Nancy Pelosi isn’t buying into the idea of a $700 billion gift basket for Wall Street without any strings attached. The House speaker is all for a bailout, so long as it’s clear that “the party is over for the Bush administration’s anything goes, failed economic policies.”

Only time will tell how serious the Democrats are about oversight. Much of the deregulation that enabled this turmoil was supported with bipartisan zeal, after all.

Update: The presidential candidates are also calling for tougher rules for how the money is doled out.

Update 2: Congressional Democrats set terms.

The Page:

“Congress will respond to the financial markets crisis by taking action this week in a bipartisan manner that will protect the taxpayers’ interests. The Administration’s $700 billion proposal does not include the necessary safeguards. Democrats believe a responsible solution should include independent oversight, protections for homeowners and constraints on excessive executive compensation.

“We will not simply hand over a $700 billion blank check to Wall Street and hope for a better outcome. Democrats will act responsibly to insulate Main Street from Wall Street.

“As we proceed to deal with this crisis, this is clear recognition that the party is over for the Bush Administration’s anything goes, failed economic policies that have damaged our economy, undermined the middle class and further pointed out the need for a New Direction.”

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#bailout#congress#crisis#economy#george w bush#nancy pelosi#oversight#politics#taxes#wall street