CNN says that a deal has been reached — sort of. A bipartisan counterproposal to Bush’s $700 billion bailout plan has been drafted. The plan calls for caps on executive pay, and provides oversight on the Treasury’s actions.
CNN says:
Both parties and both houses agreed Thursday to a set of principles on revisions to the rescue plan, which calls for the Treasury Department to buy up bad mortgage securities from banks in an effort to get them to lend again.
The proposal will help homeowners, curb executive pay packages at participating firms and provide oversight of Treasury’s actions, said Sen. Christopher Dodd, D-Conn., a key architect of the congressional effort. He did not provide details but said lawmakers will sit down with Treasury officials to discuss it.
“We’ve reached a fundamental agreement on a set of principles, one, for taxpayers, which is tremendously important,” Dodd said.
Americans should “legitimately feel better about the overall approach,” said Rep. Barney Frank, D-Mass., who heads the House Financial Services Committee.
CNN also noted that the stock market was up over 300 points on news that a bailout may be forthcoming.
Congress has a plan [CNN]
More From Consumerist
-
Can Bank Of America Argue Its Way Out Of Federal Lawsuit?
-
Lawmakers To AIG: Don’t Even Think About Joining $25 Billion Lawsuit Against Govt.
-
FDA Replies To Lawsuit Over Food Regulation Deadlines: Slow Your Roll, We’re Working On It
-
Report: $32 Billion In Federal Aid Going To Students At Underperforming For-Profit Colleges
-
After Today, You’ll Need Your Wireless Provider’s Permission To Unlock New Cellphones
Finally! I think the Trillion-dollar bailout will work and why it will be profitable for taxpayers. See more analysis : [www.savingtoinvest.com]
Over the next 3 to 5 years, taxpayers will be handsomely rewarded for saving the financial system. My guess is – all in – the taxpayers will have gained $100 to $200 billion from this bailout; which is clearly against the conventional wisdom prevailing in the media. But a bet against the short to medium-term viability of the US economy is a sucker’s bet. In times of crisis, this country’s leaders are still able to act fast.
@andyfvp: Of course it’ll eventually turn profitable assuming things continue to go the way they’ve went historically.
But do you know Washington D.C.? IF the taxpayers make off handsomely at the end, the politicians WILL stick their hands in the pot. And it WON’T for the benefit of most taxpayers when they do that.
This has come to fruition because McCain “suspended” his campaign, right?
Yay! Those $800 billion in taxes will be so fun to pay! I can hardly wait! Bring on the senseless spending..first the Iraq war and now this. As much as I care about the economy, taxpayers shouldn’t have to pay for these companies’ near-fatal mistakes.
@Angryrider: I know, there’s a number of articles that talk about what we could buy with that money. We could take ourselves off of foreign oil, provide health care, rebuild all of our schools, pay for the first two years of college, etc.
@RStewie: I agree 100%. In fact, I’m gonna call my senators and representative and let them know that the American people deserve to know what’s in the bill before the vote, so we can contact our congress-people if we don’t like something. There’s absolutely no reason to keep something like this behind closed doors unless they know they’re doing something most people won’t like.
Section 8s should be kicked out on the street and giving them unlimited borrowing money to buy a house because they deserved it after living in the projects has caused this nasty mess
First, there is *NO* deal.
Second, this is *NOT* a deal for anyone. It’s a new ‘cash cow’ and a buy off of both political sides.
This is also a clever way to stop any chance of financing any new kind of health care plan, or infrastructure plan and a great way to keep the American regulator budgets gutted. Just like PAC money was a great new idea for leveling the playing field, (For corrupt Incumbents.), this will leave the left with virtually no chance of advancing anything on their agenda. It also insures the corrupt that have been in power, will remain in power.
It’s genius really and designed by those who brought us the problem to begin with. For Americans who’ve lost their homes, will lose their homes and those who have lost their jobs, this will do nothing. This is NOT for America, it’s for corrupt career politicians. Believe it.
No deal it is. “$700B bailout plan breaks apart; talks to continue” as of 20 minutes ago.
[news.yahoo.com]
Forgot…
How do you fix the American financial situation…
First Oil Executives stop holding Americans hostage with artificially high gas prices in a completely artificial and false market, they drop prices down to where they were before the great drilling project started…
Second you install confidence with the FBI investigate the oil companies for market manipulation and their conservative effort of bribing PAC members, Media and politicians who stood up there with their charts & diagrams, little pointy arrows, satellite imaging and sticky notes on the benefits of drilling…
Third you throw each and every individual that had anything to do with ‘Structured Investment Vehicles’, or ‘Credit Default Swaps’ in jail. You also throw in the Senator(s) who were involved in pushing through the deregulation for those products.
Oh yeah. By the way. Our President left out those points last night. He seemed to say that it was because we had too much International money and loans were too cheap and just anyone could get a loan, is why we had the crisis. I call B.S. It was directly because of those ‘Structured Investment Vehicles’ (Banks betting outside the normal regulated market.) , and ‘Credit Default Swaps’ (Insurance companies issuing insurance for those vehicles and calling it anything but insurance.) is why we are in this mess, period!
Anything else is smoke and mirrors…
I want some butts! I want them on a burner! Now IS the time to point fingers and NOT after the election.
So if everyone is against the bailout and congress goes ahead and greenlights it anyway, does that count as taxation without representation? Fuck Wall Street and shady bankers. Let them reap what they have been sowing.
I don’t think the bail out plan will solve the problem. This is just the tip of the iceberg.
Yay! Spend our tax dollars on a big old cake for wall street and give the tax payers some candy corn!
This is like someone robbing your house and the police letting them keep your stuff. Then they give the crook the keys to your house. Then they get sick of you calling them because you keep getting robbed, and just pay the crook to stop robbing. In return he has to prooooomise not to do it again, and you get a slingshot.
Just arrest the A-holes and take their stolen money!
My retired Mother who is a hardcore cspan type news junkie said that one of the proposals was to cut all mortgages under 250k in the US in half has part of the bailout.
To good to be true but it wold be nice to wake up in the morning and see my mortgage balance go from 208k to 104k.
If anybody, I repeat, anybody who even THINKS about voting for John McBush they should be swiftly committed to an insane asylum.
Bush, Chaney and their cronies have brought this country to the edge of the black hole and, while they become richer beyond imagination, the rest of America is left to rot.
So, if you think it’s a good idea to give the Republicans another four years to finish the job, then you are not only insane, you are a complete fool.