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A free floating commentary on culture, politics, economics, and religion based on a passionate commitment to the truth and a desire graciously to refute that which is contrary to it….
"He must hold firm to the sure word as taught, so that he may be able to give instruction in sound doctrine and also to confute those who contradict it."
--Titus 1:9, Revised Standard Version
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After a marathon round of negotiations that ended in the predawn hours on Saturday, Congressional leaders and Bush administration officials said they were nearing consensus on a $700 billion rescue plan for the nation’s financial system, and that a deal might be announced Sunday evening before the markets open in Asia....
On the bailout, Mr. Reid said, “We hope that sometime tomorrow evening we can announce there has been some kind of agreement in principle,” adding that it was crucial to send a reassuring message to the financial markets. “We may not have another day.”
Senator Judd Gregg, Republican of New Hampshire, who is the lead negotiator for Senate Republicans, also said there was an urgent need for action: “Failure to do this will lead to a massive fiscal meltdown in the credit markets, which will lead immediately to a meltdown on Main Street.”
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Filed under: * Culture-Watch Law & Legal Issues * Economics, Politics Economy Housing/Real Estate Market Stock Market The September 2008 Proposed Henry Paulson 700 Billion Bailout Package Politics in General
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