Posted on 09/27/2008 9:52:51 PM PDT by BAW
House and Senate negotiators have reached tentative agreement on a financial rescue plan after a marathon Capitol negotiating session that started Saturday afternoon and stretched into early Sunday morning.
House Speaker Nancy Pelosi (D-Calif.) and Sen. Majority Leader Harry Reid (D-Nev.) said the deal still had to be “committed to paper,” a process that will continue throughout the night.
Republican Whip Roy Blunt (R-Mo.), the chief Republican negotiator, said he was “looking forward to what we’re going to see on paper” but said he was optimistic that it would be something House Republicans could support.
Said Treasury Secretary Henry Paulson: “We’ve been working very hard on this and we’ve made great progress toward a deal which will work and will be effective in the marketplace and effective for all Americans . . . .We’ve still got a lot to do to finalize it, but I think we’re there.”
The plan is likely to give Paulson a relatively free hand accessing the first $350 billion of the $700 billion he sought. It was not clear when the remaining $350 billion would become available, but Treasury apparently agreed that a future Congress could block its release though a joint resolution signed by the president.
The deal also includes much greater oversight than the Bush administration had initially proposed; an opportunity for the government to take an equity share in the companies it helps, either through warrants or options to buy stock; and a provision limiting the compensation paid to executives of those companies.
To help win the support of House Republicans, the deal also likely includes an option under which Paulson and future Treasury secretaries could choose to sell companies government-backed insurance to cover securities – thereby improving their value – rather than buy the assets as initially proposed.
(Excerpt) Read more at politico.com ...
Better not have the ACORN add-on.
ACORN : 20% of 350,000,000,000 is only 70,000,000,000 not 140,000,000,000 /Sarc
What is it going to take to get the Judicial Branch involved in this? One man, from Wall St., handing out billions of tax payer dollars to whomever he pleases. I’m starting to think this has nothing to with mortgage foreclosures. This stinks to high heaven.
an opportunity for the government to take an equity share in the companies it helps, either through warrants or options to buy stock; and a provision limiting the compensation paid to executives of those companies.
welcome to the People’s Republic of Amerika.
Based on the story, it sounds like a very bad deal.
The House GOP should stay against it. Let the Dems pass it and take the fall. They have the votes and they won’t dare NOT pass it because if they didn’t, they’d be resposible for a market meltdown. Make them take the blame for passing it...they’re largely responsible for starting this in the first place.
Q: What do you call a bailout bill w/o the ACORN add-on?
A: A Pyrrhic victory.
Madeleine Talbot. She embraced Obama and taught him the ropes. He remained a part of this group’s training cadre. Obama taught leadership conferences for the group while working for Miner, Barnhill & Galland.
His connections don’t end there.
http://noquarterusa.net/blog/2008/07/05/obamas-acorn/
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Another cartoon that shows complete ignorance of the issue:
1. Borrowers who were credit worthy borrowers or even some uncredit worthy ones who scrimped and made their payments are not hurt by this.
2. Potential credit worthy borrowers might be hurt without this providing enough liquidity so lenders continue to lend.
3. We hope potential uncredit worthy borrowers hopefully will not get loans after this. The are in general not hurt, they just don’t get to borrow for houses they cannot afford.
4. Lender who were hurt by the actions of prior Congresses who passed laws forcing them to lend to the uncredit worthy are the ones hurting and since we did this to them we should help them out.
To help win the support of House Republicans, the deal also likely includes an option under which Paulson and future Treasury secretaries could choose to sell companies government-backed insurance to cover securities – thereby improving their value – rather than buy the assets as initially proposed.Here it is again. The patently phony provision that Paulson will consider the "option" of the Republicans' Insurance idea, which he already rejected. And which he will reject as an option in the future.
Any Repub politician who goes an the tube, say Cantor who pushed the insurance idea, and claim this was a successful compromise should be widely ridiculed. It is no compromise. It is worse than nothing because it pretends to be something more than nothing.
Paulson, like Bush, wants to leave office not on a small downturn. They want to buy off a temporary sense of middling, or even success.
Bush is all about his "legacy". He will put our future in hock to achieve this.
It turns out that losing the 2006 congressional elections was the proverbial blessing in disguise for the Republicans. If they had won, right now the Democrats would be sitting on their hands laughing their heads off and they could have run a horse against Abe Lincoln and swept the board. It would have taken the party 30 years to recover. To see Pelosi saying not to support Bush is unpatriotic, is worth the price of admission to this show.
If this calms the market then all those MBAs mean jack.
this whole mess can be pinned on the dems, but don’t try doing it through the msm
http://darkegop.blogspot.com/2008/09/abc-news-is-stifling-user-comments-that.html
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
I have a feeling that there is no real deal...not yet...there is no way the GOP will agree to a bill containing liberal ACORN pork, they won’t have a chance to gain any seats of they do, right now they have the advantage here and they better hang on to it.
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