Here it is, courtesy of CNN. Summary of 100+ pages by Commenter Guest: “new version– taxpayers get a quasi reach around.”
Politico‘s Daniel W. Reilly writes that Sen. Judd Gregg said this afternoon that the various people consulted with on the bailout claimed this was “worse than anything they had ever seen,” and outlined “specific and graphic scenarios” that would ensue should Congress fail to act. Considering that Warren Buffett was one of those advisors, shall we take a gander at what sort of graphic picture was painted, the details of which we’re sure to see in a snuff film released just in time for the holidays? I love the old kook but you know he went there* (*”You see, Gregg, if this thing doesn’t go through, the US will be a lot like the extras on a Russ Meyer set after I drop by for lunch: screwed. Fucked. Ridden hard and put away wet. I don’t want to scare you, Gregg, but we’re staring down the barrel of this country becoming the equivalent of a dead hooker. And you know The Oracle has no use for those. No judgment here but I’ve yet to see the appeal of the necro fetish. If I was looking for zero response, I’d got with a Real Doll, am I right? Now, where’d that box of See’s go? I just had it here.”)
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
too long, didn’t read
good to see you leave the same completely unfunny comment on the weekends, @1.
Too late; read it on CNN.
@3 you’re a douchebag. seriously.
From 3 to 100+ pages….
at 100 pages, this bill is now thick enough to roll up, insert in Barney Frank’s ass, and give him pleasure.
So the representatives spoke to everyone who has gone long the market and if the bailout doesn’t occur then they lose their money?
The Representative do not realize that WS is a bluffing game and that not everyone is interested in the well being of the US and the American people.
The blind leading the blind.
What was wrong with the 3-page bailout? Congress, quit playing games with my heart
@9 – I am guessing that the monarchical powers it would have granted to Paulson would have been one of the things wrong with the 3 page bailout.
A 100+ page plan on how to herd cats. 2009 GDP growth should be 5.25 percent. Easily.
Problem is fixed folks, nothing to see. New loans will be available by the end of the week so rest up because you have a lot of spending to do.
GO USA!
The necro fetish died years ago.
Investorcluzo
read it here first :
The new head of Fortis entered the Belgian gov’s offices with a visible document that was photographed by the reporters, and so the plan was published by the Belgian press blogs even if it’s not yet out.
That new CEO Fortis hired yesterday starts in true wheeling!
http://www.lecho.be/
“The plan calls for the Treasury Department to buy deeply distressed mortgage-backed securities and other bad debts held by banks and other investors”
http://www.realclearmarkets.com/news/ap/finance_business/2008/Sep/28/congress__white_house_reach_financial_bailout_deal.html
They must think we are stupid. “other investors”, does that mean “foreign governments” and very wealthy people?
You think Buffet has a little vested interest in seeing this bailout work?
Bess you are a posting machine
come on people, call congress and ask them to vote AGAINST this bailout.
new version — taxpayers get a quasi “reach around”
does a bail out really make sense?
bloggers are reporting that the sites can’t be accessed. They feel it will be rushed to a vote before people see it.
@20- source?
Anyone reading the stuff about Wachovia buyout by Citi over on Clusterstock?
http://www.clusterstock.com/2008/9/citi-c-and-wells-fargo-wfc-bidding-for-wachovia-wb-wreckage
no, henry blodget @22, we’re not.
Either way a whole bunch of people are going to get reamed.
=Happy WB
As for those dolls; still a little too much to deal with but on related note e I’m looking to patent a WII sex toy for (males + female versions). I’m willing to sell 51% of my idea and design for a bottle of Don Julio, a 6 pack of Tecate, and some Clamato.
-C
@23
Yes we are. And it’s good.
henry blodget @25- don’t you have a site to be running? or jail time to be serving?
#25 is really me.
SPODE
The Homeowner Assistance provision is a joke. The government is going to buy these mortgage assets and then will be required to “protect home values… and preserve home ownership.” To the extent that the Federal property manager holds, owns or controls mortgages etc. the government is required to implement a plan that seeks to maximize assistance for homeowners and use their authority to reduce interest rates and reduce loan principal.
This will not maximize the value of the investment for the US taxpayer (no private investor would put money into an investment with those goals in mind). This provision is setting the government investment up for failure.
Why is it in all taxpayer’s interests (which includes renters) to prop up home prices to above market values? If we are going to agree to limiting executive compensation for financial institutions seeking assistance, why are we not requiring that homeowners seeking assistance limit any upside that they may potentially realize on the value of their homes? Why should a homeowner receive a principal reduction on their loan and have the opportunity to sell their home later and get their equity out without making the taxpayer whole for this principal reduction?
OK know it alls, tell the public why we still need $700 billion?
22 SEC. 132. SUSPENSION OF MARK-TO-MARKET ACCOUNTING.
23 (a) AUTHORITY.—The Securities and Exchange Com
24 mission shall have the authority under securities laws (as
25 such term is defined under section 3(a)(47) of the Securi
1 ties Exchange Act of 1934 (15 U.S.C. 78c(a)(47)) to sus
2 pend, by rule, regulation, or oder, the application of State
3 ment Number 157 of the Financial Accounting Standards
4 Board for any issuer (as such term is defined in section
5 3(a)(8) of such Act) or with respect to any class or cat
6 egory of transaction if the Commission determines that
7 is necessary or appropriate in the public interest and is
8 consistent with the protection of investors.
No. 29, best post of the day.
@29 makes a great point.
Lets suspend the only rule that actual held the financial insituitons accountables for their horrible bets. If we do that don’t we get to suspend reality for another time?
As far as bailing out homeowners, plus buying all this toxic crap – it seems to me that we would need $2.5 trillion not the $250 billion that we are going to get in the first tranche.
The SEC has done a horrible job to date. The only thing they should be regulating is their own internal bowel movements.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aNLExAZ..wfw&refer=home
“The draft bill gives Fed authority as of Oct. 1 to pay interest on reserves held at the central bank by financial institutions, according to a copy obtained by Bloomberg News. ”
http://blogs.wsj.com/economics/2008/04/29/fed-paying-interest-on-reserves-an-old-idea-with-a-new-urgency/
“A risk for the Fed is that if Congress agreed to give it the authority to pay interest on reserves immediately, it might ask the Fed to so something in return — say, help out the student loan or auction-rate securities market. The Fed’s request could become bogged down in legislative wrangling. The Fed may thus elect to wait until events make the need more pressing. At that time, Congress may be willing to quickly pass a clean bill.”
http://seekingalpha.com/article/76784-let-s-not-write-the-fed-a-blank-check
“A disadvantage, from taxpayers’ perspective, is that the loss of zero-interest reserves amounts to a stealth tax cut for banks.”
“suppose Congress gives the Fed the authority to pay interest on reserves. Suddenly the Fed can print cash to buy all the Treasuries it wants to swap for troubled assets. When banks find they have more cash than they need, they lend the money back to the Fed, collecting the “floor” interest rate and removing the currency from circulation. Since interest rates can be held to any level by adjusting the “corridor,” the Fed would retain the flexibility to respond to inflation. At the same time, it would be able print cash in any amount that it pleases — “to infinity and beyond!” — in order to fund asset swaps (or outright purchases) at taxpayers’ risk. This strikes me as a delegation of Congressional authority that would not only be undesirable, but arguably unconstitutional.”
“Congress should grant the Fed’s request, but it should simultaneously impose constraints on the composition of the Fed’s balance sheet that cannot be violated without express legislative consent.”
unreadable
We just got robbed for $700 Billion Bucks, probably a few Trillion when all is said and done. Now Wall Stree will want more and more now that they have figured out how to blackmail us.
I think we just negotiated with terrorists, a big no no – what makes anyone think they will not just do it again. goodbye Democracy – Hello textbook Fascism!
Links to Final Bill and a nive 6 page official House summary:
http://yourmortgageoryourlife.wordpress.com/2008/09/28/the-final-bill-language-but-not-the-final-bill/