Negotiators reach tentative rescue plan deal

Negotiators reach tentative rescue plan deal

www.politico.com

House and Senate negotiators have reached tentative agreement on Treasury’s $700 billion rescue plan for the financial markets after a marathon Capitol negotiating session that started Saturday afternoon and stretched into early Sunday morning.

House Speaker Nancy Pelosi (D-Calif.) and Senate Majority Leader Harry Reid (D-Nev.) said the deal still had to be "committed to paper," a process that will continue throughout the night, with an eye toward a formal announcement Sunday.

(visit the link for the full news article)


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Related AboveTopSecret.com Discussion Threads:
Dirty Secret Of The Bailout: 32 Words That None Dare Utter
Frightening!!!!!! (Draft Bailout Bill)

We heard a deal had been reached last week, which turned out to be false, so bear in mind this is not definite yet.

Some big changes have been made to the original bailout plan, the most important being oversight, including:

-The draft agreement assures Paulson a relatively free hand in accessing the first $350 billion of the $700 billion he sought. The second $350 billion could be blocked by a future Congress through a joint resolution signed by the president.
-Lawmakers won substantially greater oversight that Treasury had first allowed in its legislation submitted to Congress last week. And limits would be imposed on the pay and severances packages for executives at companies helped by the plan.
-Down the road, the measure also opens the door to allow the government –on behalf of taxpayers—to take an equity share in the companies it helps, either through warrants or options to buy stock.

www.politico.com
(visit the link for the full news article)

And here comes the "band aid". There was no doubt this was happening. One more consolidation of power before the massive drop out. This should give us roughly two weeks.

The changes in the bailout plan appear to give hope but they are completely hollow.

"The second $350 billion could be blocked by a future Congress "....hollow

"on behalf of taxpayers".....that one actually makes me laugh

I'm sure they will announce this officially Sunday. Things seem to be following the script perfectly. Thanks for the post.

One thing that jumped out at me from the story:

Sources said Saturday afternoon that as many as 40 Republican senators were prepared to vote for the emerging bailout deal if bankruptcy and social spending provisions are dropped.

What sort of provisions were these? What did they involve?

At least we know the Dems have good taste in late night junk food, though.
Just after 8 p.m., pizzas arrived at Paulson’s HQ in Boehner’s office. Democratic staffers ordered in burgers from Five Guys.

So basically just like we all knew no matter how much the American public is opposed to this, the government is going to bail them out but we're gonna foot the bill.

They're going to push our heads under the water to save these major corporations. Nice message they're sending, don't bother to manage your business the right way because when you make a mess of it we'll just force the American citizens to clean up after you whether they like it or not

Do they honestly think we're going to fall for their BS changes.

"The second $350 billion could be blocked by a future congress".....yeah right like that's gonna happen.

"Limits imposed on pay and severances for the executives at the companies helped".....Gee maybe they'll lower the amount of their severance packages by a whole .05%

"Allow government, on behalf of taxpayers, to take an equity share in the companies it helps"......So they're going to steal our money to bailout these companies and then they're going to do us a favor and purchase stocks in said companies for us, and then proceed to steal any of the profits from us also.

This whole thing is a ridiculus joke and yet we still allow them to run this country

Our founding fathers warned us about governments like this, yet here we are. I guess it could be said that we deserve what we get because we allow it.

BANDITS!

The only thing missing are stage coaches and six shooters.

The "new" bailout draft is up on CNN. Be aware that this link opens a 106 page PDF file in your browser, so those with slower computers may not want to click.

Some excerpts:

(3) Designating financial institutions as financial agents of the Federal Government, and such in stitutions shall perform all such reasonable duties related to this Act as financial agents of the Federal Government as may be required.

SEC. 103. CONSIDERATIONS.
In exercising the authorities granted in this Act, the Secretary shall take into consideration—
(1) protecting the interests of taxpayers by maximizing overall returns and minimizing the impact to the national debt;
(2) providing stability and preventing disruption to financial markets in order to limit the impact on the economy;
(3) the need to help families keep their homes and to stabilize communities;

SEC. 104. FINANCIAL STABILITY OVERSIGHT BOARD.
(a) ESTABLISHMENT.—There is established the Financial Stability Oversight Board, which shall be responsible for—
(1) reviewing the exercise of authority under a program developed in accordance with this Act, including—

I'm trying to find the section in the draft that talks about it, but one of the negotiators made a statement on MSNBC that all purchases/spending under this bailout will be made available to the general public online.

[edit on 9/28/2008 by anachryon]

Still from the draft:

(pg 50-51)
(3) If at any time after obligations of amounts described in paragraphs (1) and (2) have been made, the President transmits to the Congress a written report detailing the plan of the Secretary to exercise the authority under this paragraph, unless there is enacted, within 15 calendar days of such submission, a joint resolution described in subsection (c), effective upon the expiration of such 15-day period, such authority shall be limited to $700,000,000,000 outstanding at any one time.

THIS IS STILL A REVOLVING $700 BILLION LINE OF CREDIT! Oh my god! So just like the first 3 page draft, we can just buy up more toxic assets once we've sold some off with no apparent upper limit in sight.

It is my opinion that in the final analysis they will 'pass' exactly what they had intended to 'pass' and tell us it is whatever they want us to believe it is.

It is in their nature to remain loyal to the corporate scheme.