Treasury Secretary Henry Paulson later reportedly knelt before the Democratic House of Representatives Speaker, Nancy Pelosi, as he appealed for her support. She replied: “It’s not me blowing this up, it’s the Republicans.”
She was referring to the announcement from the House Republican leader, John Boehner, who told the White House meeting that his members could not support the plan – and pressed for an insurance-based alternative that would involve a smaller role for the Government.
Mr Obama is understood to have pressed him hard on this idea and Mr Paulson dismissed it swiftly as unworkable. Mr McCain, who is being accused of destabilising negotiations by injecting presidential politics into them, is said to have remained largely silent.
Some senior Democratic figures suspect opposition is being choreographed so that John McCain can be seen to deliver an eleventh-hour solution today. Others fear that with fewer than a hundred House Republicans prepared to vote for the measure, it is the Democrats who may be left carrying the can for a deeply unpopular and high-risk deal.
Mr Bush said today: “Now, any time you have a plan this big that is moving this quickly, that requires legislative approval, it creates challenges. Members want to be heard. They want to be able to express their opinions, and they should be allowed to express their opinions.
“The legislative process is sometimes not very pretty, but we are going to get a package passed. We will rise to the occasion. Republicans and Democrats will come together and pass a substantial rescue plan.”
At the White House meeting, the president is said to have used more prosaic language: “If money isn’t loosened up, this sucker could go down.”
The front page of wamu.com (them’s some speedy design work, man) links to this:
WaMu Customers, Welcome to JPMorgan Chase!
We’re proud to welcome you to one of the nation’s largest banks; as of September 25, 2008, All WaMu customer deposits are now deposits of JPMorgan Chase, one of the strongest financial institutions in the world.
I think they’re trying to be reassuring, whaddya think.
It’s actually very well-written. I like to joke about emergency copy-writing work, but it’s nice to think of all those writers out there finally getting that 3am phone call.
Update II, aka Peter Recommends:
Update III (9.27):
I don’t think a lot of folks understand this win-win scenario. Let me repeat: The taxpayers own the bonds the Treasury buys; the taxpayers own the cash flows generated by the bonds; the taxpayers own the profits when the bonds are sold; and the taxpayers benefit when the profits and cash flows are used to pay-down government debt.
Actually, for taxpayers, it’s a win-win-win-win.