December 3rd, 2008
10:32 PM ET

Obama team on bailout talks

[cnn-photo-caption image=http://i.l.cnn.net/cnn/2007/POLITICS/12/21/senate.pro.forma/t1home.cap.dome.gi.jpg]
Candy Crowley
CNN Senior Political Correspondent

From Obama Transition source:

"Administration reached out to us a few days ago about next installment. Wanted to know what we thought. We encouraged them to convene a meeting with bipartisan Hill leaders to talk it through, make the case, lay out their plan etc., and we would participate if they thought it would be helpful. But their biggest task is to engage the Hill – because the Hill doesn't see this coming, and GAO report isn't going to help. They were anxious to get the meeting with us done before Paulson left for China. The only substantive issue we raised was housing – the TARP (Troubled Asset Relief Program) needs to include a program on housing, which is what Obama has been calling for since last September at the start of this process.

So, we aren't creating uncertainty – we're telling them to talk to the Hill, since the Hill has to ok this.

Filed under: Barack Obama • Candy Crowley • Economy • Raw Politics
soundoff (18 Responses)
  1. Daniel Tangeman

    Hi Candy
    Keep up the good work! If it wasn't for you guys at CNN keeping us all informed God knows what they would be doing right now. Probably saying something like..." let them eat cake" or..." Give them bread and circuses"

    December 4, 2008 at 1:23 am |
  2. Cliff

    How many billions do you think GM and the big three have paid in taxes over a hundred years all across America? How much Social Security matching funds on 600,000 workers?
    No administration has ever helped the US Auto Industry. Foreign imports pay 500 at the dock..........and GM pays 8,000 a car in infracture costs to municipalities and states.
    Sure....let em go down. Only 3,000,000 jobs.
    Obama will make new ones.
    You know , like when we made steel in the USA.
    It's a loan....Print the money. 750 billion for Wall Street ...
    30 billion is a drop in the bucket. A few months in Iraq.

    December 4, 2008 at 12:53 am |
  3. Thuy Meier

    What the hell happen to capitalism and accountability in America? As soon as the wealthy are in danger of losing money, the U.S. becomes a socialist regime that protects the nation's wealthiest Americans. Shame on those who take this money from hard-working taxpayers, most of whom are in danger of losing their homes while CEOs sit comfortably in one of their many homes. If everyone on Main Street received just a small fraction of this bailout money, this economy would be thriving now because people would have money to spend on cars, homes, education, consumer products, etc–and have money left over to pay off their debts! It doesn't take a genius to figure this out.

    December 3, 2008 at 11:38 pm |
  4. K. Nguyen

    The Bush administration has been negligent and lacked even the most minimum levels of accountability in any of their actions or decisions. From Iraq to the economy, it's all been smoke and mirrors and now the walls are falling down. Can anyone be honest for a moment, please?! This is not just a bailout; it's a hand-out! It's truly unfair that millions of poor Americans suffer day after day, and when the government doles out a dollar, they ask for all sorts of questions and makes them wait hundreds of days. But did the government even ask these companies to put up any collateral or require any reporting procedures? The charlatans in big business and politicians want to spin these minimal requirements as "regulations." If you don't need taxpayer money, then regulation would not be necessary. But if you want my hard earned money, then you had better tell me how you're using it.

    December 3, 2008 at 11:35 pm |
  5. David T

    It seems clear to all of us tens of millions of educated Americans that Paulson and his "gang of 5" have no idea what they are doing. So, he is deciding to allow the wall streeters to continue to loot the United States Treasury by distibuting to them $350 billion. We must hold the other $350 billion until after the inauguration. After all, since there is no accountability so far, we really don't know if we had done nothing a few weeks ago that the outcome would be any different than it has been to date. Recapitalize the solvent banks with cash flow problems with bail-out money with strict requirements as to how it is to be used (must rework mortgages) and let the insolvent banks "die on the vine".

    December 3, 2008 at 11:32 pm |
  6. Karen Clark

    No! We definately should not give "Wallstreet" another check without any safeguards! These guys are laughing all the way to their private jets and exclusive vacations at the taxpayers expense, while we worry about loosing our jobs and homes. The US citizens deserve "a government that works", and if it hasn't thus far, we should wait until the Obama administration gets into office. Maybe they can get the job done more responsibly!

    December 3, 2008 at 11:26 pm |
  7. Roger George

    I am still waiting for the first bank bailout to help me!!! I have been trying VERY hard to buy my american dream,I am pre approved and homeless since i sold my property on aug.3rd 2008 15 offers at or above asking price!!! NO NO NO more bailouts untill we see the outcome of the bank bailouts!!!

    December 3, 2008 at 11:25 pm |
  8. Joanne, Solvay, NY

    People were swindled by greed and deception in the mortgage process. Of course, this is a priority...before any other concessions!

    December 3, 2008 at 11:24 pm |
  9. rick

    A roll call should be taken and those who vote a loan up without a solid plan by the treasury dept. should be held accountable on election day or before (recalled)


    December 3, 2008 at 11:22 pm |
  10. Gail McGee

    Great coverage. We voted for Obama, not Bush & Paulson...so give Obama & his superteam the remaining bailout $$. If possible, reclaim what Bush's team tried to waste with their buddies. Also, quit blaming the autoworkers for the $$ wasted on Bush & Paulson's plan of "let's give more money to our buddies"... or Bush's plan to violate the endangered species list, relax environmental standards, and let big truck drivers work longer than any other person in America. Bush has had enough legacy!
    "Embarrased to live in GA...but not a Saxby voter"_

    December 3, 2008 at 11:20 pm |
  11. clarence

    the best way to help the economy is to give the money to the people

    December 3, 2008 at 11:18 pm |
  12. Chuck

    Why are the auto makers beign looked at so hard, when the banks got absolutely zero oversight? Talk about a double standard. The problem is Treasury totally dropped the ball on accountability for the bail out "plans". This is BIG GOVT at it's absolute worst. Also, why aren't the taxpayers asking about the billions in tax breaks we've givne the japanese, German, and Korean automakers to build plants in the US?? let them play on an even playing field in these tough economic times.

    December 3, 2008 at 11:16 pm |
  13. Pearle Gray Mintz

    No. No. No.

    Don't give those crooks a penny without their complete explanation of how it will be spent. I don't believe we couldn't survive this "congressional donation of our money." Don't let them touch the rest of the money! NO. NO NO

    December 3, 2008 at 11:14 pm |
  14. Marcy Galli

    Watching your presentation on the bailouts made me realize that our educational system must have failed many years ago. Billions of dollars of taxpayers money given out with no restrictions in place. Who do we have in office? Kindergarteners? It is unbelievable. No wonder our country is in the mess it is in.

    December 3, 2008 at 11:14 pm |
  15. Mary Battaglia

    I am appalled that Paulsen cannot track where the bail out money has gone, bank business is unchanged, and he wants more money while continuing to exist in "la-la" land. Wait for Obama's administration to continue the bail out. This is insanity and the public trust has been breached again.

    December 3, 2008 at 11:14 pm |
  16. Derakhsh Fozouni

    if we can give away 700 billion to rich old boy club without any strings attached we can given 35 billion to 3 companies that actually contribute to middle class america that is underattack and has been underattack by republicans.Although, I wish they'd make a car I actually wanted to buy and not force my 55K to a japanese import for quality

    December 3, 2008 at 11:13 pm |
  17. michael

    I would like to see Obama make the tax cut if only the middle class see more cash in their hands, more then big corp.

    December 3, 2008 at 11:13 pm |
  18. Pearle Gray Mintz

    Do not opoen the flood gates of money to the auto maker. Also, do not open the taxpayer purses for the balance of our money without adequate knowledge of where it is going and what it is going for.

    I never heard of such garbage. Just hand these people money. Who in their right minds would do this. Would the taxpayers do it for me?

    No oversight and no strategy and where it went. This is ridiculous.

    An emergency. So let them explain now. I don't trust our government and I definitely don't trust Bush to handle this at all. The world is laughing at us and so am I.

    December 3, 2008 at 11:13 pm |