PoliPundit.com

They have a plan. The devil is in the details of course. I don’t get how guaranteeing crap assets “at up to 100%” is really any different than buying the crap assets. Regardless, considering alternatives is a very positive development.

The Senate will vote on Wednesday.
How this affects Main Street:

Senator Tom Coburn (R-OK):
“A lot of people have misgivings. I have a lot of misgivings, but I’m still going to vote for it.”

Where is the mass suicides and the bread lines and the hysteria on Wall Street that was PROMISED to happen if the Paulson Bailout Bill was not passed.
On Day ONE after the defeat of the bill, the Dow is now up +235.00. People are BUYING, not selling stocks for soup money!
The public did not [...]

NRO Editorial:
If the crunch that Paulson and Bernanke are warning about comes, it will squeeze off credit — the very lifeblood of capitalism — to businesses, entrepreneurs, and consumers all around the country. The Paulson plan is an intervention designed to keep capitalism functioning rather than supplant it. If it is successful, the assets the [...]

I wish the bailout had passed. I think it will still pass. It’s a lousy option; but I’m afraid that, without it, we’ll see breadlines.

Stan Gendlin at Conservatives with Attitude! is live blogging the floor debate over the “Bailout Bill” and I thought it would be helpful to cross post it here as well for those, like me, not near a TV and want to know who is saying what.
Bill goes down in flames as greedy Wall Street Bankers [...]

Paulson has sold your children into debt and the markets are still crashing.

But there was no other choice, right?

The ‘Bailout Bill’ war spills over into Talk Radio as Conservative radio host Mark Levin responded to attacks made against those who oppose the bill earlier in the day by Bill O’Reilly:

“What a buffoon,” Levin said of O’Reilly, host of Fox News’ “The O’Reilly Factor.”
“He doesn’t want to talk about socialism. He doesn’t want [...]

If you read my incoherent stance on the bailout below, you’ll be surprised to know that Newt Gingrich feels the same way:
STEPHANOPOULOS: “Speaker Gingrich, there’s also, I think, a recognition, at least in some of the polls I’ve seen, that something has to be done.”
SPEAKER NEWT GINGRICH: “Sure, look, something has to be done. … [...]

While the pro-bailout crowd has yet again announced an agreement, the rank-and-file have not yet signed on.
Here is Pelosi’s summary of the bill.
Note some obvious flaws:
* No salary caps for executives of firms that take taxpayer money.
* Vague language around taxpayers getting equity; my guess is that many firms would get taxpayer money without giving [...]

The more I think about this bailout, the more it seems like the only way to prevent a global economic catastrophe. And even the $700 billion bailout may not be enough!
The bailout is morally wrong. I hope a large number of Congressmen vote against it, so that we as a people can register our distaste [...]

“Already, Bear Stearns was awarded a $29 billion bailout, followed quickly by the bailout of Freddie and Fannie that will cost the taxpayers up to $200 billion. Then the Fed announced the bailout of AIG to the tune of $85 billion. Moreover, the Feds agreed to pump $180 billion into global money markets. And [...]

Pelosi: Let Americans Review Legislation Before Vote
Meaning Pelosi wants it done tonight. Pro-bailout side keeps saying a deal is near, but Republicans are not getting the taxpayer protections they want.
Republicans object to arbitrary Sunday deadline
I agree. I want the people to have time to read the legislation before it’s passed, but I don’t [...]

About a year ago, CNBC’s Jim Cramer had a “meltdown” on TV, as he said that “we have armageddon” because of problems with… Bear Sterns! A lot of people laughed at Cramer back then. But he turned out to be right.
Here’s the video: