Breakdown of the Final Bailout Bill...I dont like what I see

  • Posted by a hidden member.
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    Sep 29, 2008 1:11 AM GMT
    Section 104. Financial Stability Oversight Board.
    This section establishes the Financial Stability Oversight Board to review and make recommendations regarding the exercise of authority under this Act. In addition, the Board must ensure that the policies implemented by the Secretary protect taxpayers, are in the economic interests of the United States, and are in accordance with this Act.

    "make recommendations"???? Is that it? Then what?... the Treasury Secrectary can ignore them???


    Section 111. Executive Compensation and Corporate Governance.
    Provides that Treasury will promulgate executive compensation rules governing financial institutions that sell it troubled assets. Where Treasury buys assets directly, the institution must observe standards limiting incentives, allowing clawback and prohibiting golden parachutes. When Treasury buys assets at auction, an institution that has sold more than $300 million in assets is subject to additional taxes, including a 20% excise tax on golden parachute payments triggered by events other than retirement, and tax deduction limits for compensation limits above $500,000.

    Oh wonderful! ...none of them will ever get fired....they will all "retire"!

    I think the taxpayer is getting screwed again.


    http://www.washingtonpost.com/wp-dyn/content/article/2008/09/28/AR2008092800900.html?hpid=topnews
  • coolarmydude

    Posts: 9190

    Sep 29, 2008 12:21 PM GMT
    This bailout is absolute garbage. Americans are still gullable and unable to learn the mistakes of rushing to war in Iraq.

    Loans up to 700 billion $$. Inflation rises, values decrease.

    Trickle down effects.

    Paybacks to taxpayers ONLY IF the loan goes bad. Like that's going to happen.

    Paid for by future generations (if we make it).

    Reduce CEO compensation to $500,000!!! That's gotta hurt!

    Create a friendlier lending environment, even though we'll see interest rates "surge" next year in order to stave off inflation.

    Who's going to borrow from these loans, the credit unworthy that are left out of this BS piece of legislation called bailout?

    And what's with all the damn earmarks on this.

    This is a Great Travesty! It's time to revolt...seriously.
  • Posted by a hidden member.
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    Sep 29, 2008 12:25 PM GMT
    "Unemployment is almost certain to increase -- probably to the highest levels in a generation. Monetary policy has little scope to stimulate the economy given how low interest rates already are and the problems in the financial system. Global experience with economic downturns caused by financial distress suggests that while they are of uncertain depth, they are almost always of long duration."

    http://www.washingtonpost.com/wp-dyn/content/article/2008/09/28/AR2008092802232.html?hpid=opinionsbox1
  • coolarmydude

    Posts: 9190

    Sep 29, 2008 12:33 PM GMT
    Unemployment is already predicted to be between 7 and 7.5% in a year. It's also predcted that the classic definition of a recession will be realized by March.
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    Sep 29, 2008 12:42 PM GMT
    Why do we have elected officials who put such trash together? icon_eek.gif
  • Koaa2

    Posts: 1556

    Sep 29, 2008 12:51 PM GMT
    ace_ofpace saidWhy do we have elected officials who put such trash together? icon_eek.gif


    Because they are all in on it together, business and the military industrial complex have taken over our government. Sad times.
  • Posted by a hidden member.
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    Sep 29, 2008 2:06 PM GMT
    Caslon,Do you work?

    Where do you find the time?

    For your 10 000 post quest?

    Where will all this Britney craziness stop?

    And what did I read the other day,one cannot address you directly unless one has over 1000 posts.

    "It's the rules,look them up"

    Hahahahaha.

    Fuck me.

    What a dipshit.
  • Posted by a hidden member.
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    Sep 29, 2008 4:20 PM GMT
    coolarmydude saidUnemployment is already predicted to be between 7 and 7.5% in a year. It's also predcted that the classic definition of a recession will be realized by March.
    What a nice little welcoming gift for our next president icon_rolleyes.gif
  • metta

    Posts: 39143

    Sep 29, 2008 5:17 PM GMT






    Nouriel Roubini, Prescient Economist Known as “Dr. Doom,” Says Bailout Process Is a Disgrace

    http://daytonos.com/?p=3428

    http://daytonos.com/?p=3428His predictions now all seem to be coming true, and the writings and opinions of Dr. Roubini are now urgently listened to.
    It is disturbing that Dr. Roubini, on his web-site today, says, “It is a disgrace that no professional economist was consulted by Congress or invited to present his/her views at the Congressional hearings on the Treasury rescue plan.”


    Roubini's plan
    http://www.rgemonitor.com/roubini-monitor/253739/home_home_owners_mortgage_enterprise_a_10_step_plan_to_resolve_the_financial_crisis

    http://wallstreetexaminer.com/blogs/winter/?p=1918
    "the US Government is facilitating the greatest asset grab of securities since Alexander Hamilton’s agents and cronies picked off the Continentals from the Rubes back in 1790."




    Hillary Clinton Proposed Mortgage Bailout Plan from May 2008
    http://iamfacingforeclosure.com/blog/2008/03/25/hillary-clinton-proposes-new-mortgage-bailout-plans/





    Congressman Jeff Flake Opposes Bailout




    .
  • metta

    Posts: 39143

    Sep 29, 2008 5:41 PM GMT
    Vote expected soon...

    http://www.justin.tv/cmbg

    http://clerk.house.gov/evs/2008/index.asp

    will have a complete roll call shortly after the vote (within a few hours).


    Needs 218 votes to pass.


    Looks like it will probably fail...by at least 10 votes.

    It has failed.

    Markets are putting money into cash. But it has more to do with global slow down than this bill.



  • CuriousJockAZ

    Posts: 19136

    Sep 29, 2008 5:51 PM GMT
    and last I checked the market was down a staggering 600 pts - Shiiiiiiiiiiit!icon_eek.gif

    This is NOT pretty.
  • Posted by a hidden member.
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    Sep 29, 2008 6:41 PM GMT
    The bill failed the House.
    http://news.yahoo.com/s/ap/financial_meltdown

  • Posted by a hidden member.
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    Sep 29, 2008 7:17 PM GMT
    The fact that the thoroughly corporatist party, the republicans, beat this a bill urged on by their "Commander-in-Chief" speaks volumes about the absolute bankrupt state of the democratic party and where the dems' interests really lay.

    BTW, does it strike anyone as amazing that such a massive amount of taxpayer money being allocated to Wall Street & Co. isn't coming up for a taxpayer vote in an emergency election? Thank god democracy is dead in the US.