Open Thread

For general discussion and debate. Possible talking point: The biggest bailout in US history?

The federal government is working on a sweeping series of programs that would represent perhaps the biggest intervention in financial markets since the 1930s, embracing the need for a comprehensive approach to the financial crisis after a series of ad hoc rescues. At the center of the potential plan is a mechanism that would take bad assets off the balance sheets of financial companies, said people familiar with the matter, a device that echoes similar moves taken in past financial crises. The size of the entity could reach hundreds of billions of dollars, one person said. U.S. Treasury Secretary Henry Paulson will hold a 10 a.m. EDT press conference Friday to discuss a "comprehensive approach to market developments."

What are your thoughts? Was this necessary? Should this have been done months ago before things collapsed this week? Maybe more important, with the crisis helping Obama in the polls, will Congressional Democrats support this, or delay action until after Election Day? Assuming the latter, will they then delay final resolution until after January so that Obama will sign the bill?