Light Reading

[ak1971]

Copy of the 'bailout bill'

My boss plopped this on my desk before I left for the weeked..'here read this'

anyone else want to share the pain?

http://banking.senate.gov/public/_files/latestversionAYO08C32_xml.pdf

[Rohirrim]

I thought the most telling part of the bill is all the pork they loaded on to it, a rum subsidy for the Virgin Islands, tax breaks for wooden arrow makers. It just really highlights how corrupt Congress is and why their rating in the public's mind is even lower than Bush's. They couldn't let even this one single bill, that everybody in the world was focused on, slip by without slathering it in pork. Not to mention how "Alice in Wonderland" it is to be spending $700 billion we don't have while writing in billions in tax breaks.

[ak1971]

It is crap..I really think the easiest way to do anything would have been to somehow provide capital to the banks. This way they would be able to sell off assets in the open market for what they are really worth.

and then there is this gem:

Section 134. Recoupment.
Requires that in 5 years, the President submit to the Congress a proposal that recoups from the financial industry any projected losses to the taxpayer.

[Rohirrim]

It is crap..I really think the easiest way to do anything would have been to somehow provide capital to the banks. This way they would be able to sell off assets in the open market for what they are really worth.

and then there is this gem:

Section 134. Recoupment.
Requires that in 5 years, the President submit to the Congress a proposal that recoups from the financial industry any projected losses to the taxpayer.


I guarantee you, that's the last time you'll ever hear about that one.

[L.A. BRONCOS FAN]

Oops!! 'Falling house prices are driving the collapse of the financial system. But the bailout bill, even the “sweetened” version that was approved by the Senate Wednesday night, does little to avert the defaults and foreclosures that are pushing house values ever downward.' 10/3 (http://www.nytimes.com/2008/10/02/opinion/02thu1.html)

[Spider]

Leave it to congress to take something as simple as bailing out banks to help main street America and just totally **** it up ......... But honestly did we really expect anything less ?

[Rohirrim]

Oops!! 'Falling house prices are driving the collapse of the financial system. But the bailout bill, even the “sweetened” version that was approved by the Senate Wednesday night, does little to avert the defaults and foreclosures that are pushing house values ever downward.' 10/3 (http://www.nytimes.com/2008/10/02/opinion/02thu1.html)

Exactly! I agree with Colorado's own Udall who was arguing the Galbraith plan: In the Washington Post last week, Galbraith outlined a multi-pronged plan shoring up and expanding the FDIC, creating a Home Owners Loan Corporation, resurrecting Nixon’s federal revenue sharing, and taxing stock transactions (a tax that would fall mostly on speculators) to finance the whole deal. Too late now.

Once again, Congress licks the feet of its masters.
http://bailoutmainstreet.com/2008/09/from-david-sirota/