.
September 25th, 2008
09:21 PM ET

Evening Buzz: Bailout Deal? Think again.

Maureen Miller
AC360° Writer
 

Oh, how I wonder what's going on at the Treasury and on Captiol Hill right now. The bailout battle is still in full force tonight, eventhough there seemed to be some progress at mid-day.  A couple hours later, President Bush met with congressional leaders and presidential candidates John McCain and Barack Obama today at the White House hoping to clinch an agreement on the proposed $700 billion bailout for America's financial firms. It didn't work out that way.

"It will not solve problems, it will create more problems, we're rushing to judgment, that we do have stress in our market, but this is not the best way, we ought to look at alternatives," said Sen. Richard Shelby, the ranking Republican on the Senate Banking Committee

There are other Republicans speaking out against the proposal. "I'm not on board yet. I want to see this thing," Sen. Jeff Sessions, R-Alabama, said. "What I don't like about this - and I'm very, very worried about it - I think this is probably the greatest concession of legislative power in the history of the republic, almost."

Democrats aren't praising the meeting either.

"There was a distraction this afternoon for two or three hours. I don't know how to describe it any other way than that. It had no productive value to the process we've been involved in," said Sen. Chris Dodd, D- Connecticut.

We've got all the raw politics tonight on 360, starting at 10pm ET.

And, we'd love to hear from you: Do you think the bailout deal will get done before tomorrow's scheduled debate? Or will McCain go through with his promise and skip the face-off because of the economic crisis?

We'd love to hear from you!


Filed under: Maureen Miller • The Buzz
soundoff (170 Responses)
  1. Grok

    Okay, watching the show, and it's a "gamble" for McCain to be in Washington on this issue.

    Excuse me, but should we elect a president who has a propensity to gamble on important issues? Do we really want that?

    September 25, 2008 at 10:30 pm |
  2. Cedric - Nebraska

    McCain admits the economy is above his head. What is it that he can do to help clean up the mess made by Wall Street if he doesn't get the economy? America doesn't need that kind of help. That would amount to the dumb leading the blind.

    September 25, 2008 at 10:30 pm |
  3. DJ

    McCain and Obama are senators first and presidential candidates second. They both should be in Washington for the vote once presented to congress. This is the bigest crisis our country has been in since 9/11. Taxpayers pays their salary and as far as I am concerned they now have a very important job to do.

    September 25, 2008 at 10:28 pm |
  4. Fatou

    The $700 billion bailout should be STOPPED at ALL COSTS. This is another strategy of the Bush Administration to use fear tactic to misuse taxpayers' money for their own profit and bankrupt the country. This will cause Obama to have his hands tied when he becomes President and guarantee the complete failure of all his plans to better the country.
    If McCain is concerned about the American public, he should participate in the debate tomorrow to answer questions about the economy. He is not needed in the bailout negotiations. I have been looking forward to this debate for months.

    September 25, 2008 at 10:28 pm |
  5. miles

    What a sad, sad time to say we are Americans, particularly at looking what occurred on Capitol Hill today and Senator McCain (uncalled) for intervention at bonafide, bipartisan efforts to settle the debacle devouring Wall Street. What best sums all this up is reprising Peter Finch's great line from the 1976 movie, "Network": 'I'm mad as hell and I am not going to take this any longer'.

    September 25, 2008 at 10:28 pm |
  6. maribely

    I am sick of hearing that everyone believes we need to act quickly to resolve our economic situation but they don't seem to come to an agreement. I would like to fire them all. Can we do that?

    September 25, 2008 at 10:27 pm |
  7. Victoria

    What amazes me is how for YEARS these CEO's have been paid obscene amounts of money for failure! What about that makes sense to ANYBODY?! I've never understood that, but then again, I don't understand how we can go from a surplus to a crazy deficit during the presidency of a Republican....tax and spend?! Why do we keep borrowing what we can't pay back. I'm willing to pay more taxes if the government will operate so that they are considered as "responsible" as citizens with credit score of at least 750.

    Finally, I disagree with the government trying to cap income on CEO's of companies the government is bailing out – unless that cap is a percentage of profit or some indicator of excellent performance.

    This administration has been STOO-PID!

    September 25, 2008 at 10:26 pm |
  8. Frederick

    This bailout situation is just the distraction McCain needed in order
    to have more time to prepare for his debate against Obama. I've voted for the republican party for the last two terms and I've never seen this type of manipulative campaigning in all my life. You can say many things about President Bush but at least he ran a stable campaign and did not back out of major events. I believe that the debate is much more of an important event for McCain to attend than watching him sit in a meeting with other senate leaders arguing about a situation that I believe will not be resolved for another three days at least. There are too many layers of information and investigating that needs to occur before they make a decision on our economy. We need to hear the plans of our next potential presidential candidate now more than ever. We need to see leadership....McCain is not helping the situation at ALL. He needs to stop trying to put off the inevitable....

    September 25, 2008 at 10:25 pm |
  9. vic nashville,Tn

    Why we have to bail out?

    When I can’t run my business I will look for buyer

    September 25, 2008 at 10:25 pm |
  10. Shawna

    So my question is, when the small business owner makes a poor choice or gets a bad break, who bails them out? What happens to those of us struggling to make ends meet? Oh and what happened to the folks in Texas, Miss that still are recovering from the hurricane, and the war? I have a soldier who still in harms way...and were focused on a failed government tring to cover there tracks from no watchdogs for the ceo's they paved the way for.

    September 25, 2008 at 10:25 pm |
  11. steven

    why is the nation baling out all these bad businessman....six months ago all "the fundamentals" of the economy were fine hmm......what about a bailout package for small businesses...I have just been by a few "wall Street" firms and the cars are still taking people home.......how bad can things be when the car service costs $50-$70 while a taxi costs 20 dollars.......and a subway costs $2.00...Those going to Westchester or li can take the lirr or mn......to boot how qualified is the secratary of the treasury if all this somehow happened on his watch........thats right///he did make 100 or so odd mill from his friends leverging firms 40 times.........wish it could have been me!!!!!!! you dont live on park on an honest salary........

    September 25, 2008 at 10:24 pm |
  12. Lynn

    96% of the public is against this.
    PEOPLE ARE AWAKE TO ALL THE LIES

    If all the congressmen and senators GIVE BACK ALL THE BRIB MONEY Fannie. Freddie and AIG gave to them they wouldn't be short!
    Let them bail out their pals.

    WE ARE FINANCING THE WAR AGAINST OURSELVES.
    WHY DON"T WE DEMAND THIS!!!! Or GO TO JAIL!!
    NO BAILOUT-NO FASCIST GOVERNMENT!!
    Just the beginning of the NEW WORLD ORDER PRISON!

    If CNN monitors or censures emails and blogs they lose credibility with the public. SO I DARE YOU TO PUBLISH THIS.
    IF I DON'T SEE IT POSTED, I KNOW WHERE YOU STAND.
    Never once through this campaign have you televised the other candidates in this election.. Chuck Badwin, Nadar or Mckinney.
    Cause I suspect you are being paid by the bankers and the neocons,
    Seems Strange DON'T YOU THINK????? BLACK OUT!!!??? Apparently we only have 2 Canidates

    September 25, 2008 at 10:23 pm |
  13. Khari Clarendon

    I have only one point upon which to ponder. To be American is to be Capitalist. This is the most Anti-Government Nation in the world today. How can we now take steps to bail-out companies hence laying the need for scores of rules, limitations and new enactments? No free lunch= End of Capitalism as we know it.

    Khari
    New York

    September 25, 2008 at 10:22 pm |
  14. Carol, PA

    It's hard to judge a situation with so little fact. Listening to our President last night ask and answer his own questions, I still do not understand how they arrived at the 700 billion dollar figure. I think there must be much more going on here and I question this hurry up and get it done mentality. It just so happens congress wants to get home and begin their own campaigning. I believe a temporary approach may be more reasonable until congress resumes in January.

    September 25, 2008 at 10:22 pm |
  15. Tara From Columbia, SC

    I am in outrage with this bailout. This bailout will not help the middle class. Middle class are STRUGGLING! Jobs are being loss. People are losing homes and healthcare. BAILOUT THE MIDDLE CLASS AND LOWER CLASS PEOPLE. We are the ones who help this economy thrive. Take the money and help people save their homes and create jobs. Start from the bottom and not the top. The money we give at the top will not trickle down to help the americans who need it. I feel that once we bail out the corporations, the economy is still going to be in trouble and we the middle and lower class people are stuck with a bill to pay on top of our other struggles.

    September 25, 2008 at 10:22 pm |
  16. AVGJOE

    Our country is in the worst crisis since the great depression, You and I have to get up to be at work tomorrow by 7 or 8 AM. What the hell is this lets start work to save our country @ 11:30 AM. They are gonna fix our troubles and they cant even get to work in the moring like the rest of us. Try telling your boss it that you ar egonna come in at 12 tomorrow after you monthly budget meeting and see what happens. Unbelievable ! ! ! !

    September 25, 2008 at 10:20 pm |
  17. Maura Blandford

    As I feel this bailout is a move in a direction that has resonance with communism, I think the debates should definitely carry on. I would hope to see each candidate arrive with not only their plan, if in fact this proposal moves forward, but also their contigency plans if it doesn't. If the two parties decide to cancel this debate, I would like to witness a move in this free society, to claim the prime time air slot for any and all of the other candidates on the presidential ticket to be permitted to come forward and present their plans to the American people so that finally we can have a REAL choice among men and women as the best person for the position with the best plan for America. Currently and continually we are presented the either/or choice.

    September 25, 2008 at 10:19 pm |
  18. Byron Hebert

    what happened to the land of the free. it seems that its turnin to the land of the rich get rich and poor get poor. what happens to the middle man? I have two kids whats it mean for me.

    September 25, 2008 at 10:19 pm |
  19. Ron D. from Mineral IL

    I think we should bailout the home owner with the bad mortgage. Give him a 2 or 3 percent interest for 30 years thru the government. It will make him feel good and most inportantly keep the house in the tax roll and the neighborhoods occupied.We can do this thru the FHA dept, and at least the government will get paid back with a little interest too. After this is done,then bail the banks out with NO pay to theCEO's.

    September 25, 2008 at 10:18 pm |
  20. Brandon

    We all have to work to get America out of debt. John Mccain said "all hands on deck." America owes money, we are in debt. What if people had to work to help pay back this debt. How could this debt we owe ever be paid back?

    September 25, 2008 at 10:18 pm |
  21. Jen

    What sort of benefits and monetary rewards from the government will the businesses that have managed to keep their noses clean and remain at a profit throughout this mass hysteria get? Why are those businesses that failed to produce and prosper being bailed out? Isn't failing a consequence of not doing business successfully? I don't understand this and the President's thought process behind this. This has become a ridiculous mass hysterical feeding frenzy. People need to stop sitting around and start taking responsibility and stimulating our own market. We all have a responsibility to our society to not listen to the hysterics and just start solving the problem ourselves. Invest in real estate, invest in stocks, invest (perhaps most importantly) in your local businesses in your own communities.

    September 25, 2008 at 10:16 pm |
  22. Ohio taxpayer

    Maybe it is not yet clear what the result of waiting to pass a bailout bill would be, but spending adequate time to fully analyze and consider all options is certainly justified when they are planning to spend $700B of the taxpayer's money. They've already given money to Fannie Mae & Freddie Mac, to AIG & the auto industry. Where will it end? Everybody needs to live within their means, including corporations and governments.

    September 25, 2008 at 10:14 pm |
  23. Kevin Schnake

    I'm glad McCain is not going to debate on Friday.

    He has his prioritys stright. He is a Senator first, perhaps president next.

    September 25, 2008 at 10:14 pm |
  24. Grok

    It's a trick.

    With the GOP divided, McCain can step in and smooth things over and thus prove how vital it was for him to be present.

    Similarly, if Barack says anything out of frustration due to recent events, then he can be branded as divisive and political.

    I wish I wasn't so cynical about these things. I mean, there is always the possibility McCain is just a deer in the headlights.

    September 25, 2008 at 10:14 pm |
  25. Dale Johnson

    Isn,t it a shame that we don,t have a ronald reagan right now. Look,s to me like that no matter what happen,s we,ll be in the toilet for a while.

    September 25, 2008 at 10:14 pm |
  26. Eric

    I think McBush should suspend his campaign until 2012 because no matter where he is, there are always problems. The United States is not ready for a Maverick who divides his own party now and who preferred Bush in 2000.

    September 25, 2008 at 10:14 pm |
  27. AVGJOE

    Ok so McCains platform, more regulation, now our economy is in dire straights and he and the entire republica part are looking to move this to a "free market" basis bailout further deregulate the market and cut taxes further for corporations and the rest of the fat cats. The only sense i can make of this is if these ridicuously wealthy republicans have a plan to bankrupt the country and all its banks while they sit on all the money they have made over the past 8 years of a greatly deregulated market and then by it all up themselves and get richer. I dont know what else to think. They certianly do not appear to be looking to work "across party lines" to fix the issue they created while getting weathly of the hard work of the middle class of this country. What will they do when the middle class goes on strike and there is no one left for them to get rich from. And McPalin is still in the presidential race why ? Wake up America.

    September 25, 2008 at 10:14 pm |
  28. Carl Stokoe

    So much for the Republican's convention slogan "Country First" . John McCain's actions clearly smack of politics. The group was close to a deal that both parties could live with before he injected himself into this.

    September 25, 2008 at 10:10 pm |
  29. Evan

    Democratic congress has yet to do anything significant in two years. Why is anyone surprised that they cannot come up with a solution now?

    September 25, 2008 at 10:08 pm |
  30. Shirley Cupani

    There's no way Congress will reach a deal before the debate, or even this weekend (I hope not until Oct. 3). If McCain doesn't show up to the debate it will destroy his campaign. His position is already showing him as old and ineffective.

    I can't believe McCain has the jewels to put forward the Republican proposal that would take off even more regulations so the private sector will invest!!! What a plan...it's been working so well. If he actually supports this it could destroy the entire country! This man needs to get a serious grip on reality!

    Why can't the people "loan" the money needed for credit to the stable banks, at a reasonable interest, of course. Let Wall Street deal with it's own mess.

    September 25, 2008 at 10:08 pm |
  31. Orville Lewis

    Today McCain continued to run his ads in Richmond, Virginia.

    The timing of setting off the "financial weapons of mass destruction" was set to go off when John McCain began to lose in the polls.

    Just before the first presidential debate the administration then submits a 3-page bailout proposal to Congress.

    John suspends, nor really, his campaign. Congress gets an agreement.

    McCain requests a meeting only after the stock market closes.

    Then announced the bailout proposal agreement was not acceptable.

    However, tomorrow morning will punish this dasterly sham.

    September 25, 2008 at 10:06 pm |
  32. jw in tx

    I have been layed off 6 times in my 53yrs....most of these jobs were shipped to China and Mexico....cheap labor and for the sprialing cost of health benefits that employers could no longer keep up with and make a profit and the lack of huge bonuses for the ceo....every time I got layed off it has been a Republican administration ....when there are no jobs....no health insurance....who does it cost????....me again...the normal tax paying...home owner....I suggest to all...let's stop paying for the Republican mistakes and greed!!!

    September 25, 2008 at 10:05 pm |
  33. Mrs.Johnson in Georgia

    i've been watching this mess all day and i still hear nothing that sounds like a reasonable salution to this crisis at hand. every day for the last two weeks one brokerage firm after another has gone under leaving tax payer like me wondering what's next.

    September 25, 2008 at 10:04 pm |
  34. Patrick

    Bail Out! You mean Vacation Package for Executives!

    As the Superintendent of a rural school district in Mississippi that is feeling the pressure of high fuel prices, budget cuts, and a stalled economy I am infuriated by this "bailout" especially since No Child is To Be Left Behind! If Congress is serious about improving our nation, let's "Bailout" the students who are sitting in classrooms with limited resources and inadequate facilities!

    September 25, 2008 at 10:03 pm |
  35. earle,provincetown

    Unfortunately, we now have a government that does all it's "animal deals", behind (secretly) closed doors! Everything is either classified, or to urgent to think thru rationally? I'm suprised that they haven't labelled this a Nat'l Security problem. No, they (the government) will methodically feed us this (just wrap an american flag around it) propaganda, until the first solution rejected by all will miraculously become the (oo-pp's) perfect panace. Hey, when did the people's voice matter in this country anyhow? Happy Trail's To You.....

    September 25, 2008 at 10:02 pm |
  36. Annie Kate

    I don't think anything will be passed by debate time but I don't know what McCain will do about the debate nor do I really care. I'd like to see a good solution for this economic mess a lot more than another debate.

    Annie Kate
    Birmingham AL

    September 25, 2008 at 10:02 pm |
  37. Max, Dallas, TX

    The last thing I want is an immediate deal. Bush's words on what we "need" to do about the economy were far too much like what we "needed" to do about Iraq.
    I don't trust him, I don't trust his plan, I don't trust this government. They're not looking out for citizens- not now, not then.

    September 25, 2008 at 10:02 pm |
  38. Jim

    Quite honestly, I don't care if McCain shows up at the debate or not. At this point I see him as a total loser. I was undecided until his very poor attempt of once again trying to look like a white knight swooping in to fix all the problems of the world. It's not only distasteful but I personally take it as an insult for him to think we are so stupid to fall for this type of drama. All he has done is assure me that I will cast my vote in November for Obama. He looks, acts and talks like a true leader. What I preceive a President to be.
    Stay home tomorrow night John and I'll be glad to watch Mr. Obama holding his own private town meeting in front of 50 million Americans.
    OBAMA 08.....
    Jim
    Arkansas

    September 25, 2008 at 9:53 pm |
  39. Barbara in NC

    On Larry King live, I just heard no regulation and no taxes on this mess – WHAT?

    September 25, 2008 at 9:52 pm |
  40. Craig Sellars

    Why should we want a deal, if that deal hasn't been fully thought through? If the proposed deal could actually be bad for the economy (and smart people have reasonable concerns that it might very well be quite bad), why can't we have that debate? We can only benefit from that discussion – even if it is veiled in political banter, finger pointing and accusations.

    September 25, 2008 at 9:51 pm |
  41. Irene Knutson

    If I were McCain I would be looking for my slippers. Palin seems to be a fast mover. There is a good possibility she will have him declared incompetent and in a nursing home by the end of the first year.

    September 25, 2008 at 9:48 pm |
  42. John J

    Congress has to look no farther than any one of the credit card companies for the solution, they already have all the kinks and twists worked out. – Loan the distressed companies as much money as they need. Have ALL the executives of these companies sign for the loans. Charge the companies a meagre 16% interest per annum, unless they default on one payment or a late on three payments, in which case their interest rate rises to 28% per annum. Then make the loans exempt from bankruptcy. Problem solved. Wall street gets the cash they need, congress gets a lowly 16 to 28% return to the treasury and the debtors cannot escape by claiming bankruptcy. It's worked well for Capital One, MBNA and Citibank in the past. Tried, proven and non predatory.

    September 25, 2008 at 9:44 pm |
  43. Maureen, Newman California

    I don't think this bailout deal will completely be resolved by tomorrow. This problem has been festering for years under the Bush Administration and will take time to resolve. I think that progress was severely hindered by the announcement of McCain's faux suspension yesterday. I think that McCain will do whatever is best for his campaign tomorrow regarding the debate. His number one priority is John McCain.

    September 25, 2008 at 9:41 pm |
  44. Amanda

    I am taking it upon myself to speak for the people of Houston regarding this bailout, since none of the other networks seem to care about millions of people sitting here with no power, food, water or ice while FEMA's long gone home, and the government is throwing $700 billion at CEOs. We're all completely disgusted, but no one will listen to us or give us any coverage, which is why the bailout is an even bigger slap in the face to Houston – the fourth largest city in the U.S., and the nation's very economic heartbeat – than it is to everyone else. Things are not "rolling along" down here as Bush claimed... not even close. The charities who've stayed to help can't get a penny for suffering people's basic needs, but huge corporations can get whatever they wish for OUR tax dollars? This country's priorities are absolutely demented.

    September 25, 2008 at 9:40 pm |
  45. DLay

    John Maccain is trying to steal the 08 Election with the support of bush/paulson,this is being done underhandedly with all eyes on wallstreet stock dives.dems pressured sit for days trying to get to the point of why we need to help big banks.win win for banks and republicans.Dems will be damed if they do damed if they don't.
    dammed if don't :markets crash
    damed if they do:repubs credit maccain as the only person to have a plan.wow

    September 25, 2008 at 9:40 pm |
  46. Bret Peters

    Is it me or has Obama, consistently said America needs to get away from amounting greater debt by getting back to a pay as you go philosophy in all aspects. My 89 year old grandfather came to this country as an orphan immigrant. Lived through the dust bowl, the great depression, and was in WWII. One thing he learned early on, and kept his whole life, was " If you can't pay for it in cash, then don't get it." So I feel it's not only the lender's fault but also the barrower's. So where does the blame fall with government.... obvious... on both sides.
    It's sad that we seem to only come together in a times of crisis. The kind of unity we have seen this past week is how our gov. should be year round. Fools rush in, this time, yes rushed, but we seem to have learned our lesson about that with Iraq. Not so easy anymore. What upsets me is this wonderful process of our elected officials finally working together, to solve this problem , with us first, coming to a halt because of political posturing. I was so hopeful of this working for all Americans, now I'm sad that a wrench has been thrown into the gears, and that wrench is Mcain...

    September 25, 2008 at 9:40 pm |
  47. Arthur Wolfkind

    I think the Democrats are walking into a political trap. Republicans are balking until John McCain strolls in to fix the problem. Also, Republicans can now show they are voting against Bush, while the Democrats are supporting Bush, more government spending and bailing out Wall Street. Isn't this obvious to everyone?

    September 25, 2008 at 9:39 pm |
  48. SC Business Owner

    I just heard the republican congresswoman on Larry King Live say that the House republicans want a free market solution. In fact, wouldn't a free market solution simply let these businesses fail? If my business fails, then I either don't have the products and services that my customers want, or I don't know how to manage my business. Either way, the market forces will work either way and, if I fail, nobody is bailing me out. She never did explain what a free market solution is...

    September 25, 2008 at 9:39 pm |
  49. Colleen

    It doesn't look that way. My question is, what do McCain and Obama have to do with this anyway? They are still Senators. The only reason Bush invited McCain and Obama was a sad attempt at trying to make McCain look like he is in charge of the situation. Obama had the right idea when he said they should keep campaining and go ahead with the debate. I hope McCain doesn't show up because he will lose alot of votes there.

    I seems everything was going fine until McCain decided to steal the limelight. What a loser. He's using our financial crisis as a way to gain votes. What does he have to lose, he's already a millionaire. We're the one's who will be left struggling to pay our bills if this isn't handled in our best interests.

    September 25, 2008 at 9:36 pm |
  50. Keith

    Well if China isn't gonna loan us anymore $$ then our credit is going in the toilet. Events are happening so fast and everybody is fingerpointing and nobody seems to want to deal with it. I've given up on the whining by both camps on CNN, Glenn Beck is where I'll be getting my unbiased information from. The 'best political team' is too blue for me.

    September 25, 2008 at 9:35 pm |
1 2 3 4