Rep. Paul Ryan, an "admired conservative" who in reality is getting by on his good looks, was against the bailout bill before he was for it. He expresses a view of the bailout upon which liberals and conservatives can all agree:

"It sucks."

So would the heralded economic collapse or the lesser catastrophes that are predicted by many in the absence of action. Having jammed a face-saving insurance program into the bill, key Republicans are showing reluctant support for its passage. House Minority Leader John Boehner is among them. Boehner recognizes that some Republicans who face tough reelection battles can't come on board, and that some will refuse on principle. He encouraged "every member of our conference – if their conscience will allow them to -- to support this bill." [emphasis added]

Predictions? Will Boehner and his buddies find enough loyal Republicans to get the bill passed? Will Democrats follow their leader?

Sarah Palin on science:

Soon after Sarah Palin was elected mayor of the foothill town of Wasilla, Alaska, she startled a local music teacher by insisting in casual conversation that men and dinosaurs coexisted on an Earth created 6,000 years ago -- about 65 million years after scientists say most dinosaurs became extinct -- the teacher said.

On how to teach science:

During an October 2006 debate in the Alaska governor's race, Palin urged that evolution and creationist ideas be taught together in state schools. "Don't be afraid of information and let kids debate both sides," she said.

On war: [more...]

Jerri! Happy Birthday to one of the toughest, sharpest and sweetest bloggers in the sphere! I miss you, being 2500 miles away in NYC. It was great to spend the DNC with you at your home where you showed me the ropes in that crazy world of blogging mania. You're an inspiration to so many of us women (and men). Thank you! I'll toast to you in New York tonight and I hope you have a fantastic fun evening you deserve. I love you and will call asap.

XXXXAnita

Krugman's take:

Section 113, MINIMIZATION OF LONG-TERM COSTS AND MAXIMIZATION OF BENEFITS FOR TAXPAYERS, is where the rubber meets the road — it’s where the plan says something about how the deals will be done.

As I read it, Treasury can
(1) conduct reverse auctions and suchlike
(2) buy directly — but only if it gets equity warrants or, in companies that don’t issue stock, senior debt

. . . The plan’s real traction, if any, is in (2), which is a backdoor way to provide troubled firms with equity — and the bill seems to say that taxpayers have to own this equity, although I wish it was clearer how much equity will be judged sufficient. Not a good plan. But sufficiently not-awful, I think, to be above the line; and hopefully the whole thing can be fixed next year.

Obama and Dems should run on how they will take care of ordinary middle class American homeowners if and when they win the election.

By Big Tent Democrat, speaking for me only

Flowers from the TL Kid. (Larger version here.)

Your turn, all topics welcome.

DEA Agent Lee Lucas recently torpedoed a drug conspiracy case in Mansfield, Ohio. Turns out, it wasn't the first time for Lucas.

Federal drug agent Lee Lucas, whose rogue informant botched a major drug conspiracy case in Mansfield, had the same problem in Florida. And it could cost taxpayers $356,000.

That's how much a Miami businessman spent defending himself in a case with a bad informant Lucas handled 15 years ago. This month, a federal judge is expected to decide how much the businessman's family should be reimbursed for legal bills related to the case, though prosecutors are likely to appeal.

More...

On Face the Nation this morning, Sen. Barack Obama said John McCain deserves no credit for the bailout proposal. He also said he's likely to support it.

Democratic presidential nominee Barack Obama said Sunday his Republican rival deserves no credit for helping to forge a tentative agreement on the $700 billion bailout of Wall Street.

On why Obama deserves credit: [More...]

Here's the summary of the Bailout Proposal from Nancy Peloisi's office.

It's now a $350 billion bailout, at least up front. I'm not seeing anything that prevents home foreclosures or that helps those who underwent foreclosures in the past year.

The government can use its power as the owner of mortgages and mortgage backed securities to facilitate loan modifications (such as, reduced principal or interest rate, lengthened time to pay back the mortgage) to help reduce the 2 million projected foreclosures in the next year

There's tax relief -- for banks. [More...]

Two tracking polls have been released that include Saturday polling (the day after the debate. In the DKos/R2000 poll (9/25-27), Obama ticked up a point overall (he had a +9 on Saturday), and leads 50-43. In the Ras poll, Obama maintains his 6 point lead, 50-44. At the least he did not lose ground in Saturday polling. Update - Gallup has a big Saturday move for Obama - he now leads by 8, 50-42. Hotline has Obama by 5, 47-42.

We'll add other polls as available, but so far it seems the debate did Obama no harm and probaly helped.

By Big Tent Democrat

Via TPM, the Times of London reports:

In an election campaign notable for its surprises, Sarah Palin, the Republican vice- presidential candidate, may be about to spring a new one -- the wedding of her pregnant teenage daughter to her ice-hockey-playing fiancé before the November 4 election.

Inside John McCain's campaign the expectation is growing that there will be a popularity boosting pre-election wedding in Alaska between Bristol Palin, 17, and Levi Johnston, 18, her schoolmate and father of her baby. "It would be fantastic," said a McCain insider. "You would have every TV camera there. The entire country would be watching. It would shut down the race for a week."

The strange thing is it very well may be McCain's best bet.

By Big Tent Democrat, speaking for me only

Jeralyn does not like the deal, I think it is the right thing to do. The NYTimes reporting, as opposed to the wire service report Jeralyn read, explains why.

First and foremost, on helping distressed HOMEOWNERS:

[The proposal] requires the government to use its new role as owner of distressed mortgage-backed securities to make more aggressive efforts to prevent home foreclosures.

In my view, this will be HOLC in the next Administration should Obama win. Barack Obama needs to run on this issue from now until the election. The bill will be vague on how the government will be "required" to prevent home foreclosures. Obama, and Hillary Clinton., and every good Democrat should say HOLC will be how it is done.

MORE . . .

Just after midnight on Saturday, House Speaker Nancy Pelosi announced a bailout deal has been reached.

The plan calls for the Treasury Department to buy deeply distressed mortgage-backed securities and other bad debts held by banks and other investors. The money should help troubled lenders make new loans and keep credit lines open. The government would later try to sell the discounted loan packages at the best possible price.

At the insistence of House Republicans, some money would be devoted to a program that would encourage holders of distressed mortgage-backed securities to keep them and buy government insurance to cover defaults.

More...