Bush's $700,000,000,000 Bailout!!!

[runningman]

Hyperinflation here we come!!

http://rawstory.com/news/2008/Rescue_plan_seeks_700B_to_buy_0920.html

[toasty]

Re: Bush's $700,000,000,000 Bailout!!!

Welcome to he bass-ackwards place that is the United States under neo-conservative rule, where corporate profits are privatized, while corporate debts are socialized.

[ddr]

Re: Bush's $700,000,000,000 Bailout!!!

if people are stupid enough to get a mortgage and not be able to pay it off its their own damn fault.

this bailout is a complete and utter joke imo.

[toasty]

Re: Bush's $700,000,000,000 Bailout!!!

if people are stupid enough to get a mortgage and not be able to pay it off its their own damn fault.

this bailout is a complete and utter joke imo.

Keep in mind, though -- they aren't bailing out homeowners, they are bailing out the financial firms that hold those bad loans. That's equally egregious, IMO, but when the other option is allowing the economy to implode, I don't know that there's any way around the bailout.

[thesightless]

Re: Bush's $700,000,000,000 Bailout!!!

Keep in mind, though -- they aren't bailing out homeowners, they are bailing out the financial firms that hold those bad loans. That's equally egregious, IMO, but when the other option is allowing the economy to implode, I don't know that there's any way around the bailout.

while i against this in everypossible way, but realize its needed in every way...

yeah its stupid. this is anti capitalism at its worst.

HOWEVER

in the long run, do we really aolll beleive that we should let all these people go under> while it may FORCE the widespread re-distributionof income when the ppl who live in metro areas have to move to poorer areas, it will COST the economy too much when the businesses in the major cities DIE because thier employees have to leave. look at NYC, LA, Chicago, Detroit, Boston, Seattle, Cleveland....

those industries will die if whoever runs this country next year allows the finance mess to take hold... THANK YOU ALAN GREENSPAN AND BILL CLINTON.

i have been preaching bill clinton's mess for years.,... finally, its comin true... blame those two. he prevented the double checking of the US market place in 92, 93 and 95... its on his shoulders.....



riding the coattails of happiness while never asking.. why werfe we happy? the congress tried to implement these checks 4 times.. billy boy and the retard in charge now vetoed it 4 times. god almighty, how did this country allow itself to be put in thi position twice. clinton and bush should be shot on the front lawn of 1600 Pen Ave,

[88Mariner]

Re: Bush's $700,000,000,000 Bailout!!!

so that's about, 2,500 per person. thanks for the 600 dollar tax refund.

[thesightless]

Re: Bush's $700,000,000,000 Bailout!!!

this is why we shouldnt be able to have mass public elections.. the accountants and scientists should run the show. we wouldnt have feelings get in they way of the bottom line and progress.

[toasty]

Re: Bush's $700,000,000,000 Bailout!!!

this is why we shouldnt be able to have mass public elections.. the accountants and scientists should run the show. we wouldnt have feelings get in they way of the bottom line and progress.

This from the most hot-headed and emotion-driven accountant I've ever met in my life. Good point.

[88Mariner]

Re: Bush's $700,000,000,000 Bailout!!!

^^elections are important. don't think that economists or scientists have the knowledge to run government. perhaps the better alternative would be to require that all elected federal representatives have a graduate degree?


and i'm always big on having a test for voting. if you can't pass...then there's no way you have a right to vote.

[Lorn]

Re: Bush's $700,000,000,000 Bailout!!!

http://www.nytimes.com/2008/09/21/business/21draftcnd.html?_r=1&ref=business&oref=slogin

LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY

TO PURCHASE MORTGAGE-RELATED ASSETS

Section 1. Short Title.

This Act may be cited as ____________________.

Sec. 2. Purchases of Mortgage-Related Assets.

(a) Authority to Purchase.--The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.

(b) Necessary Actions.--The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:

(1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties;

(2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts;

(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;

(4) establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations; and

(5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act.

Sec. 3. Considerations.

In exercising the authorities granted in this Act, the Secretary shall take into consideration means for--

(1) providing stability or preventing disruption to the financial markets or banking system; and

(2) protecting the taxpayer.

Sec. 4. Reports to Congress.

Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3.

Sec. 5. Rights; Management; Sale of Mortgage-Related Assets.

(a) Exercise of Rights.--The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.

(b) Management of Mortgage-Related Assets.--The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom.

(c) Sale of Mortgage-Related Assets.--The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.

(d) Application of Sunset to Mortgage-Related Assets.--The authority of the Secretary to hold any mortgage-related asset purchased under this Act before the termination date in section 9, or to purchase or fund the purchase of a mortgage-related asset under a commitment entered into before the termination date in section 9, is not subject to the provisions of section 9.

Sec. 6. Maximum Amount of Authorized Purchases.

The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time

Sec. 7. Funding.

For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure.

Sec. 8. Review.

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

Sec. 9. Termination of Authority.

The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.

Sec. 10. Increase in Statutory Limit on the Public Debt.

Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.

Sec. 11. Credit Reform.

The costs of purchases of mortgage-related assets made under section 2(a) of this Act shall be determined as provided under the Federal Credit Reform Act of 1990, as applicable.

Sec. 12. Definitions.

For purposes of this section, the following definitions shall apply:

(1) Mortgage-Related Assets.--The term “mortgage-related assets” means residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before September 17, 2008.

(2) Secretary.--The term “Secretary” means the Secretary of the Treasury.

(3) United States.--The term “United States” means the States, territories, and possessions of the United States and the District of Columbia.

section 8.

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.


This seems unconstitutional?

[toasty]

Re: Bush's $700,000,000,000 Bailout!!!

http://www.nytimes.com/2008/09/21/bu...ss&oref=slogin




section 8.

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.


This seems unconstitutional?

Does have that sort of feel (checks and balances, anyone?), but even if it is unconstitutional in the technical sense, officials have common law immunity for discretionary acts performed in the course and scope of their official duties, so it's really kinda like the codification of what a court would rule anyway. Besides, it's the legislative branch providing immunity to the executive branch, which is OK, far as I know.

[Lorn]

Re: Bush's $700,000,000,000 Bailout!!!

What about this being run by unelected officials?

[thesightless]

Re: Bush's $700,000,000,000 Bailout!!!

This from the most hot-headed and emotion-driven accountant I've ever met in my life. Good point.

irish+italian+alchoholic=me

[runningman]

Re: Bush's $700,000,000,000 Bailout!!!

+1 ^^^^

[superdave]

Re: Bush's $700,000,000,000 Bailout!!!

This bailout bothers me. Basically companies that made bad business decisions are being given taxpayer money to cover their losses. That's a whole lot of money and I'm already know that many in business are looking to get as much of it as they can. It makes me think of the Iraqi war and how Bush and Cheney's cronies at Halliburton and ExxonMobil have made record profits. I almost think the administration looks for these opportunities to help their friends out.

Companies shouldn't be given a blank check to write off losses. They should suffer and the $700 billion should be monitored closely. And regulation of the securities market specifically of derivatives needs to happen quickly so this doesn't happen again. Sarbanes Oxley was passed to get accounting in order and the securities market needs something similar.