So Here’s What We Know About the Status of the Bailout…

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The Senate Democrats, Senate Republicans, and House Democrats spent the week negotiating with Treasury Secretary Hank Paulson and the White House. Senate Democrats and Senate Republicans announced this morning that they had agreed on key principles. In a White House meeting this afternoon with all parties, including Barack Obama and John McCain, House Republicans hijacked the process by submitting an entirely new plan that no one had seen before. John McCain hasn’t made his position clear, but has reportedly been huddling with House Republicans and places his sympathies with their plan, which can be found here.

It actually says, “Instead of injecting taxpayer capital into the market to produce liquidity, private capital can be drawn into the market by removing regulatory and tax barriers that are currently blocking private capital formation.” That is, more deregulation.

While Democrats and Republicans are fighting about whether or not House Republicans stalled the bailout’s progress so John McCain could be seen as a key player in a solution tomorrow or over the weekend, no one seems to be disputing that House Republicans are the reason a week’s worth of work is in jeopardy. Here’s an ABC report of a frantic Paulson after the unsuccessful White House meeting:

Paulson walked into the room where Democrats were caucusing after today’s meeting at the White House and pleaded with them, “Please don’t blow this up.”

Rep. Barney Frank, D-Mass., chair of the House Financial Services Committee was livid saying, “Don’t say that to us after all we’ve been through!”

House Speaker Nancy Pelosi said, “We’re not the ones trying to blow this up; it’s the House Republicans.”

“I know, I know,” Paulson replied.

Really interesting theorizing in Laura’s post below, and you can get Kevin’s take here.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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