ECON I posted full text on another thread. Lets discuss here

BaywaterRoss

BaywaterRoss

Inactive
This is just the first draft.

The FINAL draft is SUPPOSED to be at financialservices.house.gov and Pelosi says "the public is looking at it" but I tried that link and it didn't work.

Anybody find the final draft yet?

-Ross
 
P

Publius

On TB every waking moment
I can't make heads or tales out of it as a lot of it has to do with other acts of congress from the past! So without the other text's to see what changes and how it affects us, We the People.:shr:
 
S

Squid

Veteran Member
I am not sure I can support.

Anything that is so actively supported by the most leftist extreme element of the Democratic party. Of course their support may be born of the desperation of the fiasco that was Thursday and Friday but I truly doubt it.

I find the posturing from Reid and speaker Pelosi and the continued attacks and use of the microphones to rant the partisan attacks both unseemly and disturbing. Friday Reid began with some blather about not wanting to enter into election politics and then he and Dodd ran a 20 minute political attack add. Today was more subdued but not much.

We are in trouble and not just the financial kind. TPTB have used the "crisis" to usurp the Constitution and principles of our late Democracy. We the people have been sold out by a group of political hacks and back room bankers.

other than that I don't have any problem at all.
 
kozanne

kozanne

Inactive
Publius said:
I can't make heads or tales out of it as a lot of it has to do with other acts of congress from the past! So without the other text's to see what changes and how it affects us, We the People.:shr:
Click to expand...

Looks to me like we'll be seeing an expansion of the Treasury with the establishment of TARP, Troubled Asset Relief Program....Implemented by the Secretary through an Office of Financial Stability, within the Office of Domestic Finance....

Troubled assets are defined as "...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 March 14, 2008..." Why? What's this date all about?
 
kozanne

kozanne

Inactive
Program Guidelines:

12 (d) PROGRAM GUIDELINES.—Before the earlier of the end of the 2-business-day period beginning on the date of the first purchase of troubled assets pursuant to the authority under this section or the end of the 45-day period beginning on the date of enactment of this Act, the Secretary shall publish program guidelines, including the following:

19 (1) Mechanisms for purchasing troubled assets.
20 (2) Methods for pricing and valuing troubled
21 assets.
22 (3) Procedures for selecting asset managers.
23 (4) Criteria for identifying troubled assets for
24 purchase.

So, either 2 days after we the people buy our first freaking troubled asset or 45 days after this bailout hostage bill is passed, program guidelines must be published......Since one of the Repubs on Fox live today said these mortgage backed securities are of indeterminate value [hey, how about WORTHLESS?], the methodology in item 2 should be interesting in its evolution....

And does it really make sense to be buying troubled assets before there are guidelines in place to say what they are and what their value is?????
 
bev

bev

Has No Life - Lives on TB
I especially liked Section 122:

SEC. 122. INCREASE IN STATUTORY LIMIT ON THE PUBLIC
8 DEBT.
9 Subsection (b) of section 3101 of title 31, United
10 States Code, is amended by striking out the dollar limita11
tion contained in such subsection and inserting
12 ‘‘$11,315,000,000,000’’.

:kk1:
 
kozanne

kozanne

Inactive
(e) PREVENTING UNJUST ENRICHMENT.—In making purchases under the authority of this Act, the Secretary shall take such steps as may be necessary to prevent unjust enrichment of financial institutions participating in a program established under this section, including by preventing the resale of a troubled asset to the Secretary at a higher price than what the seller paid to purchase the asset. This subsection does not apply to troubled assets acquired in a merger or acquisition, or a purchase of assets from a financial institution in conservatorship or receivership, or that has initiated bankruptcy proceedings under title 11, United States Code.

So, the seller of the troubled asset will not lose any money....break even? And what is the pricing structure if the troubled asset is tied to one of the excluded categories in the next sentence? Do they get to sell for more or less?
 
Kris Gandillon

Kris Gandillon

The Other Curmudgeon
_______________
"Since one of the Repubs on Fox live today said these mortgage backed securities are of indeterminate value [hey, how about WORTHLESS?]"

Actually, the chances of any single "package" of mortgage backed securities being totally worthless are slim and none. That would have to assume that ALL of the mortgagees in that package have stopped paying their monthly mortgage payment. Could happen but that would be much more the exception than the rule at present.

The challenge to determining "value" is unwinding the "package" itself and understanding which mortgagees in the package are still paying and which ones aren't. Are 8 out of 10 still paying or only 2 out of 10?

Kris
 
G

Gingergirl

Veteran Member
Any mortagage related asset held by any institution ( not just banks, brokers, insurance co.) may be purchased by the Sec if the Sec judges necessary. (This may be how they hope to cover local governments and union pension fund.)

Acorn and La Raza still in. (Via Capital Magnate Fund etc.)

Only thing that terminates the program is the final sale of all acquired assests, or insurance. Assets can be purchased as long as congress continues to authorize it. (It will never die.)

Golden parchutes are out.

Executive pay of particpating institutions are subject to Program and congressional oversight. (Expect only bureaucrats will apply.)

Warrents are in. (socialism)
 
Navydad

Navydad

Inactive
Gingergirl said:
Any mortagage related asset held by any institution ( not just banks, brokers, insurance co.) may be purchased by the Sec if the Sec judges necessary. (This may be how they hope to cover local governments and union pension fund.)

Acorn and La Raza still in. (Via Capital Magnate Fund etc.)

Only thing that terminates the program is the final sale of all acquired assests, or insurance. Assets can be purchased as long as congress continues to authorize it. (It will never die.)

Golden parchutes are out.

Executive pay of particpating institutions are subject to Program and congressional oversight. (Expect only bureaucrats will apply.)

Warrents are in. (socialism)
Click to expand...

Thank you for clarifying what I thought. That damn Acorn and La Raza are still in there. I think it is under section 106.
 
workerbee

workerbee

* Winter is Coming *
kozanne said:
I'm feeling a little helpless right now and I don't like it one bit.
Click to expand...

Yep.

A bit powerless that our country will be completely socialist, we will not even have the appearance of a capitalist market if this passes.

I've spent a lot of time emailing all of the assholes I could, unfortunately Pelosi's email wouldn't go through as "it is noted you live in a different area than her queendom rules". Oh well, a lot of them went through.

It felt better to vent, but it was only emails no one will ever read; all of the voicemail was full.....

I'm doing a lot of praying....I swear only God can save us now...from our enemies without and within.

Torches, pitchforks and God.

And timebomb.

Love you guys.
 
rhughe13

rhughe13

Heart of Dixie
They'll have to fix the problem with a fake bill before a false op can be the true cause of our economic woes.
 
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