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11:40 PM ET, September 20, 2008

memeorandum

 Top Items: 
Paul Krugman:
No deal  —  I hate to say this, but looking at the plan as leaked, I have to say no deal.  Not unless Treasury explains, very clearly, why this is supposed to work, other than through having taxpayers pay premium prices for lousy assets.  —  As I posted earlier today, it seems all too likely that a …
RELATED:
David M. Herszenhorn / New York Times:
Administration Is Seeking $700 Billion for Wall Street Bailout  —  WASHINGTON — The Bush administration on Saturday formally proposed to Congress what could become the largest financial bailout in United States history, requesting unfettered authority for the Treasury Department to buy up to $700 billion in mortgage-related assets.
New York Times:
Text of Draft Proposal for Bailout Plan  —  LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS  —  Section 1.  Short Title.  —  This Act may be cited as ____________________.  —  Sec. 2.  Purchases of Mortgage-Related Assets.
Larisa Alexandrovna / The Huffington Post:
Welcome to the final stages of the coup...  In 2000, the long fought for and long admired democracy of the United States of America began a slow and steady decline toward fascism - a Bush family tradition - with the installment of a president - a man the citizens overwhelmingly rejected …
Discussion: At-Largely
David Rogers / The Politico:
Dems on bailout: Include homeowners  —  Democrats are drafting a joint House-Senate bill to expedite action on the Treasury Department's $700 billion rescue plan for the financial markets but want the government to use its new leverage to slow foreclosures and cap compensation …
Discussion: TPMCafe
Peter Baker / New York Times:
A Professor and a Banker Bury Old Dogma on Markets  —  WASHINGTON — For the last year, as the nation's economy lurched from crisis to crisis, the chairman of the Federal Reserve, Ben S. Bernanke, had been warning Henry M. Paulson Jr., the Treasury secretary, that the worsening situation might ultimately force …
Elizabeth Williamson / Wall Street Journal:
Lobbyists Scramble to Sway Deal  —  WASHINGTON — Titans of the financial industry are battling to influence the government's financial rescue plan, a package that will create new winners and losers in the sector.  —  Democrats in Congress want a rescue package that benefits homeowners at risk for foreclosure, not just Wall Street.
Discussion: Talking Points Memo
Ian Welsh / Firedoglake:
Hank Paulson To Dems: Not Allowing CEO's to Keep Multi-Million …
Discussion: Alas, a blog
Ian Welsh / Firedoglake:
Hank Paulson's Raid on the Treasury
Discussion: DownWithTyranny!
Atrios / Eschaton:   0 To $1 Trillion In 4 days Flat
Brookings Institute:
Concerns about the Treasury Rescue Plan
Discussion: Matthew Yglesias and RADAMISTO
Peter S. Goodman / New York Times:
But Will It Work?  —  As the federal government steps to the center …
Discussion: BAGnewsNotes
Patrick Healy / New York Times:
Pact on Debates Will Let McCain and Obama Spar  —  The Obama and McCain campaigns have agreed to an unusual free-flowing format for the three televised presidential debates, which begin Friday, but the McCain camp fought for and won a much more structured approach for the questioning …
Al Giordano / The Field on the Narcosphere:
The AP's Ron Fournier: Racial Arsonist and Unethical Journalist  —  Deep-seated racial misgivings could cost Barack Obama the White House if the election is close, according to an AP-Yahoo News poll that found one-third of white Democrats harbor negative views toward blacks - many calling them …
RELATED:
Associated Press:
Poll: Racial misgivings of whites an Obama issue
Allahpundit / Hot Air:
AP poll: Racism among white Democrats could cost Obama the election
Discussion: NewsBusters.org
Nate Silver / The New Republic:   Racism Costs Obama 6 Points?
CNN:
Cheney must preserve records, judge orders  —  WASHINGTON (CNN) — Vice President Dick Cheney must preserve a broad range of records from his time in office, a federal judge ordered Saturday, ruling in favor of a private watchdog group.  —  U.S. District Judge Colleen Kollar-Kotelly found …
RELATED:
Associated Press:
Judge orders Cheney to preserve records
Brooks Jackson / FactCheck.org:
Obama's Social Security Whopper  —  He tells Social Security recipients their money would now be in the stock market under McCain's plan.  False.  —  In Daytona Beach, Obama said that “if my opponent had his way, the millions of Floridians who rely on it would've had their Social Security tied up in the stock market this week.”
Discussion: The Swamp
RELATED:
Andrew Malcolm / Top of the Ticket:
Sarah's Surprise: Palin to meet world leaders at U.N. next week  —  Alaska Gov. Sarah Palin will meet in New York next week with Afghanistan President Hamid Karzai, among other world leaders scheduled to visit the United Nations annual autumn General Assembly Session.
Discussion: protein wisdom
Gallup:
Gallup Daily: Obama 50%, McCain 44%  —  PRINCETON, NJ — Gallup Poll Daily tracking from Wednesday through Friday finds Barack Obama maintaining his lead over John McCain among registered voters, by a 50% to 44% margin.  —  Obama has held at least a small margin over McCain in each …
Sebastian Mallaby / Washington Post:
A Bad Bank Rescue  —  With truly extraordinary speed, opinion has swung behind the radical idea that the government should commit hundreds of billions in taxpayer money to purchasing dud loans from banks that aren't actually insolvent.  As recently as a week ago, no public official had even mentioned this option.
Discussion: Kevin Drum
John Amato / Crooks and Liars:
Rachel Maddow's ratings are incredible  —  If only MSNBC would have listened to us months ago, but at least she's there now.  Move over Larry King, there's a new girl in town....Her ratings even beat Countdown a few times.  —  It's nice to see and we hope you will continue to tune in.
Julia Hoppock / Political Punch:
Oh, That Joe!  (No. 14 in a Series) - Biden Says Obama Won't Take His Beretta  —  Sen. Barack Obama better not mess with his running mate Joe Biden's guns...or else.  —  In an out-of-nowhere attempt to re-assure a southwestern Virginia labor crowd about gun owners' rights, Biden …
 
 
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 More Items: 
Josh Marshall / Talking Points Memo:
BEFORE WE JUMP IN  —  There are subjects I know a lot …
Discussion: Eschaton
Jesse McKinley / New York Times:
Same-Sex Marriage Ban Is Tied to Obama Factor
Yuval Levin / The Corner:
Trust on the Economy  —  The Diageo/Hotline poll offers …
Discussion: The Jed Report
New York Times:
Behind Closed Doors, Warnings of Calamity
Discussion: The Democratic Daily
Gordon Trowbridge / Detroit News:
Obama has slight edge on McCain in Mich.
Discussion: Commentary
Jo Mannies / St. Louis Post-Dispatch:
McCain takes slight lead in Mo., new poll finds
Discussion: FiveThirtyEight.com
 Earlier Items: 
John Amato / Crooks and Liars:
Cavuto says McCain-Palin sound just like Obama-Biden
Discussion: The Agonist
Michael Luo / The Caucus:
McCain Breaks His Record in August, Raising More Than $47 Million
Discussion: New York Times and Don Surber
The Moderate Voice:
Oh Sarah! The Week That The Music Stopped
Discussion: Daimnation!