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Congress, Bush team agree on bailout terms

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posted on Sep, 22 2008 @ 02:45 PM
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Congress, Bush team agree on bailout terms


biz.yahoo.com...

Administration accepts lawmakers' demands for mortgage aid, oversight in $700 billion bailout


WASHINGTON (AP) -- A key Democrat negotiating a $700 billion financial bailout says the Bush administration has agreed to include mortgage aid and strong congressional oversight in the plan.
Rep. Barney Frank, the Financial Services Committee chairman, says a great deal of progress has been made in talks between lawmakers and President Bush's team on the rescue.

A government official with knowledge of the talks also said the administration has agreed to create a plan to help prevent foreclosures on mortgages it acquires as part of the bailout.
(visit the link for the full news article)



[edit on 22-9-2008 by Ausable_Bill]




posted on Sep, 22 2008 @ 02:45 PM
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Well, it's all over now,....

Something needs to be done to stop this.

Later,...... Ausable_Bill


(visit the link for the full news article)

[edit on 22-9-2008 by Ausable_Bill]

biz.yahoo.com...

edit to add correct link

[edit on 22-9-2008 by Ausable_Bill]

[edit on 22-9-2008 by Ausable_Bill]



posted on Sep, 22 2008 @ 02:47 PM
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reply to post by Ausable_Bill
 


Thanks for the heads up but I don't see the link to the news source. Can you add it? Thanks, man.



posted on Sep, 22 2008 @ 02:52 PM
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The government has spent billions on poverty over all these years and poverty still exists. Why would I believe this will fix the mortgage problem? The government is the problem and Fanny Mae & Freddy Mac was and still is part of the government. The only way to fix the economic problems we have is to keep the government out of it. If you fail in a business then you fail, NO BAILOUT!! Where's my help
I need bailed out too, but we tax payers have to bail our selfs out and the government. Bunch of political BS if you ask me. Yes it needs to stop now.



posted on Sep, 22 2008 @ 03:09 PM
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posted on Sep, 22 2008 @ 03:10 PM
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Originally posted by Solarskye
The government has spent billions on poverty over all these years and poverty still exists. Why would I believe this will fix the mortgage problem? The government is the problem and Fanny Mae & Freddy Mac was and still is part of the government. The only way to fix the economic problems we have is to keep the government out of it. If you fail in a business then you fail, NO BAILOUT!! Where's my help
I need bailed out too, but we tax payers have to bail our selfs out and the government. Bunch of political BS if you ask me. Yes it needs to stop now.


I wish it was that simple - its not...

IF you don't bailout AIG construction around the world HAULTS!!! - and thats just ONE aspect.
AIG bonds everything... FOR christ sake they have cornered the market so much so that the world would stop working/producing due to legalities.


I don't see another way...

DO you???



posted on Sep, 22 2008 @ 03:17 PM
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Like I said before I don't give three rats about the markets going down, we will survive and start from the bottom up.

But I am more realistic and I agree that if we have the power we should try to fix the markets.

But what I am against with is the totalitarian powers that the Fed is seeking.

That is unacceptable to any tax payer in the nation.



posted on Sep, 22 2008 @ 03:33 PM
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I wish they would have negotiated Barney Frank and Chris Dodd stepping down as part of this.

They don't need to have anything to do with this anymore.



posted on Sep, 22 2008 @ 04:17 PM
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Originally posted by nyk537
I wish they would have negotiated Barney Frank and Chris Dodd stepping down as part of this.

They don't need to have anything to do with this anymore.


Yup I totally agree. Lets also put Paulson, Bush, and Bernenke on the list also. Fire them all and then charge them all criminally.



posted on Sep, 22 2008 @ 05:00 PM
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Originally posted by Ausable_Bill


WASHINGTON (AP) -- A key Democrat negotiating a $700 billion financial bailout says the Bush administration has agreed to include mortgage aid and strong congressional oversight in the plan.




A government official with knowledge of the talks also said the administration has agreed to create a plan to help prevent foreclosures on mortgages it acquires as part of the bailout.




Mortgage Aid and congressional oversight are not changing the mortgage-backed-securities (MBS)

but..... changing the mortgages, mortgage assets, mortgage securities..
makes the 'bailout', a 'buyout'...
and the supposed tempotary bailout of $700 billion, in which the Treasury buys all these toxic debt mortgages to 'resell' them in 3 to 7 years
or upon maturity...---- turns out to be a Crock!
\
because the former 'bailed out' mortgage debt contract has been substantially changed, (at a price), and must be reset at a new valuation.
imho, all the ARMS, are going to be resold, if ever, at a substantial loss to the taxpayer... and at a profit for the new buyer...or as the case may be - the originator of the faulty loan sell it to the Gov't dark-pool/resolution trust 2.1... have the gov't restructure the loan under new and lower terms and lower price to the original owner of the toxic paper...for less than they had invested in the first place,
``````````` talk about a series of swindles ``````````there it is



posted on Sep, 22 2008 @ 05:16 PM
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Yes, its more slight of hand, when restructuring the modified ARM loans.

The housing market was over inflated, so you can't expect a magic wand fixed price index.

Its true that this was years in the making, I remember filling out the federal questionaire to ensure we (the bank) wasn't redlining a district because of ethnic or financial disadvantage in the early 1990's.

When a subprime wrap around mtg is brought in to help buyers afford a home
that is out of reach its bound to fail. Its foolish and completely irrational to loan money when the buyer doesn't have the income.

Personally I'd fire all of Congress, it was under their legal jurisdiction that we have a failed economy. You can blame it on the SEC or the FEDERAL RESERVE all you want. But its really based upon the average citizen being too lazy to vote.



posted on Sep, 22 2008 @ 05:20 PM
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Originally posted by Skydancer


Personally I'd fire all of Congress, it was under their legal jurisdiction that we have a failed economy. You can blame it on the SEC or the FEDERAL RESERVE all you want. But its really based upon the average citizen being too lazy to vote.


To lazy to vote? No its never having a good choice to vote for you get evil or less evil those are your two choices. They dont let anyone that does not have a D or R next to their name in debates and anyone who opposes the agenda gets shut out by the media and their respective parties. If the leaders of all major political parties were allowed to debate and I can think of 5 major parties then I would agree with your statement. But as long as we have to choose between a 2 party duopoly then Im sorry I disagree.



posted on Sep, 22 2008 @ 08:50 PM
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looks like it is a done deal.


the Administration & Treasury along with the shadow gov't (the Fed is an obvious member) have evidently called in enough iou's
and twisted enough arms to be assured that whatever bailout proposal---involving whatever conditions & terms---will be approved by the Congress.


shadenfreude !



posted on Sep, 22 2008 @ 10:52 PM
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Originally posted by Ausable_Bill

Congress, Bush team agree on bailout terms


biz.yahoo.com...

the Bush administration has agreed



Hmm... now I'm not an expert on government and civics, but I do recall something about Congress making laws and the President executing them... not agreeing to them...


So that may be an oversimplification, but that really says it all. They're putting it right out there in the open nowadays. Congress isn't making the law. The administration barged in with a draft, Congress makes a few adjustments, and the administration AGREES to accept the changes? WHO IS RUNNING OUR COUNTRY? It used to be stated like this: Congress is preparing to approve|veto a bill, the President is expected to approve|veto the bill, so Congress is split on party lines. Now they don't even bother with that. They just come out and say King Bush has granted permission to the lowly Congress. This is outrageous.



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