Posted on 09/27/2008 6:54:44 PM PDT by PureSolace
Progress in Talks Creates Optimistic Mood; Insurance Fund Gains Momentum
WASHINGTON -- The idea of charging large financial firms fees to set up an industry-funded rescue insurance fund was gaining momentum as key House and Senate negotiators continued to meet Saturday evening to iron out the final details of a $700 billion rescue package for Wall Street.
Lawmakers and staff reconvened their meeting around 7:30 p.m. EDT in the offices of House Speaker Nancy Pelosi (D., Calif.), hopeful they could broker a deal on the much anticipated but exceedingly difficult-to-negotiate legislation that would have the federal government buy up billions of dollars of soured assets.
The mood was said to be "optimistic" entering the evening talks, according to a Senate aide familiar with the talks, after policymakers -- including Treasury Secretary Henry Paulson -- made progress during an afternoon negotiating session. Staff predicted a long night of negotiations, however, an observation backed up by the delivery of food from sandwich shop Cosi to Ms. Pelosi's office just before 8 p.m. EDT.
(Excerpt) Read more at online.wsj.com ...
NO TAX INCREASES
NO MONEY FOR LA RAZA
NO MONEY FOR ACORN
I hope they all choke and Barney Frank has to do the Heimlich on them.
There were 752 pages of pork barrel earmarks attached to the bailout scam last week. I’ll bet that goes to at least 1000 pages by Monday.
"Initially there were to be four lawmakers -- one representing each party in both houses of Congress at the talks. They were Messrs. Gregg and Dodd in the Senate and Reps. Barney Frank (D., Mass.) and Blunt in the House. Mr. Frank is the chairman of the House Financial Services Committee, Mr. Blunt is the Minority Whip, while Mr. Dodd is the chairman of the Senate Banking Committee hearing, and Mr. Gregg is the ranking member on the Senate budget panel.
But they were joined by several other senior Democrats, and there are as of late Saturday nine Democrats in the room compared with just the two Congressional Republicans, and Paulson.
I Hope the House Republicans stay strong. They have no reason to bend.
Just say NO!
Can someone explain why the Dems have any motive to compromise? They want the chaos. Shoot, they probably caused it and timed it for October to make their guy win. They can pass it without Republicans and Bush will sign anything at this point.
The first thing they always say when they get in front of a microphone is “We were here until 11 p.m. blah blah” It cracks me us b/c many Americans are up even later taking care of business and kids, etc. These guys are so out of touch with real people. I guess they think that we are going to say “OMG he was at work until 11 p.m.!!”
What they need now is Larry the Cable Guy - “Git ‘er done!”
Please!
You tell ‘em, bigbob!! LOL
No bail out.
Arrest and prosecute.
Not with one dime for ACORN!
I think the Republicans actually have the stronger hand in fact.
It remains to be seen whether they play their hand properly.
Paulson is a Democrat, so that makes it 10 to 2.
Market greed caused this catastrophe and greedy marketers ought to fix the problem, not the taxpayer.
I would think the annual fee should be ten times the CEO's annual salary including stock options and expense accounts.
Isn’t it amazing that the congressionals couldn’t be bothered to help with the drill here/drill now matter.
But here comes a money deal that’s outrageously raping the taxpayers and they’re up there on Capitol Hill working well into the night. Something tells me that they’re doing a lot of posturing and CYAing.
This whole matter stinks. At the very least, I hope we see jail terms for some corrupt politicians and some corrupt financial principals who were responsible for this rape of the American taxpayer.
And we don’t need congressionals standing around telling us that we “don’t understand the machinations of the deal.” That’s the problem — the deal!
And no money for ACORN.
That is good, more needs to come off. Is Mac there negotiating with them?
Arrest and prosecute.
Probably the plan that 90% of the people would agree with.
This congress is animal insane and Nancy Pelosi works the cattle prod.
Yea. I got an idea. Can we at least split the money 50/50 with acorn and the NRA ?
I agree
I think they should have to eat some of that pork they are trying to attach to this.
then do you declare hunting season on nuts.
>>Market greed caused this catastrophe and greedy marketers ought to fix the problem, not the taxpayer.<<
Something just struck me while reading your comment. Why has the word “GREED” been associated with Republicans and Conservatives? I mean, really, the Republicans (and more specifically CONSERVATIVES) that I know are not living “greedy” lives. Rather, we try to live responsible lives including living within our means and wish the government to do the same.
If anyone has acted greedy it’s the indviduals that wanted to live beyond their means, as well as the “greedy” finaciers on Wall Street that are all too happy to cash in on it. Not too mention the Democrats, whom are all too anxious to acquire more power in all of this mess. Is that not greed as well?
Beg to differ, slightly.
This was caused by “feel good” socialist government meddling. Trying to engineer equal outcomes for people rather than focus on equal opportunity, based on core principles and delayed gratification.
This, then, generated almost unlimited credit,regardless of credit worthiness, thus driving up the real estate market.
Now comes inflation, to which the genius Greenspan responded with relentless interest rate hikes, thus killing the real estate market, lowering values to less than the amount owed, causing defaults.......etc, you get the picture.
Here now, the fox, having cleared the hen house, demands protection money to stand guard on the remaining shivering hen.
Thing is, in order to pay the vig, fed needs to print money, hence, more inflation, driving up rates and foreclosing the “opportunity” for taxpayers to benefit from an increase in property values.
Morons all around. Oh, and btw, a constant funding source for the criminal enteprise, Acorn, whose only purpose, by any means necessary, is to ensure democrat victories at the ballot box, ad infinitem. Thus, insuring more socialism and less freedom, therefore less productivity, for us all.
Capitalism is not the culprit here, it’s the potential victim.
From a report this week (from NBC):
“Today Democrats showed up at scheduled bipartisan talks, but said they forgot to invite the Republicans.”
I think that gives you an inkling of what the Republicans are up against.
NRO is a good place to track progress - latest info indicates a reasonable bill is taking hold:
http://corner.nationalreview.com/
So it looks like a deal is shaping up
Treasury purchases plus mbs insurance (cantor)
Strong oversight/taxpayer protection
Limits on executive comp
No liberal add-ons (acorn, bankruptcy judges, proxy access)
Govt equity stake likely to be scaled back or dropped. No staff-level enthusiam for it.
Limit on amount of first tranche of money (less than $700 billion)
This deal gets 100 house gop votes
Why has the word “GREED” been associated with Republicans and Conservatives? “
Greed is a codeword for free-market capitalism, or at least the horrible acts of commercial intercourse that socialists imagine take place if people are free to transact business as they please. Think ofthe horrors: Some can get ahead more than others! People have to take responsibility for success or failure of their acts and decisions! And worst of all, a pointy headed elitist bureaucrat can’t make them do it all the ‘right’ way!
Your comment makes too much sense to to be intelligible to people who use ‘greed’ as a general pejorative against business behavior and people doing their jobs, and the free-market conservatives who just want productive members of society left alone to create economic value.
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