Brad Sherman held another skeptic's caucus meeting at 3:30pm, with FDIC Chair William Isaac in attendance. It was open to staff. Ryan Grim has a good piece on William Isaac; he's a weird guy and the architect behind Monday's defeat; the fight against mark to market rules was sort of his stamp on the bill.
There's still some fight left in the House, but the pro-bailout forces are gathering the votes. Emanuel Cleaver is now a 'yes' vote, Republican Study Committee Chair John Shadegg has moved to 'lean yes', Carolyn Cheeks Kilpatrick has moved to 'undecided', and Zach Wamp is a 'yes'.
I was impressed that the progressives tried to shrewdly present an alternative, it was the first such move I've ever seen. The substance of the alternative and the coordination hasn't done it for us yet, but it's great to see some organization forming. This is not the last crisis we'll see, since our monetary order is broken.
The 'Skeptics Caucus' is led by Brad Sherman, and they are still meeting to absorb the details of the bill. Kucinich says the leadership may not have the votes. I've heard that Pelosi is demanding 100-110 Republican votes, and that it's Pelosi, Barney Frank, and the New Democrats who are pushing this bill furiously. Sherman's a pretty moderate Democrat, so I imagine that the caucus is still, well, skeptical.
I don't know why the leadership is pushing this so hard; perhaps they really believe a Great Depression will happen if they don't move now. Of course, maybe it's the relationships they have that leads them to such ideas.
Democratic MEMBERS Meeting on Bailout Plan, TODAY, Room 2220, 2:30-3:30pm
From: The Honorable Brad Sherman
Date: 9/22/2008
Skeptical About the
Administration's $700 Billion Bailout Plan?
Democratic Members Meeting
Room 2220
2:30-3:30 P.M.
Dear Democratic Colleague:
Are you skeptical about the $700 billion bailout bill? Let's meet in Room 2220 on Monday, September 22, 2008 at 2:30 PM. Come to the first and perhaps only meeting of the Skeptics Caucus to discuss President Bush's $700 billion bailout bill. Democratic Members and Senior Staff only.
Bring specific legislative proposals. I will be bringing legislative proposals to carry out the principles set forth in the letter below. If you have questions about this meeting, please contact me or my Legislative Director and Counsel, Gary Goldberg, at xyz.
Sincerely,
Brad Sherman
Member of Congress
On the flip is are specific proposals that will be raised at the meeting.
