New Draft Bailout - From 3 pages to 102 pages Edit: 106 Now

reply to post by anachryon


Yeah, I watched him earlier. Problem is, the politicians strongly opposed to this "rescue" plan seem to have been left out of the "bi-partisan" drafting of the bill. Also, the congressmen and women with alternatives to the plan being proposed also have a lot of sound ideas from leading economists saying the draft being presented is garbage.

This thing stinks to high heaven. You can see lobbyist fingerprints all over it.

Anyone got the revised draft yet? I may have a link to it, its 106 pages, but its eerily similar to the 101 page draft.

Edit: Found it on C-SPAN

[edit on 28-9-2008 by Lurkerzrule]

reply to post by Lurkerzrule



Of course it is, they weren't trying to fix it, they are just trying to shove it down our throats.

I sooooo hope all of them that breathed a sigh of relief here thinking they could go home have to work 24/7 to write a real piece of legislation this week that is in line with their oaths of office.

Can someone who knows how link that video here for our members. I haven't mastered the YouTube thingy yet.

Thanks! You'll get points for it

*Another shameless bribe from the FSME*

reply to post by Lurkerzrule


Hm....Asian markets just opened like half an hour ago. You know they rushed this "agreement" to have it out in time for the markets to open, and they'll be debating it for a couple days next week. As far as the American markets are concerned, we may be looking at a few days of false confidence while this "debate" goes on. Not only does it stink of lobbyists (and some other stuff), but it stinks of buying a few days of market strength.
Wachovia is about to go under - will this hold them afloat for a few days, long enough for Citi to get everything together for a buyout? Wachovia holds the largest portfolio of option ARMs - those are the mortgages that will go south in a catastrophic way in '09-'10...why would Citi want that? Will Citi pull back from buyout talks thinking that a gov't bailout will be better for these extremely toxic assets?

Man. This is a real cluster.

House Repubs are about to make a statement on the bailout. This could get interesting.

reply to post by Relentless


Sure, here it is.

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.

Where? When?

Here is just an example of what the latest draft bill says about executive compensation:

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.

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.
Here is what that means, in plain English. That portion of an executive's salary that is above $500,000 will be subject to corporate tax. In other words, the executive could still walk away with a huge payoff, but the corporation would have to pay extra taxes on that salary, since it would not be a deduction. You can easily see where this could go. The execs all agree to pay each other whatever they like, and the corporation would then have to pay extra taxes. So what! These are the same executives that have already run their corporations into the ground. You think this will stop them. It is no skin off their backs. 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.

How can Congress PASS this traitorous bill when 90% of the American public opposes it?
I say vote every single incumbent out of office this November, regardless of party.

Originally posted by Relentless
Where? When?

I have MSNBC on in the background and they've been waiting for 20 min or so for a statement from House Repubs.

That guy is awesome! I wish some others would grow a pair.

I love how this plan uses all these words like "can", "might", "could" and "possible"... The taxpayers could recoup their money. The government might make a profit, which may be shared with the taxpayers. It's possible the government could renegotiate these failed mortgages.



We are screwed. I feel very screwed today...

GUESS WHAT !

Any bailout bill that might get passed will not change a thing in the long run

As you should know, there have already been bigger and bigger bailouts all year, and things continue to get worse & worse


NOW, I Just Figured This !

When, not if, But WHEN this fails it will be blamed on Congress

I now figure that is the Very Reason the Treasury & "Federal Reserve Bank" first gave Congress such a Ridiculous plan, they KNEW it was too Ridiculous for Congress to pass as it was, they KNEW Congress would change it


WHEN this fails, The script line will be... "It failed because Congress changed it."

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.

I heard a guy earlier say that a $500,000 was pretty low among the top execs of these companies... So they're all going to be affected. Wah!

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.

And I'd say, fine. Later. Have fun selling your $1.4 million dollar house in this market.

I say vote every single incumbent out of office this November, regardless of party.

I agree. Except those who don't vote for it. They should be rewarded.

I just called my congressman's office in Washington DC, and they are open and taking people's opinion.
PLEASE, if you are against this bill, look up your congressman's phone number in DC. They are staffing the phones now.

I can't get any governmental sites to load.

The system is totally loaded down from where I am...

That could be a good sign.

Congress:

forms.house.gov...

Senate:

www.senate.gov...


[edit on 28-9-2008 by Benevolent Heretic]

Here is an outstanding discussion:

Roundtable Discussion (video)

Don't skip it. There are some frightening things being discussed there.

Unrelated is this interesting bit:

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.

And finally, I wonder how big:

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.

The article continues:

"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.

What an outrage.

I guess we'll know in a few minutes what the House Republicans are going to do...

Its very simple, the banking system that actually is the one that wrote the bail out demanded and incredible and unreasonably of total powers for the Federal Reserve, but they knew that The total power will never pass with some compromise, so they now made the bill so big that the entire purpose of it is now hidden withing the many pages of nothing but bogus demands.

With the sole purpose of appeasing the population and tax payer of this nation.

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:

”This sucker could go down

But the reality is that the Suckers are the Sty stem and the taxpayers.

At the end the ones that wanted and pushed this bill Are the global bankers the billionaires that have stakes in the markets and with the banks.

While the media has completely made a circus of the situation with their various experts on the matter making the population aware of the dangers of not having this bill, we have only coverage of the banks of England our friends pumping money on the markets as our heroes.

The truth is that The real heroes are the banks that the media didn’t even talks about it the Asian banks

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.

The irony, this ladies and gentlemen this lengthy and incredible full of loopholes and indecipherable bill (no for the understanding of the common tax payer) is going to make us all nothing more than suckers.

www.economyincrisis.org...

reply to post by ProfEmeritus


I totally agree. I've been talking to my Rep, and Senators for the past week. Either I get a staffer, or Voicemail.

Over the past week, I've done all I can to try and get the people around me to do the same.

This bill gives a 250 BILLION revolving credit account to the Sec. of the Treasury. And, it gives him the unconstitutional authority to do so.

This whole bill is the "Patriot Act" for our Economic System.

[edit on 28-9-2008 by Lurkerzrule]

I did a quick scan, and did anyone else note the wording on the 700 billion? It sounded to me like the obligation is $700b AT ONE TIME! As though, as some are retired, or written off, they can keep $700B going . . . I guess forever!

reply to post by Lurkerzrule

This whole bill is the "Patriot Act" for our Economic System.

I agree. I think that the only hope left is that enough Republican House members stand their ground and refuse to be bullied by Bush and Pelosi.
This bill is being railroaded down our throats.
Right now, the House Republicans are still behind doors after two hours in meeting. I would love to be a fly on the wall right now.
I am sick of hearing the MSM saying that "This bill has to happen"
It DOESN'T have to happen. Let the firms FAIL. They caused this problem.
The world won't come to an end.
If they get their way, they'll do it again, and again, and again.

reply to post by dooper



Yes, you are correct, it says at any one time! and it means exactly what you think.


Sheez I am getting ill watching what was said earlier today waiting for the live feed now.

omgosh - they are expecting the Republican statement to be "falling in line".

GAG!

But it could be because the Asian Markets have opened and they want a stick save till the truth comes out.