Democratic Leaders Negotiate Over Conditions For Bailout Plan

Senate and House Democratic leaders said on Monday that they had reached an agreement on their conditions for approving a $700 billion rescue plan for the financial system, including more oversight of the program and a requirement that the government do more to help troubled borrowers refinance their mortgages.

But even as Congressional Democrats and the administration began to narrow their differences, Democrats are bracing for a battle over efforts to limit the pay of executives whose firms seek help and over whether to grant bankruptcy judges authority to modify the mortgages of borrowers in danger of foreclosure.

Read the whole story here.

Comments

[rwt1138]

I think capping the CEO pay for these financial firms is a terrible idea. If you cap the compensation for chief executive officers, you will limit the talent pool available to run these firms; this, in turn, could lead to financial mismanagement and a total economic meltdown!

Oh wait. . . never mind.

[tililek]

Better no agreement at all than the one being proposed by the Bush administration.

[research]

Bush wants it:

Must be Evil.

[honeydiva]

this place is going to h311 in a hand basket and no one really cares. just wait everyone is going to be sorry.

[DixieMelody]

We are trying to function and keep body and soul together while in a constant state of fear and uncertainty. Our pleas for some form of relief from those in Congress who "represent" us fall on deaf ears.

How insulting that they are now frantically scurrying around to find a palpable way to take from us what little we have in order to rescue the Fat Cats.

We as a society have been hobbled by the New Rules that favor the wealthiest 1% among us and then cast aside to not only fend for ourselves but now to rescue the most vile, greedy and unscrupulous who authored those New Rules to favor themselves.

[zitlight73]

Will congress finally stand up to this lamest of lame duck presidents? Or will they see their shadows, pee their panties and go back into their burrows until after the elections? Maybe, just maybe they'll evolve into vertebrates.

[castrochavez08]

As usual, Dennis Kucinich has the right plan, and as usual it will not get any mention at this site. Dennis figures since we are about to hand over $700 billion dollars, we should all be issued shares of company stock in the various banks. This works out to over $2000 per person.

That would sure help me live with this deal, and it also puts in perspective just how much we are now preprared to GIVE these banks. And all we get from the top of the Democratic party is a bunch of tough talk, that they are negotiating. Big F...ing deal.

An actual share for the honest Americans who will pay for this deal appears to be...........off the table.
Why?
Google around and read up on the Kucinich plan. It makes sense.

[zitlight73]

That would be too intelligent and honest for any of our congressional jellyfish to consider. Tehy've all Repugs and Demorats alike made billions off this pump and dump scheme.

[dgscol]

He is not related to PAt Paulsen, but could he have learned to deadpan from him?

[bayside]

Dems. I have a idea. Make them abide by same rules as we do. No bonus for bankrupt companies. we dont get bonus..Give them loans they have to pay us back with interest if they are responsible, just like we have too and put the crooks that did this scam to america in jail just like you would do to us..Same rules..

[research]

Bailout qualifying homeowners, not the corrupt bankers.

End the Fed.

Then we can offer 2% loan directly to those in distress.

[Charles Kozierok - Huffpost Blogger]

See Charles Kozierok's Profile

The democratic leadership better watch out, because it is strongly suspected that the GOP is setting them up on this issue.

http://aabw.blogspot.com/2008/09/are-republicans-setting-up-democrats-on.html

[princessofnowt]

between that info and this:
http://www.huffingtonpost.com/naomi-wolf/the-battle-plan-ii-sarah_b_128393.html#postComment

it is time to get out the vote for an undeniable victory. It cannot be close, there can be no question.

It must be an overwhelming and loud victory.

It's the only hope.

[Yatata]

yes PLEASE PLEASE PLEASE everyone read Naomi Wolfs articles. THIS IS IT.

http://www.youtube.com/watch?v=RjALf12PAWc

http://www.huffingtonpost.com/naomi-wolf/the-battle-plan-ii-sarah_b_128393.html#postComment

[eden4barack08]

HOW DO WE STOP THEM???

[cdnnewsjunky]

If this goes through, you just know, all we're going to hear from the trolls is, isn't it great how the Republicans saved the economy Clinton gave us and we should all vote Republican.

[Northwest01]

We are being robbed and the Democrates are trying to make us feel better by debating on what type of gun they are going to let the Republicans use. This bail out will guarantee that the next President will not have a nickle for healthcare improvements or any other program. Call your Senator and Representative and tell them to just say NO and stop the madness.

[DixieMelody]

I just wrote the two senators, MIKE CRAPO (yep, that's his real name) and LARRY CRAIG, in this reddest of red states. . . absolutely an exercise in futility.

[Beamreach]

I haven't heard one word about the Democrats excluding foreign-owned financial institutions from any possible bailout. We need to stay on our Congressional reps about this!

[eden4barack08]

Actually rather than being bailed out, they're being asked for help. They want no part of it.

http://www.nytimes.com/2008/09/23/business/23global.html?_r=1&hp&oref=slogin

[Beamreach]

That's foreign countries, not companies. If you'll read down to paragraph 7 in that article, you'll see where Paulson changed the authorization to include foreign companies in possible bailouts.

[BenBernanke]

hey Barney, you've been outplayed by these sharks...

if you don't give in the markets tank, and they blame the dems.

if you give in your base rightfully thinks you're yellow and enablers of this heist.

[DixieMelody]

Yup. Yup.

[BenBernanke]

the headline "democrats negociate" is inaccurate...

it should read:

democtrats bend over.

http://biz.yahoo.com/ap/080922/financial_meltdown.html