The Saga Continues

I wrote Think of a Number before the talks collapsed – my imagination was not nearly wild enough.

It’s hard to keep up  , but here’s where I think we are at…

Paulson limited the meeting to one demo and one pubbie from each of the House and Senate. [does that free up McCain and Obama for the debate? -ed]. But the pubbie from the house, Rep. Spencer Bachus (R-Ala.)

…stood in for the House Republicans. But as Frank said after the meeting, “he wasn’t even marginally deputized” to speak for his caucus, having been publicly chastened by House GOP leadership earlier in the day. Bachus, said Frank, excused himself from the meeting, explaining that since he wasn’t authorized to speak on behalf of his caucus it wasn’t useful for him to stay.

The demos are begging the President to get the house republicans to sign on because

Speaker Nancy Pelosi (D-Calif.) would not bring the plan to the floor unless is had substantial support from the GOP.

Meanwhile the house republicans according to one GOP lawmaker

some House Republicans are saying privately that they’d rather “let the markets crash” than sign on to a massive bailout.

“For the sake of the altar of the free market system, do you accept a Great Depression?” the member asked.

It’s not clear what McCain’s position is. I have read is some places that he supports the SecTreas’s plan and in others that he is backing the renegade House Republicans.

The McCain campaign issued a statement saying it was “optimistic” that McCain “will bring House Republicans on board without driving other parties away, resulting in a successful deal for the American taxpayers.”

But conservative Republicans in the House – and some in the Senate, such as Richard Shelby of Alabama – remain angry over the prospect of a massive government bailout.

“The Republican Party right now is fractured,” said one GOP member who didn’t want to be named. “’Fractured’ is not even the right word…Human nature is taking over.”

Maybe we could sell Alaska to Russia for $700 Billion? If Palin brokers the deal she could get some international trade experience to go with her foreign policy experience.

Hey! It’s a new day. Anything could happen.

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Ragged Clown

Based in San Jose, California

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