Posted on 09/27/2008 11:30:51 PM PDT by ForGod'sSake
WASHINGTON - Congressional leaders and the Bush administration have reached a tentative deal on a bailout of imperiled financial markets that could cost taxpayers hundreds of billions of dollars.
The bill, perhaps to be voted on by the House as soon as today, includes pay limits for executives whose firms seek help, aides said.
(Excerpt) Read more at startribune.com ...
There appears to be some meat and potatoes here unlike the Politico piece.
Let’s pray for the house Republicans to stand strong!
no good news.
This is a midnight deal, done buy those who are beholden to their highest-$$$$ campaign contributors. GS & JPM will make a killing on this, and all downside will be shouldered by the public.
don’t for get the “genius” Warren Buffet who basically forced Washington to beef up his portfolio.....
Prosperity in our time!
/s
After going back and rereading the article I have to concede at least more bad news than good news. I thought the mark-to-market accounting rule would be temporarily suspended; it wasn't. That was the only thing I heard about this whole mess that offered any practical, and immediate, solution. Doesn't look good. We'll have to pray the house Pubbies stand up once again for us.
We are bailing out those few that stole and took advantage of the American people. I don’t like this.
I found someone (a Democrat of all things) say with fire in her breath that this bailout should not go through.
www.godlikeproductions.com/forum1/message616928/pg1
This is something Dave Ramsey mentioned and something that might free up 60% of the credit market.
in some cases, the government would receive an equity stake in companies that seek aid, allowing taxpayers to profit should the rescue plan work and the private firms flourish in the months and years ahead.
This seems strange in that we are really talking about government control of private sector lenders. Doesn't this simply expand Fannie Mae and Freddie Mac?
Among the last items being negotiated was the provision by House Republicans for an alternative that gives the Treasury authority to issue government insurance for troubled mortgage-backed assets as a way of reducing the amount of taxpayer money spent up front on the rescue effort.
This is the other thing Dave Ramsey mentioned days ago on his show that he said would bolster more confidence in mortgage backed securities. So why are all those hundreds of billions needed at all? Ease up the pressure on the market and let the chips fall where they may for a time.
There is one thing missing though and that is reform of the CRA which will bring us back to this mess again and simply cost taxpayers more than the billions that are going be wasted.
We're just kicking the can down the road with HOUSING WELFARE TIED AROUND THE TAXPAYER'S NECK.
I absolutely want to know also if ACORN is getting money.
Heh. I seem to have misplaced silver lining ;^>
This is something Dave Ramsey mentioned and something that might free up 60% of the credit market.
Newt also. but most people don’t understand how it would help
If you go back and reread the article like I had to, it appears it was one of the articles the Pubbies conceded. NOT good.
Somewhere I read the deal would be posted on the internet, before passage.
Supposedly Paulson and Bernanke were working on this for a month.
Somebody involved in process has been leaking really dire warnings, about stocks declining by one-third.
If this is by design, by Bush, Paulson or any other government source, I think it is tragic.
Somewhere else I read that the FBI is investigating wrongdoing. They will probably go after small-time crooked loan brokers. I would rather see Raines, Johnson, Dodd, etc. strung up by their thumbs.
But nice guy wishy washy go-along-to-get-along Bush wouldn’t do such an ungenteel thing as that.
If they caved, it's the end of the Republican party, and they (and we) would have been better off letting the Democrats and the rubber-spined Republican "leadership" pass their stinking bailout bill on their own and suffer the consequences when it leads to the next multi-billion dollar "crisis recovery plan".
If the plan sucks, the Reps. need to vote against it and let the Dems pass it. Then all the Reps. have to do is go out and campaign on it. The Dems. may just give the issue they need to win with.
Republicans never miss an opportunity to miss an opportunity
and if the dems stick a tax, the stock market will get hit “we told you so”
Some of the most hated names {extremely rich backers of liberalism} in this forum are going to make a killing at our and our great grand kids expense. So what are we supposed to do now??? Take it and MOVE ON??!!!!!!!!
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