Letters to the Editor

Salon Radio: Digby on the bailout What are the dangers for Democrats in supporting a bailout? And why are they about to do it? Glenn Greenwald [2008-09-24]

• More from TPM

  On the Dem bailout plan:

  http://tpmmuckraker.talkingpointsmemo.com/2008/09/tpmmuckraker_exclusive_house_d.php

  TPMmuckraker Exclusive: House Dems' Bailout Plan

  By Zachary Roth - September 24, 2008, 5:21PM

  A source just sent us a copy of the working draft of the bailout plan circulating, as of about two hours ago, in the House.

  Based on our quick look, it includes a strong provision for congressional oversight, limits executive pay, and would allow bankruptcy judges to adjust mortgages in order to help homeowners, among other items. In other words, the major Democratic priorities.

  Things have been changing so quickly on the Hill -- even before McCain's dramatic announcement -- that there's no telling what's occurred in the intervening period.

  The source, who's a well-connected Democratic lobbyist, added in an email to TPMmuckraker that "the deal on the "bail out" is 98 percent done. Treasury has capitulated on almost every point. A draft is circulating on the Hill now. No one needs McCain to help do the remaining 2 percent."

  Late Update: As we should have mentioned earlier, the draft plan also contains a provision designed to "maximiz[e] taxpayer benefits" by requiring that the Treasury "obtain warrants" (i.e. stock futures) if it makes a direct purchase of a company. That's intended to ensure that taxpayers get a share of any future profits, and it's another element Democrats have been insisting on.

  And on Obama's reaction to McCain's "debate bailout plan":

  http://tpmelectioncentral.talkingpointsmemo.com/2008/09/obama_dismisses_mccains_call_f.php

  Obama Rejects McCain's Call For Suspension Of Debate; Says He Was Blindsided

  By Greg Sargent - September 24, 2008, 5:01PM

  At a press conference just now, Barack Obama rejected John McCain's demand for a suspension of the debate.

  "I believe we should continue to have the debate," he just said. "I believe it makes sense for us to present ourselves to the American people."

  "Obviously if it turns out that we need to be in Washington, we've both got big planes, we've painted our slogan on the side of them," Obama also said. "They can get us from Washington to Mississippi pretty quickly." The debate is set to take place in Mississippi.

  Obama also said that he was blindsided by McCain's public call for a debates suspension. After describing their conversation about a possible suspension, Obama said: "I thought that this was something that he was mulling over. Apparently this was something that he was more decisive about in his own mind."

  Obama described their conversation as follows: "I proposed putting out the joint statement. He concurred with that. he then also said, 'I would like us to look at suspending the campaign and pushing the debates off.' I said, 'let's put out the joint statement first, and then get our campaigns to discuss this.'" Obama said he later saw McCain announcing his plans on television.

  One more time: If this version of events is true, McCain's public call for a suspension was anything but apolitical. If McCain had truly intended to keep this apolitical, he would have asked Obama to jointly suspend the debates, made his own full intentions clear, and waited for Obama's private and definitive answer before going public.

  So, again, what am I missing? Is that last 2% Lucy holding the football?

  -- kovie
  [Read kovie's other letters]
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