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2008-09-25 Home Front Economy

Lawmakers: Financial bailout agreement reached

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Posted by tu3031 2008-09-25 14:36|| || Front Page|| [10327 views ] Top

#1 no deal yet.

Posted by 3dc 2008-09-25 17:30|| 2008-09-25 17:30|| Front Page Top

#2 Sen. Chris Dodd, D-Conn., the Banking Committee chairman said, "We are very confident that we can act expeditiously."

More VIP treatment for the King of Countrywide?

Posted by Besoeker 2008-09-25 17:40|| 2008-09-25 17:40|| Front Page Top

#3 But there were fresh signs of trouble in the House Republican Caucus. A group of GOP lawmakers circulated an alternative designed to attract private capital back into the credit markets with less government intrusion. Under the proposal, the government would provide insurance to companies that agree to buy frozen assets, rather than purchase them directly as envisioned under the administration's plan. The firms would have to pay insurance premiums to the Treasury Department for the coverage."The taxpayers haven't done anything wrong," said Rep Eric Cantor, R-Va., adding that rather than require them to bear the cost of the bailout, the alternative "pretty much puts the burden on Wall Street over time."

I'm no financial wizard, but this looks MUCH better to me than the "Blank Check" strategy.

Posted by DLR 2008-09-25 17:59|| http://www.geocraft.com/WVFossils/ice_ages.html]">[http://www.geocraft.com/WVFossils/ice_ages.html] 2008-09-25 17:59|| Front Page Top

#4 Report is a huge fight in the Whitehouse meeting.
Almost approaching fists!

Posted by 3dc 2008-09-25 19:18|| 2008-09-25 19:18|| Front Page Top

#5 Neil Cavuto on FoxFn came out against it!

Posted by 3dc 2008-09-25 19:29|| 2008-09-25 19:29|| Front Page Top

#6 Cavuto was SPOT ON! His message was essentially, 'no need to rush into anything.' Obama is tossing accusations, blaming McCain. Dodd and Reid are very, very upset. Knowing these buggers are upset would indicate things went well at today's Whitehouse meeting.

Posted by Besoeker 2008-09-25 19:50|| 2008-09-25 19:50|| Front Page Top

#7 There are some details about what the Boehner-led House Republicans are negotiating for here. The posts are in reverse chronological order, so either start at the bottom or keep scrolling down, depending on your preferred temporal orientation.

Posted by trailing wife ">trailing wife 2008-09-25 20:16|| 2008-09-25 20:16|| Front Page Top

#8 Republican House plan is to do full mortgage insurance. 1/2 now insured.
Require Wall Street to pay premiums on the insurance.
No other money related bail out.
Under 10 billion repair cost.
attachment of golden parachutes etc.

Posted by 3dc 2008-09-25 21:05|| 2008-09-25 21:05|| Front Page Top

#9 I have heard of up toward 2000 trillion $ in derivatives based in part on the sub-prime loan bundles are out there. The US GDP is 12 to 18 trillion so it is an impossible number.

If the loans are just insured the derivatives could collapse on PMI costs alone.

That's why MorganGoldmanSax wants the full bail out.

However they have to face up to the derivatives being imaginary not representing anything but monopoly money and burn them in the end anyway.

They just can't bear to burn the paper.
Tuff titties...

Posted by 3dc 2008-09-25 21:15|| 2008-09-25 21:15|| Front Page Top

#10 700 billion quick deal. It is paramount that McCain not run with the herd on this. This is a defining moment for him and his candidacy. Are you an outside reformer or are you a bloodsucking parasite like the rest of the Congress, Mr. McCain. We need to know. And BTW, taxpaying citizens are bloody fighting mad about this.

Posted by Alaska Paul 2008-09-25 22:22|| 2008-09-25 22:22|| Front Page Top

#11 The deal apparently includes a handout for ACORN. Very nice... Maybe Joe Biden will throw in $200m for Iran, as well.

Posted by Zhang Fei 2008-09-25 22:27|| http://timurileng.blogspot.com]">[http://timurileng.blogspot.com] 2008-09-25 22:27|| Front Page Top

#12 Even better, the Democrats insisted that 20% of the deals in the handout be reserved for ACORN.

Posted by Zhang Fei 2008-09-25 22:59|| http://timurileng.blogspot.com]">[http://timurileng.blogspot.com] 2008-09-25 22:59|| Front Page Top

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