(CNN) --" What began as high-stakes negotiations over the
proposed $700 billion bailout of the nation's financial system
dissolved into bickering, begging and a roiling battle between parties
Thursday night.
One day after President Bush said the nation's economy is at grave risk, lawmakers argued over competing counterproposals and wound up without any apparent financial bailout deal on the table.
Even Treasury Secretary Henry Paulson got down on one knee to half-jokingly beg Speaker Nancy Pelosi and other Democratic leaders not to go to the television cameras and blast the failed negotiations, according to two senior Democratic aides..." CNN
President Bush and John McCain have no control in their own Republican party. The Republicans do not want this bailout at this time. Many Americans agree with the Republicans right now.
I wonder what is going to happen to stocks today. It may not be pretty.
I think we must do this bailout but I am like you I fucking hate it. It is like they have a gun to our head. They have so messed up things and then we are left with no options.
I can understand the Republicans being pissed big time. This bailout plan would put an end to their history of less regulation. That has been one of the major under pins of their entire party.
Now under a Republican president de-regulation would come to an end and the United States government would take control big time of Wall Street and banks and everything.
Their failed policy has us on our knees right now. Things are looking bad.
(My bank just failed yesterday and it was the biggest bank failure in history. The federal regulators seized the bank yesterday. JPMorgan Chase will take over the bank. See JPMorgan buys WaMu.)
The Republicans that just do not want to accept the blame for all of this I think are not being good Americans.
There are Republicans and many other Americans that just feel it is wrong to bail out the Wall Street and bank people. Why should we save their ass? I guess because we have little or no choice.
I think when President Bush went on TV yesterday he should have announced that the vice president would resign and then he would resign from office. I wonder what that would have done to Wall Street today. Smile
Many Americans, I am one of them, feel it is crazy to hand over $700 billion dollars to one man and give him total control of the money. President Bush was, at first, asking for congress to hand over $700 billion dollars and no control on the money. No questions asked. Plus he wanted them to decide in a few days.
That is crazy. This maybe an emergency but you do not decide something like this in a few days. You do not hand over $700 billion to President Bush.
I wonder if President Bush should have ordered the US markets to stand down today and re-open on Monday. That would give lawmakers the weekend to come up with a policy. I guess with the world wide trading that would not work and I am not sure he has the balls or the power to close the markets.
Bailout talks will resume today and what will the market do today and what effect will that have on congress and the talks?
