As anticipated:

AP News (Yahoo): The impact on existing common and preferred shares, which have slumped in value in the last year, will depend on how investors react to Paulson's assertion that they must absorb the cost of further losses first.

The Federal Reserve and other federal banking regulators said in a joint statement Sunday that "a limited number of smaller institutions" have significant holdings of common or preferred stock shares in Fannie and Freddie, and that regulators were "prepared to work with these institutions to develop capital-restoration plans."

So, if I read this correctly, individual investors will take it in the shorts and the government will make banks whole on shares they hold?

Anyway, according to the article, the plan will immediately transfer $5 billion of mortgage backed debt to the Treasury, meaning it's added on to the already staggering national debt. The Treasury will also buy $1 billion of worthless stock in the companies.

Money quote:

Paulson said that it would be up to Congress and the next president to figure out the two companies' ultimate structure and the conflicting goals they operated under — maximizing returns for shareholders while also being required to encourage home buying for low- and moderate-income Americans.

Emphasis added. Yet another example of how free markets and the profit motive solve every problem and meet every policy need, as long as the profits are privatized and the risks are socialized. Somebody ought to go to jail.

In case you somehow missed it:

ABC Political Punch: "You know what I enjoyed the most?" McCain said in Cederburg, Wisconsin, according to ABC News' Bret Hovell. "She took the luxury jet that was acquired by her predecessor and sold it on e-Bay. And made a profit!"

And:

washingtonpost.com: The video tribute to Palin that aired at the Republican National Convention on Thursday night made the same claim. "She signed sweeping ethics reform legislation, auctioned the governor's jet on eBay," the narrator said, citing it in a list of Palin's achievements.

Fact check:

CNN Political Ticker: But it turns out the twin-engine Westwind II was a tough sell on the Web — and the state eventually pulled it offline and sold it through an ordinary brick-and-mortar brokerage, for a loss, a spokeswoman said Friday.

But don't feel sorry for Gov. Palin:

www.azstarnet.com: Tucson-based Global Aircraft Solutions Inc. on Thursday delivered Alaska Gov. Sarah Palin's new campaign plane, an Embraer 190 regional jet complete with the Republican ticket's campaign logo on the fuselage.

At TennViews...

The Daily Show is the only "news" program that accurately covered what was really said during Thursday night's speeches.

In case you missed it, here's their report on McCain's speech. (Must see parts start at about 3:00 in.)

And Colbert has this report (good parts at 6:25 in).

News reports confirm a story by the Wall Street Journal yesterday saying that the federal government is poised to take over mortgage backers Fannie Mae and Freddie Mac. Forbes has more details. It could cost taxpayers tens of billions of dollars, and will virtually wipe out the value of stockholder shares.

These government-sponsored, publicly traded companies back half the mortgages in the U.S. and have made it possible for average people to participate in the American dream of home ownership. John McCain's economic advisor Phil Gramm is the mastermind behind turning that dream into a nightmare for millions of Americans, who are facing the worst foreclosure crisis since the Great Depression.

In related news, a Nevada bank is the 11th bank failure this year. According to this Bloomberg report, the rate of bank failure in John McCain's "mental recession" is at a 14 year high. John McCain's son was on the board of directors of Silver State Bank, the latest failure, until his resignation in July.

Flashback: The Keating Five scandal, and how John McCain skated.

After politely asking the McCain campaign to stop using their song Barracuda, Ann and Nancy Wilson issued a statement when the GOP closed their convention with it anyway last night...

EW.com Exclusive:

"Sarah Palin's views and values in NO WAY represent us as American women. We ask that our song 'Barracuda' no longer be used to promote her image. The song 'Barracuda' was written in the late 70s as a scathing rant against the soulless, corporate nature of the music business, particularly for women.

Ironically, the song's lyrics include the lines:

If the real thing don't do the trick
You better make up something quick
You gonna burn burn burn burn it to the wick
Ooooooh, barracuda

Better late than never, here's a complete index of all KnoxViews 2008 Democratic National Convention coverage. Might be a good antidote to this week's festivities.

On running mate Alaska Governor Sarah Palin:

"I'm very proud to have introduced our next Vice President to the country. But I can't wait until I introduce her to Washington. And let me offer an advance warning to the old, big spending, do nothing, me first, country second Washington crowd: change is coming."

On his solving problems in Washington:

"The constant partisan rancor that stops us from solving these problems isn't a cause, it's a symptom. It's what happens when people go to Washington to work for themselves and not you.

Again and again, I've worked with members of both parties to fix problems that need to be fixed. That's how I will govern as President. I will reach out my hand to anyone to help me get this country moving again. I have that record and the scars to prove it. Senator Obama does not."

Full text of McCain's speech (as prepared for delivery).

Other GOP convention speeches.

Discuss...

Bump.

Major speeches from the 2008 Republican National Convention (remarks as prepared).

Previously: Democratic Convention speeches

RNC, Day 3: 37,244,000 viewers
DNC, Day 3: 24,029,000 viewers

Source: Nielsen:

• The Sara Palin speech generated 37.2 million viewers, just a 1.1 million viewers short of Barak Obama’s record-breaking speech on Day 4 of the Democratic Convention. The Palin speech was carried on only six networks while the Obama speech was carried on ten (including BET, TV One, Univision and Telemundo).

• Palin attracted a large female audience (19.5 million women, or 4.9 million more than Day 3 of the Democratic Convention).

• Ratings for viewers 55+ (25.2) continue to be about ten times higher than for teens (2.2)

• Day 3 for the GOP attracted more Hispanic viewers (1.4 million) than Day 3 of the Democratic Convention (1.2 million), even though Univision and Telemundo did not carry the speech.

Here's an archive of the full text (as prepared for delivery) of all the major speeches at the 2008 Democratic National Convention, plus a few others of interest.

Wowser. From the first speech right on down, the GOP has made the Democrat's case about the economy and foreign policy. Which party and whose policies are we talking about again? They're ripping off Obama's talking points right and left.

I used to think Romney would be the nominee or at least the running mate. Now I see why he wasn't.

Rudy's first five minutes were the most effective so far tonight. Beyond that (about a half-hour later), wake me when he's finished.

Next up, that governor nobody's heard of before who this convention is now supposed to be all about.

Discuss amongst yourselves. I probably won't be awake.

Dorothy Bowles, U.T. Professor and member of the East Tennessee Society of Professional Journalists, alerts us to a proposal that would make it more difficult and expensive for citizens and journalists to access public records.

The deadline for public comment, which was only announced this week, is noon tomorrow (Thursday) and the hearing is on Friday. You can submit your comments here: open.records@state.tn.us

Dorothy has provided the following background info:

• Fee proposal summary

• Fee proposal issues

• ETSPJ comments on fee proposals

She explains more after the jump...

RNC, Day 2: 21,528,000 viewers
DNC, Day 2: 25,974,000 viewers

Source: Nielsen

By way of Michael Silence, bloggers at the RNC are complaining about access and accommodations.

They say they are isolated, there is no internet access on the floor, and the filing room is a dungeon with no monitors to watch the action. They are also complaining that bigger bloggers are getting preferential treatment. Oh, and the food is bad.

I was offloading photos and videos from my notebook PC and pieced together this highlight reel from the Democratic National Convention in Denver last week. I'm already nostalgic for it after tonight's extravaganza in St. Paul.

Lieberman gets McCain convention spotlight

Republicans relegated President Bush to a brief, offsite cameo at their national convention Tuesday night and awarded one-time Democratic vice presidential candidate Joseph Lieberman a prime-time speaking slot...

Wonder if Lieberman will challenge Chris Matthews to a duel?

One interesting piece of business from the Democratic National Convention was a resolution by the Rules and Bylaws Committee to make recommendations for improving the primary process.

Prompted by Sen. Obama, the RBC proposes to establish a "Democratic Change Commission" within 60 days of electing the next DNC Chair and for the commission to present its recommendations for the 2012 election to the RBC no later than Jan. 1, 2010.

The commission will consist of 35 members, charged with making recommendations on the timing of primaries and caucuses, improved formulas for allocation of elected delegates, reducing the number of unpledged super delegates, and improving the delegate selection process in states that use caucuses.

The full text of the resolution can be found here.

Palin hires lawyer to represent her in Alaska's version of Troopergate.

Here comes Google Chrome.

And no, it's not Democrats and it doesn't involve Hillary. According to LA Times, Nevada's Republican Party couldn't resolve a dispute involving Ron Paul (Ron Paul! Ron Paul!) supporters end ended up sending two separate delegations to Minnesota. The RNC said the process was "flawed, inadequate and unacceptable. Presumably this will help Obama's chances in Nevada.

We are loading out and will soon be eastbound, hammer down. What an awesome experience. Can't wait to be home, though.

Your Denver blogging team:

Thought for the day:

P.S. I uploaded a whole bunch of new photos to the convention gallery. You can also view it as a slideshow.

Maybe we can.

From start to finish, the massive production of last night's Invesco Field extravaganza was as close to perfect as it could get. You could sense electricity in the air from the moment of arrival. By the time Sen. Obama arrived, Mile High stadium was packed to the rafters and it exploded with an outpouring of emotion and enthusiasm when he took the stage.

An Alaska Blogger dishes up the dirt she says you need to know.

Of course the main event was last night, but we've got a backlog of other reports, including the great speakers at yesterday's Tennessee Delegation breakfast.

Citing several recent elections in Shelby County, Congressman Steve Cohen says that voters are voting on issues, not race, and says this will happen all across America in November. He says it was "post racial" politics, but it's also "post Republican Party politics," because Democrats swept every election.

Regarding Bill Clinton's speech, Rep. Cohen said that Bill Clinton and Barack Obama are the two best politicians he's known (other than Bill Owen) because of their ability to put issues in terms people can understand.

Commenting on the anniversary of Women's Suffrage, Rep. Cohen gave a little history lesson noting that ratification of the Constitutional amendment occurred in the state of Tennessee.

Former Senator Jim Sasser spoke about the importance of state legislative races. He said if Democrats lose the Tennessee House they could lose Congress because Republicans are planning to redistrict Bart Gordon and Lincoln Davis into the same Congressional district which would eliminate one of two seats currently held by Democrats.

Senator Chris Dodd began his remarks by joking that it was great having Connecticut and Tennessee staying in the same hotel and now it would really be something if we could get Pat Summit and Geno Auriemma together, calling the UT v. UConn rivalry one of the great things in sports.

He mentioned the moving tribute to Ted Kennedy, and spoke admiringly about Al Gore. He noted that in 2000 Gore also chose a senator as his running mate, one from Connecticut, but "he chose the wrong Senator from Connecticut -- I was available in those days."

Speaking of his candidacy, he said that he has a three year old daughter and a six year old daughter, and he was the only candidate who got mail from AARP and diaper services.

Commenting on the primaries, Sen. Dodd said there weren't many substantive differences among the candidates, unlike past Democratic primaries when there were "huge divisions in the party" that made it difficult to win elections. He said, though, that campaigns aren't about the candidates and the party they are affiliated with, they are about the people who "count on us to get things right for them."

He said that's what politics is always about, the "people not in the room, people not out there in that hall last night." He said it's about people worried about their jobs and energy costs and providing health care for their families and their retirement. He said the issues are the same all over America, and people want to know if anyone gets this and understands it, and what they want in a politician is someone who will go to work for the American working people and their families.

On the election, he noted that the decision will be made in less than 65 days and one issue that's not being discussed is Supreme Court appointments, noting that over the next four years there may be as many as four replacements, and he "doesn't have to tell you what it means not for the next eight years but the next thirty years if we get nominees like Anton Scalia."

See our previous report on other remarks by some Tennessee delegates. Also, Vicky Harwell of the Tennessee Federation of Democratic Women spoke and recognized all the members present (pictured above). Vicky noted that it was appropriate they were last in the program, because "when you call on Democratic women, we're the first ones to get there and roll up our sleeves to work and we're the last ones you see leave."

Here are Sen. Dodd's remarks:

Here are excerpts of remarks by Rep. Cohen and Sen. Sasser:

Too exhausted to write anything, so here's a video of Sen. Obama taking the stage and accepting the nomination as viewed from the Tennessee delegation.

Here's State Rep. Joe Armstrong:

(Joe says Hi! to Bill Young)

Here's Congressman Steve Cohen:

And here are a bunch of photos, slideshow or gallery.

Checking in from INVESCO Field. The place is filling up and it is rocking and the excitement is building. Just saw Sheryl Crow. Waiting for Al Gore.

Featured speakers at INVESCO Field tonight include Al Gore and of course Democratic nominee for President Barack Obama. Full lineup after the jump...

This morning's delegate breakfast featured two outstanding speakers, Rep. Steve Cohen and special surprise guest Sen. Chris Dodd. They both delivered inspiring speeches, and I'll have more on that later.

One of the best moments, though, came at the end. Gray Sasser, saying organized labor is the backbone of the Democratic Party and that every time he asks them for anything they say "Where do you want us, when do you want us, and what can we do?", invited TN AFL-CIO president Jerry Lee to the podium.

Mr. Lee invited all the union people up on stage, and they introduced themselves and a few had some remarks. Harold Woods, husband of Knox Dem Chair Sylvia Woods, was one. Another was, I believe, Sydney Chism of Memphis. Some brief excerpts of their remarks in this video:

In other news, there is excitement in the air as Democrats in Denver prepare for tonight's event at INVESCO Field. Logistics will be a nightmare, though, so wish us luck...

In case you missed the photo above, the final Tennessee tally was Obama 51 v. Clinton 32. If I'm not mistaken, this means two delegates did not vote. Also if I'm not mistaken, Clinton came out of the primary with 40 pledged district delegates. This means only eight delegates changed their vote.

Every Clinton delegate I spoke to said they would vote for Clinton because that's what voters in their district elected them to do, but they would support Obama in the general election.

There have been reports in the Knoxville paper that there is some kind of state law requiring pledged delegates to vote for their pledged candidates. There is no such DNC party rule, and TNDP Chair Gray Sasser said all delegates were free to vote for whoever they wanted. I asked around about the alleged state law, and nobody seems to know anything about it.

At any rate, it would seem odd to me that the Tennessee Legislature can dictate party business at that level. But maybe they do -- it's not like I sit around studying case law on party nominations. (UPDATE: See comments, there is apparently a state law.)

The bottom line is that Obama won the nomination with an overwhelming majority. It was 61% to 39% in Tennessee (as compared to 59% to 41% for Clinton coming out of the primary), and I'm sure the overall margin will be wider than that once the final "votes" are released.

The Knoxville paper seems to be creating controversy about some kind of "huge divide" in the party over the nomination. All I have seen are some disappointed Clinton supporters who have moved on and a delegation nearly 100% committed to electing Obama. People this involved at this level in the process are hard core Democrats. They are going to vote for the Democrat.

Feelings among the general population of voters may, of course, vary. The media seems to do a fine job of finding the few dissenters and making it all about the controversy.