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Old 09-28-2008, 06:49 PM
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Default Here's the Deal (bail out plan online)

By hook or by crook? Bloggers and journalists get most of the details of what was agreed upon in the recent financial bail out:

Quote:
This is an e-mail circulating among New Democrats, a group on progressive Democrats, on Sunday morning that lays out some of the details of the Wall Street bailout package agreed to by House, Senate and White House negotiatiors late Saturday night.

Here's the full text of the e-mail, which was sent out about just before noon today: "Below is an update on everything that has happened with the economic rescue package. The deal is done and agreed to by all parties.

House Dem. Leadership mtg.

Dem. leadership members want to go to [R]ules [C]ommittee Sunday afternoon and consider the bill late Sunday night or Monday morning. Dem. leadership members want the deal to be finalized tonight. Dem. leadership members will allow 1 hour debate on the rule and 4 hours debate on bill. Will be a closed rule. Dem. leadership members haven't decided if the bill will originate in the House or the Senate. Dem. leadership members identified the following issues as top priorities:

1) Pay-for similar to the [Rep. John] Tanner proposal

2) Strengthen tranches language

3) Executive Compensation

4) Warrants

5) Proxy access

Principal mtg.

Attendees:

Reps. Frank, Rangel, Emanuel and Blunt; Sens. Dodd, Reed, Schumer, Conrad, Baucus, Gregg; Sec. Paulson and treasury staff; (27 staffers) SBUC, HFSC, House and Senate Leadership staff.

The outstanding issues are below and there resolution are noted:

Solved (Treasury will offer compromise language)

Broadening authority beyond purchases
Issue: Whether to expand authority to explicitly permit Treasury to
provide guarantees or loans.
Issue: Add full guarantee program framework and reporting.


Solved (out of the package but was raised/pushed by Senate Dems.)

Use of Profits for affordable housing
Issue: Whether 20% of profits on ultimate disposition of assets
should be used for Affordable Housing Fund


Solved (in the package)

Foreclosure mitigation
Issue: Whether to include a requirement that Treasury adopt a
systematic program for reduction in foreclosures.

Solved (in the package but properties will not be made available to
states and local governments)

Assistance to homeowners
Issue: Whether to require the FHA, Federal Reserve, and FDIC to1) adopted systematic approach to preventing foreclosure; (2) make foreclosed properties available at a discount to state and local governments receiving emergency assistance; and (3) encouraging loan servicers to engage in loan modifications and The Crypt: Details on Wall Street bailout deal - Politico.com

(CEP News) - Congressional lawmakers have reached agreement on the final details of a $700 billion U.S. financial market rescue package that will release $250 billion of funding immediately.

The 106-page document, entitled the Emergency Economic Stabilization Act of 2008, calls for $700 billion of funding to be delivered in stages.

The plan will also limit compensation for executives at companies that sell mortgage assets to the Treasury. Also, companies that participate in the plan will be prohibited from offering so-called "golden parachutes". Those companies will also not be allowed to deduct executive salaries of more than $500,000.
Quote:
The oversight board will consist of the Federal Reserve Chairman, the Securities and Exchange Commission Chairman Christopher Cox, the Federal Home Finance Agency director and the Housing and Urban Development secretary.


A breakthrough came when Democrats agreed to incorporate a GOP demand letting the government insure some bad home loans rather than buy them designed to limit the amount of federal money used in the rescue.

"Nobody got everything they wanted," said Democratic Rep. Barney Frank of Massachusetts, chairman of the House Financial Services Committee. He predicted it would pass, though not by a large majority.U.S. Rescue Plan Finalized, $250 Billion in Funding to be Released Up Front (Update) | CEP News






Good job! I will say our lawmakers kept a a tight schedule.and got the thing done. Will it work? We can only hope. If it's true what they say about consumer confidence, we should see renewed strength in our financial markets at least in some areas in the coming weeks.
Your thoughts?
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Old 09-29-2008, 09:27 AM
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Default Re: Here's the Deal (bail out plan online)

Quote:
Attendees:

Reps. Frank, Rangel, Emanuel and Blunt; Sens. Dodd, Reed, Schumer, Conrad, Baucus, Gregg; Sec. Paulson and treasury staff; (27 staffers) SBUC, HFSC, House and Senate Leadership staff.
I don't understand.
McCain is taking credit for the deal.
He wasn't attending?
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Old 09-29-2008, 10:17 AM
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Default Re: Here's the Deal (bail out plan online)

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Originally Posted by tristanrobin View Post
I don't understand.
McCain is taking credit for the deal.
He wasn't attending?
Nope, I read in the paper this morning that when the bailout was passed he was having dinner at a four star restaurant. Way to relate to the average Joe. I too was having my dinner at a four star restaurant... my mom's kitchen, .
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Old 09-29-2008, 05:42 PM
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Exclamation Re: Here's the Deal (bail out plan online)

I thought this was just a matter of allowing the House vote to go forward. Sorry, but I guess the news reporters are stumped too. The bill did not pass the House.
From what I gathered from speeches on TV, it wasn't because of concessions to Democrats. It was that the people the nay voters represent don't want the bail out. A values argument. I respect that a lot of congressmen balk at solving a problem the American people didn't create and are being dunned for.
The Republicans announced (in their press speech) they are in bi partisan talks to get a bill that will get support and has language including tax, private equity , and an exit strategy.
Nancy didn't whip up the vote. She allowed it to stand and be voted on as is. Some may see that as poor leadership, some see it as fair.
Ongoing developments...
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Today Trump tweeted that French polls show that just 26% approve of Macron.

What he forgot to mention is that these same polls show that 84% of French citizens believe Trump is 'racist', 83% say he's "dangerous" and 79% say he's "incompetent"

Thanks for pointing the polls out!
Brian Krassenstein


Last edited by saltwn; 10-04-2008 at 04:02 PM..
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Old 10-03-2008, 01:41 PM
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Default Re: Here's the Deal (bail out plan online)

Update...

House passes historic financial rescue plan - Oct. 3, 2008
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Old 10-04-2008, 04:36 PM
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Default Re: Here's the Deal (bail out plan online)

Credit is still crunched. Why? Is it that there is no money? Is the United States really broke? 5 years of recession? Why did we do the bail out if we are going to still face an economic downturn? I think it might be worse because housing is still inflated. And the job loss numbers are coming in looking bad.
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Today Trump tweeted that French polls show that just 26% approve of Macron.

What he forgot to mention is that these same polls show that 84% of French citizens believe Trump is 'racist', 83% say he's "dangerous" and 79% say he's "incompetent"

Thanks for pointing the polls out!
Brian Krassenstein

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Old 10-04-2008, 07:52 PM
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Default Re: Here's the Deal (bail out plan online)

Quick somebody add up the bailouts we've done in the last 9 months. It totals more than we will make in the next 20 years. And even the proponents say there will be more and that this won't really help. It was simply an opportunity for congress to ADD 150 Billion more for their "pork projects".
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Old 10-04-2008, 09:55 PM
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Default Re: Here's the Deal (bail out plan online)

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Originally Posted by saltwn View Post
Credit is still crunched. Why? Is it that there is no money? Is the United States really broke? 5 years of recession? Why did we do the bail out if we are going to still face an economic downturn? I think it might be worse because housing is still inflated. And the job loss numbers are coming in looking bad.
I am surprised you thought otherwise. The country is broke, our economy has been surviving on credit, and we are certainly not going to do any better for many years to come. The point of the bailout was not to avoid an economic downturn which was inevitable, it's just to avoid a total collapse of the economy. It will take regulation, belt tightening and a lot of time for it to recover.

It's like when you start paying your bills with your credit cards. It seems everything is okay and paid, but that credit card bill gets higher and higher - you're just borrowing from one creditor to pay another. Any change in your economic circumstances and bam, you're in the hole. The bail-out is not sufficient to cover the entire debt, it's just meant to keep our economy from filing for bankruptcy.
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Old 10-05-2008, 12:39 AM
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Default Re: Here's the Deal (bail out plan online)

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Originally Posted by dga View Post
I am surprised you thought otherwise. The country is broke, our economy has been surviving on credit, and we are certainly not going to do any better for many years to come. The point of the bailout was not to avoid an economic downturn which was inevitable, it's just to avoid a total collapse of the economy. It will take regulation, belt tightening and a lot of time for it to recover.

It's like when you start paying your bills with your credit cards. It seems everything is okay and paid, but that credit card bill gets higher and higher - you're just borrowing from one creditor to pay another. Any change in your economic circumstances and bam, you're in the hole. The bail-out is not sufficient to cover the entire debt, it's just meant to keep our economy from filing for bankruptcy.
There have been false bubbles for a long time. I just thought they were getting better at playing the game.
I used to worry about a lot of stuff. One is how much actual food we don't produce anymore. How many things Americans don't manufacture. But the supply side economics and deregulation has been shoved down our throats for so long, some young people are growing up thinking that kind of talk is gospel. And I really didn't know people were living on credit, but I guess it was inevitable with gas prices and job losses. And I did not know how easy it supposedly was to get credit.
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Quote:
Today Trump tweeted that French polls show that just 26% approve of Macron.

What he forgot to mention is that these same polls show that 84% of French citizens believe Trump is 'racist', 83% say he's "dangerous" and 79% say he's "incompetent"

Thanks for pointing the polls out!
Brian Krassenstein

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