h/t to @Breakingnewson on Twitter, here is the text of the proposed new Bailout Bill - it went from three pages to 106 so this time it’s going to take some reading. But well worth it! Peace out - 3C
I’ll keep adding to this as we go along. After many pages I found out that the initial amount of money for Treasury’s use is $250 mbillion. Here is a summary of some of the other Bailout points from CNN’s website.
9/28/08 Sunday late afternoon updates: supposedly, just about an hour after the draft of an agreed upon Bailout Plan has been released (see above), news conferences are scheduled to talk about a final draft/agreement.
Im paraphrasing but live blogging here:
Nancy Pelosi: after much rhetoric on her part, she talked about the changes to the Bill. Oversight, allowing people to stay in their homes instead of losing them to foreclosure, and CEO compensation. Last night came down to 3 issues. How would the money be distributed; Golden parachutes and compensation from CEOs, as well as insistence that the american taxpayer was not going to pay this price. If there was not a payback in a period of time, the financial institutions would pay the bill, not the taxpayers. She says this is ‘not a bailout’ but a ‘buy in.’
Senator Harry Reid: Hearings by Dodd will be held by end of the year discussing how we got where we are. This is a bipartisan approach, plus both Presidential candidates have signed on to say this is a good piece of legislation now. Now we need the votes in the Senate. (At 12:30 Amtrak Train Safety Bill will be voted on call your Senators!) and sometime after that the House and Senate will begin working on the Bailout Bill.
Barney Frank; curtailing excessive CEO compensation is in this Bill, first time ever included in a Congressional Bill. 2009 will be year to deal with this - if there is a shortfall regarding the bailout money given, the President of the United States needs to send an explanation to Congress because the financial institutions who benefit from this bill financially will ultimately be responsible.
Trying to prevent the sub prime crisis from reoccurring. Frank claims they will deal with this issue in 2009
(my comment, if this is truly a bi-partisan effort, why do they have to have separate Dem and Rep press conferences???)
financialservices.house.gov is the location Nancy Pelosi says houses (pardon the pun) the final version of this Bill. I can’t even get into the main site, let alone the Speaker’s page or the site she references here. I’ll include it, in case it’s just because of the volume of traffic that the bill can’t be accessed or the site for that matter. Peace Out Again.
My comments while we wait for the Republican press conference; the language of this Bill seems to say the words ‘The Treasurer MAY’ do things, giving him leeway to apply controls or not. And there does not seem to be language in it that specifies mortgagor (buyer of the loan) relief. Does anyone else see something I don’t? In other words, the Main Street relief everyone kept alluding to this week doesn’t seem to be in here unless I’m missing something. It still sounds like Wall Street and credit relief that would unfreeze the economic systems.
And one more thing that truly insults me and I’m sure you as well. The web should make life easy in terms of getting our hands on the final proposal for this. Supposedly the msm has a copy. Nancy Pelosi said go to the House site and / or go to her site. Well guess what, you can’t get into those sites and the MSM seems hell bent on providing us with synopsis not a copy for us to preview ourselves. All I can say to that is bah humbug.
It seems like the Republicans may not be speaking after all and since I have a day off I should go be a real person for a while no? Peace again. 3C
7:39pm: still no Republican press conference but, praise the gods, CNN has finally become the first cable channel to put the full text on line. It now says 110 pages so I am thinking it’s a bit different than the one above @breakingnewson provided.
8:24 PM: Republcan press conference:
John Boehner of Ohio
American people and his colleagues are angry but everyone realizes a Bill has to pass. They (GOP Block) blocked Bill in order to protect the taxpayer. Reduced the amount of risk even though it still exists. If in fact 5 yrs passes and the situation is not remedied, financial institutions are responsible. So Boehner says there is really no taxpayer money (long term) at risk.
Rep Roy Blunt:
Substantially more tax payer protections. He calls it a work out not a bailout (as opposed to Pelosi who called it a Buy In). Big question they (GOP Block) had was the infusion of the insurance element to the Bill. (The five year protection, for example)
Rep. Eric Cantor
The Working Group Plan (mortgage backed securities pool is to protect taxpayer and rescue Wall Street. He says insurance premiums are going to be ‘brought into this plan’ after the initial injection of taxpayer dollars.
Rep. Boehner was asked by reporters if ‘the vote is tight will you release your representatives to vote for it’ and Boehner said he encourages everyone who, as long as their conscience allows them, to support this Bill.
I still would feel better if everyone would have held one kumbaya like press conference but I guess it’s too much to ask politicians.
So now we wait to find out the devil in the details: what does this Insurance Policy section mean and how will it flesh out after the Bill is passed (if it’s passed)? How will the markets react over the next few weeks? Will Bush okay it or veto it (Bush said earlier today he would support it as it is now) and will Paulson really set up an advisory board?
3 responses so far ↓
1 moni // Sep 28, 2008 at 4:54 pm
Thanks Carole. I’l check the link.
What do you mean by “live Blogging”…? I’m not clear on that.
monis last blog post..Top Real Estate Blogs-September
2 Carole Cohen // Sep 28, 2008 at 4:58 pm
i tried just entering the general Congressional website and couldn’t even get in there to work my way back….maybe tech issue, dunno
My version of live blogging is to type additions to the post as the press conferences were going on LOL. There really is actual ‘live blogging’ software which I want to try soon to allow people to all blog post comments about whatever the topic is. Live Blog is one of the software ‘types’ I think lol
By the way I am going to add the Rep. press conf info once they start it (should be soon).
3 moni // Sep 28, 2008 at 5:03 pm
LOL…okay. I get you. I thought maybe you were sending it from your phone or dictating it in. Sometimes I’m wicked slow.
monis last blog post..Top Real Estate Blogs-September
Leave a Comment