Skip to comments.Lawmakers Reach Accord on Huge Financial Rescue (ACORN's out)
Posted on 09/28/2008 2:15:27 AM PDT by hocndoc
Lawmakers Reach Accord on Huge Financial Rescue Vote is Imminent on $700 Billion Bailout Plan
Congressional leaders and the Bush administration this morning said they had struck an accord to insert the government deeply into the nation's financial markets, agreeing to spend up to $700 billion to relieve Wall Street of troubled assets backed by faltering home mortgages.
(Excerpt) Read more at washingtonpost.com ...
democrats asked for 150% of what they wanted and then ‘settled’ for 100%.
If McCain votes “present” or “yes” on this, he is toast. He MUST vote “NO” and not even “present”.
washington post is snowing you.
I have the feeling that this is all a boondoggle to save the asses of all those martini-drinking, limousine riding, very rich liberals who work at Goldman Sachs.
Does not seem fair. Why were there not more Republicans present?
Repubs will vote yes. This dog and pony show will go on and on until the death spiral hits rock bottom.
Time tests all. Your news is more than 12 hours old.
We’ll see whether Pelosi keeps her deal or not.
There were a few restaurants that did not throw out there spoiled food and served it anyway. These out to be shutdown after being dragged through the mud first.
This bail-out deal smells as bad as any spoiled food from all of the millions of refrigerators that lost power through IKE's path. But when you have a political party like the DEMs, which stink already, what can you expect.
I live about three miles from our local House Representative here in Round Rock, TX, and I have been burning up his ears about "MAN-UP" to these scumbags there in D.C. and not to vote for this piece of cr*p.
Though it will probably pass because of the limp-wimp leadership of the GOP, at least ACORN can get its NUTS roasted somewhere else.
Yeah, I thought it was suppose to be a clean bill with NO earmarks. Also, I don’t see anywhere where ACORN is out of this. How did that get attached to the main article?
Not happy, but would like to see Raines, Johnson and Gorelick go to jail for their part in this mess.
The Democrats are liars and non trust worthy.
Who's not to say that come negotiations between the House and Senate that these corrupt organizations like ACORN and La Raza don't get added back in at some point.
I vote no on the fiasco known as the bail out.
That’s an older thead. The current reports are ambiguous or say the ACORN funding is out. Does anyone know for sure or have any actual bill language?
And we are supposed to believe these shysters?
All smiles - Nancy Pelosi, Secretary of the Treasury Henry Paulson, right,
Senate Majority Leader Harry Reid, second left, and Sen. Judd Gregg, left,
announce a tentative deal on legislation regarding the financial crisis on
Sunday on Capitol Hill in Washington.
Take this deal and shove it.
I don’t care if it ever passes.
It’s a total Democrat rip off, timed perfectly to give that lackluster Chicago punk-thug a platform...the economy...Bush is an absolute moron and the democrats are absolute thieves...why would Bush confide in Chuck Schumer’s friend?
This isn’t going to do a thing except reward crooks which will make them want to steal more because the democrats will reward them more...as long as they get their cut of the action.
All this makes me want to puke...big time pay off here...you think they won’t give money to Acorn...I got news for you...Acorn is helping them steal the election for Obama...they’ll get them the funds they need one way or another....
If we really new the truth, Acorn probably helped them steal the last election too! You think they want to give them 20% for nothing....Oh no, Acorn is a big asset in stealing elections.
All this is shameful....I’d rather lose my retirement fund...than to watch these thieves drooling over their $700Billion scam...socialism is here to stay if this passes...
LISTEN YOU GUTLESS GOP WORMS! Paulson is not your "defender"! Defend yourselves like men! They should have immediatly walked out of the meeting until the agreed upon balnace of two - two was in place. God good!
regardless I’m so disappointed in every single pol associated with this theft.
If these two ah*oles are all smiles IT HAS GOT TO BE BAD FOR AMERCIA!!!!
They are bailing out a trilliond of worthless paper with another trillion of worthless paper. Excuse me if I pass on buying the Brooklin Bridge.
Our Marines are fighting in the wrong place. We need to send them to DC and take care of the terrorist right here.
You know there is an Ethiopian in the fuel supply (W C FIELDS) when these aholes agree on anything.
If the Dems weren’t scared of it they would have voted on this BS days ago. Partisanship my a$$.
To bad WE couldn’t get a grass roots move going to oust ALL of these MF’s come Nov 4....could get 100% of House and 33% of the Senate....if NO changes complete turn over in 2 yrs again then we will be up to 66% of the Senate.
We have to start with the primaries and tell our own parties either put someone NEW up or lose the seat if you insist on running the incumbent.
Show these fools what TERM LIMITS really means....
Of course this is just why they PANDER to the majority whether they have their hands out or not....
“I WOULD RATEHR LOOSE AN ELECTION THAN A WAR”
THIS IS WAR! IF YOU WANT TO CONTINUE TO USE THE “MAVERIC” TITLE PROVE IT TO THE AMERICAN TAXPAYER!
LIVE BY YOUR VERY WORDS JOHN, VOTE NO! AND INJECT YOUR OWN PLAN
I’m not in favor of any bailout but they certainly did not get all of what they want. No Judges to rewrite mortgages, no money for ACORN and the inclusion of insurance to be paid for by the firms holding the allegedly bad paper.
If your point was that they asked for things they never thought they would get then I believe you underestimate the arrogance of the left.
Good point - we, the people, absolutely need to see this bill in its entirity before a vote. Press your reps and Senators!
The article you linked to was from yesterday afternoon. At that time the provision for ACORN was still in the bill. It is no longer there as of this early A.M.
I suppose we won’t know exactly what is in there until we actually are able to see the bill in its entirety.
This statement if made by a Republican would be front page news and leading every newscast. They would be screaming of Republican arrogance and their “my way or the highway” mindset.
Above referenced fund is ACORN.
nobody expects to get everything they wanted. but acorn was so over the top crazy that republicans would give up almost everything else just so acorn wouldn’t be in there.
I’m glad the judge thing is out. The insurance doesn’t excite me...I really wanted the newt/Republican Study group plan.
Thank God! ACORN is out. Just go and read the other postings here which refer to the voter fraud shaping up out there. We have been told that ACORN is behind a lot of it. Legitimate voting is one of our most precious privileges and when it is hugely corrupted by those who want to pervert our system, we are in trouble.
"They also agreed not to dedicate a portion of any profits from the bailout program to an affordable housing fund that Republicans claimed would primarily assist social service organizations that support the Democratic Party, the official said. "
I think this is the WP reference to ACORN.
People lose their houses because they can't honor the mortgage contracts they signed? Sad, but those folks were not going to invite me, the taxpayer bailing them out, to live in their houses when things were going well.
Big banks and brokerage companies going under? Sounder companies will buy them or replace them.
A run on the banks? The FDIC is already there to cover accounts under $100,000. Anyone risking more than that in a single account knows they are taking a chance for convenience sake.
Someone please help me out here. What is the disaster that will happen that is worse than the government destroying the the system of private property and private contracts?
The WaPo article says the compromise will be posted on the web today, and the lowly public will have 24 hours to look at it (so good of them). So we’ll know today, barring yet more shenanigans, of course.
"Meanwhile, House Republicans won a major victory, persuading negotiators to include a provision that would require the Treasury Department to create a federal insurance program that would guarantee banks and other firms against loss from any troubled asset, the official said."
My problem with this is that given the choice of selling non-preforming assets for cash versus spending money to insure these assets that the banks will simply choose to take the money and run. What would motivate them to subscribe to the Republican plan when they can cash out from the $700 billion piggy bank? It's not obvious to me that they would.
“I listened to President Bush’s speech. I think I understand this whole economic crisis. See, rich people on Wall Street made a big mess. And they’re too rich to clean it up. So the rest of America, you know, their maids and butlers, they have to clean it up for them. You see how easy it is?” —Jay Leno
“As far as this $700 billion bailout is concerned, they keep saying ‘we have to act now, we have to act now.’ It’s like a bad TV offer. Just ten easy payments of $70 billion each, operators are standing by, but you have to act now!” Jay Leno
“I’ll tell you, to give you an idea how bad the economy is, Wall Street investors are now clinging to their guns and religion.” —Jay Leno
What about the union provision - part of the prcoeeds protecting union worker’s 401K’s? Is that out?
No bail out should be considered until the major causes, including people, of the problem is eliminated.
"We support free American money from taxpayers for Paulson.
It all comes back to us Democrats, anyway. Now move along, dhimmis."
"Sen. Dodd has been rewarded in the 2008 election cycle with $7.65 million in campaign contributions
he took in $11.7 million in all from the securities, insurance, real-estate and commercial-banking industries, according to his latest Federal Election Commission filing posted at opensecrets.org.
Sen. Dodd's list of donors reads like a who's who of who's in the stew:
Citigroup, $310,294; SAC Capital Partners, $282,000; United Technologies, $263,400;
AIG, $224,678; Bear Stearns, $205,600; St. Paul Travelers, $205,400; Royal Bank of Scotland, $203,750;
Goldman Sachs, $175,600; Morgan Stanley, $155,000; Credit Suisse, $154,550;
Merrill Lynch, $134,950; The Hartford, $94,350; Bank of America, $91,300
JPMorgan Chase, $129,150; USB, $101,900; Hartford Finance Services, $101,500
Lehman Brothers, $128,400; KPMG, $113,100; General Electric, $108,250; Deloitte Touche, $108,000
With $165,400, Sen. Dodd also tops the list of members of Congress who took campaign cash from Fannie Mae and Freddie Mac since 1989.
Sen. Barack Obama, the self-styled agent of change, is a distant second at $126,000 and Sen. John Kerry is third at $111,000.
In the top 20 are Senate Majority Leader Harry Reid, House Speaker Nancy Pelosi and Sen. Hillary Rodham Clinton."
Media silent and will leak nothing .............. check
DOJ will continue to do NOTHING ........... check
GAO will continue to do NOTHING .......... check
There is NO accountability in America........check
Because the Dems are the majority party. People don't realize that's what happens. At the beginning of this "negotiation" the republicans weren't even included at the table. The party in power sets the rules.
Down south we have a saying....."he was grinning like a mule eating shi*"
That's dingy Harry in this pic
Thaddeus McCotter: Republicans Oppose the Paulson Splurge http://www.youtube.com/watch?v=7qA3cpYiz5k
Well, theoretically, you could sell the assets to the Treasury for 25 cents on the dollar, or you could have them insured, which would effectively make them free of default risk and so they should now be priced closer to 100 cents on the dollar. The insurance might go for only a few percent, meaning you could profit big from it.
Stuart Varney was just on F&F and I’ll admit I was only 1/2 way listening initially, as I was reading FR, but I thought I heard him say the ACORN provision and the provision that would allow judges to re-write mortgages was still in the bill. Maybe I mis-heard and he said they were removed. We’ll really need to have a look at the bill to make sure they were totally removed.
They just showed a clip of Sen Judd Gregg (R-NH)- he didn’t look very happy and Chuckie Schmoozer was smirking in the background.
I believe the original funding for ACORN came through some mumbo-jumbo in the law about required credit counseling and lender education, etc. Sure worked well, didn’t i? Watch out for ANY language like this, as it’s just cover for more Democrat voter registration.
The GOP Caucus hasn’t signed on yet. Stay tuned.