Breakthrough in Bailout Bill Negotiations

[ReardenSteel]

Congressional Leaders Announce Breakthrough in Bailout Bill Negotiations

Congressional leaders and the Bush administration last night struck a historic accord to insert the government deeply into the nation's financial markets, agreeing to spend up to $700 billion to relieve Wall Street of troubled assets backed by faltering home mortgages.

Negotiators emerged from a marathon session in the Capitol about 12:30 a.m. to announce that they had reached agreement on a proposal to give Treasury Secretary Henry M. Paulson Jr. broad authority to organize one of the biggest government interventions in the private sector since the Great Depression.

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/28/AR2008092800064.html

[ReardenSteel]

Just wanted to add a thought...



... EVERYBODY PANIC!



 



Seriously though. ****. 

[rich_t]

There goes our next step into socialism

Give the government control of private property.

The America that I grew up in is DEAD!

R.I.P. America.  You had a pretty good run as far as democratic styled governments go.

[Chris]

Comparison of original Paulson bailout to compromise proposal

House Republican Whip Roy Blunt's office provides this side-by-side comparison of Treasury Secretary Henry Paulson's original Wall Street bailout proposal with the final compromise agreed to over the weekend by congressional and Treasury negotiators:

http://www.dcexaminer.com/opinion/blogs/TapscottsCopyDesk/Comparison_of_original_Paulson_bailout_to_compromise_proposal.html


I haven't read this yet.  I have some errands to run; I'll check it out later.

[Baruch Menachem]

Well, Democracy was great while it lasted.


Sayanara liberty, justice and freedom.

[miskie]

Well, Im certainly not thrilled, but the compromise (as it stands for the moment) is far better than the original plan.

[comradebillyboy]

  Getting rid of the giveaway to ACORN and the other 'community' groups was certainly a positive change. My attitude about the bail out would be a lot better if they would throw a few million my way.

[Peter3_1]

Mark to market evaluation is the proximate cause of the problem here. We are pretending that all the bricks and moarter attached to the mortgagees have ZERO value because the bundled mortgagees have no buyers TODAY. aND THEY HAVE NONE BECAUSE THERE'S A TEMPORARY REAL ESTATE GLUT , something which began over a year ago. The mortgages, seperately, have value. Over 90% are still being paid and are current. They are still solid investments, but, today, we are overbuilt. So the valus of the asset has declined some. So the people who buy the bundles take a vacation, and those holding them now have an asset that M TO M requires be valued at AERO dollars. Madmess, that needs to be fixed, but SO FAR  THE WITLESS WONDERS IN DC havent addressed eliminatimng this yet.

http://en.wikipedia.org/wiki/Mark_to_market

[Hawkgirl]

Can you imagine if Russia did this?  We'd be screaming Communism is BACK!!
Now WE are doing it.  RIP...This is the beginning of the end of Capitalism.  The liberals are smiling.

[jendf]

Can you imagine if Russia did this?  We'd be screaming Communism is BACK!!
Now WE are doing it.  RIP...This is the beginning of the end of Capitalism.  The liberals are smiling.

Indeed. Not that it will make a difference but no one representing me right now in Congress will get my vote again. I'll abstain from voting if I have to. I'm done.

The bummer is one of my representatives is running for President so I'm stuck there.