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Negotiators reach deal on rescue plan
Politico ^ | 9/28/08 12:45 AM EDT | PATRICK O'CONNOR & DAVID ROGERS

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 ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: bailout
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To: Iron Munro
Fat cats helping fat cats, brings a tear to your eye.
21 posted on 09/27/2008 10:12:44 PM PDT by org.whodat (Republicans should support the SAM Walton business model, and then drill???)
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To: BAW

McCain screwed up last night when he did not come out against any plan with giveaway provisions and against any ACORN/LaRaza handouts.

He could have locked up the election but he used the moment to play up what a great friend of the democrats he was and to praise compromise.
McCain takes pride in being well thought of by democrats.
Democrats take great pride in getting their way.

If he votes for this thing he will be back where he was before he grabbed on to Sarah to bring conservatives out.


22 posted on 09/27/2008 10:12:51 PM PDT by Iron Munro (Congress: every law they make is a joke and every joke they tell becomes a law.)
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To: BAW

I don’t know what the deal is, but this article is worth reading in full. It looks like McCain joined forces with Boehner and the House GOP to try to get a better deal than the Democratic monstrosity that was being peddled on Thursday.


23 posted on 09/27/2008 10:13:05 PM PDT by kesg
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To: mewzilla
Its a placebo. Compared to $350 billion, the appearance of doing something is better than watching a meltdown happen.

"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

24 posted on 09/27/2008 10:13:13 PM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: BAW
So despite the Dems chortling and smirking on TV a little while ago they don't really have a deal yet, nothing on paper and the only Republican that was in on it was Blunt, who is "hopeful" house republicans will support it. We will just have to wait and see what is what. I think this is like the first so called "bi-partisan" deal they thought they had set up. Not really a deal at all and probably loaded with pork.

I hope the Republicans put their foot down on this.

25 posted on 09/27/2008 10:14:14 PM PDT by calex59
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To: Iron Munro
McCain wants to show he can get things done rather than just point fingers. And he's not even taking the credit. The Democrats are trying to milk it for political advantage. Let 'em!

"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

26 posted on 09/27/2008 10:15:01 PM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: goldstategop

A meltdown will happen regardless of this...

You rather pay 350B just cause...


27 posted on 09/27/2008 10:16:41 PM PDT by GreaterSwiss
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To: kesg
It looks like McCain joined forces with Boehner and the House GOP to try to get a better deal than the Democratic monstrosity that was being peddled on Thursday.

That would be smart, the advantage is with the GOP and McCain because they are trying to stop this from being hurtful in a big way to taxpayers, just the fact that the DEM proposal had or has ACORN in it is something big for them to exploit for political gain while not pissing us off as much as the DEM bill would. Obama supports his party and he has nothing to do with the GOP plan so if that gets passed he can't take credit, but McCain can and will.
28 posted on 09/27/2008 10:16:46 PM PDT by LegalEagle61 (If you are going to burn our flag, please make sure you are wearing it when you do!)
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To: goldstategop
Compared to $350 billion, the appearance of doing something is better than watching a meltdown happen.

A) A meltdown is not a certainty. Heck, even if something is done, we could still have a meltdown.

B) If my choice, however, is a meltdown or socialism, I'll take the meltdown. The US would survive that. It won't survive socialism.

29 posted on 09/27/2008 10:16:47 PM PDT by mewzilla (In politics the middle way is none at all. John Adams)
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To: calex59
Its up to the House GOP rank and file. If the legislation has pork in it, I think fewer than 4 will support it. A workable compromise needs a market mechanism. The question is will this bill have one?

"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

30 posted on 09/27/2008 10:16:52 PM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: BAW

Hope the squirrels gathered and buried the acorns.


31 posted on 09/27/2008 10:17:11 PM PDT by 1066AD
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To: BAW

Per NRO The Corner, the deal does NOT include ACORN.

http://corner.nationalreview.com/post/?q=YzNkYTY1YWI3N2MyMzMxODQzYWVmODI2YTQyYjZkYzI=


32 posted on 09/27/2008 10:17:32 PM PDT by kesg
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To: kesg
We've heard this before. Believe me, it will be there. It will not be spelled out specifically, but it will be there.
33 posted on 09/27/2008 10:21:54 PM PDT by CatOwner
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To: LegalEagle61
Obama supports his party and he has nothing to do with the GOP plan so if that gets passed he can't take credit, but McCain can and will.

He better, dammit. He has taken huge political risks this week and it isn't yet clear that this will all eventually work out in his favor. But if it's a clean bill with no ACORN or other crap and is otherwise acceptable to the House GOP, it's a big win for him. Or at least it should be.

34 posted on 09/27/2008 10:22:09 PM PDT by kesg
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To: JLS
Another cartoon that shows complete ignorance of the issue

Another arrogant Kool-Aid drinker who thinks everyone who doesn't buy into the Bush/Paulson/Barney Frank scare tactics is ignorant.

Have another giant swig.

ht

35 posted on 09/27/2008 10:22:23 PM PDT by Iron Munro (Congress: every law they make is a joke and every joke they tell becomes a law.)
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To: CatOwner

I’m just linking to what The Corner says. I’m not saying it’s true because I don’t know.


36 posted on 09/27/2008 10:23:06 PM PDT by kesg
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To: whitedog57
Sources said Saturday afternoon that as many as 40 Republican senators were prepared to vote for the emerging bailout deal if bankruptcy and social spending provisions are dropped.

According to the article, it would appear the House Republicans won't sign on if Acorn slush fund is still there.

37 posted on 09/27/2008 10:24:09 PM PDT by Unam Sanctam
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To: kesg
I don't think Michelle Malkin is gonna be happy about it. She's against a bailout, period. As am I. But ideological purity, I suspect, is going to take a back seat to political needs. They all have them in Washington.

"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

38 posted on 09/27/2008 10:24:17 PM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: kesg
I understand. I am just saying that we've heard reports before that the ACORN pork was removed from the bailout bill, only to find out later that it wasn't.
39 posted on 09/27/2008 10:24:40 PM PDT by CatOwner
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To: CatOwner
The devil is in the details. Every one will need to read the final bill to make sure something isn't inserted at the last moment.

"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

40 posted on 09/27/2008 10:27:52 PM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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