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Watchin tha world go by
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Discussion Starter · #1 · (Edited)
now the fun part starts-- the negotiations and congressional control of the process.Dodd wants CEO pay limited( whos pay is next to be legislatively set?) maybe we can extend the overpaid label used on CEOs to hollywood stars who command multi million dollar prices ta star in bombs and drive up the cost of movie going?---naw
and now it is consumer time--- legislate the writing down of payments on homes and CC bills.
the bailout- a boondogle to start w may now become the overcontroling fiasco that govt projects which are going to "help you'lways seem to. and of course we all know how marvelously that govt programs cost estimates are, ready ta pay fer a 1.4 T bailout?

http://biz.yahoo.com/ap/080922/financial_meltdown.html
Key Senate Democrat proposes pay limits, foreclosure aid, government stake in $700B rescue

WASHINGTON (AP) -- Judges could rewrite mortgages to lower bankrupt homeowners' monthly payments as part of changes congressional Democrats are seeking in the Bush administration's propoed $700 billion financial system bailout.


Also, companies that unloaded their bad assets on the government in the massive rescue would have to limit their executives' pay packages and agree to revoke any bonuses awarded based on bogus claims, according to a draft of the plan obtained Monday by The Associated Press.

The proposal by Sen. Chris Dodd, D-Conn., the Banking Committee chairman, gives the government broad power to buy up virtually any kind of bad asset -- including credit card debt or car loans -- from any financial institution in the U.S. or abroad in order to stabilize markets.

But it would end the program at the end of next year, instead of creating the two-year-long initiative that the Bush administration has sought. And it would add layers of oversight, including an emergency board to keep an eye on the program with two congressional appointees, and a special inspector general appointed by the president.

The plan also requires that the government get shares in the troubled companies helped by the rescue.

Congressional aides said the House could act on a bailout bill as early as Wednesday. President Bush earlier Monday issued a statement saying "the whole world is watching" how the U.S. government moves on the legislation that has come in response to business turmoil that has roiled markets at home and abroad.

"Obviously, there will be differences over some details, and we will have to work through them. That is an understandable part of the policy making process," Bush said.

But he also said "it would not be understandable if members of Congress sought to use this emergency legislation to pass unrelated provisions, or to insist on provisions that would undermine the effectiveness of the plan."

The proposal that Dodd has sent to Treasury Secretary Henry Paulson would let judges modify the mortgages of homeowners in bankruptcy to allow them to keep their homes.

It also would require that the government come up with "a systematic approach for preventing foreclosure" on the mortgages it acquires as part of the bailout. That would include the home loans held by Fannie Mae and Freddie Mac, the troubled mortgage giants now under the control of a government regulator.

Asked about Democrats' demands, Treasury spokeswoman Brookly McLaughlin said, "There are lots of issues but the discussions we are having are good."

Asked if the negotiations could slow down passage of the measure, she said, "We are confident that we can get a bill done this week."

Dodd, interviewed on CBS's "The Early Show" on Monday, said taxpayers should be "first in line" to get money back once conditions in the industry stabilize and recover.

"We want oversight," he said, adding, "It's important that we act quickly, but it's more important that we act responsibly."

Rep. Barney Frank, chairman of the House Financial Services panel, said that Paulson "is being entirely unreasonable" to expect that Congress will pass a bill right away without examining the proposal thoroughly and adding provisions Democrats want, such as the curbs on executive pay.

"We want to limit those as a condition for giving them aid," Frank, D-Mass., told ABC's "Good Morning America."
 
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Watchin tha world go by
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8,151 Posts
Discussion Starter · #3 ·
I wonder what this monster will look like when they get done with it. I wonder what it would eat?
-----taxpayers-----unfortunately-----
 

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Watchin tha world go by
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8,151 Posts
Discussion Starter · #6 · (Edited)
well it seems that the markets are really enthused about congressional involvement.
and as a result the dollar goes down and ---yep commodity prices are the haven for money, so here we go again oil and the rest ---going up

http://www.breitbart.com/article.php?id=D93BUNFG0&show_article=1
Oil spikes $25 a barrel on anxiety over US bailout

Dow 11,015.69 -372.75 -3.27%
Nasdaq 2,178.98 -94.92 -4.17%
S&P 500 1,207.12 -47.96 -3.82%
 

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AKA The Dragon
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Yep, here we go again.
Up the roller coaster with oil and commodities, which played a big part in the whole damn mess in the first place.
Retial sales and confidence figures around Xmas time will be the prime indicator.
Thats if the financial system holds that long.
 
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