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Thursday, September 25, 2008

Daily Observation - Day 4 of the Plan

What Plan?

I have started this blog three times during the day with various headings, from It's over to It's over. First we thought the deal was to be resolved today with McCain and Bush taking the lead in a private White House Meeting, to Its Over the bailout is dead. We've been all over the map today from the time of the closing bell.

President Bush was smart by starting his meeting after Wall Street closed after the market in anticipation of the plan being accepted rose over 195 points. As I am writing this blog at 8:00 the latest news is that they are getting closer again, surprise the Presidential candidates are not a part of the evening caucuses, probably practicing for the "hopeful" upcoming Friday debate.

Again this evening I quote CNN to give you the flavor of the day.

Lawmakers bickered over competing counterproposals and hours of meetings between key lawmakers broke down without any progress late into the evening.

A meeting at the White House between President Bush, congressional leaders and the presidential candidates was meant to speed approval of an agreement. Instead, the session revealed deep divisions between Democrats and House Republicans.

As a result, House and Senate leaders and Treasury Secretary Henry Paulson rushed to Capitol Hill at 8 p.m. to try to hash out a deal.

Senate Banking Committee Chairman Christopher Dodd, D-Conn., said the White House meeting was thrown off course when participants were blindsided by a new "core agreement" that emerged in the meeting that not many had seen before.

The principles the Democrats said had been agreed upon call for Congress to make $250 billion available immediately with $100 billion available, if needed, without requiring additional congressional approval, said two senior Democratic aides familiar with the negotiations. The second half of $350 billion would then become available by a special approval of Congress.

Tomorrow we should see some more heated debates, but before we close this evening lets not forget that WAMU was just taken over by the FDIC, with the assets being purchased by JP Morgan Chase. Can this get worst?

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