Will tentative bailout deal hold up in Congress?
September 28th, 2008 at 08:34am Pat Cunningham
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If the agreement reached late last night is derailed in Congress, the Asian markets might well get dicey when they open on Monday (or 5 p.m. CDT today). And then U.S. markets could follow suit.
According to THIS ACCOUNT from the Wall Street Journal, bailout negotiations turned a corner late Saturday when House Speaker Nancy Pelosi (above) brokered a deal that seemed acceptable to all sides.
POSTSCRIPT: For all his claims of intimate personal involvement in bailout negotiations, John McCain apparently had nothing to do with the talks that led to a tentative agreement, as we see HERE.
UPDATE: Treasury officials reportedly are WARNING that the stock market could crash if the bailout deal falls through.
UPDATE II: Obama and McCain INDICATE that they’ll support the plan.
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2 Comments Add your own
1. butch north | September 28th, 2008 at 9:00 am
This is the change that we can believe in? What a joke. When the people want the congress to do one thing. We know they will do something totaly different. What else is new? This is the reason that the politicians takes there bribe money. Now they have to give back to the money boys. Did you hear the lies, when they said that the are interested in main street. ALL of these bums should be put in jail. We have a government of the special interest, by the lobbiest, for the greed of thee politicians. At least they let us vote. PATHETIC, ISN’T IT!!!
2. DingDong | September 28th, 2008 at 12:16 pm
They keep calling this worthless paper but somehow we will make money on it later down the road. What I don’t understand, this worthless paper is suppose to represent a piece of real estate. Now the value of the real estate is never going to be zero. So even if it is worth 75% of its value, it not worthless. So now congress takes the mortgages, banks can do more loans, don’t they end up with more paper. Someone has to hold the mortgage eventually. Does not make sense.
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