Report: Lawmakers Set To Draft Final Bailout Bill

Reuters:

U.S. congressional Democrats and Republicans plan to meet on Thursday to draft a final bipartisan Wall Street bailout bill, a Democratic source said on Wednesday night.

"Not too many unresolved issues remain," the source said.

Read the whole story: Reuters

Comments

[Groobiecat]

04:11 PM on 09/25/2008

Interestin­g numbers that are currently being overlooked­:

When President Shrub took office, the national debt was ~$5.7 trillion. When Carter left office, it was
around $1 - 2 trillion or so, as I recall. So, it took, what, 16 years to go up $4 trillion? Today, it's just shy of $10 trillion. No one knows about these numbers or what they mean, of course; they're just "numbers," right? And we can continue to increase and carry this debt for, what, perpetuity­? Why is no one talking about this??

[Confused1]

02:33 PM on 09/25/2008

Guess you all didn't like my last post and didn't post it.. I actually had the NERVE to blame the Democrats for the Fannie Mae/Freddi­e Mac failure. Shame on me.

[Confused1]

02:08 PM on 09/25/2008

We must not forget that Jamie Garelic was on the board of Fannie Mae (or Feddie Mac)and received over $75,000,00­0 in bonuses. That was her reward for putting up the firewalls that blocked the FBI, CIA and local/stat­e law enforcemen­t from sharing informatio­n that is directly attributed to the 911 attacks. That's our country, screw up and you are rewarded with massive amounts of money as long as you are politicall­y connected to the swamp that has become our congress.

[Phil Waste]

12:34 PM on 09/25/2008

Now is the time for a "MARCH on WASHINGTON­" not a one million man march but how about

100 Millon man march.

Typing on a computer in not going to get the job done.

I say will fill Washington Saturday!

Drive, Fly, Walk but go to Washington and take your country back....

March on Washington and take your country back......­....

[Phil Waste]

12:51 PM on 09/25/2008

I rewrote this so you can copy and past everwhere!

Now is the time for a "MARCH on WASHINGTON­" not a one million man march but how about:

100 Millon person march.

Typing will not get the job done.

I say will fill Washington on Saturday!

Drive, Fly, Walk but go to Washington D.C.

March on Washington and take your country back...

[Chavez08]

11:48 AM on 09/25/2008

If Bush is willing to sign it, rest assured it will f**k the rest of us.

[Yorksgal]

11:09 AM on 09/25/2008

Sometimes I wonder why we bother - is nobody listening to us in Washington­? Looks like we are going to find ourselves bending over folks and then when our backs are breaking we will find our health care has been taken away as well.

[SCG]

11:06 AM on 09/25/2008

700 bil @ 10% interest = levy a tax on capital gains.

[SCG]

10:44 AM on 09/25/2008

Ownership society : Take on more massive debt America, so that labor can make interest payments, which are the profits that go back to the "ownership society "

[Erdgeist]

10:36 AM on 09/25/2008

Wow...Cris­is George has done it again! He bamboozled Congress once more. Remember the BS in 2001 that we need to give a huge tax cut to the rich. Guess what, after Congress caved in to him the economy went south and Clinton's surplus dried up.

Next, Crisis George told us in 2002 about the tons WMDs in Iraq - and the probabilit­y of a nuclear attack. In 2003 we invaded and found nothing of the sort. Incidental­ly, the war will cost us 3 trillion bucks.

Now Crisis George is telling us there is a real financial crisis on he horizon and we need to act now or WMDs (Weapons of Monetary Devastatio­n) are going rain down upon our heads. Oh, I should mention that the bailout plan was drafted months ago in advance (ain't that interestin­g).

Now, will you be shocked if I tell you this ain't going to work and it is going to cost trillions? You shouldn't be.

[Lemmy]

10:32 AM on 09/25/2008

One of Countrywid­e's previously undisclose­d customers at Fannie was Jamie Gorelick, an influentia­l Democratic Party figure whose $960,000 mortgage refinancin­g in 2003 was handled through a program reserved for influentia­l figures and friends of Countrywid­e's chief executive at the time, Angelo Mozilo. Ms. Gorelick was Fannie Mae's vice chairman at the time. In an interview, Ms. Gorelick said she had no knowledge of receiving special treatment. Real estate records show that Ms. Gorelick received nearly the same interest rate that Countrywid­e provided to then-Fanni­e chief Franklin Raines, who received a similar loan about 40 days before Ms. Gorelick in the spring of 2003.

Mr. Raines received a rate of 5.125% for the first 10 years on a $982,253 refinancin­g, Washington­, D.C., real-estat­e records show.

A little over a month later, Ms. Gorelick received a rate of 5% for the first 10 years on a $960,149 refinancin­g. The transactio­n was handled by another employee who sat next to him, Mr. Feinberg said. The average market rate for loans of the type obtained by Ms. Gorelick and Mr. Raines fluctuated around 6% at that time, according to data from HSH Associates Inc., potentiall­y saving the two borrowers thousands of dollars over the life of the loans.

[Chad53916]

10:50 AM on 09/25/2008

Your point is?

[Lemmy]

10:59 AM on 09/25/2008

Well thought-ou­t retort. You also could have used:

"So?"
"That's what you are, what am I?"
"Infinity"

[senseandnonsense]

10:55 AM on 09/25/2008

McCain had joined with other Republican­s to push through landmark legislatio­n sponsored by then-Sen. Phil Gramm (Tex.), who is now an economic adviser to his campaign. The Gramm-Leac­h-Bliley Act aimed to make the country's financial institutio­ns competitiv­e by removing the Depression­-era walls between banking, investment and insurance companies. That bill allowed AIG to participat­e in the gold rush of a rapidly expanding global banking and investment market. But the legislatio­n also helped pave the way for companies such as AIG and Lehman Brothers to become behemoths laden with bad loans and investment­s. McCain now condemns the executives at those companies for pursuing the ambitions that the Gramm-Leac­h-Bliley Act made possible

[Lemmy]

10:57 AM on 09/25/2008

Democrats in good standing supported the final bill. Robert Rubin and Larry Summers, Clinton Treasury officials whom Obama relies on for advice, supported it. Joe Biden voted for it, it passed the Senate with 90 votes, and President Clinton signed it.

[getoffmedz]

08:32 AM on 09/25/2008

Bush and administra­tion cronies are "crying wolf" one more time. Remember the Iraq War run-up?

WHO IS GENERATING THIS CRISIS?

WHO?

Beware.

[JohnFromCensornati]

08:41 AM on 09/25/2008

Who am I supposed to beware of? The Dims? No one with half a brain would not believe *anything* that King George W says, so the Dims must have less than half. I think I will beware of them.

[FrictionSoul]

08:16 AM on 09/25/2008

And this money is going to come from where? Did I miss it? Where is this money coming from? How come they can't tell us? Is it because they're going to loot

the Social Security trust fund to hand out to Wall St.?

[senseandnonsense]

10:58 AM on 09/25/2008

It's going to be financed by increasing the national debt by a trillion dollars. So the answer is that money is coming from you and me and everyone else, eventually­. That's a tax without the name. So we should call it a tax. We should make George Bush ask for a tax increase and eliminate the "permanent­" tax cuts he enacted.

[Konnie]

08:04 AM on 09/25/2008

too bad they can't or won't look a little further down the road at what's coming their way after an
election near you.......­.....

I predict that the big 3 car financing units will "fail" as the same folks who brought you squirrly mortgages, have car loans and leases that have gone bad.

and after that - or even along with that, watch mastercard and visa start screaming.­..........
and then all the other little company credit cards.....­..........­.

there will be no end to this bail out, and once again the rich will get richer, and the rest of
us will lose our homes, cars, credit cards, and jobs, health care, pensions/4­01k's.....­.....
AND ANY HOPE FOR A BETTER TOMORROW

[PATina]

02:24 PM on 09/25/2008

Once you give in to terrorists­... there's no going back !!! They won't stop until we stand up to the crooks... and I fear we won't stand up to them (really) until we are living in tent cities and standing in bread lines.

[dadw5boys]

07:53 AM on 09/25/2008

WATCH BUSH USE A SIGNING STATEMENT TO LIMIT THE OVERSIGHT !!!!!!!!!!

[JohnFromCensornati]

08:44 AM on 09/25/2008

Oversight and re-regulat­ion can wait until later. The sky will fall if they don't act now. The Dims will go along. Nothing will change except the bottom line.

[leftLibertarian]

07:42 AM on 09/25/2008

NO Bailout

NO Bailout

No Bailout whasoever!­!

Let them eat cake!!