Bailout deal reached; Update: ACORN, other pork removed
posted at 10:24 am on September 28, 2008 by Ed Morrissey
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Negotiators on Capitol Hill finally reached an agreement on a sweeping bailout of the financial sector by the Treasury early this morning, attempting to head off bank runs and panics around the world when the Asian markets open tonight. The plan includes options for asset insurance that House Republicans demanded, as well as broad accountability for actions taken by Treasury in purchasing assets. The deal also allows a wider group of banks to rid themselves of the toxic assets, created in large part by Congress over the last ten years:
A summary of the tentative agreement released by Ms. Pelosi’s office said the plan “gives taxpayers an ownership stake and profit-making opportunities with participating companies; puts taxpayers first in line to recover assets if a participating company fails; (and) guarantees taxpayers are repaid in full — if other protections have not actually produced a profit.” (See Ms. Pelosi’s summary.)
Additionally, the summary said the legislation will expand the range of firms that can sell troubled assets to the government to include pension plans, local governments and community banks serving “low- and middle-income families.” …
The summary issued by Ms. Pelosi’s office said the legislation will include provisions giving Treasury the ability to work with cash-strapped homeowners whose mortgages are purchased by the federal government to refinance into a more affordable mortgage. Other foreclosure-prevention measures included in the agreement are an extension of the tax holiday for homeowners who face foreclosure, as well as a tax break for community banks who held shares of Fannie Mae and Freddie Mac. The rescue plan will allow affected banks to take an immediate tax deduction on losses from investments in the two firms, which were taken over by the federal government earlier this month.
Lawmakers also included provisions allowing them to keep a close eye on the Treasury program, including a bipartisan oversight board appointed by members of both parties in Congress, an inspector general to monitor Treasury decisions, and regular audits from the Government Accountability Office. Additionally, Treasury will be required to make transactions made through the troubled asset program available publicly online. Unlike the original Treasury proposal, which would have given the department legal immunity in the program, the tentative agreement reached late Saturday allows for judicial review of Treasury decisions.
This looks like the rare occasion when Congress manages to improve an idea. The original Paulson plan would have imposed immunity from legal action on any moves made by the Treasury, exactly the wrong direction for a crisis already caused by unchecked government manipulation. In the new plan, Treasury officials have accountability for their management of the $700 billion plan.
The new agreement may have made the plan larger, but the politics of this probably required it. In the original Paulson plan, the bailout focused solely on the institutions choking on the government-mandated Mortgage Backed Securities (MBS) and credit swaps based on them. Congress broadened this to give more direct relief to homeowners facing foreclosure and eviction. While more painful in the short run, it will probably make the economy more stable in the long run, and give the securities the Treasury buys more value, as foreclosures are a severe loss for the lenders. If we can keep people in the homes and help them to pay back the mortgages, we may not lose much money at all over the next 25 years.
Some will complain that this will bail out foreign institutions as well as American banks. That is the result of the government’s creation and sale of MBSs as investment products to people around the world. Fannie Mae and Freddie Mac sold MBSs to anyone who would buy them, and both Americans and foreigners bought them with the implicit backing of the US government. Congress made that grave error in the 1990s and created an entire class of junk bonds worse than anything seen in the 1980s, although with some handholding, we may get to see value out of them yet.
This will still be a painful lesson for us about government manipulation of markets. We will have to tighten belts and cut spending to pay for the initial outlay from this bailout, and we still have another financial crisis coming on entitlements to resolve. However, this agreement — as painful as it is — will probably make the difference between a recession and a global collapse. Those of us with market assets will almost certainly not have to worry about Monday, and the possibility of watching them get wiped them out in a panic.
After this, we need to demand humility from Congress on economic policy. Government-imposed “fairness” led to this catastrophe, and we’ll pay the price for the Community Reinvestment Act and the manipulations of Fannie Mae and Freddie Mac for a generation. Had we allowed the market to work normally, this never would have happened.
Update: The funding of the Housing Trust Fund, the slush fund that feeds ACORN and La Raza, is out. You can thank House Republicans for enough obstructionism to get that result. Other changes made to the final version of the bailout, according to a source on the Hill, were the removal of several provisions:
- Provision to provide unions and other activist groups with proxy access for corporate boards
- Provision to mandate shareholder votes on compensation issues (union priority)
- Diversion of funds into a housing fund to support left-wing activist groups like ACORN
- A provision to allow trial judges to arbitrarily adjust mortgages, creating bonanza for trial lawyers
- A provision to require the government to sell to state and local governments at a discount homes the government acquires as a result of foreclosure
It also suspends mark-to-market rules and requires a study on their effects on the collapse.
Update II: Just to clarify, the bullet points are items removed from the plan. Sorry; it was very unclear.
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And Pelosi thinks the Republicans are not patriots because they did not bow to her demands…what an idiot.
right2bright on September 28, 2008 at 3:21 PM
I was thinking along the same lines myself, but more of an Ayn Rand style of secession. Is there a state out there that would be amiable to such a thought?
genso on September 28, 2008 at 3:24 PM
This bailout will now in effect put politicians into the Federal Reserve to control it.
This is a burning of the Reichstag event in American history, and the Dems are the bad guys trying to now blame it on Bush and the Republicans. AND they have the MSM on their side.
It is time to begin some secret meetings in certain states and for those people to reach out to certain military people.
The National Guards need to be called back for a new mission.
Do we want to be a free republic anymore, or do we want to be comfortably numb with Daddy State?
Do any of you want to live in a country that is basically a 300,000,000 people version of the Netherlands or France, except with even MORE out of control immigration, etc.?
You think unemployment is high now? Get ready for it to be over 10% by the next election.
Sapwolf on September 28, 2008 at 3:55 PM
I doubt it. Ayn Rand is a tad in extremis for most ordinary folk, who generally are unaware of her philosophy, much less embrace it.
As for a state or states, I suspect that the core of any future secession will lie in the core of the past: NC, SC, GA, AL, MS, LA, TX, KS, OK, MO, AR, TN, and KY.
By a curious coincidence, 13
coloniesstates.ManlyRash on September 28, 2008 at 4:04 PM
In laymen’s terms:
“We got you into this mess and now thank us for pretending to get you out of it.”
profitsbeard on September 28, 2008 at 4:05 PM
Perhaps the time has come to convene a Second Continental Congress and carve a new, free republic from the dying corpse of the old one.
ManlyRash on September 28, 2008 at 4:06 PM
With Obama, we are doomed. With McCain, there is still some hope. Our conservatives are waking up, now they know the silent majority is still out here. I tried calling my senators, Corker and Alexander, earlier this morning. The offices were closed, :( and their voicemail was full. Wonder why? Rep. Blackburn’s office was open and I let them know I didn’t want to be funding ACORN with this bailout. Marsha’s good. I don’t think she really needed to hear from me, but it has to give them courage boosts. We’ve been silent too long and wonder why our representatives have lost their spines.
Shall we call Charlie Daniels?
Get loud well you can be loud and be proud
And you can be proud here
Be proud you’re rebel ’cause the south’s gonna do it again.
pannw on September 28, 2008 at 4:37 PM
I read some parts in detail and others just skimming. I’m an accountant and I cannot lie. It’s awful. Simply a shell game and a denial of market facts. When you suspend mark to market you suspend belief. It’s simply an attempt to stop the deflationary death spiral associated with too many sellers and no buyers. And it creates another layer of government. Ehehehehe. I want to be a Federal Property Manager or whatever this slum lord position is going to be called.
pc on September 28, 2008 at 4:39 PM
This’d be very, very useful if anyone has filmed that. I agree that I’m disappointed, if such tape exists, in Bush for not managing to get someone to show up afterward with a tape of that — I mean, just release it to the public and let the public make up it’s own mind, but at least let us see what the Obama-Creep is actually like when his teleprompter and stage act are not present.
About that, someone else, earlier here, reprinted that article as to Obama’s bombast, lying about taking credit for “his” bill, etc., and pointing out how it has been that Obama’s used this same, lying tactic for a while now (against Hillary in the past, now against McCain and Palin).
SOME of us voters PERCEIVE this lying character about him and write about it whenever possible. The rest, don’t see it and buy the stage act instead (which is also why Obama’s support among certain ages and racially defining people works: they’re impressionable and Obama is aware of that and manipulates that need for fantasy).
This campaign is mostly one of a TREND taking over like the hoola-hoop, only it’s Obama, a giant zero. Some people are entranced by the “missing center”.
S on September 28, 2008 at 4:43 PM
I agree. A real split in our country along roughly the Red vs. Blue states could turn into the one the best revolutions ever. It can be done through vision, some compromise and be done peacefully.
Remember that the Blue staters don’t like unnecessary wars any more than Red staters. I’m tellin you, don’t laugh at such a separation. In the long run, it could really be in the best interests of all involved.
I have a son who just started kindergarten at a good Catholic grammar school in MI. But it won’t be that much longer before he has to pray, study, and worship in the closet as the Blue state secularism continues to beat down religious freedom bit by bit until he is hauled away to a government school to be reindoctrinated. Don’t laugh. It CAN happen here in the US of A. Not tomorrow, but it’s coming gradually. Like a glacier slowly sliding down the valley, it is inevitable.
The times, they are a changin.
Sapwolf on September 28, 2008 at 4:53 PM
It would appear that the South shall, indeed, rise again – this time minus the slavery baggage which pretty much torpedoed the validity of its previous bid for independence. Ironically, the blue states have picked up the slavery mantle – in the form of servitude to the state.
ManlyRash on September 28, 2008 at 4:56 PM
I think the pace will speed up considerably if Obama is elected.
genso on September 28, 2008 at 4:56 PM
They are, indeed, Mr. Sapwolf. What you are saying is neither crazy nor laughable, just history repeating itself.
I supect a peaceful and carefully negotiated separation is likely, given the fact that most of the military hails from red states and most red state civilians are armed to the teeth.
I also suspect that it wouldn’t be long before you saw a wall erected between the red and blue states – by the blue states, to keep anyone there from fleeing to freedom.
ManlyRash on September 28, 2008 at 5:00 PM
His election will catalyze it.
ManlyRash on September 28, 2008 at 5:01 PM
I just heard a financial consultant on Fox News explain that the issue with this financial disaster is that unless you have really good credit, you won’t be able to get a loan.
Ummm, isn’t it true that making loans to people who didn’t have good credit is what got us INTO this crisis??
Star20 on September 28, 2008 at 5:01 PM
Ask Todd Palin.
pedestrian on September 28, 2008 at 5:03 PM
Alaska will either join the new union or break off on its own. I suspect that if it goes its own way, Sarah Palin will, indeed, become president.
ManlyRash on September 28, 2008 at 5:09 PM
There are several places in this world where one can live in relative comfort til its time to come back and pick up the pieces…on the off chance that secession is a no go, that is. Alaska is a bit cold for my blood.
genso on September 28, 2008 at 5:14 PM
The wild card in the secsession debate is that Mexico is taking over the southwest through illegal immigration. Eventually, they’ll simply vote to go back to Mexico. LaRazza has done well.
Star20 on September 28, 2008 at 5:15 PM
Speaking for myself, there is no other place in the world I would rather be than here, for no matter how wretched the government, no matter how awful and intrusive its reach into my liberty, this is still the land of my birth.
For better or for worse, America is my home. Here I will stand for the liberty that once made us the crown jewel of the free world. Here I will die and here I will be buried.
I have no use for expatriate Americans.
ManlyRash on September 28, 2008 at 5:20 PM
In the event of Red State / Blue State separation, some of the early key goals of the new republic of the south and western state could be something like the following:
* Constitution / structure of the new government. Leg./Exe./Jud. branches, etc.
* Military structure and relationship to the civilian government.
* Fiscal issues: Low or no corporate taxes with lower regulation to attract foreign investment.
* Mandatory 2 year service in the military to have a trained militia ready to protect the new republic.
* New central bank to promote a new currency.
* Central financial centers: Dallas anyone?
* Obtaining nuclear weapons VERY quickly to discourage ANY attacks from the old republic.
* Repudiation of most of the debt owed the old republic.
* Reorganization of the legal system and pushing of state issues to states and national issues to the central government: 10th Amendment type emphasis.
* Close the borders down, but allow people to leave if they wish to go to Mexico, Canada, or the old republic.
* Build a fence and man the border with Mexico.
* Allow for the growth of political parties down the road AFTER order has esttablished and the new republic has settled down.
* Establish defense treaties.
* If Alaska’s natural gas pipeline gets under construction, get in early on getting a pipe to the northern border with Canada.
* Establish school choice and get rid of ALL tenure in ALL schools and colleges.
* A tax code that does not tax savings, investments, work, death, or capgains. But one that taxes consumption. Also, one that gives a tax CREDIT to charitable giving. See “Who Really Gives?” by Arthur Brooks.
Add any other you can think of. But basically, a free republic of entreprenurial capitalists and fierce warrior sons, with big hearts whose charity is for real.
Sapwolf on September 28, 2008 at 5:21 PM
Southern CA, AZ and NM will return to Mexico. Count on it.
No problem, because the policy of the New Union will be to shoot border trespassers on sight.
ManlyRash on September 28, 2008 at 5:23 PM
If you succeed in secession, that would include you.
genso on September 28, 2008 at 5:24 PM
However, Alaska could not unless it had some nuclear weapons as a deterrant to Russia and the old republic from invading to get at their resources.
Sapwolf on September 28, 2008 at 5:26 PM
Is anyone listening to Pelosi…she is taking credit for everything!!!
Just pathetic…when will the GOP start naming her as a ringleader for this problem!!!
This is SO FRUSTRATING!!
LordMaximus on September 28, 2008 at 5:31 PM
Haven’t Democrats been in control of Congress for almost two years? Way to take no responsibility!
Speedwagon82 on September 28, 2008 at 5:34 PM
LOL I was just talking to my mother about this. She is of the opinion that the family members of the GOP congressmen have been threatened. There may be other reasons than this, but any other reason would seem to involve weakness on their part.
genso on September 28, 2008 at 5:36 PM
The Dems are all blaming Republicans. This is like the rapist blaming the victim!!
Star20 on September 28, 2008 at 5:40 PM
I’m running out of shoes to throw at the television. And barf bags.
The only thing that’s missing from this farcical event is thanking Jimmy Carter for his help.
Buy Danish on September 28, 2008 at 5:41 PM
Yes, and Dodd and Frank too…is this really happening? Is the whole thing going to be blamed on the Republicans and free markets? No mention of Government Sponsored Enterprises? and all these regulations they’re going to implement..they’re going to regulate Fannie/Freddie…now…finally!
Moxie on September 28, 2008 at 5:44 PM
I certainly hope the Republicans plan to refute everything these lying, thieving, sanctimonious jackasses are saying.
Buy Danish on September 28, 2008 at 5:45 PM
The pubs need to unleash the ACORN issue and explain it good and well.
HornetSting on September 28, 2008 at 5:48 PM
Yes, having same reaction as you, too. Listened to Reid and Dodd’s, also, trashing of reality, truth and attempts to repaint themselves as problem solvers after creating our current crises over a decade.
These Democrats are preposterous. Just preposterous. Pelosi’s opening remarks were to blame everything on President Bush and leave it there.
S on September 28, 2008 at 5:49 PM
I posted this before but here it is again:
Watch this video: “BURNING DOWN THE HOUSE: What Caused Our Financial Crises”
S on September 28, 2008 at 5:50 PM
That was one of the most disgusting episodes of sanctimonious lying I have ever seen.
Star20 on September 28, 2008 at 5:50 PM
Please, pubs, please come out swinging. If they bring out that Sen. Gregg to explain, I am going to…..oh, I can’t even speak right now.
HornetSting on September 28, 2008 at 5:50 PM
(Found that on Politico amidst Leftist’s nonsense.)
S on September 28, 2008 at 5:50 PM
Pelosi introduced and lauded Barney Frank as some sort of hero — just preposterous. The man needs to be placed on a boxcar and driven anywhere but the U.S.A. (just get Frank out of the House once and for all). Same with Dodd, same with Reid showing up to mumble. Gaaa.
S on September 28, 2008 at 5:52 PM
Don’t forget Charlie Rangel.
Buy Danish on September 28, 2008 at 5:54 PM
Simplicity, Mr. Sapwolf. All that the delegates who attend the Constitutional Congress will need for their deliberation is the original Constitution of the U.S., the Federalist Papers and de Toqueville’s Democracy in America.
Based on 200 years of hindsight, we can make a few tweaks to the original Constitution and have a nearly perfect document. Which makes sense, seeing as how the old U.S. seems to have no use for it anyway.
That said, a few comments:
Mind you, the federal government will have very few, but more clearly defined, functions. If a federal tax of any kind is to be levied, it must be indexed to federal spending – the more that is spent, the higher the tax rate goes. A few burnings in effigy will discourage the rascals from getting out of hand.
Meh. Smacks of fascism. Leave that to the states and thir militias.
I plead ignorance on these matters. *Paging Alex Hamilton…please report to the deliberation room*
Where the hell is Hamilton?
I suspect that armaments will be part of the separation negotiation and it will be positively byzantine in complexity, because so many U.S. military installations are in red states. Then again, I sincerely doubt that the Old Republic – even in its most moonbat moment – would launch a nuclear strike on American soil.
To be addressed in negotiations.
See my opening paragraphs above.
Agreed. I suspect, however, that once folks in the Old Republic realize that they have sold themselves into state sponsored slavery, they will be flocking to the New Republic, much like East Germans fled into West Berlin.
Announce to the Mexicans that any illegal or stealth incursion across our border will be regarded as an act of hostility and that trespassers will be shot on sight
No mention of that in the Constitution. Leave it up the the people.
If necessary, but be mindful of George Washington’s admonition of foreign entanglements.
If Alaska goes on its own, then a treaty of alliance must be struck to that effect. Also, the membership of MT, ID, WY, ND, SD, NE and CO in the New Republic would be necessary for this arrangement to be practical.
Leave this up to the states. In fact, I would leave most things up to the states. That was the wisdom of the Founding Fathers – wisdom that we seem to have abandoned.
ManlyRash on September 28, 2008 at 5:55 PM
A guy on Fox was just saying that Bush will be the scapegoat because his approval rating is only 24%. What’s the approval rating of congress, 14%????
Star20 on September 28, 2008 at 5:56 PM
OUCH! Very well done, sir.
But, of course, you knew that by “American” I meant this land, this people. A new nation carved from the existing republic would still be a American nation.
ManlyRash on September 28, 2008 at 5:58 PM
Oh help me, we have to listen to Kerry now. Give me a pill, I’m gonna have a stroke.
HornetSting on September 28, 2008 at 6:01 PM
Yes, but while everyone hates congress most will be OK with their congressman and re-elect him or her.
With the 24% that support Bush, he did a poor job of explaining the importance and purpose of the bail out.
dedalus on September 28, 2008 at 6:03 PM
WTF…have I wondered into Democratic Underground now? Get a grip.
KSgop on September 28, 2008 at 6:04 PM
s/wondered/wandered
KSgop on September 28, 2008 at 6:07 PM
Hardly.
ManlyRash on September 28, 2008 at 6:15 PM
sharping my pitchfork now.People we are in for some very dark days in the coming year.These idiots in D.C. both Dems. & Reps have had there say to long .They disreguard the Const. bill of rights there oath of office and ever other damm thing.They think they are special people above the law and so much smarter than the great unwashed out here.I,m mad as hell a not going to take it anymore
thmcbb on September 28, 2008 at 6:16 PM
I’ll bring the donuts..when do we march?
HornetSting on September 28, 2008 at 6:18 PM
Relax KSgop.
We are not talking about tomorrow morning. I’m pointing out that as the federal government (which is already out of control and caused this problem) continues its slide, at some point the republic will break. Not at this moment, but it will at some point down the road. Socialism cannot support an economy of 300,000,000 people without serious unrest especially with the high number of immigrants coming to the US. At some point the pressures will be too great.
What we are witnessing is the gradual implosion of the US economy due to fundamental causes.
Remember, CRA is still with us. This bailout will cover us short-term but cannot right the ship. The next 4 years will be tough years. Obama does not know what he is getting into. He does not see the meatgrinder he is inheriting. His answer will be bigger government to solve these problems because that is what he knows and is. Therefore, there will be an acceleration to even larger controlling government as the % of the ecomony controlled by the federal budget continues to rise and the national debt will continue to rise as a % of the GDP to a point where you can only continue deflating the currency and thereby creating inflation even more. Combine this with no interest in bringing more domestic energy resources to use by the Dems and you can see the pressure building.
It really cannot be ignored anymore.
The USA does not have a strong enough economy to support all our commitments to military, foreign relations, medicare, medicaid, social security, etc.
Sapwolf on September 28, 2008 at 6:19 PM
What’s the approval rating of congress, 14%????
Star20 on September 28, 2008 at 5:56 PM
I think it is around %09. Rush mentioned it this past week.
JellyToast on September 28, 2008 at 6:21 PM
Oh well… guess the world ends tomorrow since the Senate isn’t going to vote until Wednesday. Darn! And I thought we were saved…
CC
CapedConservative on September 28, 2008 at 6:23 PM
“Oh help me, we have to listen to Kerry now. Give me a pill, I’m gonna have a stroke.
HornetSting on September 28, 2008 at 6:01 PM”
Kerry is a real tool. I served in the Mekong Delta, at times with Swift Boat Coastal Division 11. Kerry is a two bit phony. Hot Air has my permission to release information on me to Bob McCulloch if he wants to come after me. I’d love to take the stand.
Star20 on September 28, 2008 at 6:27 PM
http://www.americanthinker.com/blog/2008/09/memory_lane_lynching_franklin.html
reshas1 on September 28, 2008 at 6:30 PM
No arguments here.
HornetSting on September 28, 2008 at 6:31 PM
Yes, I know what you meant by America. However, the truth is that America is a state of mind. Where the boundaries are is less important than the philosophies that guide her. I take America, the concept of justice and liberty, with me wherever I am. That is the only thing truly worthy of preserving.
genso on September 28, 2008 at 6:31 PM
Try showing a little more respect… fixed now.
CC
CapedConservative on September 28, 2008 at 6:32 PM
okokok Nam and Nam
CapedConservative on September 28, 2008 at 6:32 PM
Why would anybody be surprised? of course it’s happening! it’s been happening for a long time and there is no sign of it changing anytime soon. The house republicans have enough guts to fight behind the closed doors of congress, but always have their tails between their legs when it comes to fighting for public opinion.
Obambi’s poll numbers are going through the roof and so are the generic congress polls for the dems. It is very frustrating and I don’t know what we can do about it. It seems that we have enough power to influence congress through phone calls and emails when it comes to unacceptable legislation, I wonder if we can use the same tactics to get the repubs to defend themselves and their constituency from vicious lies and atacks from the dems and the MSM, I don’t imagine that it is possible to gin up enough outrage to make it happen, after all this doesn’t directly affect peoples pocketbooks.
neuquenguy on September 28, 2008 at 7:05 PM
This needs to be sent to everyone. Well put together and powerful.
The MSM insinuates and liberal bloggers outright say that Republicans caused the conditions for the bailout. Man the fix is in if the word doesn’t get out. I thought it might be smart for McCain not to make an campaign issue out of Dodd and Frank, et al being involoved. Not now. He needs to pound this.
hawkdriver on September 28, 2008 at 7:12 PM
The Republicans DON’T defend themselves. Bush doesn’t. McCain doesn’t. It is NO WONDER the Obama and the Democrats are ahead in the polls.
Star20 on September 28, 2008 at 7:12 PM
Boy, oh, boy, with how much time the Republicans are taking, they had better come out swinging!
Marybeth on September 28, 2008 at 7:20 PM
http://www.rallycongress.com/americansforleadership/1228/a-call-to-the-house-and-the-senate
email your senator to remove Acorn $$$.
reshas1 on September 28, 2008 at 7:24 PM
This is from a Democrat for McCain website. Re: Soros, Obama, Acorn, etc. Click on the big acorn in the middle.
http://www.justsaynodeal.com/acorn.html
reshas1 on September 28, 2008 at 7:25 PM
Dissension in the GOP ranks on this ridiculous bailout?
There may be hope after all!
Marybeth on September 28, 2008 at 7:30 PM
David Shuster is talking on MSNBC. Is it just me, or does he look like a sock puppet when he talks?
Star20 on September 28, 2008 at 7:44 PM
Why don’t we start by holding the people responsible for this mess accontable? Then work on the fix so it NEVER happens again?
Seven Percent Solution on September 28, 2008 at 7:47 PM
You’re right. What does McCain do? Does he point out what a scam the CRA, Freddie & Fannie (which he wanted to rein in), HUD, and the Democrats are? NOOOOOOH. He sings the praises of Andrew Cuomo.
Let’s just say that as a Mitt supporter, I am very sorry he is not the nominee right now.
Buy Danish on September 28, 2008 at 7:49 PM
It is absolutely infuriating as all hell to read about Pelosi/Dodd/Frank taking credit for “fixing” the mess. We blogreaders have gotten irate over the Republicans not fighting back before and were then pleased when we saw they had begun. I’m hoping (praying?) that this is the case here again.
I think the ACORN thing was just thrown in there so the Democrats could claim they gave something up. In my view that is SERIOUSLY playing with fire and a sign that the Democrats know the media will never call them on it or shine the light on the ACORN roaches. It may be the only way the news will ever get out is if enough of us cause the Fannie/Freddie/CSPAN videos posted here to go viral. I’m joining different yahoo mailing groups in the battlegrounds and plan to mass email the video that way. I have faith that talk radio will do its part, but that may not be enough.
This election is so damn frustrating. I swear it’s giving me more gray hair.
hump1201 on September 28, 2008 at 7:56 PM
Hey, maybe you could call it “the Confederacy”! What will happen to, um, black folks, in your glorious new confederate states? I do know if Obama gets elected it’s boom time again for the militia and “patriot” movements.
Grow Fins on September 28, 2008 at 8:01 PM
You guys need to read the bill. The ACORN stuff is still in there. READ the bill. Page 25, Sec. 109 FORECLOSURE MITIGATION EFFORTS,
9. ….The Sec shall implement a plan that seeks to maximize assistance for homeowners and use the authority of the Sec to encourage the servicers of underlying mortgages,…..to take advantage of the HOPE for Homeowners Program under section 257 of the National Housing Act or other available programs to minimize forclosures. In addition, the Sec may use loan guarantees and credit enhavements to facilitate loan modifications to prevent avoidable foreclosures.
There will be enormous pressure, or worse, a qui pro quo with Paulson to use numerous Democratic illicit organizations as a front to satisfy this component. ACORN is NOT mentioned specifically, but anyone parsing this section can see the Secretary has wide latitude to do just that.
The bill stinks! NO wonder House Republicans are catching heck for it back home. This does not EASE credit. It BAILS banks out of bad loans they made. No one can force them to loan money! They will take the proceeds, (thank you very much) and sit it out! It will not solve the problem.
Starlink on September 28, 2008 at 8:04 PM
Does anyone believe ACORN is really out of the loop? President Osama Obama, who was in daily contact with Paulson to ensure that everything was done right, will have ‘em back in the federal mega-welfare line come Jan. 21, ‘09.
The Republicans did what they had to do, given the pressure of Bush, the Dems and the MSM. They caved.
MrScribbler on September 28, 2008 at 8:20 PM
Why don’t the House GOP attack the Dems?..COME ON BOEHNER and BLUNT and tell Americans what is wrong with this bill…ATTAAAAAAAAAAACK!!!
LordMaximus on September 28, 2008 at 8:24 PM
UGH!!! I am so frustrated! Why do they always play “nice”
Govgirl on September 28, 2008 at 8:26 PM
The media will not counter what’s going on by presenting the naked truth of who is betraying this country. Rahm Emanuel, D-IL was going on about how this was caused by the administrations failures of oversight and ideology! That two faced %%^^&&* and the press just lap it up and won’t dig and report where the true oversight failure occurred. Revolution must be in the wind. People’s homes, retirement and investments are now in the pockets of corrupt men and women: Dodd, Obama, Frank, Gorelick,Raines and many many more=enemies of the state. The military, police and politicians themselves when they take an oath of office promise to defend this nation against all enemies foreign and domestic. The domestic enemies have shown their face and the media is their propaganda wing. Fight back people or there will soon not be “we the people.”
wepeople on September 28, 2008 at 8:26 PM
Here’s some excellent reading material for anyone who’s interested: A 2005 CNN/Fortune piece, The Fall of Fannie Mae.
It would make a great movie. Too bad it’s not fiction.
Buy Danish on September 28, 2008 at 8:27 PM
There is some hidden talk in there from Boehner…he just kept saying “we are telling them (other GOP Reps.) we are supprting the bill.”
hmmmmmm
LordMaximus on September 28, 2008 at 8:28 PM
starlinks post that the ACORN provisions are still in there is simply astounding! This is governmental deceit of gigantic proportions. It pisses me off that starlink caught it, but we didn’t hear anything from the quickie PR stunt by the Republicans.
This (below) cannot remain in the deal! I’d rather risk a financial implosion!!!!!!!!
9. ….The Sec shall implement a plan that seeks to maximize assistance for homeowners and use the authority of the Sec to encourage the servicers of underlying mortgages,…..to take advantage of the HOPE for Homeowners Program under section 257 of the National Housing Act or other available programs to minimize forclosures. In addition, the Sec may use loan guarantees and credit enhavements to facilitate loan modifications to prevent avoidable foreclosures.
Star20 on September 28, 2008 at 8:31 PM
So the Dems come out and blast the administration, the House GOP reps., and McCain for nearly 25 mins, then Emmanuel comes out and blast the same people for another extended amount of time…and what do the GOP guys do?
We are telling everyone we are supporting the bill and leave within 5 minutes.
This election is going to be a wlakthrough for the Dems just like it appeared earlier in the year and everything will be conservatisms fault.
LordMaximus on September 28, 2008 at 8:31 PM
This from the MYTH/FACT Thread;
Myth: Windfall for ACORN.
Fact: The Frank-Dodd proposal created an affordable housing slush fund and directed 20 percent of net benefits from the program to be directed to ACORN-type organizations. The proposed compromise does not include any affordable housing slush fund and directs all net benefits back to the Treasury to pay down the national debt.
Star20 on September 28, 2008 at 8:33 PM
Looks like McCain got some protections for tax payers…
He got the credit….for the rewrite.
dec5 on September 28, 2008 at 8:34 PM
“Here are the facts: For two weeks I was on the phone everyday with (Treasury) Secretary (Henry) Paulson and the congressional leaders making sure that the principles that have been ultimately adopted were incorporated in the bill,” Obama said in an interview on “Face the Nation” on CBS.
I really, really wonder what kind of wheeling and dealing Obama was doing with Paulson. Could there be something dirty going on between these two?
mindhacker on September 28, 2008 at 8:34 PM
Okay I am listening to the local talk radio right now and he is saying that 20% of any profits are going to ACORN. I’m simplifying that a bit, but that’s the gist.
What gives? Is ACORN in or out?
jewells45 on September 28, 2008 at 8:34 PM
I felt the same way.
genso on September 28, 2008 at 8:34 PM
I looked at this, too. This, is from MM. It seems the language is vague and refers to present legislation. I suppose ACORN is covered by that in some way. But, I leave it to someone else who might know more about it.
genso on September 28, 2008 at 8:39 PM
Steady boys…hold your fire…keep calm.
ManlyRash on September 28, 2008 at 8:43 PM
They just had Jacob Turk, who is running against Emanuel Cleaver on the radio. Jacob was our neighbor for 22 years until we recently moved. A GREAT guy, honest to the core. Anyone here who lives in Missouri’s 5th district, I’m sure you will cast your vote for Jacob, but we all need to get the word out for Jacob. Cleaver needs to go. He was a shitty mayor and he is a shitty congressman.
jewells45 on September 28, 2008 at 8:44 PM
Now if the US government can sell some of the excess land holdings managed by BLM, the taxes to pay for this bailout could be reduced. It would also increase freedom in western states.
Right_of_Attila on September 28, 2008 at 9:07 PM
It’s not obstructionism D@mn it! It’s doing their D@mned job!
Browncoatone on September 28, 2008 at 9:40 PM
Gentlemen, the ACORN and La Raza are only out by NAME……they are definitely in per Page 25, Sec. 109 Foreclosure Mitigation Efforts!!! The language as I quoted above at 8:04pm gives the Sec ample leeway to “take advantage of the HOPE …..or ther available programs to minize foreclosures.”
It is a Trojan Horse with no name!
Starlink on September 28, 2008 at 10:27 PM
Ammo….need to buy more Ammo…several cases worth
bill30097 on September 28, 2008 at 10:46 PM
Now that I have my children tucked warmly in bed, can someone tell me if I should go buy a few 50 lb bags of rice at Costco tomorrow? In addition to that ammo?
pannw on September 28, 2008 at 10:53 PM
And I looked, and behold a
pale horseweaselly bill : and his name that sat on him wasDeathHope, andHellLa Raza followed with him.MB4 on September 28, 2008 at 10:55 PM
Like my pappy told me, you can never have too much sex, gold, rice or ammo.
Murphy9 on September 28, 2008 at 10:58 PM
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