Did you think it was going to be this easy, Hank and Ben? Sure some Democrats have fought for socialism for years, but your version? They’re not quite buying it. However, some in Congress are finally starting to get it when it comes to a simple trading concept… Risk/Reward. If the taxpayers are taking the risk, shouldn’t they be rewarded if this “cacata carta” (for all you Latin geeks who read Catullus in high school) makes money? I think everyone would be up for that.

The Bush administration and Congressional leaders moved closer to agreement on a historic $700 billion bailout for financial firms on Monday, including tight oversight of the program and new efforts to help homeowners at risk of foreclosure.

Representative Barney Frank, chairman of the House Financial Services Committee, after speaking with reporters Monday.

But lawmakers in both parties voiced anger over the steep cost and even skepticism about the plan’s chances of success.

As heated debate began on Capitol Hill, Congress and the administration remained at odds over the demands of some lawmakers, including limits on the pay of top executives whose firms seek help, and new authority to allow bankruptcy judges to reduce mortgage payments for borrowers facing foreclosure.

Congressional leaders and Treasury officials also said they were close to an agreement over a proposal by some Democrats in which taxpayers could receive an ownership stake, in the form of warrants to buy stock, from firms seeking to sell distressed debt.

Lawmakers want to require an equity stake, while the administration wants flexibility on that matter, a Treasury official said.

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