Democrats claim Wall St. bailout breakthrough

[No Passaran]

Source: REUTERS

WASHINGTON, Sept 24 (Reuters) - Democratic Rep. Barney Frank said on Wednesday Democrats had reached an agreement to stem one of the worst U.S. financial disasters in decades, and that there would be enough votes to pass the measure and send it to President George W. Bush to sign into law.

Read more: http://www.reuters.com/article/marketsNews/idUSN2448444820080925

[Prisoner_Number_Six]

1. In other words, they caved.

Wanna bet? I got sevenhunnertbrazillian to put down on the table...

[Hissyspit]

4. Sounds like it. No surprise.

I won't take that bet.

[torbird]

5. Um?

Did you read the article?

[nadinbrzezinski]

8. Not quite... this is the Dodd Plan, not the Paulson Plan

oh never mind

:banghead:

Little piece of historical trivia... during the Great Depression there was legislation enacted to keep people in their homes...

:banghead:

If anybody caved it was Treasury

[Pete2069]

23. No different , this destruction was known for some time.

And now before Americans can get the real information on it,,,
It's doom-day all over again ,, and again , and again.   Isn't
the American citizens sick of this fear BS yet...
If this was so d... bad , why was steps not taken back in 2006
when it was first known about..  Or why was action not taken
in 2007 when it was known to be worst.  Why not by the first
of this year when they knew d... well the floor was falling.  
This is because they wanted  to push a bill through which
would get aid to the criminals which were running this scam on
our citizens and do it before anyone could bitch.
They never expected this much outrage so quick.   
Anything this important which has taken years to happen will
not be fixed in one week.   None of our elected officials will
have a clue of what is wrong or how to fix it in 6 months much
less 4 day to look at it and one day to sign it..

[western mass]

26. Corporate Dems bailout corporate masters.

We're supposed to be surprised?

"Oversight" to make sure that the swindlers who the Barney Frank just handed a big bag of loot to kick back a few pennies to the suffering masses? Ooooohhhh....

[LoKnLoD]

2. What

What will McCain's excuse be now to dodge the debate?

[radfringe]

28. ummmm

he lost a day of practice due to supension of campaign?

The wheels on his bus fell off?

[GinaMaria]

41. "My shoelaces came untied. Can I get a do-over?" n/t

[earthside]

3. Cure Worse Than Disease.

Why?

Creating over a trillion dollars in federal debt, destroying the dollar, ramping up inflation -- all of the great changes and reforms we want from the Pres. Obama administration will be gone because of enormous annual deficits.

Just say 'NO!', Barney!

[ticapnews]

6. So tomorrow John McCain appears on TV and says...

"See? All I had to do was come back and the whole thing's solved. Vote for me!"

[Dr.Phool]

21. Only one problem.

He's still in New York until tomorrow afternoon.

And brother, is Letterman pissed.

[chill_wind]

7. See also thread:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=4082967&mesg_id=4082967

[Mme. Defarge]

9. This is good ...

"On the executive compensation thing, it went to the core of their (the Bush administration's) being," said Frank. "It was like asking the chief rabbi of Jerusalem to eat bacon on Yom Kippur. It was the most unthinkable thing they could think of." (Reporting by Richard Cowan and Thomas Ferraro; Editing by Doina Chiacu)

Dear God! Doesn't that say it all?

[raysr]

10. I think this

is some kind of trick to put this all on the Dems and sink Obama. McCain is up to something and so is Bush with this "meeting of the minds". Nothing good can come of it. This is nothing more than a "terra" alert!

[glinda]

20. Of course it is a trick

follows their MO all the way and nothing good will come from it. As usual.

[WCGreen]

14. That was a great line....

[garthranzz]

11. Chickenhawks - Chicken Littles - Chicken Sh---

This is how Rome died.

I'm fed up.

[greyghost]

12. I like Barney but they're just kicking the can down the street.

The economy is going to tank, no matter what, there really is no point forestalling the inevitable.

[Warren Stupidity]

13. I see nothing that prevents a repeat of the current disaster.

Where exactly is the re-regulation of the mortgage security industry? Where is the re-establishment of the firewall between commercial banks and investment services corporations that was abolished in 1998? What exactly are we getting for our money and what value are we going to pay out to the crooks and con artists who created this disaster for their bad paper? Face value or market value?

[harun]

37. Correct, this measure just delays disaster to the next administration (n/t)

[electricD]

15. no surprise

we all knew they'd cave. most of our DINO's have too much to lose. it's the same thing that's been happening for the past 8 years, bush needs good money to throw at things to shore things up long enough that he can come out smelling like a rose and the DINO's go along for the ride.

[fla nocount]

16. Unborn tax payers say, "BITE ME" n/t

[Purveyor]

17. Any congressperson on the Nov. ballot that approves this bailout risks being 'unemployed'...n/t

[minfellman]

18. We've been robbed

What a scam. The same old usual suspects. Did anyone notice Goldman Sachs stock moved up 6% against a down financial market just before close and the announcement by Warren Buffet an hour after the market closed. These guys are so greedy that they can't resist stealing even in public view and were going to help them out. I am convinced the whole deal is phony and they will get away with it like they did Iraq. Of course Dems are afraid to say no because as the economy goes in the tank they would take the blame. It's the typical Neocon game of chicken, and the dems are gutless. If things are as bad as they say we would have leverage to make some changes.
How about funding Schip?
How about fully funding Title one.
What the hell-why not go for universal health care.
But I'm only dreaming. We keep electing spineless "nice guys". We need to find some candidates that aren't afraid of their own shadow.
And did anyone notice in all the hoopla that Karl Rove never had to face a contempt of Congress vote? The neocons still call the shots. The executive pay bullshit is nonsense. Paulsens stock alone
gained 42 million dollars yesterday. Did any of these "representatives" even ask what the hell is a man who owns 700 million in Goldman Sach stock doing claiming to be the Secretary of our Treasury.
How like the Dems I know and love. They are just like the dumbest kis in school that everyone like to trade with.

[zeemike]

27. Welcome to DU...

[defendandprotect]

19. If Dems caved again, they will have given GOP/Bush continuing control over a new Dem admin ---

[western mass]

22. "Collaborate", not "cave".

The corporate Dems drive the gettaway car yet for Bush's final heist.

[sasquatch]

24. Oh for the love of christ will you people actually read the damn article first before screaming

"THE DEMS CAVED AGAIN!!!!!!!!!!!!!1111!!!!!"
:eyes:

[Odin2005]

30. Nah, that would make too much sense for the peanut gallery. n/t

[uppityperson]

25. safeguards and limitations are good. I love this bit about Mccain...

Frank took a dig at Republican presidential nominee John McCain, who interrupted his campaign to return to Washington on Thursday to help work on a Wall Street bailout.

"All of sudden, now that we are on the verge of making a deal, John McCain here drops himself in to help us make a deal, Frank said.

He expressed fear that McCain, a U.S. senator from Arizona who has spent much of the year away from the Capitol campaigning, could end up slowing down work on the bill.

[Gin]

29. Treasury didn't cave......I believe they laid out a plan so offensive

that changes would have to be made.....then...they still get all the money.....

they are going to get what they wanted....the 3 page plan was a smoke screen.

Utility companies do that all the time when asking for a rate increase...ask for the moon...and you get the stars even though that's all you wanted anyway.

[RUMMYisFROSTED]

36. That's only part of it.

Part 1- Treasury/Wall St. asks for moon.

Part 2- Congress, instead of countering with a lowball offer, agrees with 80%. That 80% was 20% more than Treasury/Wall St. dreamed of getting.

Part 3- Both sides agree to split the difference between 100% and 80%. Treasury/WS get 90%.

Part 4- America goes bankrupt anyway.

[bread_and_roses]

31. Well, I read the article and I say they're caving

I don't see anything much to celebrate here - the exec pay is a good sound bite for getting people worked up (understandably so) but it is a drop in the bucket - not even a drop. Where's real reform? Where's an economic stimulus for the rest of us? Extended unemployment benefits, increase in food stamps, jobs?

Jobs with Justice has the best of the protest petitions/e-mails I've seen thus far, with a concise list of what WE should be demanding:

1) No Bail-out for Wall Street. They had their fun, now they deserve the hang-over.

2)Don’t be panicked by the very people that caused the crisis. Take the time to develop a REAL recovery plan for our economy that puts people first, by addressing foreclosures, jobs, affordable housing, pensions, infrastructure and health care.

3)Restructure our financial systems, with renewed public oversight, to meet the needs of our entire economy, not just the finance sector, and end the excessive political clout of these few firms.

4)Bring in fair taxation, honoring work over wealth, and stop subsidizing excessive CEO salaries

ESPECIALLY fair taxes - demand they pay their share - then you'll really hear them scream.

[Hugin]

33. Impressive list!

And I approve of each item. Very Impressive! :)

[Hugin]

32. Cave in! Put on your hardhats!

:tinfoilhat:

DO NOT PASS ANYTHING UNTIL AFTER THE 2nd OF OCTOBER, IF EVER.

[LeftHander]

34. They got executive bonuses cut 20% !!!!! nt

[Hugin]

35. Charming... So, they're going for the Bailout-to-nowhere?

Pretty much the definition of insanity... Keep doing the same thing expecting different results.

[bean fidhleir]

38. Standard BS Routine Number 2

GOP: We demand that you give us everything the people own and let us kill and eat their children.

Dems: You are monsters! We'll give you all they own but we will NEVER let you kill and eat their children.

GOP: Well, all right. But only out of the goodness of our hearts. (heh heh)


Dems (to us): We protected your children from the Evil GOP Children Eaters! Aren't you grateful?

[fascisthunter]

39. congratulations.... you win a huge yellow helmut

idiots

[GinaMaria]

40. can we get that in writing?

Democrats had reached an agreement to stem one of the worst U.S. financial disasters in decades

[mbperrin]

42. They get the money; no help for mortgage holders, no accountability from Paulson,

no details on "limits" to executive compensation, nothing done on equity stake in companies. All this from the article.

Yeah, they CAVED!

This 700 billion will ignite inflation, push interest rates through the ceiling, and stop hard industries in their tracks.

But what the hey? Paulson made $42 million YESTERDAY on his GS stock, so it's all double-plus good!

[GinaMaria]

43. Still sketchy in terms of what most people here were looking for

from the article

While the Bush administration had asked Congress for $700 billion for an unprecedented Wall Street bailout, Frank said that amount might not be delivered all at once.

"One tranche doesn't work," he said, adding that "safeguards" were needed.

Frank said there would be tough congressional oversight of as well as limits on compensation packages for executives of companies that receive federal relief.

The Massachusetts senator said a limited number of details still had to be resolved, but thought it could be done quickly. These matters involved bankruptcy protections for families on the verge of losing their homes and giving the government a return on its money if the company being helped prospers.

The issue of government controls on compensation for executives of corporations that participate in the bailout had ignited a firestorm, with Americans complaining to their representatives in Congress that these corporate chiefs shouldn't be rewarded for failure.

"On the executive compensation thing, it went to the core of their (the Bush administration's) being," said Frank. "It was like asking the chief rabbi of Jerusalem to eat bacon on Yom Kippur. It was the most unthinkable thing they could think of." (Reporting by Richard Cowan and Thomas Ferraro; Editing by Doina Chiacu)

Wow talk about a sense of entitlement! On the executive compensation thing, it went to the core of their being. It was the most unthinkable thing they could think of.

[EndElectoral]

44. Is the reinstitution of Glass-Steagall a part of this deal? IT SHOULD BE!