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September 29, 2008
Morning Buzz: Deal of a Lifetime
Posted: 08:19 AM ET
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Penny Manis
AC360 Senior Producer

Well, I hope all of you had a good weekend, but we know one group of folks in Washington, D.C. who spent the bulk of Saturday and Sunday at work hashing out a $700 billion dollar deal. Congress last night came up with a bailout plan to present to the House today for possible vote, and then to the Senate on Wednesday. House speaker Nancy Pelosi to Wall Street- “the party is over.” Both Democrats and Republicans said they were concerned about taxpayer cost, and consequently added various restrictions and conditions to the original bailout plan proposed by the Administration.

President Bush this morning extended appreciation to the ‘hard work of lawmakers’ and reinforced the message that this bill is needed so ‘American families can meet daily needs, and businesses can provide payrolls.’ He said the US is serious about restoring financial confidence. Let’s see if the U.S. markets heed his call this morning.Both candidates seem ready to support this bailout, perhaps not with great enthusiasm, but both believe it is a necessity. We will see if they actually make it to the Hill to vote on Wednesday. The question is whether John McCain’s swoop into DC at the end of last weekmade a difference. His camp says Yes, that he was able to get GOP compromises included. Barack Obama’s camp sees things differently.

Meanwhile both campaigns are waking this morning with the first Presidential debate firmly behind them. Both candidates insist they each won the debate, Obama went out of his way to tell McCain he was out of touch and never discussed the middle class Friday night. McCain has a TV ad of his own criticizing Obama on the troop funding vote.

Obama heads to Colorado today to hold a rally and John McCain returns to Ohio, where he will team up with Sarah Palin at a rally. Then McCain heads to Iowa alone, while Palin heads to 'debate camp.' She is going to John McCain’s ranch in Arizona to prepare for the VP standoff this Thursday. She needs to come off poised and informative on this turn, particularly after an interview last week that had another ‘revival’ by Tina Fey on Saturday Night Live this weekend. Joe Biden is also taking time to prepare for debate today and will hunker down himself. He also has much at stake this Thursday, given this own ‘colorful’ statements on the trail as of late that have led some to refer to him as "loose lips".

Our political team will be offering you reports on all of the above tonight, and Joe Johns will be Keeping Them Honest as he takes a close look at $600+ spending bill passed last week that had interesting earmarks tucked into it. That’s where we start today, see you all at 10pET!!

15 Comments
More about: The Buzz
15 Comments
Cindy   September 29th, 2008 8:51 am ET

What I want to know is when are the president and congress going to let us know exactly what is in this $700 billion bailout bill? I mean it is all that we have heard about for a week yet no one knows exactly what is in it. I think we should know every detail since we are after all footing the bill for the corrupt bankers, mortgage companies and wall street. The least they can do us tell us what the deal is.

From what I hear John McCain actually kept the reps sitting at the table to talk and hash out this deal. They were actually mad and were getting ready to walk out but he got them to stay. So it seems he did do something to help this bill get made. What can Obama say he did besides sit there?

Cindy...Ga.

Gene Penszynski from Vermont   September 29th, 2008 8:55 am ET

Re: Srah Palin's 'debate camp'

After that interview with Katie Couric. I honestly find it hard to believe that anyone runnin on a national ticket as VP could be that 'air headed'. This has got to be some Karl Rove trick to bring expectaions about her down to absolute 0% so that all she has to do is say her name correctly during the debate with Biden and her loyal followers and the sympathetic press will declare her the 'winner'.

I wonder if Todd will assume the role of Biden at the 'debate camp' so that she won't cry or feel too hurt by how ignorant she really is on foreign policy and the economy.

I can't believe that McCain chose this women for a running mate. This has the Dan Qualye choice of Bush Senior beat by a few orders of magnitude ! I just can't believe anyone in good conscience who really cares about this nation could support her as a VP choice. This is beyond belief and it says a lot about absolute ignorance of some of the US electorate.

What's even more frightening about Palin is that she appears to be so ignorant of herself that she honesly believes she can handle this job. People like that in the evryday work place simply muddle things up and eventually get fired after they make a mess of things and the damage is already done. I wonder seriously how she even became a governor much less McCain's choice for VP. Is Alaska that strapped for intelligent competent leadership ?

debbiem   September 29th, 2008 9:20 am ET

I can't wait to see tonight's Keeping Them Honest! With all the talk in the debates about "Earmarks" and they had the nerve to put some in???? How pathetic is this?

Alex   September 29th, 2008 9:37 am ET

I support John McCain for the Presidency, but I am not that naive to believe McCain's statements of "suspending the election campaign" was nothing more than theater. I believe neither his presence nor that of Barack Obama in Washington made a bit of difference in that group of politicians coming to any consensus over a bailout package. I also note that now nobody wants to really put their name on the package for concern that it may not correct the problem. All of it is nothing short of politics after absolutely miserable and inept leadership across the board for Democrats and especially Republicans. SImply pitiful!

Michelle ,fonthil,ont, canada   September 29th, 2008 9:50 am ET

Good Morning AC 360
The $700 billion dollar deal they are proposing better be a good deal especily for the tax payers and homeowners who are at the worst of this whole mess. Now the V.P debate coming up should be interesting can Sarah Palin hold her own against Biden ,she needs to be less flustered and ready to go for every issue it's really beacoming a fun parody now on SnL -really funny by Tina Fey who makes a great Palin .
Thanks for the buzz
Have a great day
see you on 360
Michelle

Annie Kate   September 29th, 2008 10:02 am ET

I watched C-span last night and one of the Senators from NH spoke to reporters about the bailout plan. He was asked about McCain's and Obama's contributions and he said they both contributed equally in bringing people together to discuss what they felt needed to be in the bill. He did not mention any substantive contributions made by the candidates – just credited them with reaching out and bringing all the parties together for a bipartisan solution. I was impressed with the acknowledgment of both candidates contribution instead of him just talking about his party's candidate. Totally refreshing.

Annie Kate
Birmingham AL

Presley   September 29th, 2008 10:30 am ET

Good morning Penny, Anderson and AC360 Staff.
Amazing how much can be accomplished when Congress ACTUALLY works together, huh? They should approach every thing with such energy, this country would be caught up instead of miles behind.
And:
Bono IS King Of Ireland!
Sarah Peggy Hill Palin needs her Debate Badge before Thursday.
This is the BIG SHOW now, no nets, no script, no latitude or exceptions, period.

Tracey Hamilton   September 29th, 2008 11:41 am ET

Viable Alternate Solution to Bailout:
1. Give every American (that doesn't have this level of assets), $10mil . America becomes a true consumer nation. If Americans have money they spend it.
2. Set up guest worker program to fill jobs left by Americans. This will also aid the credit markets (guest workers will need lower level credit) and keep college enrollment up. Guest workers will need certain job training.
3. Convert income tax to sales tax, again Americans have money they spend it. If the sales tax becomes 35% +/-, Americans will be comfortable with that tax level.
4. This makes banks solvent with plenty of money to lend, since most Americans won't put $10mil under their mattress', but in strong banks. All accounts need to be FDIC insured up to the $10mil mark.
This brings unemployment to almost 0% and is less expensive than the current bailout plan.
This also brings welfare level in America to 0%.
This allows Americans to afford healthcare.
It allows all those currently in foreclosure to cure and payoff home loans, freeing up cash for additional lending,
There will be an employee shortage created, however there will be those that don't spend their "subsidy" wisely and will have to go back into the workforce.
This way WE, on Main St., get the direct benefit from the money we spend and Wall St. can fix themselves.
Tracey Hamilton
Denver, CO.

Brian LeMaster   September 29th, 2008 11:52 am ET

How can we as American citizens be expected to trust the federal government to make sure that all of our tax money will be properly distributed to these failing Wall Street business'? The government completely messed up relief funding of Hurricane Katrina and has completely lost track of how much money is being spent each month in Iraq by such companies as Haliburton. I for one, do not trust the current administration to do the right thing and keep track of this money to the exact penny for these businesses who made the mistakes to begin with. I fear that this will be an even bigger financial mess years from now than it is now.

Brenda Hall   September 29th, 2008 12:28 pm ET

Well, I guess as I write this the House is voting on the bail out bill. I wonder if all the alternatives have been explored? We the public have very little trust in our government so we have a gut feeling that they are rushing to judgement. I have gotten several e-mails about why the government doesn't take the 700billion and give each household their share and let them pay off their mortgage. It would certainly jump start the economy and really help Main Street. The government cannot efficiently the programs that they have in their control now, much less our economic future. Why do we as a nation not rise up and question our leaders for the real truth?

Bill of Eureka, Ca   September 29th, 2008 1:15 pm ET

Remember the $700B 'bailout' is brought to you by the same administration who brought you the Iraq War.

Camina T. in Arroyo Grande CA   September 29th, 2008 2:15 pm ET

Pelosi spoke of the BAILOUT as a BUY IN last night on CNN. Her exact words as far as I can remember were- This is not a bailout . This is a buy in. That is a great sound bite worth repeating because it delivers alot of reaLITY IN 5 SECONDS to all the guillotine grinding I have heard lately although I really think RECOVERY is what we need if serious fruad and greed is the problem.

Heidi Berg   September 29th, 2008 3:07 pm ET

yes i go with Cindy on this .We don't know what is this bill all about we want details what it would do for us and what if it wont pass .were is the money actauly going and why is it going there in the first place and who really put us in a bind like this .

Heather,Ca   September 29th, 2008 3:57 pm ET

I know that the severity and complexity of this financial mess is so bad that we have to do this bailout. But there is no point in doing this if the fraudulant and criminal business transactions are allowed to continue. That means banning and outlawing subprime mortgages and all the accounting fraud on Wall Street. Other wise this will happen again. I want to know that the FBI is going to find these people and the IRS will take their assets. I wish Pelosi and the rest of them would realize that this isn't about rep or dem. Its about the authorization of the mother of all accounting transactions that crosses the ocean to other markets in other countries who have banks and firms who have our subprime mortgage backed securities on their books as negative assets. They need us to give them the money to balance it. This is about finances not politics. Pelosi is bahaving in a shameful and selfish way. Enough already! I'm a Dem and I say enough with the political B.S.!!

Sharon Kitchen   September 29th, 2008 4:20 pm ET

All those that want the facts of the bill ,it is online . Have about 110 clean pages ready for print.....Yep, it is that big.They put it on line around 11p.m. last night.......what a course.

The debates.....well ,they will go as they will go. People who have decided who they are for, will stay with their candidate. Those who are not sure,after debate 3 had better be ready......Last time to register to vote is Oct and then onto the vote. I wonder will all those machines be ready.......will they all work ????Surely, folks have had enough time to check them out........

The candidates.......is someone still worried about little troopergate palin???? If she should get votes...will she have to resign if she is found guilty of abuse of her "power" while gov. ?

Would mcself...be able to go on without his model(3rd One)????
Maybe the Keating Five gang could get back together to help him out if there is a snag.....don't forget "drill baby drill" and "bomb ,bomb iran"....wow.....makes you want to run right out and vote for him....oh, and then of course"i can see russia from my back door" .Who put these two together ?????Cindy....did you do that.....no I do not think so..........pink cast and all..........how did that happen ?

Go Obama/Biden '08

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