This section #8 of the Treasury’s Financial-Bailout Proposal bothers me. How about you?


You can read the entire Act here

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Here's another little tid bit:

I think all Americans better read this thing.

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In other words, "Keep Congress's grubby little hands and 9% approval rating off of it and leave it to the people who at least have a clue."...

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"You get the respect that you give" - cnredd

I have several concerns. One of them is executives who may still deploy their golden parachutes even though their bank has been bailed out and they ran the bank into the turf. I know people who earned a 500k bonus even though the firm they worked for "lost" millions. This rarely happens in the blue collar world where bonuses are based strictly on profit.

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"Destiny must be shaped and not left to mere chance."..Spencer Collins

More the reason to vote for McCain...

The highest paid government worker get $400K, so McCain is suggesting that NO exectutive working for a bailed out company can get more than that...

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"You get the respect that you give" - cnredd

I'm proud of McCain for saying that. I just wish he had picked a running mate with a little more street smarts so I wouldn't have to worry the greed goons would eat her up alive.

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Great minds must think alike - - or it's just a matter of common sense,

Congress scrambles on rescue bill

NEW YORK (CNNMoney.com) -- The Bush administration's proposed $700 billion financial rescue took fuller shape on Monday as lawmakers debated whether to add provisions to protect taxpayers while banks and other companies called for expanding its scope beyond mortgages.

Democrats want the measure to include independent oversight, homeowner protections and limits on executive compensation.

"We will not simply hand over a $700 billion blank check to Wall Street and hope for a better outcome," House Speaker Nancy Pelosi, D-Calif., said Sunday.

Meanwhile, Treasury Secretary Henry Paulson called on Congress to move swiftly. "We need this to be clean and quick," Paulson said.

President Bush reiterated that sentiment on Monday.

"[T]here will be differences over some details, and we will have to work through them. That is an understandable part of the policy making process," Bush said in a statement. "[T]he whole world is watching to see if we can act quickly to shore up our markets and prevent damage to our capital markets, businesses, our housing sector, and retirement accounts."

On Sunday, the Financial Services Roundtable - a lobbying group representing the nation's banks - called on Congress to make the plan "broad enough to include different types of assets." So now banks want us to pay for all of their bad debts???

And the Treasury Department has amended its original request to give it authority to buy up not just troubled mortgage assets, but troubled assets period.

"Removing troubled assets will begin to restore the strength of our financial system so it can again finance economic growth," according to a statement on the Treasury Web site.

The legislative proposal is the centerpiece of what would be the most sweeping economic intervention by the government since the Great Depression.

Paulson, Federal Reserve Chairman Ben Bernanke and other officials have said in recent days that the lack of easy credit between banks and other financial institutions threatens to inflict serious damage on the economy if not addressed immediately.

The plan would allow the Treasury to buy up troubled assets from U.S.-based companies and foreign firms with big U.S. operations. The aim is for the government to buy the securities at a discount, hold onto them and then sell them for a profit.

Experts liken the Treasury's plan to the Home Owners' Loan Corp., put in place in 1933 to stem foreclosures and help refinance defaulting mortgages and boost banks' liquidity.

The mortgage plan is part of an extraordinary effort by the federal government to contain a financial crisis that has forced a major realignment on Wall Street and has started rippling out to Main Street.

The House Financial Services Committee has scheduled a Wednesday hearing to debate it.

Among the Democrats advocating that economic stimulus be part of the bailout package was Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee.

"It's kind of hard to tell the average American that we are going to continue to have foreclosures that destabilize neighborhoods and deprive cities of revenue they need, but we're going to buy up the bad paper," Frank said Sunday.

Frank advocated higher taxes on people with income exceeding $1 million a year. And the idea that the deficit would force tax increases even made it across party lines.

"When we add an additional trillion dollars to the debt, the burden of the taxpayer, sooner or later there's got to be a reckoning," said Sen. Richard Shelby, R-Ala., ranking member on the Senate Banking Committee. "This is the mother of all bailouts."

I am in favor of Warren Buffett and T. Bone Pickens being designated as the people in charge of the implementation of any financial plan for America from this day forward.

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