The summit presided over by President Bush–attended by congressional leaders, John McCain, and Barack Obama–degenerated into a shouting match, according to reporters. The plan to spend $700 billion to purchase bad securities is losing support, but House conservatives have put forward a plan for the federal government to insure the bad debts, not take them over. From what I can tell from the overheated article linked above, McCain seems to be going in that direction. That sounds far less socialist and expensive to me. It looks like it was McCain vs. Bush and Obama, who with the Democrats supports the president’s plan.
Summit degenerates, but a new plan emerging
September 26, 2008 by 32 Comments