The day began with an agreement that Washington hoped would end the financial crisis that has gripped the nation. It dissolved into a verbal brawl in the Cabinet Room of the White House, urgent warnings from the president and pleas from a Treasury secretary who knelt before the House speaker and appealed for her support.Am I reading that right? Paulson was on his knees begging? Please tell me he was just tying his shoe and it was misinterpreted. I've been relatively calm about this whole thing but for some reason that freaks me out.
“If money isn’t loosened up, this sucker could go down,” President Bush declared Thursday as he watched the $700 billion bailout package fall apart before his eyes, according to one person in the room.
. . . . .
The talks broke up in angry recriminations, according to accounts provided by a participant and others who were briefed on the session, and were followed by dueling news conferences and interviews rife with partisan finger-pointing.
In the Roosevelt Room after the session, the Treasury secretary, Henry M. Paulson Jr., literally bent down on one knee as he pleaded with Nancy Pelosi, the House Speaker, not to “blow it up” by withdrawing her party’s support for the package over what Ms. Pelosi derided as a Republican betrayal.
“I didn’t know you were Catholic,” Ms. Pelosi said, a wry reference to Mr. Paulson’s kneeling, according to someone who observed the exchange. She went on: “It’s not me blowing this up, it’s the Republicans.”
Mr. Paulson sighed. “I know. I know.”
I literally have no expectations for the government to ever do the "right" thing and even I thought they would pull it together and get this thing done . . .
Is there any reason not to think that the whole thing went down the tubes as a result of McCain's decision to return to Washington?
Wow.
1 comment:
Don't give McCain that much credit.
Certain Senators and a president are doing a really good Chicken Little initation-trying to scare us into bailing out their largest contributors. Unfortunately for them they failed to push it through fast enough. Now the House members have heard from thousands of angry voters of both parties reminding them that they are ALL up for reelection in six weeks, so they are suggesting of all things--accountability.
The Senate leadership, most of whom are not up for reelection, appear shocked that the House is actually listening to the public instead of blindly swallowing their scare tactics. (Do they really think we should give away 700B without debate or consideration of alternate solutions? Most of us put more time and thought into buying a pair of jeans)
The lesson here: Beware of anything that has to be signed, sealed, and delivered IMMEDIATELY OR ELSE!!!
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