Bailout Talks Disintegrate

So after the government takes all of my money, in order to bail out greedy companies with bad management, who is going to bail me out? The answer is “no one”. I’m expected to take care of myself, as it should be. Whatever happened to “fiscal responsibility”? I think that it no longer exist.

John McCain will try to recover ground in Washington, D.C., on Friday after Barack Obama and his Democratic colleagues in Congress accused the Republican candidate of injecting presidential politics into the high-stakes debate on Capitol Hill over economic bailout legislation.

McCain now stands in the unenviable position of fighting off complementary claims — that he barreled into Washington and rallied House conservatives to upend a financial rescue deal on the verge of being sealed, and then stood back and did nothing as negotiations devolved at a White House meeting.

The McCain camp denied both charges.

“Despite today’s news reports, there never existed a ‘deal,’ but merely a proposal offered by a small, select group of Members of Congress. As of right now, there exists only a series of principles … however, these principles do not enjoy a consensus in Congress,” McCain’s campaign said in a Thursday memo.

“At today’s Cabinet meeting, John McCain did not attack any proposal or endorse any plan. John McCain simply urged that for any proposal to enjoy the confidence of the American people, stressing that all sides would have to cooperate and build a bipartisan consensus for a solution that protects taxpayers,” the memo continued.

Supporters also claim that McCain was not disruptive during the White House talks but urged all sides to come together.

But to hear it elsewhere, McCain is largely to blame for the impasse in negotiations on a $700 billion package aimed at saving Wall Street from bad mortgage securities.

“Here’s my observation and I think this may have been confirmed at the meeting today — when you inject presidential politics into delicate negotiations, sometimes it’s not helpful. The cameras change things,” Obama told FOX News after the meeting ended. “It’s not clear to me that having presidential candidates in a high-profile way in the negotiating process is useful.”

Democratic leaders on Capitol Hill were more blunt.

“He’s slowed it down,” Rep. Barney Frank, D-Mass., said of McCain’s impact on the negotiations. “The next thing we know, he’s in a position frankly where he’s making it harder to get things done, rather than help us negotiate differences.”

Obama vice presidential running mate, Joe Biden, suggested that the deal was close to finished until McCain arrived in D.C. on Thursday, one day after he suspended his political campaign to work on negotiations and called for such a high-level meeting of candidates and officials in Washington, D.C.

“We had a deal this morning, it looked like, when I say we -– the leadership of the House, and the Senate, the Democrats — had an agreement on this so-called bailout package and it looked like it was all going to be set and there was a call from the president, would Barack come to the White House with the congressional leadership and sort of sign on the dotted line?” Biden said at a Rhode Island fundraiser Thursday night.

“We were going to all put this behind us and then I’m told that things changed that John McCain landed about 4 o’clock and all of a sudden I don’t know what the reason but some of the House Republicans decided that this, this wasn’t going to go forward, at least not, not right away,” Biden continued.

McCain’s campaign has countered that it was Obama whose presence disrupted the meeting.

“The Democrats allowed Senator Obama to run their side of the meeting,” McCain spokesman Brian Rogers said in a written statement released Thursday night. “That did not work, as the meeting quickly devolved into a contentious shouting match that did not seek to craft a bipartisan solution.”

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8 Responses to “Bailout Talks Disintegrate”

  1. Bethanne says:

    The more I watch Fox News today, the more I am saying “Come Quickly, Lord Jesus”……I am sure glad that my security does not rest on Wall Street!!! (or in Washington 😉

  2. Greg P says:

    ….. or on anything from this world.

  3. Payday Loan Advocate says:

    If you are mistaken on the facts of a subject it can create a rocky aftermath, particularly in an instance when you take a course of action based on those misinformed facts. The pros and cons of payday loans, and what the future holds for the industry often can fall victim to this. Some politicians from both parties are attempting to pass legislation that would restrict or take away your ability to get a payday loan. Unfortunately, some of these politicians have succeeded in passing their legislation. Some politicians have even gone as far as outlawing the industry all together. Many of these laws are based on the assumption that payday lenders are run under the same ethics as illegal loan sharks. Please don’t be misinformed on the facts, and educate yourself, family, and friends on the right to financial independence.

    Post Courtesy of Personal Money Store
    Professional Blogging Team
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  4. Steve says:

    From what I have been able to find out, these loans often charge up to 300% or more in interest masquerading as “fees”. Charging a $50 fee per payday on the repayment of $200 is gouging and taking advantage of an individual who is already cash strapped. I agree that short term loans should be allowed to charge more interest (maybe 20 to 30%) but these “fees” are exorbitant and do make the lender on the same level as a loan shark.

  5. Payday Loan Advocate says:

    “If it ain’t broke, don’t fix it!” And the payday loan industry definitely isn’t broken. Customers actually commend payday lenders because, when used properly, they’re one of the most convenient ways to get yourself out of a financial dilemma. On the contrary, there are some high powered politicians that don’t see the payday loan industry in such a favorable light. Numerous politicians are trying to fix something that ain’t broke. Several bipartisan efforts have completely banned the payday loan industry in certain states. When you vote this November, make sure you consider your right to financial freedom.

    Post Courtesy of Personal Money Store
    Professional Blogging Team
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  6. Steve says:

    But as the recent problems on Wall Street have demonstrated, “fiscal responsibility” is a little known concept, let alone one that people, as a whole, act on.
    I still maintain that payday loans charge excessive charges.
    Go ahead and charge 20% to 40%, but loose the fees that make the current loans have a 600% interest rate.

  7. Greg P. says:

    If the payday loan industry can help you gain “financial freedom”, why is it that payday loan offices are generally in depressed areas or neighborhoods on the decline? This industry preys upon the lower income, uneducated and trusting people of the world, who actually believe the baloney that this loan would help them pay their bills. In actuality, it just creates more hardship for the loan recipient, because they don’t have enough education in handling finances, to understand the compound interest and exorbitant interest rates charges by the payday loan industry.

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