The Times They Are A-Changing

This picture is from the meeting at the White House between President-Elect Obama and President Bush. I’m not a body language guru, but I found this to be a pretty powerful picture. President-Elect Obama is wasting no time in asserting himself.

Deal or No Deal

Who the hell knows:

Congressional negotiators said they reached a bipartisan agreement on a “set of principles” for a $700 billion financial-rescue package to inject fresh capital into the paralyzed credit markets.

Lawmakers agreed that legislation should include provisions on oversight of the Treasury-run program, limits on executive pay and a section on homeownership preservation, Senate Banking Committee Chairman Christopher Dodd said.

Still unresolved is whether the bill will include a provision allowing bankruptcy judges to change mortgage terms. The Treasury would have $250 billion available immediately, said a Senate aide, who requested anonymity.

If there is still a key point of dispute (to wit: a bankruptcy provision), then it hard to see how there is a deal yet. As to the Bush/McCain/Obama photo-op, it seems clear to me this is all about saving McCain’s hide. Ambinder: