[DISCUSSION DRAFT] 110TH CONGRESS 2D SESSION H. R. ll To provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, and for other purposes. IN THE HOUSE OF REPRESENTATIVES Ml. llllll introduced the following bill; which was referred to the Committee on llllllllllllll A BILL To provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, and for other purposes. 1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 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. http://graphics8.nytimes.com/packages/pdf/business/20080928bailout_text.pdf
Lol!!! They're calling it the "Rescue Bill" now! Our heroes in congress! Rescue Bill Unveiled Lawmakers release plan to enact historic bailout of nation's financial system. Congress unveils rescue bill - Sep. 28, 2008
Thank you Valarie! Today, after I help my neighbor put in some insulation, I'll take the time to read this document closely. It will be interesting to see the actual mechanics of this rip off of the American people.
I've skimmed it...I'm not smart enough to understand the entire thing but there did seem to be some good stuff in there.. Lots of oversight (reports every 30 - 60 days).... assistance for home owners, no golden parachutes for executives if any bad debt is purchased and held by the Fed, a Panel comprised of members picked by both parties, no pork barrel projects stuffed in, no mention of ACORN anywhere in sight that I could see...if after 5 years there is a shortfall the financial industry will have to repay the Fed so that shortfall isn't added to the deficit.... It seems that everything Obama was saying would be required has been done... It's not perfect because we'll still be shelling out 700 Billion dollars but it does appear to me, and like I said I didn't understand all of it, that they've done everything they can to protect the taxpayer.
I'm at work and I haven't had time to read the proposal yet, but I wonder why we should wait five years to see IF there is a shortfall before we require the money to be paid back??? I heard on the radio that there is no provision written in there to prevent the same things from happening again??? I applaud those members of congress who are pushing back and fighting for better terms for the tax payers. I don't know, I just wonder whether congress is being given more "faulty intelligence" and being pressured into accepting a bad agreement.
perhaps it's a lot to expect that the economy will right itself within 2 or 3 years? I mean it did take us 8 to get to this point didn't it? I didn't see provisions to prevent a future situation but one would assume that reactivating the regulations and/or at least enforcing the ones we've got might prevent this situation from happening again. From what I've seen BOTH the house and senate have been working together on this bill, both parties are involved so it would appear, at least on it's face, that no one is being lead around by the nose and forced into this...well except insomuch as really NONE of them like it but they all know it's absolutely necessary.
I wonder why, If the real cause of the problem is people suddenly defaulting on their mortgages because they didn't understand the terms of the adjustable interest rate agreement, why doesn't the Fed just freeze the rates and allow people to continue making their monthly payments and then add the cost difference to the tail end of the loan term? At least people would remain in their homes and continue making monthly payments.
I know, it seems there is bi-partisan agreement that something HAS to be done or the sky will fall, but the same thing happened with going into Iraq. I fear our leaders are spineless and clueless and more concerned about being re-elected. They look to each other for political cover and then down the line there is no accountability.
