Posted on 09/28/2008 4:38:50 PM PDT by vadum
The especially odious provision in the Wall Street "rescue" package that would have provided millions of dollars in government money for kooky left-wing activists has been deleted.
The Politico reports that the controversial provision in Henry Paulson's Wall Street bailout package that would have funneled mountains of dough to radical left-wing community organizing groups like ACORN has been removed:
After several days of rage from conservative activists regarding a provision in the bailout bill that would send some of the profits from the sale of distressed assets the goverment buys into an affordable housing trust fund, congressional negotiators have removed section 105(d) of the bailout proposal, according to aides on both side. [sic]So while conservatism may be limping and moaning in pain right now, it's certainly not dead, as the liberal Campaign for America's Future insists.ACORN, a Democratic ally, was not specifically directed any funds in the previous proposal, but money that went to state and local governments could then have been divvied out to the organization, which the GOP said was a deal breaker. Fevered opposition to the provision had become a viral sensation.
It appears that, with the removal of the affordable housing trust fund, all of the proceeds from the sale of assets will now go to retire the debt.
Politico posted a "discussion draft" of Treasury Secretary Henry Paulson's Wall Street bailout package (PDF of draft here, news story here) and is reporting that the proposal is likely to be voted on by the House tomorrow.
Meanwhile, conservative radio host Mark Levin, whose day job is running the Landmark Legal Foundation, notes correctly that no one is even questioning whether the Paulson bailout is constitutional. (Here is a link to Levin's show Friday on which he discussed the issue.)
And finally, for those of us who don't have PhDs in economics, it's difficult to know who is right about what might happen if there is no bailout, but now Bruce Bartlett, a Reagan White House economist who is no fan of Big Government, says emphatically that the bailout is necessary:
We're closer to the precipice than Congress or most of the public understands. Our entire economic system really is at stake - and those treating the bailout plan as just another government spending program are seriously wrong.Bartlett, who has a lot of street cred in the conservative and libertarian communities, faults the Bush administration for not properly explaining to the public the need for this unpredented intervention in the marketplace.Failure of this plan risks another Great Depression. Really.
You can see the fear in Treasury Secretary Henry Paulson's eyes and in those of Federal Reserve Chairman Ben Bernanke. But they dare not say how critical the situation is - lest it shake confidence and make matters worse.
This is not to say that the administration's plan is the best we could do. But now is not the time to come up with something better. There is no time. The program can be revised later, when the emergency is past. For now, everyone should hold their noses and vote "yes" on the bailout.
The ACORN addition had been nothing more than campaign assistance for Obama. The community organizer even needs help fund-raising apparently. Disgusting.
Good to have repeat confirmation.
What of Reid’s attempt to sneak an oil shale ban back into the bill, and what of La Raza?
Earlier, someone pointed out that it is still on pages 21-22 of the 106 page version. I haven’t checked so’d I’d be curious if this is confirmed.
WO-Hoo...not.... not add about 95% of the other crap in the bill and we'll talk!
Fund on John Batchelor show just said he expects it to come back or slipped in.....remain vigilant!!
WO-Hoo...not.... now add about 95% of the other crap in the bill and we'll talk!
ACORN is being investigated for voter fraud....thank god they aren’t getting any money. Obamanut is tied to them.
this is the largest concentration of wealth ever witnessed...from you and me....from all of our offspring...
the poor need not worry...they have nothing to steal...
but the rest of us...we who work hard for a living and live on home made spaghetti and meatloaf and wash zip lock bags if they aren't too dirty....we are getting the shaft....
Rest assured, it was replaced by something equally wasteful of taxpayers’ dollars. Noone has seen the detailed bill with all of its provisions.
I agree. Blast fax your Rep and Senators to nix this plan.
I hope someone is watching any and all spending bills to make sure ACORN doesn’t benefit from earmark funding that gets hidden away.
Indeed.
The Senate and House rules need to be updated with a provision that requires all amendments to bills be offered on the floor in front of everyone, with the names of the submitting Congressthings attached.
This “under cover of darkness” last-minute provision crap would immediately end.
>> But they dare not say how critical the situation is - lest it shake confidence and make matters worse.
This has infuriated me all along.
I am so tired of being lied to by these vermin scum.
They screw up, and they lie. Over and over and freaking over. For YEARS ON END.
Then they suddenly up and demand to be treated as if they are telling The Whole Unvarnished Truth, and know what they’re doing!
To hell with them. Stinking self-serving disease-spreading rats.
Everytime disgusting reid and disgusting pelosi opened their mouth, you heard them tell how much obama helped and his idea was what saved the bailout.
Well friends, obama was there to get his money for Acorn, an investigation is ongoing for voter fraud by Acorn. Obama is closely associated with Acorn.
I am so glad the GOP was wide awake and got Acorn deleted. Otherwise, obama would have another victory for the obama/ayers Acorn.
I would like to know if obama had any hand in this ACORN handout and also what dealings/ cases did he do during his time for ACORN.
Time for the army of reporters to leave AK and investigate community organising
I won’t hold my breath
You can bet ACORN’S boy, Baraq Hussein Obama will be looking out for them starting on 01-20-09. They’ll get their money. They got him what he wanted. He owes them.
3 Problems remain:
PROBLEM #1-IT CAN GO TO 700 BILLION WITHOUT A VOTE BY CONGRESS
3 (c) JOINT RESOLUTION OF DISAPPROVAL.— 4 (1) IN GENERAL.—Notwithstanding any other 5 provision of this section, the Secretary may not exer6 cise any authority to make purchases under this Act 7 with regard to any amount in excess of 8 $350,000,000,000 previously obligated, as described 9 in this section if, within 15 calendar days after the 10 date on which Congress receives a report of the plan 11 of the Secretary described in subsection (a)(3), there 12 is enacted into law a joint resolution disapproving 13 the plan of the Secretary with respect to such addi14 tional amount.
Translation: Unless Congress schedules a vote and says "no" within 15 days of the costs going over 350,000,000, it can go to 700 Billion automatically. This way every congressman can claim "I never voted "for" it to go to 700 Billion. Congress can just not vote at all and it can go to 700 Billion.
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PROBLEM #2-US TAXPAYERS ARE BAILING OUT FOREIGN BANKS
3 SEC. 112. COORDINATION WITH FOREIGN AUTHORITIES 4 AND CENTRAL BANKS. 5 The Secretary shall coordinate, as appropriate, with 6 foreign financial authorities and central banks to work to7 ward the establishment of similar programs by such au8 thorities and central banks. To the extent that such for9 eign financial authorities or banks hold troubled assets as 10 a result of extending financing to financial institutions 11 that have failed or defaulted on such financing, such trou12 bled assets qualify for purchase under section 101.
Translation:If foreign banks bought loans that people are defaulting on, US taxpayers will buy the bad loans from the foreign banks.
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PROBLEM #3-DEADBEATS UNJUSTLY ENRICHED WITH MORE EQUITY COMPARED TO PEOPLE WHO DILIGENTLY PAID THEIR MORTGAGES AND LOCKED IN RATES
9 SEC. 124. HOPE FOR HOMEOWNERS AMENDMENTS. 10 Section 257 of the National Housing Act (12 U.S.C. 11 1715z-23) is amended— 12 (1) in subsection (e)— 13 (A) in paragraph (1)(B), by inserting be14 fore ‘‘a ratio’’ the following: ‘‘, or thereafter is 15 likely to have, due to the terms of the mortgage 16 being reset,’’; 17 (B) in paragraph (2)(B), by inserting be18 fore the period at the end ‘‘(or such higher per19 centage as the Board determines, in the discre20 tion of the Board)’’; 21 (C) in paragraph (4)(A)— 22 (i) in the first sentence, by inserting 23 after ‘‘insured loan’’ the following: ‘‘and 24 any payments made under this para25 graph,’’; and 70 O:\AYO\AYO08C04.xml 1 (ii) by adding at the end the fol2 lowing: ‘‘Such actions may include making 3 payments, which shall be accepted as pay4 ment in full of all indebtedness under the 5 eligible mortgage, to any holder of an ex6 isting subordinate mortgage, in lieu of any 7 future appreciation payments authorized 8 under subparagraph (B).’’
Translation: If you paid your bills on time, were smart and locked in a fixed rate, even paying a fee (called a "point") to get a better rate-this bill does nothing for you. If you did not make all your payments, did a no-cost loan with a variable rate-this bill will lower your rates and the amount you owe on your mortgage.
(note-the #'s appearing in the middle of words denote the sections of the bill this information was cut and pasted from. This IS from the latest version of the bill.)
Praying that there really is no ACORN and that they do not add it in at the last minute.
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