memeorandum: House to Wall Street: Drop dead (Rex Nutting/MarketWatch)

8:00 AM ET, September 30, 2008

Top Items:

Revolt of the Nihilists — In 1933, Franklin Roosevelt inherited an economic crisis. He understood that his first job was to restore confidence, to give people a sense that somebody was in charge, that something was going to be done. — This generation of political leaders is confronting …

Discussion: Scripting News, marbury, Ross Douthat, Kevin Drum and The Other McCain

Paul Krugman:

OK, we are a banana republic — House votes no. Rex Nutting has the best line: House to Wall Street: Drop Dead. He also correctly places the blame and/or credit with House Republicans. For reasons I've already explained, I don't think the Dem leadership was in a position to craft a bill …

Discussion: Firedoglake, culturekitchen, Corrente, Open Left, About.com US Liberal Politics, Raising Kaine, Prairie Weather, The Mahablog and The Democratic Daily

New York Times:

With Deal's Collapse, the McCain Camp Attacks — WEST DES MOINES, Iowa — Besides stockholders whose portfolios were ravaged Monday afternoon, the one person with the most riding on the bailout bill that collapsed in Congress may have been Senator John McCain.

Discussion: Hugh Hewitt's TownHall Blog and THE ASTUTE BLOGGERS

Washington Post:

An Appeal and a Blame Game — Nominees Link Each Other to Crisis, Urge Action on Hill — Reacting to the House's defeat of a $700 billion economic rescue proposal Monday, Sens. Barack Obama and John McCain called on Congress to pass a new bill and then sought to blame each other for the deadlock on Capitol Hill.

Discussion: marbury

Jackie Calmes / New York Times:

In Bailout Vote, a Leadership Breakdown — WASHINGTON — The collapse of the proposed rescue plan for the teetering financial system was the product of a larger failure — of political leadership in Washington — at a moment when the world was looking to the United States to contain the cascading economic crisis.

Discussion: Daily Kos, The Anonymous Liberal and Real Clear Politics

Charles Babington / Associated Press:

Analysis: House vote against bailout wounds McCain — WASHINGTON - The house always wins, gamblers are warned, and the U.S. House made John McCain pay Monday for his politically risky, high-profile involvement in a financial rescue plan that came crashing down, mainly at the hands of his fellow Republicans.

Discussion: Don Surber

Arnold Kling / EconLog:
Revolt of the Elites — I am getting ready to take a couple days off from blogging.

Discussion: Eunomia

Rex Nutting / MarketWatch:
House to Wall Street: Drop dead

Discussion: Matthew Yglesias, Deal Journal and Corrente

Jared Allen / The Hill:
The bailout implodes — The historic $700 billion bill aimed …

Discussion: Firedoglake

Jonathan Martin / Jonathan Martin's Blogs:

In reintroduction, Palin to do more interviews and “tell her story” — Tacitly acknowledging criticism that she's been diminished in part by an overly protective media shield, Sarah Palin will take a more forward-leaning approach and do additional interviews in the weeks ahead, a top aide said today.

Discussion: Political Machine, Pam's House Blend, CBS News, TBogg, The Raw Story, MyDD, Gawker, Ta-Nehisi Coates, CNN, TIME.com, Fighting Liberals, Campaign Silo, Hot Air, Wilshire & Washington, Donklephant, Oliver Willis, Grasping Reality … and Spin Cycle

Adam Nagourney / New York Times:

Concerns About Palin's Readiness as a Big Test Nears — A month after Gov. Sarah Palin joined Senator John McCain's ticket to a burst of excitement and anticipation among Republicans, she heads into a critical debate facing challenges from conservatives about her credentials …

Discussion: TIME.com and The Corner

CBS News:

Exclusive: McCain, Palin Answer Critics — Katie Couric Asks Palin If She Contradicted McCain On Pakistan And Her Response To GOP Criticism … Katie Couric: Over the weekend, Gov. Palin, you said the U.S. should absolutely launch cross-border attacks from Afghanistan into Pakistan to …

Discussion: CNN, BAGnewsNotes, Or How I Learned …, NewsBusters.org, unbossed.com, Undiplomatic, Political Machine, Wonkette and No More Mister Nice Blog

Natalie Gewargis / Political Punch:
McCain, Palin & Energy Flubs

Discussion: Get Energy Smart!, The Huffington Post and Raising Kaine

Mark Silva / The Swamp:
Palin, Couric, ‘gotcha journals,’ cowboys

Discussion: Jonathan Martin's Blogs

Glenn Reynolds / Pajamas Media:

A READER AT A MAJOR NEWSROOM EMAILS: “Off the record, every suspicion you have about MSM being in the tank for O is true. We have a team of 4 people going thru dumpsters in Alaska and 4 in arizona. Not a single one looking into Acorn, Ayers or Freddiemae. Editor refuses to publish anything …

Discussion: Macsmind, The Strata-Sphere, Whiskey Fire, The Anchoress, protein wisdom, Dean's World, Patterico's Pontifications, Power Line, Confederate Yankee, TBogg and Gateway Pundit

Bloomberg:

Fed Pumps Further $630 Billion Into Financial System — Sept. 29 (Bloomberg) — The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.

Discussion: Crooks and Liars, The Impolitic and The Democratic Daily

Washington Post:
Treasury, Fed Low on Rescue Options

Discussion: TIME.com

New York Times:
Treasury and the Fed Looking at Options

Discussion: Brad Setser and TIME.com

Ian Welsh / Firedoglake:
Fed to Congress: We'll Just Print 630 billion dollars K? Thx Bye.

Discussion: The Seminal

David Kurtz / Talking Points Memo:

THAT MEAN, NASTY NANCY PELOSI — Here's the Pelosi floor speech that Republicans claim so enraged them that they decided to change their votes on the bailout: — And here is the Republican House leadership laying all the blame at Pelosi's feet:

Discussion: The RBC, TheZoo and Spin Cycle

Klaus Marre / The Hill:
Republicans fault Pelosi speech for bailout's failure

Discussion: McClatchy Washington Bureau, Left in the West, QandO and Slog

Marc Ambinder:
A Failure To Communicate (What We Have Here) — John McCain has a fundamental problem.

Discussion: The Politico, Sound Politics and marbury

SilentPatriot / Crooks and Liars:
Shorter House GOP: We killed the bailout bill because Pelosi hurt our feelings

Discussion: Ben Smith's Blogs, Firedoglake, Comments from Left Field and Politics Blog

Washington Wire:
House Republicans Blame Pelosi's Speech

Discussion: The Volokh Conspiracy, Townhall.com, The Marathon Blog, CNN, Don Surber, Betsy's Page, Bloomberg, No More Mister Nice Blog, Financial Times, Harry's Place, Talking Points Memo, The Anchoress, The Huffington Post, Stop The ACLU, Wall Street Journal and TIME.com

Jennifer Parker / Political Radar:

Stephanopoulos: What's Next? Congress Mulls Four Options — ABC News' George Stephanopoulos reports: There are meetings going on right now on Capitol Hill to try to figure out what to do about the $700 billion Wall Street bailout bill that failed to pass the House today.

Discussion: San Francisco Chronicle, The Moderate Voice, Corrente, AMERICAblog News and TalkLeft

Megan McArdle:

The politics of the bill — There is no glory to go around here. Assume, arguendo, that most people in the House believed both that the bill would be passed, and that anyone who voted for it would suffer politically, except maybe in New York. — Pelosi screwed up royally. She is the Democratic Tom DeLay.

Discussion: The Next Right and Ed Driscoll.com

Rasmussen Reports:

FOX/Rasmussen Swing State Polling - September 28, 2008 — Overview — Polling this week in Colorado, Florida, Ohio, Pennsylvania, and Virginia shows that Barack Obama has gained a net 3 to 5 percentage points in each state compared to the previous Fox News/ Rasmussen Reports poll.

Discussion: American Power, Amygdala, skippy the bush kangaroo and TPM Election Central

Nate Silver / FiveThirtyEight.com:

More Bailout Thoughts — WARNING: This stuff is a little bit above my pay grade, but I hope you'll indulge my thinking out loud: — 1. It's highly likely that some sort of bill will pass the Congress. What kind of bill, I don't know. But the Dow is liable to act as something of a thermostat.

Discussion: The Daily Dish

Nate Silver / FiveThirtyEight.com:
Swing District Congressmen Doomed Bailout

Discussion: Newshoggers.com, AMERICAblog News, Outside The Beltway, Threat Level, Salon, MoJoBlog, marbury, TIME.com, MyDD and The Moderate Voice

Mike Allen / The Politico:

McCain takes credit for bill before it loses — Sen. John McCain (R-Ariz.) and his top aides took credit for building a winning bailout coalition - hours before the vote failed and stocks tanked. — The rush to claim he had engineered a victory now looks like a strategic blunder …

Discussion: CNN, The Reaction, The Gun Toting Liberal, Boston Globe, TPM Election Central, Hullabaloo, Crooks and Liars and Spin Cycle

Michael Scherer / Swampland:

House GOP Leaders Blame Pelosi's Statement — Republican House Leaders John Boehner and Roy Blunt say they would have had about 12 more votes if Pelosi had not said the following from the floor. (They say they will try again. “I don't know that we know the path forward at this point,” said Boehner.

Discussion: Raising Kaine and The Campaign Spot

Enric Volante / Arizona Daily Star:

Massage firm steps up faith- based defense — State calls ‘laying on of hands’ claim a cover for prostitution in Tucson case — State attorneys say John LaVoie should be forever barred from the massage business because he ran a house of prostitution camouflaged as a church.

Discussion: The Agitator and marbury