Posted on 09/25/2008 7:55:57 PM PDT by Ilya Mourometz
Congress is moving rapidly to enact a gigantic taxpayer bailout of the financial sector, with a potential cost of $700 billion or more than $2000 per American citizen. We believe, as Justice Brandeis said, that "Sunlight is the best of disinfectants," and that all legislation ought to be open to public comment and consideration in real-time, not just after the fact. So, as a public service, we're posting the eight-page text of the "Legislative Proposal from Treasury Department for Authority to Buy Mortgage-Related Assets" for public comment.
As this bill is amended and further drafts come to light that receive significant attention, we will post those, too.
(Excerpt) Read more at publicmarkup.org ...
http://publicmarkup.org/bill/dodds-legislative-proposal-treasury-department-aut/
Dodd fills Bailout with Pork and handouts. That should be the headlines. The GOP should demand they get their way with this bill. Make it a real reform bill.
Notice how Dodd’s bill is 44 pages compared to the original (and now that I read it, somewhat scary) 8 pages in the Paulson proposal.
http://www.c-span.org/Watch/C-SPAN_wm.aspx
Link to house republicans talking about their new proposal and this sounds like they are going to reduce the $700 billion pricetag from what I have heard so far. Live now.
Sometimes shorter is worse,
like giving him god-like powers,
and insulating him from criminal liability and oversight.
There is no crisis worse than weeks ago.
Bush set up this quickie deal against the pressure of Congress adjourning this weekend. He could have done it weeks ago, but he needs the pressure and immediate reaction to his scare tactics.
If it hurts Republicans, he does not care, just like not removing Rumsfeld before the 2006 election.
Like the immigration debate, he is demonizing “House Republicans” as the problem.
But this time, I don’t see the Democratic pundits following Schumer, Dodd and Frank.
“Schumer, Dodd and Frank.”
Good title for a movie — The Three Stooges.
bump
It appears that McCain gave the democrats just enough time for them to hang themselves in showing their true colors. Even when it comes to something as important as avoiding a financial crisis, they have found a way to try to filter off taxpayers money to buy votes.
Bump and bookmark.
It really has to be broadcast far and wide. Leaving aside the issue of the Paulson plan, the Dodd “compromise” (what a lark) really needs to be hammered hard on the talk radio circuit.
Dear sweet Moses, not pork and handouts to along with the pork and handouts!
DEPOSITS.Not less than 20 percent of any profit realized on the sale of each troubled asset purchased under this Act shall be deposited as provided in paragraph (2).
USE OF DEPOSITS.Of the amount referred to in paragraph (1)
65 percent shall be deposited into the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Regulatory Reform Act of 1992 (12 U.S.C. 4568); and 35 percent shall be deposited into the Capital Magnet Fund established under section 1339 of that Act (12 U.S.C. 4569).
Apparently this is the money quote. On other threads and on Greta tonite, Leslie Graham said that 20 percent of the profits will be transfered to the Housing Trust Fund, which apparently is where ACORN siphons it off.
But it’s really hard to complain about giving away taxpayer dollars when you’re so busy giving away taxpayer dollars.
The modification clearly takes a large (20%) of these profits and gives them away. It also appears that the way it is written, the 20% is only applicable to each asset that shows a profit and is not offset with the assets that end up at a loss. Following this logic, the majority of the funds "temporarily" borrowed would end up being either being lost or provided to ACORN. The ultimate cost to the taxpayers could exceed the $700B depending upon how many times this money is invested and returned.
I don't think Bush is using "scare tactics". I think he is honestly scared. I don't know why, but I'm sure we will find out sooner or later what he is trying to fend off.
Good title for a movie — The Three Stooges.
You've just insulted the Stooges.
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