WRAPUP 3-US Treasury, Congress ramp up bank bailout talks

(from Reuters with my comments)

* Negotiations ramp up between Treasury, Congress

My comment: The spineless democrats prepare to agree to anything.

* Treasury chief: plan needed to shield economy, taxpayer

My comment: plan will screw economy, taxpayer

* Lawmakers say aim to pass plan by end of week

My comment: Lawmakers want to go on vacation

* Democrats want help for homeowners, taxpayer protections (Recasts; adds comments by Pelosi, Schumer, Dodd; background)

My comment: Homeowners want out of their overpriced homes and mortgages. 700 billion added to taxbill does not protect taxpayers

WASHINGTON, Sept 21 (Reuters) - The Bush administration and Congress on Sunday ramped up talks on an unprecedented $700 billion bank bailout as they battled the clock to prevent further financial market turmoil that risks hurtling the economy into a deep and damaging recession.

My comment: News flash, the economy is already in a deep and damaging recession.

The plan for the largest-ever bank rescue would give sweeping powers to the U.S. Treasury to buy up toxic mortgage-related debt from financial firms, including U.S. subsidiaries of foreign banks.

My comment: Paulson trades his bazooka for neutron bomb.

The plan for the largest-ever bank rescue would give sweeping powers to the U.S. Treasury to buy up toxic mortgage-related debt from financial firms, including U.S. subsidiaries of foreign banks.

My comment: "...so that no bank is left behind."

"This is a new phenomenon for every major player in this place and there are no dress rehearsals. That is why the market is so jittery. This has to work the first time," said Peter Kenny, managing director at Knight Equity Markets in Jersey City, New Jersey.

My comment: The market is jittery because it needs another bailout fix.

J