ECON 1st Draft of the Bailout Bill - link to text
- Thread starter Knell
- Start date
nadhob
Veteran Member
IRONY OF IRONIES... Link won't work... Message sez File is damaged..cannot repair.... Boy is that right or what!!!!
Knell
Inactive
Works for me but you can go to CNN Money.com, there is a link there.
http://money.cnn.com/?cnn=yes
http://money.cnn.com/?cnn=yes
ainitfunny
Saved, to glorify God.
I tried BOTH LINKS. They must not want it to get into too many hands because BOTH LINKS ARE DEAD. No public access to text of law yet.
Shacknasty Shagrat
Has No Life - Lives on TB
TPTB have no shame.
The bill was available. We snooze, we lose.
SS
The bill was available. We snooze, we lose.
SS
nadhob
Veteran Member
They Must Really Think We're Stupid...
This is like selling ice to the Eskimo's... Appeasement for the Shepple.... Highlights, or better yet, low lights, listed below:
Among the provisions:
The $700 billion would be disbursed in stages, with $250 billion made available immediately for the Treasury's use.
Curbs will be placed on the compensation of executives at companies that sell mortgage assets to Treasury. Among them, the bill would limit golden parachutes to executives at companies that participate; they will not be able to deduct the salary they pay to executives above $500,000.
An oversight board will be created. The board will include the Federal Reserve chairman, the Securities and Exchange Commission chairman, the Federal Home Finance Agency director and the Housing and Urban Development secretary.
Allow for the Treasury to receive the option to take ownership stakes in participating companies under certain circumstances.
Treasury may establish an insurance program - with risk-based premiums paid by the industry - to guarantee companies' troubled assets, including mortgage-backed securities, purchased before March 18, 2008.
700 B distributed in stages..... So what!! Doesn't change the total!!! It's now like a child getting an allowance from his/her parents. When you run out of what I give you, you'll get more! Are we going to stop at 700?? Who knows...
Oversight board is full of the same cronies who are pushing this ball forward! Like they're going to stop the Pirate from his swashbuckling ways... Give me a break!!
No deduction for the salaries of those who make 500k or more. I get it.... I'll give to you maybe a 100 billion of bad paper, worth NOTHING, and for that i lose a deduction of a million or two. Anybody got a bridge for sale????
This is like selling ice to the Eskimo's... Appeasement for the Shepple.... Highlights, or better yet, low lights, listed below:
Among the provisions:
The $700 billion would be disbursed in stages, with $250 billion made available immediately for the Treasury's use.
Curbs will be placed on the compensation of executives at companies that sell mortgage assets to Treasury. Among them, the bill would limit golden parachutes to executives at companies that participate; they will not be able to deduct the salary they pay to executives above $500,000.
An oversight board will be created. The board will include the Federal Reserve chairman, the Securities and Exchange Commission chairman, the Federal Home Finance Agency director and the Housing and Urban Development secretary.
Allow for the Treasury to receive the option to take ownership stakes in participating companies under certain circumstances.
Treasury may establish an insurance program - with risk-based premiums paid by the industry - to guarantee companies' troubled assets, including mortgage-backed securities, purchased before March 18, 2008.
700 B distributed in stages..... So what!! Doesn't change the total!!! It's now like a child getting an allowance from his/her parents. When you run out of what I give you, you'll get more! Are we going to stop at 700?? Who knows...
Oversight board is full of the same cronies who are pushing this ball forward! Like they're going to stop the Pirate from his swashbuckling ways... Give me a break!!
No deduction for the salaries of those who make 500k or more. I get it.... I'll give to you maybe a 100 billion of bad paper, worth NOTHING, and for that i lose a deduction of a million or two. Anybody got a bridge for sale????
nadhob
Veteran Member
Hey... Why don't we give some to Al Queda too!!!!
maric
Short but deadly
Navydad
Inactive
That alone makes me spit nails and makes blood shoot out of my eyes.
Hopefully I got it right. But will someone else read that section and see if you agree.
This things sucks. If they approve this and the ONE wins in November I will be living south of the border in a quiet village for the next four years. Curses on them all.
maric
Short but deadly
Hopefully I got it right. But will someone else read that section and see if you agree.
This things sucks. If they approve this and the ONE wins in November I will be living south of the border in a quiet village for the next four years. Curses on them all.
I can't open Pdf files because my security thinks they're a virus
ainitfunny
Saved, to glorify God.
ALL LINKS TO THE BILL TEXT HAVE BEEN DISCONNECTED.
PLEASE HELP THE REST OF US GET A COPY TO READ!!
Did anyone "SAVE" A COPY of this pending wall st bail out bill while it was on the net?
I don't have a bill number or official NAME of the bill.
PLEASE HELP THE REST OF US GET A COPY TO READ!!
Did anyone "SAVE" A COPY of this pending wall st bail out bill while it was on the net?
I don't have a bill number or official NAME of the bill.
Navydad
Inactive
Last edited:
Navydad
Inactive
Last edited:
nadhob
Veteran Member
Ripe For Coruption
From Sec 106- Sale of troubled assets...
(c) SALE OF TROUBLED ASSETS.—The Secretary
13 may, at any time, upon terms and conditions and at a
14 price determined by the Secretary, sell, or enter into secu15
rities loans, repurchase transactions, or other financial
16 transactions in regard to, any troubled asset purchased
17 under this Act.
Very Very Cozy... As I read this, we the taxpayer (treasury) bought a problem security at a set price to take it off the large investment co's books. I don't think that we're "beating them up " to get the best deal, as that would run counter to the purpose of this program of making them whole. Now it's in our inventory. Time ticks by.... things getting a little better, or looks like they soon will, and what does treasury do. He/they can set any price they deem fit for those notes and start to move them back out to their buddies, who in turn can start to quadruple their investments in a rising recovering market. We the taxpayer get beat on both ends. We eat the losses on the inflated value when purchased, and won't be able to share in the "profits" when the recovery takes place. There needs to be a safeguard here... we all know how Washington works... and you're right, I don't trust them. Like Regan once said... Trust...but verify.
From Sec 106- Sale of troubled assets...
(c) SALE OF TROUBLED ASSETS.—The Secretary
13 may, at any time, upon terms and conditions and at a
14 price determined by the Secretary, sell, or enter into secu15
rities loans, repurchase transactions, or other financial
16 transactions in regard to, any troubled asset purchased
17 under this Act.
Very Very Cozy... As I read this, we the taxpayer (treasury) bought a problem security at a set price to take it off the large investment co's books. I don't think that we're "beating them up " to get the best deal, as that would run counter to the purpose of this program of making them whole. Now it's in our inventory. Time ticks by.... things getting a little better, or looks like they soon will, and what does treasury do. He/they can set any price they deem fit for those notes and start to move them back out to their buddies, who in turn can start to quadruple their investments in a rising recovering market. We the taxpayer get beat on both ends. We eat the losses on the inflated value when purchased, and won't be able to share in the "profits" when the recovery takes place. There needs to be a safeguard here... we all know how Washington works... and you're right, I don't trust them. Like Regan once said... Trust...but verify.
BaywaterRoss
Inactive
This is the first draft. Has anyone seen the FINAL draft yet?
-Ross
-Ross
BaywaterRoss
Inactive
Pelois on TV now. Banner says link to the bill is at financialservices.house.gov but I tried that link and it doesn't work.
Might not be up yet.
-Ross
Might not be up yet.
-Ross
ainitfunny
Saved, to glorify God.
WOW Part 112 says that Americans are on the hook to BAILOUT ALL FOREIGN BANKS BAD DEBT investments in American mortgage securities !!! This is going to be a HELLOFA LOT BIGGER THAN $700 Billion dollars!!!
The American dollar is toast. Prepare for $100 a loaf bread and $100 a gallon milk.
The American dollar is toast. Prepare for $100 a loaf bread and $100 a gallon milk.
kozanne
Inactive
Yup, we are bailing out the whole world, as usual. Would lead one to think that maybe the 'global community', maybe China, gave us some kind of ultimatum?????
Mr. Mason
Inactive
SEC. 112. COORDINATION WITH FOREIGN AUTHORITIES AND CENTRAL BANKS.
To the extent that such foreign financial authorities or banks hold troubled assets as a result of extending financing to financial institutions
that have failed or defaulted on such financing, such troubled assets qualify for purchase under section 101.
Translation... We are going to buy bad mortgage debt from foreign banks.
To the extent that such foreign financial authorities or banks hold troubled assets as a result of extending financing to financial institutions
that have failed or defaulted on such financing, such troubled assets qualify for purchase under section 101.
Translation... We are going to buy bad mortgage debt from foreign banks.
SEC. 112. COORDINATION WITH FOREIGN AUTHORITIES
AND CENTRAL BANKS.
AND CENTRAL BANKS.
The Secretary shall coordinate, as appropriate, with foreign financial authorities and central banks to work toward the establishment of similar programs by such authorities and central banks. To the extent that such foreign financial authorities or banks hold troubled assets as a result of extending financing to financial institutions that have failed or defaulted on such financing, such troubled assets qualify for purchase under section 101.
I could be wrong but to me this simply says we will work with foreign financial authorities and central banks toward the establishment of similar programs by such authorities and central banks.
That says we would like THEM to set up similar "programs" (bailouts). Doesn't say ANYTHING about us FUNDING such programs on their behalf. However, such troubled assets qualify for purchase under section 101 which would include the limitations associated with the entire bill.
Kris
nadhob
Veteran Member
Yup, that's the way I read it. Banks as well as sovereign wealth funds would qualify as " foreign financial authorities". So say a Citibank fails or defaults on an investment made by the above, they can get their money back, or at least part of it. That's just great... I wonder if the hardworking employees of say Lehman Bros, who thru time were awarded minor amounts of shares in their company, can get a refund for their 401k's. Fat chance!! They're only Americans!!!!
This proposal should be modified to be at the minimum a matching dollar amount by the applying nations central bank be funded to offset the losses of the applicants troubled assets. Even THAT stinks..