Chris Dodd is backing off from the bailout ...

[Alhena]

in talking with Wolf Blitzer just now he said "no, no, no, no" when Wolf said that the Democrats had signed onto the core idea of giving Paulson $700 billion to buy distressed securities, with the only question being things like executive conpensation, equity, etc. Dodd then indicated that the Democrats were prepared to give Paulson some kind of authority to deal with the problem, in return for conditions being met, but that they were not sold on the idea of giving Paulson money to buy securities.

Sounds to me like the Democrat leadership sees a trap here and is backing away from the bailout- I think that's a good idea. I hope Obama is fully advised regarding this approach for the debate.

[1corona4u]

1. That has been their position from the start, they are not backing away.

Dodd put out a plan the very next day after this thing started. They have never been onboard with the Paulson deal.

[Alhena]

2. Yeah, but didn't Dodd's plan call for buying up this bad debt?

[1corona4u]

3. I'd do a search for the plan if I were you....

I don't know what's in it specifically. But they have always said that there need to be conditions on it, if it is to pass.

[chill_wind]

8. self-delete-- to move reply

[Kurt_and_Hunter]

4. I have to dispute your interpretation

Dodd was merely political ass-covering, contesting Wolfies' assertion that the revised bill is "the Paulson plan."

[Virginia Dare]

6. Barney Frank said earlier the core of the plan is still Paulsons...n/t

[Kurt_and_Hunter]

9. Yes, this is all political rhetoric but the plan is the plan

All this carrying on about what are mere fig leafs and window dressing annoys me.

Anyone who objected to the legislative outline on conceptual grounds but supports the revised bill doesn't understand the issue.

The core concept of the Paulson plan is 99% of the thing.

As a POLITICAL matter it is correct to spin the revisions as major but they don't change the economics one way or another.

(I generally supported the legislative outline and recognized that it contained intentionally provocative elements that were there for the purpose of being negotiated away.)

[Parker CA]

7. Exactly.

[Sedona]

5. Everyone

[joanski0]

11. Oh my God! Thank you for this!

I need to chill out. I've been listening to Wolf Blitzer. He's always so excited about everything.

[dudewheresmycountry]

13. Blessings to you Lisa

this is perfect and states what a true leader would do at least in my world.......

[chill_wind]

10. This thread contains multiple-sourced press snippets of what Dems were saying 2 days ago

about their version of the plan, with Chairman Barney Frank doing most of the talking.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=4082967&mesg_id=4082967

[chill_wind]

12. FWIW, it seems Paulson is backtracking on some of his alleged comprimising

Paulson seems to backtrack as bailout talks begin anew

By David Lightman and Margaret Talev | McClatchy Newspapers
Friday, September 26, 2008


http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=4099310&mesg_id=4099310

[chill_wind]

15. Link correction--- this one

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=4082967&mesg_id=4082967

[Bucky]

14. Good God, yes, of course they're keeping Obama in the loop.

Unlike McCain, Obama's colleagues respect him and want to make sure he does a good job tonight and for the next four years.