Times:

WASHINGTON — President Bush will address the country on Wednesday night in hopes of bolstering public, and hence political, support for the economic recovery plan, one on which the administration is now willing to make a major concession on executive pay.

Oh, OK. Now Emperor Paulson's trillion dollar bailout is being framed by Times stenographer David Stout as an "economic recovery plan."

[reach me that bucket, wouldja hon?]

Meanwhile, Paulson plays the kabuki just right and gives where no doubt he always planned to give:

Meanwhile, Treasury Secretary Henry M. Paulson Jr. had agreed to demands from lawmakers in both parties to limit the pay of executives whose companies benefit from the bailout. The enormous pay packages of some Wall Street executives, coupled with the realization among nonwealthy Americans that the crisis could affect their financial foundations, have created an incendiary issue on Capitol Hill.

That's rich, isn't it? "Nonwealthy Americans..." Little people....

Meanwhile, Upchuck Schumer gives Paulson a sloppy wet one:

The chairman of the [Joint Economic Committee], Senator Charles E. Schumer, said that all but “a few outliers” among lawmakers agreed that some version of the plan to rescue the American financial system must be approved, and soon. But he said it would not be passed without adequate safeguards.

And these "adequate safeguards" would be?

Meanwhile, the $700 billion dollar figure seems to have been plucked directly from Paulson's puckered anus:

Meanwhile, doubts were raised about the ultimate cost of the bailout, assuming it was approved in some form. Until more details emerge about what the government will buy, and how, the director of the Congressional Budget Office said it could not provide “a meaningful estimate of the ultimate cost” to taxpayers.

Over time, Peter R. Orszag of the nonpartisan budget office told the House Budget Committee, the cost could be less than $700 billion [and weasels might fly out of my butt].

The challenge, he said, was for the Treasury to avoid taking the riskiest assets off Wall Street’s hands unless it can get them at fire-sale prices.

Yes, indeedy. Except, of course, the plan doesn't work at all, unless the Treasury [i.e., you and me, the taxpayers] buys the "assets" [cough] for more than they are actually worth.

Oh, and not a word from the Times stenographer on Paulson's infamous Clause 8, which not only means that Paulson can dispose of the assets with no accountability, but allows retroactive immunity for financial criminals. Well done, all.

Isn't it wonderful to see the Village pulling together in a crisis, as if there were really no difference between the Republican Party and the Democrat Party?

UPDATE As Calculated Risk asks "What about contingent shares, oversight, and transparency?" Well, what about them?

UPDATE McClatchy:

Despite his concession on executive pay, Paulson offered few other compromises to the House committee.

Fig leaf.