Congressman John Campbell (R, CA, 48th Dist) indicates late Thursday that, regarding the $700 billion dollar bailout deal in Washington, it didn’t happen.

There was no agreement amongst the leadership or the two presidential candidates.

There is no proposal that currently has a sufficient number of votes in the House or Senate to pass.

Campbell is proposing that, instead of the government purchasing all the bad mortgages, everyone would have to buy mortgage backed securities. The government would be paid up front for a guarantee of value — government insurance, if you will. It is an “insurance model” instead of a “purchase model.”

Paulson and Bernanke spent the past two days together in meetings, but the major question asked is: Is this the right thing to do, and is this amount of money necessary?

Eric Cantor (R) from Virginia is leading the “insurance model” initiative.

Tomorrow morning’s opening bell, however, might foreshadow some low volume and dips. Folks are going to get rattled.

There will be no vote tomorrow on any package and perhaps not even this weekend as well.

How the market runs on Friday will have a great deal to do with the response of Washington. Doom and a “Come to Jesus” moment — or. . . ?

Thanks to ABF for this very salient quote:

QUIETLY, behind the scenes, the Clinton Administration is preparing for the biggest regulatory crackdown of recent years. Attorney General Janet Reno is linking up with banking regulators and with HUD Secretary Henry Cisneros to end the supposed epidemic of discrimination against minorities in making home loans. The implications for society at large are ominous.”

You want to seek the origins of this current crisis, as I indicated yesterday? Here you go:

Here, as in affirmative-action efforts in hiring, college admissions, and the drawing of voting districts, the Washington establishment is obsessed with “disparate impact,” which it equates with racism. In the mortgage-lending area, there is ample evidence of disparate impact to feed this obsession. Data collected by the Federal Government reveal that in 1992, while 16 per cent of white applicants for mortgage loans were rejected, 36 per cent of black applicants were rejected.

So theoretically I SHOULD be able to purchase my Rolls Royce Phantom, doing the logical extension.

You want the actual origin, here it is: the Demorats. Imagine that.

But further, there is a definite Politically Correct Elephant in the room.

Michelle Malkin makes a great point on this predicament:

My syndicated column today tackles the bailout angle no one wants to talk about: Open borders and the home loan debacle. You’ve heard a lot about Fannie/Freddie and the minority lending shakedowns, but you haven’t heard most commentators/analysts on either the left or the right talk about the massive illegal alien mortgage racket — a topic I’ve reported on for the past five years. That’s because fault lies at the feet of the crime-enabling banking industry and the ethnic lobbyists and the illegal alien-enabling Bush administration.

She continues:

And I second Mark Krikorian: Credit is not a civil right. It’s not a civil right for illegal aliens. For foreign banks. For American banks. For anyone. The bailout proposal, as I noted earlier, now includes student loans and auto loan debt. Will our tax dollars next cover foreign student loan debts? Illegal alien in-state discounted college tuition debt? Where and when will it end?

And more pointedly:

It’s no coincidence that most of the areas hardest hit by the foreclosure wave – Loudon County, Virginia, California’s Inland Empire, Stockton, San Joaquin Valley, Las Vegas, and Phoenix, for starters — also happen to be some of the nation’s largest illegal alien sanctuaries. Half of the mortgages to Hispanics are subprime (the accursed species of loan to borrowers with the shadiest credit histories). A quarter of all those subprime loans are in default and foreclosure.

Who pushed these loans originally? Demorats promoted loans to those poor, disadvantaged “minorities” (who are actually a majority) and didn’t want to be viewed as judgmental and discriminatory knowing full well they were incapable of a payoff on loans. The Demorats simply wanted “poor people” to be able to get a home. Apparently being able to prove one’s fiscal viability was nil; apparently being able to prove one’s citizenship was likewise nil.

I’d like a Rolls Royce Phantom. But it doesn’t mean that I should qualify for the car loan required to purchase one, nor does it guarantee I could pay back that loan considering my other financial commitments. Here’s a Newsflash: if you’re poor and can’t afford it, you SHOULDN’T be able to get a home! What is so difficult about this concept? Logic? Proportion? Rationality?

And the Bush Administration is damned near as culpable in terms of setting precedent for not handling the illegal immigration issue and with spending.

The Elephants are coming home to roost and they’re turning our pockets inside-out.

What is happening now?

There are “rumors” circulating about the internet that Joe Biden may pull his VP consideration, possibly due to some “health” issues.

Then, this today from FoxNews.com:

The Delaware Senator took issue with an attack ad from his own side in an interview with CBS, telling Katie Couric that the Obama hit on McCain’s ignorance of computers and technology was “terrible.” The ad paints McCain as out of touch — and all but calls him ancient — but doesn’t mention that the Arizona Senator’s war injuries actually prevent him from using computers for an extended period.

Senator Joe Biden disagreeing in public with his running mate, Barack Hussein Obama?

Are we, in fact, being “set up” for a removal of Joe Biden as Demorat VP candidate because of the fallout the Obama Camp has received following his choice? Is Hillary waiting in the wings?

Thoughts?