Thursday, September 25, 2008

Bailout Deal Reached

This is breaking news: Apparently, a deal has been reached all without the help of McCain who said he had to rush back to Washington (He cancelled his Letterman appearance to do an interview with Katie Couric and spoke at Clinton's forum this morning) to save the day, or delay a debate or two, or perhaps cancel it altogether.

Thanks to McCain's politicking, the bailout process has become a photo op, an opportunity for McCain to pound his chest. Sound familiar?
Some details. I think we're about to get screwed.
NEW YORK ( -- Lawmakers have reached a bipartisan deal on the $700 billion financial bailout plan being pushed by the Bush administration.

Both parties and both houses agreed Thursday to a set of principles on revisions to the rescue plan, which calls for the Treasury Department to buy up bad mortgage securities from banks in an effort to get them to lend again.

The deal will help homeowners, curb executive pay packages at participating firms and provide oversight of Treasury's actions, said Sen. Christopher Dodd, D-Conn., a key architect of the congressional effort. He did not provide details but said lawmakers will sit down with Treasury officials to discuss it.