"Faced with staggering new unemployment figures, Democratic congressional leaders said Friday they were ready to provide a rescue plan for American automakers . . . "
New York Times Service

Not faced with the economic needs of the companies.  Not faced with the economic prospects of the companies.  Not faced with the viability of the companies.  But, faced with the new unemployment figures.

Does anyone think this is it?  

Does anyone thing the pigs won't be back at the trough?

Does anyone doubt that all these "bailed-out" entities will continue to require more cash infusions?

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There are a lot of very sensible posters here, some who don't like this deal because of it's basic structure (buying the bad debt) and would instead prefer something either along a loan guarantee or an equity stake or outright buying the mortgages NOT straight up buying the derivative voodoo bundles these geniuses cooked up.

I agree, we need smart people with the correct insights to get involved and structure some kind of package (and, as a very smart poster framed it, STOP calling it a Bail Out and call it a Equity Mortgage and Liquidity Act) and get THE ABILITY to inject liquidity into the market in a hurry... IF needs be.  We need some capability to shore up the credit markets if they start to head south.

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Gov. Eliot Spitzer's erie prediction on our current economic crisis, written Feb, 08!

"When history tells the story of the subprime lending crisis and recounts its devastating effects on the lives of so many innocent homeowners, the Bush administration will not be judged favorably. The tale is still unfolding, but when the dust settles, it will be judged as a willing accomplice to the lenders who went to any lengths in their quest for profits. So willing, in fact, that it used the power of the federal government in an unprecedented assault on state legislatures, as well as on state attorneys general and anyone else on the side of consumers."

http://www.washingtonpost.com/wp-dyn/con tent/article/2008/02/13/AR2008021302783. html

(My take is that Lenders suckered average folks into mortgages which they could afford at first, then Lenders raised their monthly rate to an amount they could no longer afford!  Because there were no Regulations or Oversight, those houses were then foreclosed on and then re-sold again to some other unsuspecting victim, until the whole deck of cards has collapsed.)

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Could McCain be having a senior moment or is he just too overwhelmed by this crisis to debate, because a President of the United States is always on Call!

Or, is McCain really being dirty and underhanded, trying to pull the wool out from under Barack's feet, when he reached out to him early Wedensday morning in a bi-partisan moment, so together they could show solidarity and release a Joint Statement, however, McCain did not like that idea and decidied to bring politics into an already unsteady situation in an attempt to aid his political career, pretending that it was he who reached out to Barack and not the otherway around!  However, that was not good enough, he must one-up him and cancel the campaign all together, the crisis is so great, a sudden change of heart that makes McCain look phony and untrustworthy.  That is not putting Country first, but we already know that by his Pallin pick!

And, of course, the debates should not be cancelled.  A President has to be able to multi-task, big time!  McCain's cancelling looks more like a senior moment or that he is too overwhelmed and distraught to be albe to explain to the country just what he would do to address this problem.  Maybe McCain will not be able to answer that 3:00 a.m. phone call as a President is always on call.

McCain the Wizard of Oz now pretends he has a heart, brain and courage!  If so, its not working very well.  His wall of lies and deceipt are closing in on him and soon there will be no place to hide, not even in the Senate.  McCain you can run, you can lie, but you cannot hide.

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