Dodd Bailout Bill More Aggressive Than Treasury Plan, Forgoes "Blank Check"

Politico:

Banking Committee Chairman Christopher Dodd is taking much more aggressive approach to the Treasury bailout plan, demanding foreclosure assistance, limits on executive compensation and profit sharing for taxpayers if the Treasury begins to make money back on the bad debt it plans to purchase.

Dodd's legislation, obtained this morning by Politico, has just started to circulate among Senate legislative directors. His plan addresses many of the concerns raised by Democrats and Republicans who are concerned about handing over $700 billion blank check to Treasury Secretary Henry Paulson.

While the Treasury would receive much of the authority that it wants to buy up distressed assets, Dodd's add-ons have many of the populist ideas that will appeal to skeptical Democrats. His plan is also broader than the one unveiled by House Financial Services Chairman Barney Frank (D-Mass.), so there will be significant negotiations in the days ahead between the House and Senate if Congress is to pass a bill by the end of the week.

Read the whole story: Politico

Comments

[ChiMan1]

If you drop the "D" from this Democrat losers name you get "ODD”. . and that's how he looks lately
can you say Deer in the Headlights . . I think he's having nightmares about that Orange Jumpsuit!!
Headline: "D"emocrat Christopher "d"ODD sentenced to 10 years for Fannie Mae Failures.
Oversight my ASS . . . . this duffus has a case of "OverLooked Incompetence" . no excuse!

[rollingdivision]

Dodd, and Frank have been key players in creating this fiasco.

[research]

The GOP created this mess.

The dems have had no power for nearly a decade.

Liar.

[TXfemmom]

You are so stupid. McCain was Chairman of the Commerce Committee when these deregulatory bills passed and Phil Gramm, his favorite economist, was the Chairman of the Banking Committee. Graham quietly put in the regulatory deregulation of the banking institutions in a bill which had to be passed during the recount of 2000, just as he had the deregulation of the things which led to Enron, and eighteen months ago the DEMs tried to pass a bill with tougher oversight of the two FANNIES. BUSH said he would veto it and MCCAIN VOTED TO UPHOLD BUSH.

[DLB]

You have no clue what you are talking about. The bill you refer to, the Gramm-Leach-Bliley Act, passed in 1999 by a VETO proof margin. And Bill Clinton signed it!! That bill has little to do with what's going on. Here, go educate yourself:

http://www.ibdeditorials.com/IBDArticles.aspx?id=306632135350949

[MourningDude]

In 2005 and 2006 Republicans tried to pass S.190, of which McCain was one of 3 co-sponsors. It would have put portfolio limits on Fannie and Freddie, which would have stopped them from buying up risky loans with high profit levels, and forced them to divest themselves of those they held. It would have drawn a clear line in the sand, forcing them to adhere to responsible lending practices, rather than chasing returns like a private bank would. As a quasi-government entity, the way people like Obama supporter Frank Raines were cooking the books was utterly unacceptable. For a private company like Enron it was shocking enough, but Fannie and Freddie were backed by taxpayer dollars.

Of course the Dems opposed it on a party line vote, and gave the excuse that it would "hurt the companies' ability to carry out their mission to increase affordable housing."

Is anyone fooled by the Dems' crocodile tears now? No.

[apoyo]

If they are it's because they sat on their hands. Time to act and do the right thing.

I've heard it said that silence is golden but sometimes it's just yellow.

[BabsfromKansas]

BREAKING NEWS

Congress, Bush team OK bailout terms; Stocks sink

By JULIE HIRSCHFELD DAVIS 12 minutes ago

Scrambling for a quick accord on the $700 billion bailout, the Bush administration and leading lawmakers have agreed to include mortgage aid and strong congressional oversight along with unprecedented help for failing financial institutions, a key lawmaker said Monday.

Unimpressed, investors sent stocks plummeting anew, pushed oil up $16 a barrel and propelled gold prices ever higher as they searched for a safe place to park their money.

President Bush prodded Congress to pass the administration's rescue plan quickly, declaring, "The whole world is watching." And there did seem to be movement in talks between the White House and Capitol Hill.

Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, said "a great deal of progress has already been made." And a government official with knowledge of the talks said the administration had agreed to create a plan to help prevent foreclosures on mortgages it acquires as part of the bailout — a key demand of Democratic lawmakers.

[OnePartyEqualsTyranny]

URL Please

[BabsfromKansas]

http://news.yahoo.com/s/ap/20080922/ap_on_bi_ge/financial_meltdown_434

[Kayttt2000]

No BAILOUT,,period!

About a 20% support for Bush with 935 LIES to war
About a 9% for Congress,,,

Both parties are a LIE,,,
The Bush party the primary players
Ms.Pelosi the secondary players going along with Bush...

She has the power in the D party..
The war is continuing,,,,and bigger with the surge
There are still many in prison,,just because or they were fighting for there country against the foreign enemy called the USA,,,
Many are still tortured..
The Spying got bigger and the guilty were given a get out jail free card..
Impeachment is off the table...
She was also given a guided tour of the torture facilities...violating of the Geneva Convention.
No screaming from her about Election fraud,,
The list is endless...,,

My point is,,SHOULD WE THE PEOPLE TRUST THEM ON THIS MATTER,,,whether it be the R's or D's..?

How does the US economy in Jan-March go from fine,,it's good,,,Bush's words,,,to a total collapse in September?
How is it Dodd wasn't aware of the US economy,,,I think this was his department...
Has there been any regulations put on the fast track for the banking industry?

The point is,,,the Man in the Republican party,Bush and the woman in the Democratic party,,Ms.Pelosi,,,,are working together and nobody is listening to WE THE PEOPLE....

TIME FOR A REVOLUTION....

This is war,,the RICH against We The People,,,
WAKE UP AMERICA,,,

[DavePotts]

Chris Dodd is in the pocket too. The Dems in congress can put all the lipstick on it they want, but it's still a pig offered up by a corrupt administration. My pocket's STILL getting picked to pay for Wall Street's blunders.

NO BAILOUT, NO WAY.

[k6007]

I'm sorry, but, ALL these people need to be voted OUT.

[OnePartyEqualsTyranny]

I agree, many of us having been saying this for months.

[ljc]

I'm not so sure I'm buying this. Is this bad market debt really 700 billion? Very suspicious. Why no oversight. Why absolute power. Why no ability to review Paulson's decisions? Do one or more of our foreign creditors call in their loans? Is Bush trying to pull another fast one on the American people? Why are T-Bill rates so low? What is going on?

[Steambomb]

Oh yeah and let me say this. This bailout plan is at best Orwellian. AT BEST.

[Whinger]

The jury's still out!

[BabsfromKansas]

MUST READ

Jason Linkins

"A crit ical - and ra dical - component of the bailout package proposed by the Bush administration has thus far failed to garner the serious attention of anyone in the press. Section 8 of this legislation is just a single sentence of thirty-two words, but it represents a significant consolidation of power and an ab dication of oversight authority that's so flat-out astounding that it ought to set one's hair on fir e. It reads, in its entirety:

"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."

In short, the so-called "mo ther of all bailouts," which will transfer $700 billion taxpayer dollars to purchase the d istressed assets of several fail ed financial institutions, will be conducted in a manner unchalle ngeable by courts and ungovern able by the People's duly swo rn representatives. All decision-making power will be consolidated into the Executive Branch - who, we remind you, will have the incentive to act upon this privilege as quickly as possible, before they leave office."

[biglover]

Poll Tracker | Pres '08

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Pres '08
Sep 22 CNN
Obama (D) 51%, McCain (R) 47%
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Pres '08
Sep 22 Hotline/Diageo
Obama (D) 47%, McCain (R) 42%
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Pres '08
Sep 22 Gallup
Obama (D) 48%, McCain (R) 44%
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Pres '08
Sep 22 Rasmussen
Obama (D) 48%, McCain (R) 47%
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Pres '08
Sep 22 Res. 2000
Obama (D) 49%, McCain (R) 43%
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Pres '08
Sep 21 Gallup
Obama (D) 49%, McCain (R) 45%
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Pres '08
Sep 21 Hotline/Diageo
Obama (D) 45%, McCain (R) 44%
*

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Pres '08
Sep 21 Res. 2000
Obama (D) 49%, McCain (R) 42%
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Pres '08
Sep 21 Rasmussen
Obama (D) 48%, McCain (R) 47%
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Pres '08
Sep 20 Gallup
Obama (D) 50%, McCain (R) 44%

[princessofnowt]

So.

between the october substitution of Romney and the fact that its' still Diebold & friends in charge of the votes- that stil means a landslide for the criminals.

Impeach now, get the power back out of the executive branch.

Next pres is toooooo late!! Impeach and change it all back!!! expose the usurpation!!

[captnEarl]

Can we not get second and third opinions on the alledged brink of collaspe that we are to believe so says the most lieing regime in the history of the U.S.

[ljc]

I'm with you on this one captain. I just said this up thread. Do you think that some of our foreign creditors may have called in our loans. Is that why they want no review, no oversight, no add-ons?

[Mugzi]

I know what you mean; however, even the analyst on Bill Maher's show Friday, knew it was coming...it was a matter of when. The analyst even said we need "better government". "nuf said. ENOUGH is ENOUGH!!!

[ivillage]

Seattle Times Endorses Barack Obama
http://www.sefermpost.com/sefermpost/2008/09/seattle-times-e.html

Minnesota Poll: Obama Ahead of McCain With 8 Points
http://www.sefermpost.com/sefermpost/2008/09/minnesota-poll.html

Poll: Barack Obama Leads As Economy Hurts John McCain
http://www.sefermpost.com/sefermpost/2008/09/poll-barack-o-7.html

Michigan Poll: Barack Obama 52%, John McCain 43%
http://www.sefermpost.com/sefermpost/2008/09/michigan-poll-b.html

Fact Check: Did Barack Obama Vote 94 Times for Higher Taxes?
http://www.sefermpost.com/sefermpost/2008/09/fact-check-did.html

US Filmmaker Woody Allen Says Obama Loss Would Be 'Humiliation' For U.S.
http://www.sefermpost.com/sefermpost/2008/09/us-filmmaker-wo.html

[Steambomb]

I am so, so glad that Chris Dodd is on this. Thank heaven for little favors that give huge results. Dont let them rob the poor to pay the rich Chris. I put my faith in you.

[grp]

Isn't Dodd on the banking committee or something? Didn't he see this coming? Shouldn't he have done something about it???

[MIMom]

Granted - but better late than never?

[dezzertguy]

He was riding high on the committee. He got a sweetheart loan from the chairman of Countrywide and was a big beneficiary of Fran and Fred political contirbutions. He was happy until now.

[Paul]

A future "Profile in Courage"?

[dezzertguy]

I would hope not. If there were any justice, he would be investigated and at least forced from the Senate but the Dems do not monitor their own ethics.