Posted on 09/28/2008 3:20:58 PM PDT by Dawnsblood
The House website is down. I’ve uploaded the most recent bailout draft bill right here.
Pg. 33 still has the bailout for foreign banks. FYI
Man, how are we going to figure out what’s right and what’s wrong in that mess?
I can’t get past the first paragraph which provides the Federal Goverment authority also for other purposes.
What does this mean?
Pg. 43 line #18 - It’s a ram thought ammendment.
Does this mean I can ask for a billion bucks to bail out my debts too? Who decides on who gets what in this?
Looks like they cut ACORN, unless I’m just not seeing it.
435 Reps and 100 Sens are going to read this, understand it and then vote on it by tomorrow?
I suspect it means that Sec Paulson has the authority to spend $350 - $700 billion in just about anyway he sees fit to stabilize Wall Street. I am no economic scholar but this is a scary amount of power to invest in one fallible man.
What, you mean the legion of armchair commentators here might not be able to make sense of the bill? You jest!
More accurately, their staff will read the bill and write up a short summary (a couple of pages) which they will present to their overlord Congressthing, who will then be given an even shorter verbal summary while ignoring the written summary.
For other purposes is included in the title to cover everything added by an amendment to the original bill!
Think Pork!
Scary isn't it!
They sure are! Don't ya feel better now?
The Democrats would be "organizing communities" for direct action in the streets with militant marches to intimidate CONgress on this issue if they disliked it as much as conservatives do!!! The MSM would be their amplifier!!!
Now they're gonna cause the gasoline prices to go so high we can't afford the trip to the demonstration starting point even if we chose to demonstrate against this slip-shod deal!!!
DEAL OR NO DEAL???
(b) TABLE OF CONTENTS.—The table of contents for 2 this Act is as follows:
Sec. 1. Short title and table of contents.
Sec. 2. Purposes.
Sec. 3. Definitions. TITLE I—TROUBLED ASSETS RELIEF PROGRAM
Sec. 101. Purchases of troubled assets.
Sec. 102. Insurance of troubled assets.
Sec. 103. Considerations.
Sec. 104. Financial Stability Oversight Board.
Sec. 105. Reports.
Sec. 106. Rights; management; sale of troubled assets; revenues and sale proceeds.
Sec. 107. Contracting procedures.
Sec. 108. Conflicts of interest.
Sec. 109. Foreclosure mitigation efforts.
Sec. 110. Assistance to homeowners.
Sec. 111. Executive compensation and corporate governance.
Sec. 112. Coordination with foreign authorities and central banks.
Sec. 113. Minimization of long-term costs and maximization of benefits for taxpayers.
Sec. 114. Market transparency.
Sec. 115. Graduated authorization to purchase.
Sec. 116. Oversight and audits.
Sec. 117. Study and report on margin authority.
Sec. 118. Funding.
Sec. 119. Judicial review and related matters.
Sec. 120. Termination of authority.
Sec. 121. Special Inspector General for the Troubled Asset Relief Program.
Sec. 122. Increase in statutory limit on the public debt.
Sec. 123. Credit reform.
Sec. 124. HOPE for Homeowners amendments.
Sec. 125. Congressional Oversight Panel.
Sec. 126. FDIC authority.
Sec. 127. Cooperation with the FBI.
Sec. 128. Acceleration of effective date.
Sec. 129. Disclosures on exercise of loan authority.
Sec. 130. Technical corrections.
Sec. 131. Exchange Stabilization Fund reimbursement.
Sec. 132. Authority to suspend mark-to-market accounting.
Sec. 133. Study on mark-to-market accounting.
Sec. 134. Recoupment.
Sec. 135. Preservation of authority. TITLE II—BUDGET-RELATED PROVISIONS
Sec. 201. Information for congressional support agencies.
Sec. 202. Reports by the Office of Management and Budget and the Congressional Budget Office.
Sec. 203. Analysis in President’s Budget.
Sec. 204. Emergency treatment.
Sec. 301. Gain or loss from sale or exchange of certain preferred stock.
Sec. 302. Special rules for tax treatment of executive compensation of employers participating in the troubled assets relief program.
Sec. 303. Extension of exclusion of income from discharge of qualified principal residence indebtedness.
I think the folks at FR will have a better grasp of the bill than the 535 whose job it is to vote on it.
Right now, questionable. I think some people here have a very tenuous grasp on reality at the moment. Most people on the Hill are very attuned to the broad strokes of this bill, which is one reason why the Dems were so eager to pass it and the House GOP were so opposed to it.
On the surface, the most clueless group is the Senate GOP. They had agreed to cave to everything the Democrats wanted before McCain showed up.
SEC. 122. INCREASE IN STATUTORY LIMIT ON THE PUBLIC DEBT. Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting
‘‘$11,315,000,000,000’’.
ACORN IS IN!
section 2, B.
“To ensure ...preserves home ownership and promotes jobs and economic growth.”.....
or
Title I-—under Troubled Assets Relief Program:
“the Secretary is authorized to establish a troubled asset relief program ( or “TARP”) to purchase, and to make and fund commitments to purchase , troubled assets....etc.”
Trust me, the Dems will get Acorn in there, just not by Name.
“Looks like they cut ACORN, unless I’m just not seeing it.”
I am sure the words “Association of Community Oranizations for Reform Now” (ACORN) will not be in there, but the “Hope for Homeowners Program” sounds real nice like ACORN does!
I know it did me in reading this p.o.s. !
I agree with you on the Sen Repubs being spineless or clueless. What really concerns me is the Sen Repub leadership, or the lack thereof.
The ACORN section really is completely out of the bill.
1 (1) IN GENERAL.—To the extent that the Federal property manager holds, owns, or controls mort
3 gages, mortgage backed securities, and other assets
4 secured by residential real estate, including multi5 family housing, the Federal property manager shall
6 implement a plan that seeks to maximize assistance
7 for homeowners and use its authority to encourage ,p>8 the servicers of the underlying mortgages, and con9 sidering net present value to the taxpayer, to take
10 advantage of the HOPE for Homeowners Program
11 under section 257 of the National Housing Act or
12 other available programs to minimize foreclosures.
13 (2) MODIFICATIONS.—In the case of a residen14 tial mortgage loan, modifications made under para15 graph (1) may include—
16 (A) reduction in interest rates;
17 (B) reduction of loan principal; and
18 (C) other similar modifications
Did a google search:HOPE for Homeowners Act,,, by,,, guess who.. Dodd and The queer Frank! Please notice the SECOND PARAGRAPH!!!
The program is built on five principles:
* Long-term Affordability. The program is built on the idea, expressed by Federal Reserve Chairman Bernanke, that creating new equity for troubled homeowners is likely to be a more effective way to avoid foreclosures. New loans will be based on a family’s ability to repay the loan, ensuring affordability and sustainable homeownership.
* No investor or lender bailout. Investors and/or lenders will have to take significant losses in order to benefit from the proceeds of the loans refinanced with government insurance. However, these losses would be less than the losses associated with foreclosure.
* No windfall for borrowers. Borrowers will share their new equity and future appreciation equally with FHA. Borrowers will pay for the FHA insurance.
* Voluntary Participation. This will be a voluntary program. No servicers will be compelled to participate.
* Restore confidence, liquidity, and transparency. Credit markets are fearful and frozen in part because banks and other financial institutions do not know what their subprime mortgages and related securities are worth. The uncertainty is forcing lenders to hoard capital and stop the lending necessary for economic growth. This program will create certainty and get markets flowing again.
Can you say ACORN lite?
I don't like #18 either... WAY to vague!
The Senate needs a thorough housecleaning. Ironically, coincidentally, or as a result of (depending on your POV), the Senate is the chamber in which Bush spent most of his campaign mojo on over the last few elections.
Did not pay off, George. I think you’re a great guy, but you supported squishy-middle idiots, likely intentionally.
We need some of the House GOP guys to run for Senate, or the few conservatives in the Senate (Coburn, DeMint, Cornyn, etc) need to get themselves elected into Senate leadership next year. Coburn would be my choice for Senate Majority Leader.
Excuse me, but has anyone said what might happen to this bill when it reaches the senate?
I think a part of the bill should be an independent commission with the power to subpoena and refer indictments to the judiciary department. Financial service executives should be hauled in to see there was fraud committed . Politicians should be hauled in to see if there were ethics violations. Ken Lay was prosecuted for fraud at Enron, someone should be going to jail for this fiasco. Barney Frank should publicly respond for blocking reform regulation. I don’t understand how Obama gets away by saying this was caused by deregulation, what deregulation?
‘‘$11,315,000,000,000’’.
As a point of reference, in 2000, the nation debe was under 6,000,000,000,000 (six trillion).
Agreed. I think that the GOP senate is going to be more moderate than the GOP house. House members get elected by a smaller audience and GOP house members from areas that are traditionally conservative. There will be many conservative GOP house members.
On the other hand, the Senators represent an entire state. To win a state, senators must appeal to independents. As a result, the GOP senate has lost much of its conservative values.
It is a tough dilemna. It would be nice to unite the GOP and have senators riding McCain's and Palin's coat tails, but I think they are going to be in for a rough ride between now and November.
Especially with the Secretary of HUD having an equal seat on the board with the Secretary of the Treasury, the Board of Governors of the Federal Reserve, the Comptroller of the Currency and the Director of the Office of Thrift Supervision. HUD isn't there just to take notes...
Probably will sail right through unless the House Republicans can cause some major noise about it.
Just saw on Fox News that Mike Pence (God Bless that man) issued a statement saying, in part, “I cannot support this.”
Looks like he’s standing firm. I’m willing to bet he won’t be the only one.
///@\\\
Mike Pence (IN) has said today he will vote NO
Good man. Can’t wait to get a GOP majority back in Congress.
Do we know the status of Harry Reid’s attempt at sneaking a renewal of the oil shale ban back into the bill?
It means that Talk Radio, Fox News and FRee Republic are off the air...
I think it was hidden in Sec 124 - HOPE for Homeowners IIRC
What is the procedure for recalling Senators from Washington?
I think states did that just before the war between the states started, didn’t they?
It might be time we called our representatives home too.
If half of what they tells is true, that is the real reason for this.
China, Europe, and Russia hold huge amounts of our debt. If we don’t bail them out, they will crash. Which will hurt us as much as them.
Good man. Can’t wait to get a GOP majority back in Congress.
Do you have a clue when that might happen?
As a point of reference, in 2000, the national debt was under 6,000,000,000,000 (six trillion).
That's compassionate conservatism for you--Dubya style .
Reagan was a great orator. He was able to take his message to Americans who then put pressure on the more conservative Dems. The ability to reach the average person clearly is lacking in this administration.
You also have some good ideas to pull the GOP together. I still stand by analysis of why we are where we are, but am hopeful that there are solutions to get the spine back in the GOP. Implementing your ideas would go a long way to making it happen.
LOL If those offering up Republican Congresspersons as sacrifices know so much, then maybe THEY should run for office.
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