Emergency Economic Stabilization Act of 2008

Linked from thehill ^

[tarpit]

3 SECTION 1. SHORT TITLE AND TABLE OF CONTENTS. 4 (a) SHORT TITLE.—This Act may be cited as the 5 ‘‘Emergency Economic Stabilization Act of 2008’’.

[tarpit]

comments? sorry if already posted

[screaminsunshine]

EMERGENCY??? WTF is going on here?

[FlingWingFlyer]

I still like the “Corrupt DemocRATS Protection Act of 2008” better.

[BGHater]

Think Patriot act, Amnesty bill, etc....

[madison10]

EMERGENCY??? WTF is going on here?

It's the "Rush it Through Before the People Read It" Act that's what.

[Uncle Miltie]

Security, Housing And Financial Terrorism Act

[A. Morgan]

BINGO!

[mlocher]

LOL

[tarpit]

follow the reference link to read the details.

[screaminsunshine]

The Ponzi scheme must be crumbling. Once a few cards fall it will be CRAZYTOWN!!!

[Uncle Miltie]

"protects home values, college funds, retirement accounts, and life savings"

Why? What have college funds to do with anything? Why do we need to protect people who took risks and failed?

[ForGod'sSake]

Appears to be the one that went down like the Hindenburg. An aside, and if memory serves, any “emergency” legislation sortof gets to bypass Constitutional muster. In any case, this is the text of failed bailout, no?

[Uncle Miltie]

financial institution’’ means any institution, including,
19 but not limited to, any bank, savings association,
20 credit union, security broker or dealer, or insurance
21 company,

---

So hedge funds are potentially included by the “not limited to” language. Hooray. Paulson can bailout his hedgie billionaire friends.

[Uncle Miltie]

"residential or commercial mortgages"

Whoa! Commercial mortgages? They're not subprime. They're not even distressed in any general sense. This is the omnibus payoff our buddies bill!

[dragnet2]

Emergency Economic Stabilization Act of 2008

How many more names can the wealthy elite and ruling class call this?

I don't need to be stabilized.

[Uncle Miltie]

"any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress."

So Paulson could buy Corn Futures if he wants. There is no limitation. Only a notification requirement.

[P-Marlowe]

Just say No!

[bw17]

From section 110:

MODIFICATIONS.—In the case of a residential mortgage loan, modifications made under paragraph (1) may include—
(A) reduction in interest rates;
(B) reduction of loan principal; and
(C) other similar modifications.

NO. FRIGGIN’. WAY!!!!!

[Wuli]

thanks

ping for later, past bedtime now

[durasell]

uh, yes, way.