Congress, Bush team agree on bailout terms

[FourScore]

Source: AP

A key Democrat negotiating a $700 billion financial bailout says the Bush administration has agreed to include mortgage aid and strong congressional oversight in the plan.

Rep. Barney Frank, the Financial Services Committee chairman, says a great deal of progress has been made in talks between lawmakers and President Bush's team on the rescue.

A government official with knowledge of the talks also said the administration has agreed to create a plan to help prevent foreclosures on mortgages it acquires as part of the bailout.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.





Read more: http://news.yahoo.com/s/ap/20080922/ap_on_bi_ge/financial_meltdown

[louis-t]

1. Bet they didn't get concessions on executive pay.

[druidqueen]

4. check out section8

Check out the Huffington Post's article about section 8 which
gives Paulson unlimited power and answers to no legal,
legislative or administrative authority!!!!!!!!!!

[mzmolly]

6. I think you're speaking about the original draft?

Do you have a link?

[RoccoR5955]

36. Take EVERYTHING away from these crooks,

tar and feather them, and make them live in the streets of Alaska in winter!

[immoderate]

2. Doesn't sound good enough yet.

Limit executive pay. Get a share of the profits. Then we'll talk.

--IMM

[johnaries]

20. Read it. Executive pay is limited and the US gets part of the stocks.

Whcih means we DO get a part of the profits.

[Zhade]

23. We're never going to see a dime. You know this.

NT!

[rateyes]

3. Strip the CEOs of everything they've got.

If those fuckers walk away rich at taxpayer expense you will see pitchfork and torch sales skyrocket.

[HillbillyBob]

31. they cant walk far on broken legs..i have my pitchfork

handy..these are the same crooks or rather the descendent's of the crooks that brought us the Great Depression. Did we not learn the lesson then? well our parents did, but they have screwed us so bad most cannot afford to go buy new pitchforks..now where did i put those torches....

[MindPilot]

5. In other words, Fucking boot-licking democrats cave again.

Why can't the Democrats for once just tell Bush and his cronies to pound sand?

"A key Democrat negotiating a $700 billion financial bailout..." What negotiation? Just tell them to take their failed ponzi schemes and shove them up their collective asses.

[mzmolly]

7. No. Democrats got oversight and they got to trim CEO fat.

That's not caving.

[MindPilot]

8. Yes, it is -- they still gave away the money.

When it comes to lining their pockets Dems are no better than rethugs.

[mzmolly]

9. We essentially demanded stock vs. a give away.

I do not want to go for another great depression to prove a point.

[Gen. Jack D. Ripper]

13. Prove a point?

Paulson's plan will likely relieve some of the pressure on the financial sector and help bolster investor confidence, in the short term, but when that massive recovery package hit's the government's balance sheet, watch out. It may take decades for the dollar to recover.

Look, tough times are ahead, no matter what. If we don't hold to our principles now, we won't have anything left to hold on to.

[mzmolly]

21. We did not implement Paulson's plan

We have demanded oversight, homeowner protections and stock options.

[Gen. Jack D. Ripper]

28. The revised plan, then

My point still stands.

[mzmolly]

35. As I've said to others,

I'm open to hearing your suggestions.

[Joe Chi Minh]

12. It's a big responsibility not putting off a return to stone-age bartering

for as long as possible. Maybe it should have been done. But I can understand their trepidation in that regard. And maybe significant profits will be returned to the public purse, as Obama stipulated.

I think impeachment is demanded if this can be stabilised; which, in turn, could make it easier to minimise the election fraud and voter suppression for this election, and permanently for the future.

I hope they photograph the agreement so that no "additional clauses" can be added by our friends.

[Better Believe It]

15. They'll Be Able To Watch Paulson Give Our Money To The Wall Street Tycoons Whooppyyy!

Wonderful.

[mzmolly]

24. From what I read about the new agreement we're doing a few things.

Limiting CEO pay, demanding stock options, demanding oversight and demanding help for homeowners. I don't support the notion of bailing out these fools, but the alternative is said to be much worse - for us all.

[Captiosus]

27. You seriously don't get it. At all.

This is a band aid fix.

Oh, gee, we got some concessions. Whoopee!
It doesn't even begin to address preventing the problem from happening again. It gives banks, foreign and domestic the right to dump any of their perceived "troubled assets" on us taxpayers, allowing them to be solvent again and foreign banks, after all this mess, will no longer invest in the United States. They will dump what they have of the sinking dollar and put money in other currency.

And then what? The dollar will be worthless and these concessions will be worthless as our economy completely and utterly collapses because the dollar will have little to no value. Mortgage concessions? Big deal! When hyperinflation jacks mortgage payments up to 3 or 4 times their current level just to reach the same value they are today, mortgage protection will be of little help.

Just ask Jefferson Davis how well a hyper-inflationary economy with nothing backing it up worked for the Confederacy back in 1864.

[GinaMaria]

30. We have until Wed

Keep writing and calling. Push for what you want.

[mzmolly]

34. Well I'm certainly open to hearing your solution.

:hi:

[Poseidan]

38. Relax

This is the United States of America. It is the year 2008. We're not the same country we were during the Great Depression. There will be a new President in only a few months. We'll have someone competent, who isn't a fascist criminal. Then, like in New Orleans, we can repair the damage and reinforce the levee's.

I'd be more worried about how much more damage Bush can do in the next few months. We should further neutralize he and his assembly.

[onethatcares]

10. here comes the signing statement

"in keeping with the unitary view of the presidency, we have our fingers crossed and what we agreed to doesn't matter to us".

[superconnected]

11. There goes our taxes - to the money lenders, but oow ah they'll help us pay the money lenders a

little when we've been bled dry.

How nice. Not.

[Festivito]

14. Calling it strong, instead of what it is, means it is weak.

Is it Congressional approval required, doubtful, sounds like strongly worded letters will ensue.

NO!

[humbled_opinion]

16. This whole thing Sucks.

Don't stick the taxpayers with this crap. Let them fail. If you want to bail somebody out bail out the PEOPLE that are having to Foreclose. If they pay their mortgages the banks will remain solvent so find ways to keep the people in their homes.

Also this needs a complete Congressional investigation. Find out who dropped the ball, and HOLD SOMEBODY IN GOVERNMENT ACCOUNTABLE....

I am tired of the screw ups and no one gest punished if it was me or you screwing up we would be out of a job a least and most likely in JAIL....

To quote the Next President "ENOUGH !!!!!!!!!!!!"

[whistle]

17. Right...the $700 billion bailout takes place now, the oversight and mortgage aid

...happe after Bush leaves office

[denem]

18. Plan includes: Pay limits, revocation of bonuses, home owner default protection,

including rewriting of mortgage terms, equity in companies assisted, and detailed congressional oversight.

http://biz.yahoo.com/ap/080922/financial_meltdown.html revocation

[mzmolly]

25. Yes indeed. And they wanted a blank check. We have taken the principles of

what Obama indicated he wanted to see in this legislation and applied them. At least, it looks as though we will. ;)

[Winterblues]

19. I don't believe them

The Bush* Cabal is known throughout the world as LIARS and Thieves. What they say has no credibility what-so-ever.

[Naturalist]

22. DEMOCRATS AND REPUBLICANS WHO VOTE YES

will be terminated. When this boondogle gets going everyone will remember who signed yes. They had better say no and not adjourn. This is serious. The hell with their time off. I am going to say this again. Do not give these crooks any money. If you do you will be an accessory to the fact.

Look if this is truly about Businesses and Future Homeowners being able to get loans then Start a new agency that will loan the money to those who need it if they qualify instead of giving it to Businesses that have managed poorly. Since we now own Fannie Mae and Freddie Mac why not make Fannie Mae for homes and Freddie Mac for businesses and those two use the TRILLION DOLLARS for loans. No BAILOUTS for Businesses. Loans Yes Bailouts NO if they qualify!!!!!!!. BAILOUT HOMEOWNERS that need the help if they qualify ONLY. You got to think faster than these crooks people!!!!

[mzmolly]

26. I'm satisfied with the conditions outlined by Barack Obama.

:)

[RoccoR5955]

37. Any one of them who votes for this POS, is on my personal fecal register.

They will be targeted for termination from office, and any other decent job that they could hope to get. This could get ugly, quickly!

[depakid]

57. So you'd rather collapse the whole financial system?

Not very smart.

[greyghost]

59. Actually it's VERY smart! Don't drink the kool-aid, Iraq had WMD too.

[depakid]

61. Well, some of us actually have a little econ background

and know how to critically think.

Others OBVIOUSLY do not- but feel the need to mouth off like children anyway.

[greyghost]

62. Oh really? In your case I would say EXTREMELY little background.

So anyone who disagrees with your position is childish?

What an ass.

[RoccoR5955]

64. I suppose that you bought the line about WMD also.

This is another red herring. The economy will not collapse. Just as there were no WMD in Iraq. It is another ploy by Bushco, Inc. too deceive WE THE PEOPLE.

[greyghost]

63. I truly hope so, enough is enough.

[pdefalla]

29. NO!!!!!!

All this "bad debt" that will be purchased with the 700 billion represents mortgages which means HOMES. The treasury will be purchasing hundreds of thousands or millions of HOMES! At a discount price! Then they will be able to sell these homes at whatever price they want, and WHO GETS THE PROCEEDS? When they sell these homes at a loss, WHO TAKES THE LOSS? Answer: the companies that the treasury dept picks to administer these programs get the proceeds, the taxpayer gets the loss.
Where is the oversight? There is none. No one will be trying to insure that the financial deals made are prudent or in the taxpayers' or homeowners' best interests. Just a lot of money to play with, a lot of fortunes to be made.
And the common man gets his house reposessed and then has to pay extra taxes to pay for the cost of the reposession.
And the banks come out smelling like a rose with absolutely no for their criminal actions. again.
And Paulson will get a job with a financial institution for many millions each year when he leaves his position
And Bernanke will buy the mansion next door to Paulson's
bah.

[amandabeech]

32. This bill will allow the Treasury to buy any crumby distressed asset.

This includes credit card debt and car loans.

It is a complete and utter bailout of every bad credit decision ever made anywhere in the world that no amount of Congressional oversight will keep on the straight and narrow.

We simply will never get out from under this and the markets won't be fooled.

It is simply TOO MUCH.

I'm glad that there's still a farm in my family.

[damntexdem]

33. I'll want to see details, but generally trust Barney Frank.

Still, I want to see details.

[GinaMaria]

40. Me too

Really like and trust Barney Frank.

24 hours ago we had squat. According to the article we have:

• agreement from the administration to create a plan to help prevent foreclosures on mortgages it acquires as part of the bailout — a key demand of Democratic lawmakers.

• Judges could rewrite mortgages to lower bankrupt homeowners' monthly payments.

• Companies that unloaded their bad assets on the government in the massive rescue would have to limit their executives' pay packages and agree to revoke any bonuses awarded based on bogus claims.

• The end of the program at the end of next year, instead of creating the two-year initiative that the Bush administration has sought. And it would add layers of oversight, including an emergency board to keep an eye on the program with two congressional appointees, and a special inspector general appointed by the president.

• The plan also would require that the government get shares in the troubled companies helped by the rescue.

Things are moving in the right (left) direction. Both we and the Cons are against this with grassroots efforts to communicate our wishes to our reps. I've been writing/emailing all day.

The House could act on a bailout bill as early as Wednesday, so we have to keep emailing/calling/whatever we are doing to keep pushing what we want. Bushco/McSame are losing their base on this one.

[dudewheresmycountry]

39. KEATING FIVE

This makes the cost of McCains, Keating Five look like small change.

[Overseas]

67. Good tag line? This makes McSame's first bailout, with the Keating Five, seem like chump change.

McSame's Second Bailout.

He hooked up with Keating and pushed deregulation for him.

He hooked up with Phil Gramm and pushed deregulation for him.

A bigger and better bailout for John Sidney McCain III's good friends. Those who also have $520 loafers, too many homes to count and a fleet of their own vehicles.

Don't forget their motto -- Country Club First !!

[GinaMaria]

41. Congress, Bush team OK bailout terms; Stocks sink

Source: Yahoo/AP

WASHINGTON - Scrambling for a quick accord on the $700 billion bailout, the Bush administration and leading lawmakers have agreed to include mortgage aid and strong congressional oversight along with unprecedented help for failing financial institutions, a key lawmaker said Monday.





Read more: http://news.yahoo.com/s/ap/20080922/ap_on_bi_ge/financial_meltdown

---

Seems we are being heard. I'm sure Bushco and McLame would like to see this go away fast.

[ixion]

42. I don't feel like I'm being heard

I feel like they're pushing forward with driving the final nail in our collective coffin.

[GinaMaria]

46. We're getting there

We need to keep writing and pushing on this. Bushco has no leverage here. we need to make sure our reps know everything we want. It is being drafted and negotiated right now.

[LaPera]

43. Complete bullshit!

[Hugin]

44. "a key lawmaker"

Don't you hate it when they won't say who made the statement?

[bemildred]

45. Vague, anonymous happy talk is not what we need. nt

[leftchick]

51. "trust me, I know what is best" said each of our glorius leaders

:grr:

[downindixie]

47. This exactly what bush wanted

to financially ruin the federal government!

[fascisthunter]

48. yup...

[L0oniX]

49. Scrambling and being quick huh ...hmmm ...haste makes waste?

Sure just go ahead and rush it through ...just like ya did with the patriot act. Nothing like being careful and thoughtful and making sure that our money goes to the rich mutha fuckas.

[lapfog_1]

50. We aren't being heard... we are being HAD! - n/t

[JimDandy]

52. "The newspaper also reported

major shareholders (of AIG) concerned about the government takeover were planning to meet on Monday to discuss alternatives to the federal bailout, citing a person familiar with the matter."

Was it the oversight provisions you don't like? Well too bad, because the American people are going to make sure those are in place, whether there's a federal bailout of your sorry company or not.

You want credit default swaps still? Well, go to a Las Vegas casino and place those bets there, because they don't belong on Wall Street.

[nolabels]

53. Bullshit

No deals

If the little guys end up going bk, then the big guys can too. It would be better to suffer the short few years it takes to get out of the mess rather than take some pig in poke.

The taxpayers didn't do that to them investment bankers, they did it to themselves

[kpete]

54. Congress, Bush team agree on some bailout terms

Source: Yahoo News

Congress, Bush team agree on some bailout terms

By JULIE HIRSCHFELD DAVIS 28 minutes ago

WASHINGTON - Scrambling for a swift deal on the $700 billion bailout for failing financial firms, key Democrats and Bush administration officials agreed Monday to include mortgage help for beleaguered homeowners but wrangled over other issues including "golden parachutes" for executives who benefit from the unprecedented rescue.

Democrats demanded that the measure limit pay packages for executives of companies helped by the biggest financial rescue since the Great Depression. The administration was balking at that, and also at a proposal by Democrats to let judges rewrite mortgages to lower bankrupt homeowners' monthly payments.

President Bush prodded Congress during the day to pass the rescue plan quickly, declaring, "The whole world is watching.

Read more: http://news.yahoo.com/s/ap/financial_meltdown;_ylt=AtpqbQrr7bzlMRYYoKv63WCs0NUE

[offog]

55. Glad to see some strings attached.

I was afraid the Dems would cave to anything the Bushies wanted on this deal. I would have like to see another string - "re-regulation" legislation so that the events that led to the bail-out don't happen again. It was all due to deregulation and greed, after all.

[greyghost]

56. Let the world see this...

No bailout and W and his minions rotting in hell!:nuke:

[GinaMaria]

58. Taxpayers, Congress Push Back Against Bailout

Washington, DC - Push back against the massive $700 billion Wall Street bailout proposal has come hard and fast from members of Congress on both sides of the aisle.

http://www.truthout.org/article/taxpayers-congress-push-back-against-bailout

Time to push some more.

[greyghost]

60. EXACTLY

[Porschenut1066]

65. Real Bailout reasons and why

This I think explains the real reason for the bailout.

http://www.youtube.com/watch?v=nsQTXx_bXSc

[natrat]

66. put the originator of all this in jail-phil gram