Wildest in memory

Interesting reports coming re: US bailout, from an email I received quoting a report on Casey Research); not simply because of the backroom drama, but also because of apparent rewrites and spins…

And in the “You Can’t Make This Stuff Up Department” comes this story regarding the big White House meeting on Thursday night about the $700 billion bailout. However, since I read that story in the wee hours of Friday morning, the story was ‘updated’ late on Friday evening. Here’s a direct quote out of the original story as it was published in the King Report….“the meeting was described as among the wildest in memory. A beleaguered President Bush had to struggle to maintain order and reassert himself. And when Democrats left to caucus in the Roosevelt Room, Paulson pursued them, begging that they not ‘blow up’ the legislation. The former Goldman Sachs CEO even went down on one knee as if genuflecting, to which Speaker Nancy Pelosi is said to have joked, ‘I didn’t know you were Catholic’. “ I know that part was in there, because I read the whole story…knowing that I would use it here. The part quoted above has been removed in its entirety. The “Updated” version, now entitled “Frank: Deal can be reached by Sunday” (Originally titled: “Wild Day, no deal”) is linked here. The ‘thought police’ are working overtime.

Here is the story as relayed via sharpynews.com:

From the September 25 ABCNews.com article:

Paulson feared thedeal was falling apart, sources toldABC News’ George Stephanopoulos.

As metin the White House’s Roosevelt Roomafter the meeting with[President] Bush, Paulson told them, “Please don’t blow thisup,” according to sources.

Sources sayFrank was livid, saying, “Don’t saythat to us after all we’ve been through!”

House Speaker Nancy Pelosi,D-Calif., reportedly said, “We’re notthe ones trying to blow this up.It’s the House Republicans.”

Paulson replied, “I know, I know; it’s bothsides,” according to a Treasury Department spokeswoman.

From the September 26 Politico article:

Talks were to resume atthe Capitol on Treasury’s $700 billion rescue plan, but a high-profileWhite House meeting ended Thursday on a sour, contentious note after animatedexchanges among lawmakers laced with presidential politics just weeks beforethe November elections.

The political breakdowncame as the collapse of Washington Mutual Inc. — the largest bank failure in UShistory — marked another low point in the financial crisis. And angryDemocrats warned that Treasury’s whole initiative could collapse unlessPresident Bush gets House Republicans to come to the table.

“Unless this fourthleg shows up at some point, this could fall off very quickly,” saidSenate Banking Committee Chairman Christopher Dodd (D-Conn.).

At the White House, infact, House Minority Leader John Boehner had bluntly warned about the lack ofRepublican support for the massive government intervention: “Ican’t invent votes,” Boehner said. But House Financial ServicesCommittee Chairman Barney Frank (D-Mass.) angrily accused the minority oftrying to undercut Paulson by crafting a late-breaking alternative proposal –with the tacit support, Frank said, of Republican presidential candidate John.

Both and hisDemocratic rival, Sen. Barack Obama, would leave the White House withoutcomment, and the meeting was described as among the wildest in memory. Abeleaguered President Bush had to struggle to maintain order and reasserthimself. And when left to caucus in the Roosevelt Room, Paulsonpursued them, begging that they not “blow up” the legislation.

The former Goldman SachsCEO even went down on one knee as if genuflecting, to which Speaker NancyPelosi (D-Cal.) is said to have joked, “I didn’t know you wereCatholic.”

It was who had urgedBush to call the White House meeting but made sure Obama had aprominent part. And much as they complained later of being blindsided, thewhole event turned out to be something of an ambush on their part — aimed at and House Republicans.

And from the Washington Post:

Yesterday’s Leadership Debacle

Michael Kranish writes in the Boston Globe: “A high-stakes White House meeting that was supposed to seal an agreement on a $700 billion plan to avert financial disaster on Wall Street unexpectedly dissolved into a heated argument over an alternate proposal by conservative Republicans, leading congressional leaders to clash over a deal that had suddenly turned sour.

“This is deteriorating,” President Bush declared as the meeting grew more heated, according to one of the participants.”

David Rogers writes for Politico that “the meeting was described as among the wildest in memory. A beleaguered President Bush had to struggle to maintain order and reassert himself. . . .

“[T]he whole sequence of events confirmed Treasury’s fears about the decision by Bush, at the urging of McCain, to allow presidential politics into what were already difficult negotiations.”

Sheryl Gay Stolberg writes in the New York Times: “It was an implosion that spilled out from behind closed doors into public view in a way rarely seen in Washington. . . .

“Interesting times”

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