Paulson with Congressional Leaders. Asshats all.
Barney Frank and other Democrats that caused the present financial crisis claim to have reached a tentative deal. Let’s hope these fools in Congress got it right this time. My bet is the it’s same old rhetoric. More lib lip service from Barney Fwank and cohorts.
Congressional leaders and the Bush administration reached a tentative deal early Sunday on a landmark bailout of imperiled financial markets whose collapse could plunge the nation into a deep recession.
House Speaker Nancy Pelosi announced the $700 billion accord just after midnight but said it still has to be put on paper.
“We’ve still got more to do to finalize it, but I think we’re there,” said Treasury Secretary Henry Paulson, who also participated in the negotiations in the Capitol.
“We worked out everything,” said Sen. Judd Gregg, R-N.H., the chief Senate Republican in the talks.
Congressional leaders hope to have the House vote on the measure Monday. A Senate vote would come later.
The plan calls for the Treasury Department to buy deeply distressed mortgage-backed securities and other bad debts held by banks and other investors. The money should help troubled lenders make new loans and keep credit lines open. The government would later try to sell the discounted loan packages at the best possible price.
At the insistence of House Republicans, some of the program’s $700 billion would be devoted to a program that would encourage holders of distressed mortgage-backed securities to keep them and buy government insurance to cover defaults.
The legislation would place “reasonable” limits on severance packages for executives of companies that benefit from the rescue plan, said a senior administration official who was authorized to speak only on background. It would affect fired executives of financial firms, and executives of firms that go bankrupt. Some of the provisions would be retroactive and some prospective, the official said.
Sphere: Related ContentTags: 2008 Elections, Democrat Hypocrisy, Democrat Party, Harry Reid, Liberal Hypocrisy, Low Wattage Of The Liberal Mindset, Nancy Pelosi, U. S. House Of Representatives, U.S. Senate
Stumble It!
September 28th, 2008 at 6:12 am
In a just a few 7 1/2 years under a Republican Administration and leadership, the USA went from being the world’s greatest and richest economy in history, to a once in millennium catastrophic collapse.
Just last week (and 10 days after the McCain-Palin campaign declared the US economy “sound” and the “fundamentals, strong”…..
….Treasury Secretary Hank Paulson said that the US stock market is now on the brink of suffering a devastating crash with shares losing a third of their value this week if the financial bailout plan fails.
As the credit markets froze, most Wall Street analysts are preparing for falls of 3,000 or 4,000 points on the Dow [the New York market that currently trades at around 11,000]. That could happen in the next just a couple of business days.
The Bush Administration then warned that the financial system could face a meltdown of 1929 proportions unless Congress succeed in their efforts for a $700bn Wall Street rescue scheme.
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How did we get here so fast?
How did the USA in just a few short years ago, once the richest nation ever in history fall to such depths of desperation, panic, despair and decline?
If approved by Congress,
….this Wall Street derivatives rescue package will take several months to pan out and help Goldman Sachs and the rest of the financial system.
….meanwhile, a very astute, observant American taxpayer — because of the coming rise in bank failures, unemployment, business bankruptcies and layoffs — has 38 days until the polls open on November 4th.
September 28th, 2008 at 8:20 am
The bill seems all right, and McCain too.
September 28th, 2008 at 9:09 am
http://newsbusters.org/
This just in. Family of Ryan Jopek told obama to stop wearing the bracelet and stop using their son’s name.
They support the war in Iraq and John McCain.
September 28th, 2008 at 9:32 am
http://www.youtube.com/watch?v=_MGT_cSi7Rs
September 28th, 2008 at 9:54 am
can u saw shadow government - not enuff transparence for me