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House Dems' Bailout Plan
A source just sent us a copy of the working draft of the bailout plan circulating, as of about two hours ago, in the House.*
Based on our quick look, it includes a strong provision for congressional oversight, limits executive pay, and would allow bankruptcy judges to adjust mortgages in order to help homeowners, among other items. In other words, the major Democratic priorities.
Things have been changing so quickly on the Hill -- even before McCain's dramatic announcement -- that there's no telling what's occurred in the intervening period.
The source, who's a well-connected Democratic lobbyist, added in an email to TPMmuckraker that "the deal on the "bail out" is 98 percent done. Treasury has capitulated on almost every point. A draft is circulating on the Hill now. No one needs McCain to help do the remaining 2 percent."
Late Update: As we should have mentioned earlier, the draft plan also contains a provision designed to "maximiz[e] taxpayer benefits" by requiring that the Treasury "obtain warrants" (i.e. stock futures) if it makes a direct purchase of a company. That's intended to ensure that taxpayers get a share of any future profits, and it's another element Democrats have been insisting on.
*Ed. Note: A well-placed Hill source subsequently tells us that this version has actually been circulating for a couple of days, and that while it's still mostly operative, it is not the latest iteration of the alternative to the Bush plan.
Josh
Zachary
Did someone kill Pelosi and replace her with a Democratic pod person?
OR
Is Pelosi just waiting for the Chimp-in-Charge to threaten a Veto before rolling over?
September 24, 2008 5:35 PM | Reply | Permalink
Looks like they are announcing now that they've reached an agreement.
http://www.msnbc.msn.com/id/26884523/?GT1=43001
Is McCain still en route? Or did his plane landing in DC finally do the trick and get the agreement done, LOL?!
-- ARG
September 25, 2008 2:10 PM | Reply | Permalink
The latter, according to form.
Nobody in the Dim party is interested in fixing the systemic problems.
$300 Million in "visible" Wall Street contributions to BOTH parties over the last three election cycles?
The Dims spent the last 25 years sucking up to that tit. You don't think they'd turn away voluntarily, do you?
September 24, 2008 5:39 PM | Reply | Permalink
This is good.
They need to hustle to get this at the top of the nightly news programs (adjacent to McCain's Gambit).
This will show that McCain is just pulling a stunt. The work is done already. (They'll be ready to vote on it tomorrow, perhaps?? Friday, latest?) No need for him to hurry back. "Thanks, but no thanks."
Need to push this into tonight's news cycle, and show McCain as the crazy buffoon he is.
-- ARG
September 24, 2008 5:42 PM | Reply | Permalink
That would make a good TPM headline:
Thanks, but no thanks, on that political posturing to nowhere
September 24, 2008 6:21 PM | Reply | Permalink
Congress should consider changing the 401K tax code to let individual homeowners liquidate their 401K holdings, without penalty and without having to quit or lose their jobs beforehand, as long as the funds are streamed straight into home mortgages as principal paydowns or used to refinance away from variable interest rate HELoCs and ARMs.
If you believe the stock and bond markets will be flat for a good decade - as do I - then the best place for your retirement money would to use it to reduce total interest payments over the term of that mortgage.
Finally, WRT the bailout: That will solve nothing. It doesn't fix the mortgage meltdown that was caused due to banks having made loans that exceed the underlying value of homes. All it does is add additional debt load for taxpayers to pay down at a future date. It punts the problem to another day, where it will whipsaw back even worse. And the profligate speculators will walk away with the money while we citizen hold the bill.
OTOH: If we simply pay off our debts (or a good chunk of them) we actually might solve the problem. And there's quite a lot of money sitting in 401K accounts that could be used to pay down negative equity stakes and thus secure homeownership for a lot of shaky mortgages out there.
It's the choice between personal responsibility on Main Street saving the day, or yet more irresponsibility on Wall Street selling smoke and mirrors to the public through congress.
September 24, 2008 5:54 PM | Reply | Permalink
No Bailout! No Bail!
September 24, 2008 (LPAC)--Hank "Hjalmar Schacht" Paulson and his banker buddies insist that we have no alternative but to bail out the banks immediately, and only then, after the crisis has passed, can we take steps to make sure it never happens again. What a crock! The way to make sure that this never happens again is to teach the bankers a lesson they won't soon forget, by letting them suffer the full consequences of their incompetence and criminality. All we teach them if we bail them out is that they can get away with it, so let's show them the full power of national regulatory and criminal justice: shut them down, put them through bankruptcy proceedings, reorganize the essential banking functions into a new, highly regulated banking system where speculation is prohibited, and freeze all the debts, derivatives and bets until they can be sorted out. Break this parasitic system, bring banking back under tight government control, and begin the investigations to expose and punish the criminality. No bailout, no bail! That's the way to do it. That's a lesson they won't soon forget.
http://www.larouchepac.com/news/2008/09/24/no-bailout-no-bail.html
September 24, 2008 6:01 PM | Reply | Permalink
Have you considered what would happen to the stock market if huge numbers of people suddenly began selling stocks to liquidate their positions? Billions of shares of stock suddenly being dumped onto the market at once?
September 24, 2008 6:19 PM | Reply | Permalink
The stock market is for investors who accept risk. It's intended for people to pull out when risk positions change and the individual investor decides it's prudent. 401Ks don't let me do that. They exist to prop up the market so someone else - usually an institutional investor - can sell first. And then you get left holding the bag without even a retirement. And the way things are going, we won't have our houses either.
The bailout doesn't solve the debt crisis. All it does is add yet more debt to the debtload. You can't borrow your way out of indebtedness.
September 24, 2008 6:27 PM | Reply | Permalink
Maynard has it right.No bailout, allow access to 401k. Let the banks eat the rotten loans, it will all work out. The Europeans take that attitude also and it makes sense.
This country is going to hell in a handbasket and Paulson is negotiating the size of the Golden Parachutes for the people that are responsible.
Get real.
September 24, 2008 7:22 PM | Reply | Permalink
You cannot sell stock that nobody wants to buy.
September 24, 2008 8:10 PM | Reply | Permalink
The plan seems pretty good to me: there's a requirement for equity participation in purchased assets, and they explicitly remind the Treasury Secretary not to try to bail out firms that are beyond hope of salvation.
They do require that the firms participating be headquartered in the U.S., which, given the interconnected nature of global finance, is probably a mistake. Why not take equity in foreign firms as well, if their disruption also poses a threat to liquidity in this country?
(And, yes, I know Phil Gramm is now part of UBS, but that's irrelevant to whether a UBS failure might have serious negative consequences for the U.S. economy).
September 24, 2008 6:00 PM | Reply | Permalink
I hate to quibble, because I agree that McCain is chickening out, but you mention a House bill that is circulating. Is the Senate on board with them? The house is a lot easier to herd than the Senate, as we all know. And there's a good chance, especially on this issue, that Old Corporate Joe Lieberman will side with the Business flank of the GOP.
Also, Reid and several other Senate Dems sort of opened the door on this one, by saying they wouldn't approve a bill without McCain.
Some called that a wise move. Now it's tougher to tell, but I can tell you that The Best Damn Focus Group in Politics (my neighbors) think it was the right thing to do right now. They also think he's running scared, but they still think it's time for those pretty boys to get back to Washington where they should be with such a huge debate going on.h
September 24, 2008 6:11 PM | Reply | Permalink
I'm with Krugman: No equity, no deal.
As for "congressional oversight," that plus $3.50 ($7.50 if you're in Europe) will buy you a latte.
September 24, 2008 6:19 PM | Reply | Permalink
Is equity in there? "Treasury must obtain warrants (or similar assets) if they engage in direct purchase from a company". What does this mean?
September 24, 2008 7:46 PM | Reply | Permalink
Obviously this document is just a summary, not the actual bill.
I ain't no expert, but I believe a "warrant" is the option or right to recieve a certain amount of stock in the company if the debts purchased turn out to be "bad" (which, I think, means they cannot be sold for as much as we, the taxpayers, paid for them).
The devil is always in the details, of course. And if the company in question goes belly up, the warrants aren't worth much.
-- ARG
September 24, 2008 8:33 PM | Reply | Permalink
Any word on whether doing it in "tranches" is in the works?
September 24, 2008 6:26 PM | Reply | Permalink
Of course, they'll need to wait until McCain reads the plan and signs off on the final draft. Nothing gets done in Washington without McCain's approval. He's practically the president already. Except a lot older, not as intelligent and more dishonest. Otherwise, practically the same.
September 24, 2008 7:10 PM | Reply | Permalink
The essential element here is "bipartisan." Stick it to McCain while you can - make him back the plan or publicly explain why not.
I have no problem with holding Obama's feet to the fire on this, either. At least I know Obama has a clue.
September 24, 2008 8:14 PM | Reply | Permalink
Ian Welch at firedoglake says the warrant provision is entirely inadequate and a disguised giveaway.
September 24, 2008 7:36 PM | Reply | Permalink
Just saw somewhere - reading too many blogs, can't remember where - that Pelosi, Schumer and Reid are insisting that the first go round be for $150 billion. If more is needed, they can come back and ask for more.
September 24, 2008 7:37 PM | Reply | Permalink
Agree! Saw that earlier today on Kos. Why put us on the hook for $700bb if there is no assurance the plan will work. Also, must raise taxes on the richest 1% to fund this.
September 24, 2008 9:09 PM | Reply | Permalink
I'd also like to see that the $700 Bn is not allocated all at once, but phased in with perhaps an allocation of $150 Bn now and a review and further allocation in 3 months. By which time Obama should have already won the election.
September 24, 2008 8:11 PM | Reply | Permalink
You don't help a junkie kick their habit by loaning them yet another $5,000. You are especially stupid if you not only loan them the cash but do so by putting that $5,000 on your Discover card as a cash advance at 16%
Junkies kick their habit by hitting bottom. By understanding there are consequences to their action. By accepting that they screwed up and that it's not someone else fault or responsibility to bail them out.
As long as you keep pumping money in their arm, they're just going to keep repeating the same behavior.
September 24, 2008 8:11 PM | Reply | Permalink
I hope somebody in Congress is remembering the S&L bailout, and some of the horrendous fire-sales that followed, as for instance this one:
http://query.nytimes.com/gst/fullpage.html?res=9C0CE5DF133BF931A15755C0A966958260
September 24, 2008 8:34 PM | Reply | Permalink
, "I'd also like to see that the $700 Bn is not allocated all at once, but phased in with perhaps an allocation of $150 Bn now and a review and further allocation in 3 months."
Totally agree, mjshep.
September 24, 2008 8:37 PM | Reply | Permalink
"I have no problem with holding Obama's feet to the fire on this, either. At least I know Obama has a clue."
REALLY??? What clue would that be? Reality NOBODY . . .not one person on this planet, knows what is going on. The best we can really hope for is to do something, make a "best guess" then be flexible and ready to react and change course as seems necessary. Of course Bush did that with Iraq and still gets hung for it.
Ask Greenspan, he's the closest we have to someone who knows how to handle silly crap like this. Thanks Democrats, for pushing banks to give loans to bad risk people, by the way. Where did Obama stand on giving home loans to crackheads again? Never mind . . .I already know, it was a rhetorical question. . . unless maybe one of his many inept "aides" filled out THAT questionare
September 24, 2008 8:55 PM | Reply | Permalink
Hey, the link to the page with the plan itself now says "File Not Found."
September 24, 2008 8:59 PM | Reply | Permalink
this is probably the real reason McCain has to suspend his campaign. What with so many lobbyists working on his campaign, they are all taking off to get back to DC to make sure the pork doesn't go to the 'wrong' people or in case it doesn't get cooked at all...since the deal is almost done. No one wants to work the next 4 days... lol
September 24, 2008 9:01 PM | Reply | Permalink
You haven't been paying much attention to John before a few months ago, have you? Both sides of the Political Parties are well aware of Johns longstanding stance against pork, which is EXACTLY why they aren't making that big a deal about it. While some in the media are making much adeu about nothing, them Dems themselves are leaving it alone for a damn good reason. John ain't got much to point to . . .unlike Barrack, who JUST recently stopped . . .about when He decided to run. The ever changing principles of Barrack Obama . . . yea, that's what we need.
See where they change if he becomes Prez, heheh.
September 29, 2008 11:31 PM | Reply | Permalink
How come no one mentions Buffet's deal with Goldman Sachs. If he can get a good deal, how come the government can't? Come on folks it's that simple. The government should exact a heavy price for any loan it gives out. Period.....
September 25, 2008 1:57 AM | Reply | Permalink
I'm genuinely curious... can anyone/someone offer me a single shred of actual proof that Obama does in fact "have a clue" I hear a lot of people taking shots at McCain for what he ACTUALLY HAS DONE, and the positions he ACTUALLY DOES TAKE. I suppose I should rephrase that, I would love to see more than 1 single act... I need a good history - a list of 15 to 20 of Obama SUCCESSES... because in all honesty I don't hear any!? He and the media and many bloggers seem so quick to sling grade school insults at McCain but do so while taking no real position of his own. I swear to God I've been listening - to me we seem to be at "crunch time" in the old US of A!
I don't care at this point WHO CAN FIX THIS - so long as it gets fixed... But I have yet to hear Obama say anything aside from "Change, we need change! McCain is a wannabe changer... he's jumped on my change boat. But I OBAMA, I Captain THE YACHT of change. Did I mention I will actually CHANGE my name to Barack "Change" Obama. see how committed I am to changing! I am ALL ABOUT CHANGE! McCain says he will change and reform but he's a liar! McCain he's NOT a man of CHANGE... I am a man of change so when I get to the white house changes will be made! And whatever McCain said - it's wrong and it's bad and it's not the change you want or the change Americans need! I will make all the changes you want and I know what changes America needs and you better believe those are exactly the changes I will be making"
People keep arguing or accusing McCain of having not so great people as advisers and managers... But so does Obama - and it seems to not be a problem AT ALL. The people in his staff are every bit as flawed as he claims McCains people are?
They say McCain flip-flops... but so does Obama - when you can ever get him to actually say anything definitive. He has denied supporting many things he voted for. WHEN he actually showed up, and then when he actually could commit to a Yes/No answer.
They point out McCain may have made a few bad calls... he's been working for us for 26 YEARS!? I know I've made a few errors in judgement in the past 26 yrs and I would certainly hate for a perspective employer to crucify me for each and every one before considering me for a job!? I can find many more instances of him making good decisions than bad. But I can just find so many times he's made decisions and got in there and mixed it up!?
McCain and Obama have both chosen to run a campaign while they HOLD the office of SENATOR and both continue collecting a $160,000 salary. Last night I heard on the news Senate members saying that they won't sign off on this "THE BIGGEST CRISIS FACING OUR COUNTRY SINCE WW2" without McCain. Tonight the President says he wants them to both come back and work... Yet McCain is painted as a total boob and complete jackass for saying "Damn, there's an emergency and since this is what you all pay me to do I guess I should go to work."
Again, the biggest crisis our country has faced since WW2 and Obama's response is that "they have no need for me. There is nothing I can do there. Call me if you need me"
That is the correct response!? That is Presidential?? The biggest crisis - but he has nothing of value to offer - yet people think he can be President?!? I honestly don't understand this!?!
I am asking this questions in complete sincerity... the attitude I am sensing from the American people and the characteristics Obama possesses that people seem to be so enamored with, frankly are scaring the sh*t out of me - considering what it says about our future.
In all my research and reading I have not found any original or new ideas from him. I can't really find any ideas!? Any links?
When I look at the condition of his state (ILL) - it's said to be a "nightmare of out of control spending" "huge tax increases by use of scare tactics EVEN THOUGH the state has more money than needed. Tons of earmarks and pork barrel with his name on it... But nothing to indicate that in his time in the Senate he has ever attempted to right any wrongs or implement this "change and reform"!?!? He says McCain has jumped on his wagon - I can't find his wagon!?
Correct me if I'm wrong PLEASE... but he has been a Senator for 2 yrs yes? And if he has been campaigning for 19 months. Does that mean he is running on roughly 5 months experience as a Senator and experience as a Community Organizer. Is that REALLY right!?!? OH JESUS, please tell me that is not right!?!?
I know I have been all over the place on topic - but I AM REALLY terrified about this "economic emergency". My family seems to be telling me we are screwed either way. The life we've known is over and we will be living like they did in the early 1920's to the 1940's I think it was - and those times look NOT SO GOOD!?!?
I want to feel confident about putting my trust in someone!! And it seems so many people are saying Obama is the one and not McCain. But I can't find anything but insults and illogical claims re: McCain - that when I actually do the research have been largely untrue.
The same with Obama - all sorts of stuff about what he WILL DO - but when you look at what HE HAS DONE nothing indicates he will do or is even capable of leading this country.
And now in our hour of crisis he doesn't seem to feel he has anything of significant value to bring to solving this problem and they can certainly do this without him. Then logic would seem to tell me - our country can run just fine without Obama and he has nothing of any real value to add to the running of this nation. He's asking to run the whole damn country - but has nothing important to add to the biggest crisis my generation has known???
September 25, 2008 2:22 AM | Reply | Permalink
P.S. I just wanted to add - this is 1 of the most intelligent conversations I have found on the Net about this economic crisis situation. I'm sorry to just unload like I did - I'm honestly really scared. If a couple of you could please take a little time to give me your take on this whole election and if you can possibly give any kind of logical explanation to what I've asked. OMG I would be grateful and maybe get some sleep!:)
September 25, 2008 2:35 AM | Reply | Permalink
You don't do yourself any favors with such troll-like behavior. Do a little research for yourself and you'll come up with the answers you need.
September 25, 2008 5:29 AM | Reply | Permalink
And besides, just about everything Obama has said should be in this bill seems to be getting worked into it. So I'd say Obama has done something, as much as he can do, to take the lead here. He can't go storming into the Senate to take the reigns like McCain is trying to do--that would be too counter-productive. Instead he quietly is working behind the scenes to do what he can and use his influence to see that these provisions that protect the taxpayer are worked into a bill that seems all but certain to be passed. McCain, on the other hand, is flailing wildly from position to position, saying first the economy is fine, to "Oh shit we're all gonna die" -- he displays zero leadership and inspires zero confidence with his erratic behavior, whereas Obama does these things with his cool, collected and consistent behavior.
The government feels it needs to do SOMETHING, so I don't think there will be no bailout, provided that disagreements come to a head and no further progress can be made. Then again, the Treasury has conceded to every provision Democrats want to make (as far as I know), so that's already a decent sign.
September 25, 2008 5:33 AM | Reply | Permalink
Rescind legal "personhood" for corporations that participate in the bailout.
September 25, 2008 5:48 AM | Reply | Permalink
Here's an article from the Times of London - comparing Paulson to Rumsfeld. "Henry Paulson is to finance what Donald Rumsfeld was to military strategy, Dick Cheney to geopolitics and Michael Chertoff to flood defence." I love British humor, but this bail out is no laughing matter.
http://www.timesonline.co.uk/tol/comment/columnists/anatole_kaletsky/article4820549.ece
Also, if you haven't signed Senator Bernie Sanders petition, here is the link. His proposal includes the tax increase on the wealthy, an economic stimulus package and stricter controls.
http://www.sanders.senate.gov/news/record.cfm?id=303545
September 25, 2008 6:05 AM | Reply | Permalink
Thank you! Just signed.
September 25, 2008 1:11 PM | Reply | Permalink
Want to see just how much the politicians care about reversing this crisis?
How about asking all of them who have benefitted from the taxpayers by taking money from these bankers and financiers to give back the money to help in the bailout.
September 25, 2008 6:39 AM | Reply | Permalink
"You don't do yourself any favors with such troll-like behavior. Do a little research for yourself and you'll come up with the answers you need."
Not sure if this was a reply to my post or not . . . I'll act as if it was and reply:
It seems anyone questioning Obama on most of these boards is considered a Troll. I have done the "reasearch" and it isn't pretty for Obama.
I've also found that folks who snidely demand others do research are really hiding the fact that they themselves have not. Research indicates that Obama has consistently rode the fence as a Senator. He likes to hide behind "misvotes" to cover his butt on both sides of given issues, and every time a questioaire pops up that is contra to his "new" positions, he claims he didn't fill them out, but an "aide" did so incorrectly.
Just last night this happened yet again with regard to his wanting to ban handguns. NOW he doesn't want to, despite the questionare stating he did. Filled out by an aide, allegedly. Do we really want a guy who claims he has a whole slew of inept aides who don't know their bosses position on important issues picking his Cabinet?
Come on! How many times can he claim "an aide filled out the form incorrectly" before folks figure out he's an inept talking head who surrounds himself with Bombers, Racist preachers, and inept aides?
September 25, 2008 9:30 AM | Reply | Permalink
Hmmm. Rush limbaugh fan, I presume.
September 25, 2008 1:13 PM | Reply | Permalink
Actually, no. Are you an Al Franken fan? Both are entertainers . . .at best . . . with regard to either one of them.
Taking a wildly off-base shot at me while adding virtually nothing to either side of the discussion . . . . Obama fan, I presume?
September 25, 2008 1:20 PM | Reply | Permalink
To get back to the topic at hand, I'll say that the "Bush Plan" so-to-speak, seemed a bit heavy handed in my mind too. Giving Paulson et al supreme power is risky . . . almost as risky as letting the Democrats use our economy as a political tool to further their Socialist agenda.
Keep in mind the movers and shakers who are the underlying cause of this whole mess . . . Democrats pushing the Fed to force banks to offer loans to crackheads and deadbeats. Great move Donkey-boys.
September 25, 2008 1:27 PM | Reply | Permalink
While I have a few free minutes . . . would some democrat please explain where I'm off-base in my assertion that Obama seems to have trouble picking mentors, friends and staff.
1)Friendly with a Bomber . . very friendly
2)Picks an ultra-racist preacher as his "Long time friend and mentor" which was pretty clearly the truth.
3)Claims later to have been clueless as to his 20 year mentors racist and antiamerican views. ("Observant" doesn't matter in a President I suppose)
4) Has an apperently endless stream of "aides" who have no idea what their bosses political positions are. Should'nt Obama maybe be a tad more careful about who fills out political questionaires? Okay . . .a LOT more careful.
5)What is Obamas experience with surrounding himself with good people who know the issues? Kinda important, since the President is largely responsible for picking Cabinet members. Please, someone tell me what I'm missing here.
September 25, 2008 1:44 PM | Reply | Permalink
Well, it didn’t take long for Congress to cave into the cries of Paulson, Bernanke and the President in order to saddle the American tax payer with this burden. Isn’t that always the way these things work out? It’s always a problem when you have more workers than masters of the universe in control at the top of the pecking order and this problem will never change in this country unless we actually were ruled under the Constitution. it would have made more sense for the taxpayers $700 billion to be used to shutter the Federal Reserve once and for all rather than as in the past having a nation begging hat in hand for dollars printed out of thin air from a private banking cartel. Some day hopefully the American people will wake up and turn apathy and outrage into something a bit more constructive. Now apparently isn’t our time.
This agreement still changes nothing for the individual. Their still hanging by a thread. Living on make believe credit, still broke with inflation running at 13%, as well as increasing energy and food costs and now the biggest financial addict in the world just got another fix in order to get him to the next crisis which is the toxic dump known as derivatives according to Warren Buffet. He must have known that the fix was in if he was willing to commit five billion of his own funds for Goldman Sachs.
The reality is that you get the government you vote for and we have just been royally screwed. Remember that come this election day as far as those of our elected officials who sold us all down the river yet again.
September 25, 2008 5:01 PM | Reply | Permalink
Hopefully, this thing really won't mean much for people. But if it doesn't happen it will mean a LOT for the average american . . . and it would be really, really, ugly.
We got the government we voted for, that much is correct. This shouldn't have been allowed to happen. But it did. We have to plug the damn before we start figuring out how to build an effective one.
The Democratic Congress is largely responsible, as is the Party in general. Thanks for pushing the fed to demand loans to crackheads (Hey . . .If Dems can use inflamatory analogies, I can too!)
Let me also point out something that should be obvious, but hasn't gotten much talk: These crappy, high risk loans the Dems pushed for are the root of the problem.
And it wasn't so much "greed" on the part of the folks running these institutions that brought about this problem: It was naivity on their part. They were naive enough to put any faith in these risky loans, and packaged and traded in them since they were there.
One reason the Democrats are suddenly ready to hop into bed with Republicans on a bipartisan bailout is because they are WELL aware that sooner or later, blaming Bush is gonna wear thin, and they'll be identified as the root of this problem in the first place.
Sorry if the truth hurts the donkey-boys, but it's the truth, nonetheless.
September 25, 2008 8:59 PM | Reply | Permalink
We have to plug the DAM . . . not damn . . . sorry . . . Damn!!!! :(
September 25, 2008 9:01 PM | Reply | Permalink
FYI: That first link is messed up!
I want to see the plan, yo!
September 25, 2008 11:38 PM | Reply | Permalink
Show me someone (or some party) with that solid, detailed plan everyone is calling for, and I'll show you a bogus sack of crap playing to naive media demands. (And the morons who are just naive media parrots)
There is virtually no way to to do it. FAR too many intangible variables are in play. The best we can hope for really is a 3 page outline, and even that has to be wildly flexible.
September 26, 2008 8:28 AM | Reply | Permalink