$700 Billion Bailout

[Heads22]

[mr_genius]

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

 

I found my new signature!

 

thank you, Cknolls.

[mr_genius]

 

haha

 

thats perfect

Edited September 25, 2008 by mr_genius

[HuskyCaucasian]

"Fundamental agreement" reached on bailout

The top congressional negotiators have announced that they have a "fundamental agreement" on a government bailout of the nation's financial system, granting extraordinary powers to the secretary of Treasury to purchase hundreds of billions in bad debt while attempting to stem foreclosures for homeowners struggling on Main street.

 

The announcement came in the Capitol after at three hour meeting involving a dozen of the top negotiators from both parties and both chambers of Congress.

 

Banking Chairman Christopher Dodd (D-Conn.) said "we believe we are prepared to act expeditiously on a package ... and send a message to the markets."

 

The bill could reach the president's desk in a few days, Dodd said.

 

House Republicans continue to warn that they haven't signed off on this deal, but the bailout ship may sail without them given the pace of legislative activity today.

 

Sen. Robert Bennett (R-Utah) the top GOP negotiator in the Senate, said "we have a plan that will pass the House, pass the SEante and be signed by the president, and bring certainty to the markets."

 

Dodd said the agreement includes a crackdown on executive compensation, but it does not appear to have a bankruptcy provision, coveted by liberal Democrats, which would allow judges to restructure mortgages for people facing foreclosure.

Glad to see McCain got in there to get this thing done. It would have been lost without him.

Edited September 25, 2008 by Athomeboy_2000

[Heads22]

haha

 

thats perfect

 

here trillie trillie

[Cknolls]

First $250 billion allocated to the Treasury.

 

Another $100 billion will be available to the program.

 

Remaining $350 billion could be used unless Congress prohibits it.

[Cknolls]

 

CHRIS CUOMO, ABC NEWS: A little surprising for you to hear the Democrats saying, "This came out of nowhere, this is all about the Republicans. We had nothing to do with this." Nancy Pelosi saying it. She signed the '99 Gramm Bill. She knew what was going on with the SEC. They're all sophisticated people. Is that playing politics in this situation.

 

BILL CLINTON: Well, maybe everybody does that a little bit. I think the responsibility the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac.

[kapkomet]

CHRIS CUOMO, ABC NEWS: A little surprising for you to hear the Democrats saying, "This came out of nowhere, this is all about the Republicans. We had nothing to do with this." Nancy Pelosi saying it. She signed the '99 Gramm Bill. She knew what was going on with the SEC. They're all sophisticated people. Is that playing politics in this situation.

 

BILL CLINTON: Well, maybe everybody does that a little bit. I think the responsibility the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac.

Wow.

[Chisoxfn]

Interesting. Have I read things correctly? The government is really goign to be insuring about 700 billion as opposed to forking out 700 billion in cash. So the question is what companies are going to step up and buy this sub-prime debt from the struggling banks (those companies should be making out pretty good long-term) and long-term the government should be alright since they are going to be getting appropriate insurance fees (at least hopefully they are charging the right amount) for the risk they are taking on (since the debt people will be buying will be essentially worthless for the time being).

[HuskyCaucasian]

Wow. Bob Casey on MSNBC just said that they were close to a deal on the bailout, then McCain showed up... and all of a sudden things started to fall apart. hmm....

 

And a reporter on MSNBC (Howard Fineman) is saying right now that after John McCain came in and started talking to people, including John Banner (sp??), Banner came out and said the deal was off.

 

Harry Reid is about ready to come out and hold a press conference saying McCain is screwing over the deal and parachuted into a fire fight in his own party and only made the situation WORSE.

Edited September 25, 2008 by Athomeboy_2000

[HuskyCaucasian]

Looks like McCain Came to Washington to Destroy the Current Proposal:

During the White House meeting, it appears that Sen. John McCain had an agenda. He brought up alternative proposals, surprising and angering Democrats. He did not, according to someone briefed on the meeting, provide specifics.

[Balta1701]

Looks like McCain Came to Washington to Destroy the Current Proposal:

Best thing he's done in years.

[HuskyCaucasian]

Best thing he's done in years.

ahhh but he said he was going to Washington to work on a Bipartisan deal. When he got to Washington and there WAS a bi-partisan deal... instead of working to get the deal passed.... he came in with the intended goal to destroy the deal. Not really bi-partisan.

Edited September 25, 2008 by Athomeboy_2000

[Balta1701]

ahhh but he said he was going to Washington to work on a Bipartisan deal. When he got to Washington and there WAS a bi-partisan deal... instead of working to get the deal passed.... he came in with the intended goal to destroy the deal. Not really bi-partisan.

If it stops or at least delays this bailout mess for a couple weeks, or better yet until after the election...I'll call that a positive and applaud him for it.

[HuskyCaucasian]

So, sometimes it takes my mind a little while to connect all the dots, but follow me on this.

 

When the bailout was first proposed, he was really wishy-washy on if he supported it or not. I believe he now has always fully opposed the bailout, but he couldnt say that because politically it would look HORRIBLE. It would make him look like he didnt care about the economy. And if he had to vote for it... it would not be good to his base. If he voted against it... he doesnt care about the economy.

 

So, he took the fence. When it looked like they might be making some progress and there might be a bill to vote on... a bill he opposes, he decided he didnt like that idea. So, he "suspended" his campaign and rushed to Washington to secretly destroy the deal in hopes he can be the "hero" by proposing a bill that is far less big government.

 

Whether you are for or against the bailout, McCain never intended bi-partisanship. He went there to save his butt.

Edited September 25, 2008 by Athomeboy_2000

[Balta1701]

He went there to save his butt.

Knowing how the game is played, I reply to this: I don't care if he went there to save his butt as long as saving his butt winds up delaying the thing.

[HuskyCaucasian]

As this is unfolding, it seems like this what happened today:

Over the past 6 days, Dems and Reps have been meeting with Paulson and Bush officials to hammer out compromise. They got to a tentative deal. However, it was not a plan supported by House Republicans. So, McCain came in and took up the cause of the House Republicans who opoosed the deal. They went to the White House and proposed something that was COMPLETELY different than what has been worked on for the last 6 days. And now the Republicans are pushing an alternative plan and crediting McCain for it. Not a Bi-partisan plan... a House Republican plan.

Edited September 26, 2008 by Athomeboy_2000

[lostfan]

Sen. Shelby said he'd rather there be no plan if it isn't a good plan. I tend to agree.

[Balta1701]

Some rumor of what McCain was pushing for...

During the White House meeting, it appears that Sen. John McCain had an agenda. He brought up alternative proposals, surprising and angering Democrats. He did not, according to someone briefed on the meeting, provide specifics.

 

One the proposals -- favored by House Republicans -- would relax regulation and temporarily get rid of certain taxes in order to lure private industry into the market for these distressed assets.

 

That approach has been rejected by Senate Democrats, Senate Republicans and, to this point, the White House. During the meeting, according to someone briefed on it, Sec. Henry Paulson told those assembled that the approach was not workable.

 

Before the White House meeting, Democrats and Senate Republicans were on track to get legislation to the floor by tomorrow. Democrats say that, at best, they hope for half of Republicans in the House to go along. At worst, the vote in the House becomes partisan and then Senate Republicans get shaky and then...

Seriously John, keep pushing that. I agree with you 100%, too much regulation is the problem!

[HuskyCaucasian]

would relax regulation and temporarily get rid of certain taxes in order to lure private industry into the market for these distressed assets.

 

You mean... like the same companies in this private sector that we are trying to bailout because they cant afford them? BRILLIANT! Make bad paper more affordable so it can be sold to another company that then goes under because it is bad paper. It's just shifting the problem.

 

Does he expect Microsoft to all of a sudden go into the loan business and buy all these up?

[mr_genius]

Some rumor of what McCain was pushing for...

Seriously John, keep pushing that. I agree with you 100%, too much regulation is the problem!

 

who is marc ambinder?

 

 

never mind i just went around the site. lol.

 

 

Edited September 26, 2008 by mr_genius

[HuskyCaucasian]

who is marc ambinder?

Reporter for Atlantic Monthly

[mr_genius]

Reporter for Atlantic Monthly

 

haha yea. i have no idea who Atlantic Monthly is till now. seems like a junk site honestly

 

 

edit: OHHH the McCain = Dracula 'journalists' right? oh my

Edited September 26, 2008 by mr_genius

[HuskyCaucasian]

haha yea. i have no idea who Atlantic Monthly is till now. seems like a junk site honestly

Atlantic Monthly isnt some hack publication. It's been around since 1857. But it is mostly editorial.

[mr_genius]

Atlantic Monthly isnt some hack publication. It's been around since 1857. But it is mostly editorial.

 

well, from what i read, thats way too bats*** crazy left wing for me to trust. i at least trust MSNBC, FOX or CNN to report actual news, even though their selection of stories is slanted. that seems like TheTrumpet or 9/11 was an inside job type site. no offense.