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Originally posted by anachryon
Man. This is a real cluster.
House Repubs are about to make a statement on the bailout. This could get interesting.
Curbs will be placed on the compensation of executives at companies that sell mortgage assets to Treasury. Among them, companies that participate will not be able to deduct the salary they pay to executives above $500,000.
Originally posted by Relentless
Originally posted by ProfEmeritus
Note that it DOESN'T say that executive salaries cannot be above $500,000. It only says that they cannot DEDUCT that portion above $500,000 from their cost of doing business.
This "compromise" was done, according to the committee members, because they feared if they REALLY limited executive salaries, then those execs would not participate in this program.
I say vote every single incumbent out of office this November, regardless of party.
Mortgage help for bankrupt homeowners dropped.
House Democrats say the idea of letting judges rewrite mortgages to help bankrupt homeowners avoid foreclosure won't be a part of the $700 billion financial industry bailout.
Speaker Nancy Pelosi, D-Calif., told Democrats at a closed-door meeting Friday evening the provision would be a deal-breaker for Republicans who she has said must deliver substantial votes for the rescue plan. That's according to several lawmakers who attended the session.
Democratic presidential nominee Barack Obama had said earlier that the measure didn't belong in the bailout.
Is credit crisis truly so dire, lawmakers ask
Members of Congress have been on the receiving end of thousands of calls from constituents angry about what they've heard of a "bailout" of Wall Street.
But many lawmakers have been busy making phone calls of their own – to bankers, business people, and other constituents in their states and home districts – to check up on Bush administration claims about the dire need for quick action to bail out troubled banks and other financial institutions.
Call it a reality check, or at least a quest for additional information beyond what lawmakers are hearing from Treasury Secretary Henry Paulson and Federal Reserve Board Chairman Ben Bernanke.
"This bill is big. It's a whale. And where are our committees? They're locked down, in my opinion," she says. A decision has been made to limit discussion to just the Paulson-Bush proposal, she said.
Treasury Secretary Henry Paulson knew he had to act fast, to make the $700 billion bailout happen in the same time period in which God was said to have created the world. The seven Day clock was ticking and the bill seemed headed for the endzone. As former football player, Paulson avoided blocks by Nancy and tackles by Barney and was ready to throw a Hail Mary Pass if all else failed. President Bush was awakened from his slumber, given a script and a role to play in his White House pulpit. His own party summarized the problem this way:
the investors and banks in Asia that have kept our economy afloat. Asian banks are losing confidence with the U.S. China is warning its banks not to pump more money into the U.S. We are dependent on OCM (Other country’s money) and as they go, we will go too. The current reality is not being made clear as Republicans and Democrats trade accusations or stop talking to each other. I fear President Bush may finally be right: “This sucker could go down.” Part of me thinks that may not be a bad thing - but, alas, I know better. What we really need is debt relief.
This whole bill is the "Patriot Act" for our Economic System.