decision to loosen capital rules for big banks. — USA Today, The Washington Post, Wall Street Journal, L.A. Times

How Freddie Found McCain » When mortgage giant Freddie Mac feared several years ago that Sen. John McCain was too outspoken on the issue of executive pay, it pinpointed a lobbyist known for his closeness to McCain and hired him to work with the senator. That lobbyist is now chief of staff at McCain's Senate office. — Washington Post

Terror Convictions Overturned » A federal appeals court found that a Yemeni cleric and his assistant were deprived of a fair trial because of errors by the presiding judge, overturning a case once heralded by the White House as a major blow to al-Qaeda. — New York Times

Child Abandonment in Nebraska » Last month, 15 older children were abandoned at Nebraska hospitals under a new law intended to prevent so-called Dumpster babies, sparking an outcry over misuse of the law and calls for its reform. — New York Times


FDA Rebuked » Two lawmakers on the House Energy and Commerce Committee yesterday blasted a Food and Drug Administration contract for a public relations campaign, calling it a "reckless use of taxpayer dollars" and requesting documents from the officials and business executives involved. — Washington Post


Palin Probe Continues » As the presidential election inches nearer, an Alaska judge has refused to block a state investigation into whether Gov. Sarah Palin abused her power when she fired her public safety commissioner this summer. Several Republican lawmakers have argued that Palin is being targeted by partisan politics ahead of the election. — Washington Post


Political Warfare Detailed » New details in this week's Justice Department report illuminate how a coterie of relatively young department officials, working with White House lawyers and senior political officials, allowed the hiring and firing of U.S. prosecutors to be corrupted. — Washington Post

By Amanda Zamora |  October 3, 2008; 9:59 AM ET The Daily Read
Previous: 'Small' Sweeteners in the Big Bailout | Next: McCain Aide's Freddie Mac Connection

Comments

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I thought the debate was a little boring, But the debate out takes are pretty funny.
Watch the Debate Outtakes http://www.watchdebate.com

Posted by: Pat | October 3, 2008 12:20 PM

When Palin's exhuberance is allowed to come to the fore, it's exciting, whether you agree with her on the issue being discussed. Palin was bigtime against the bailout, for instance, then she got muzzled. McCain also flip-flopped on the bailout issue, too, and it was then that their poll numbers started to fall. Despite all their 'reform' rhetoric, the pair came across as Bush puppets.

Posted by: AspenFreePress | October 3, 2008 1:15 PM

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