White House Caves on Golden Parachutes

President aims to give lawmakers push on $700B plan, garner support

(NEWSER) - President Bush will address the nation tonight on the proposed $700 billion Wall Street bailout, CNN reports, in hopes a televised speech could sway reticent lawmakers into quick action. The 9pm EDT speech will come after a second day of Treasury chief Henry Paulson and Federal Reserve chair Ben Bernanke explaining the plan to Congress. More»

Measure that would allow feds to insure $300B in mortgages expected soon

(NEWSER) - President Bush will support a housing package being considered in the Senate, the Wall Street Journal reports. Bush threatened to veto the bill, which includes as much as $300 billion of insurance for Fannie Mae and Freddie Mac, but decided, given market turmoil, that now “is not the time for a prolonged veto fight” press secretary Dana Perino said today. More»

Ex-Treasury sec says Mac risked putting US economy in freefall for 'political gambit'

(NEWSER) - With the US economy in utter freefall, John McCain suspended his presidential campaign, jetted to Washington, called a meeting to fix the crisis—then did nothing, according the Henry Paulson's new book, On the Brink . In an excerpt in the Wall Street Journal, the former Treasury secretary recounts McCain's odd refusal to speak at the emergency meeting he called, and how the Democrats and Barack Obama pounced. More»

Bush put US on path to banana republic status

(NEWSER) - The 2000s were dominated by George W. Bush and the new American oligarchy he represents, writes Juan Cole. He lists hit 10 lowest points of an awful decade:

• “The constitutional coup of 2000,” in which “ugly racial and other low tricks” and a “far right-wing Supreme Court” delivered the election to the worst president in history.

President has raised taxes when business needs a break

(NEWSER) - Everyone loves a scapegoat. The American people have Wall Street fat cats, and President Obama has George W. Bush, writes David Harsanyi for the Denver Post. While Obama, "in a superbly eloquent and inspirational pitch, always reminds us that nothing is his fault," Harsanyi gripes, "nearly every initiative enacted in the first 50 days of the Obama administration has exacerbated what Bush started." More»