Bailout Bill: Full Text Of Plan

Read below for the full text of the compromise bailout legislation agreed to on Sunday afternoon.

Click on "full screen" to see a larger version. For complete coverage of the financial crisis, check out HuffPost's Wall Street Crisis BigNews page.

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Comments

[mdnbiker]

08:52 PM on 10/05/2008

I,m 51 yrs old, make less than 40,000.00 a year, have the last of three children in college and a well above average credit score. I say that to say this, a person must be responsible for their on actions. You cannot blame the companies for putting you in financial trouble. I don't care what a lender says I can afford, I buy what i know I can afford. I read the contract. I am responsible for my actions. I have never recieved any assistance from the goverment. No loans or grants for my childrens college. We earn what we get. The government is not your parents, there will always be homeless and, welfare recipeints no matter how much money the government pours into programs. Some people are just sorry, and there will always be sorry people. I work in a service industry and we cannot get people to work here. They come in , work a couple of days, and leave claiming the work is not worth the money. I have little tolerance for the lazy and the irresponsible people who whine about the goverment not taking care of them. There are jobs in this country, there is opportunity, there is no need for the goverment to be infvolved in every stinking aspect of my life. A crook in a suit with a top floor office, making a million dollar salery is still a crook, same as a street hustler.

[workformymoney]

10:59 AM on 10/15/2008

Bottom line: If you work for your money and pay your bills and take care of your business your probably a McCain fan. If you are on the mooch program ( I.E. food stamps, welfare. unemployment) You will probably be an Obama fan. I believe that if you can't afford it....DON'T BUY IT. There are alot of things I want but can't afford. My income and credit is right in line with yours and the reason is because I'm responsable, and not because I'm rich

[batteredcitizen]

05:01 PM on 10/02/2008

I know you don't want your precious tax dollars spent, but where were you and your outraged phone calls when we've been ponying up billions of dollars to other reckless spending bills. Um the Iraq war to name one, or have we forgotten about that already. Don't worry you'll forget about this to when we save the financial system as we know it. I just watched today as some of our great political leaders voted for billions of dollars to the auto industry using tax payer money, so where's the outrage in that? Oh wait it wasn't called a bailout. As soon as you mention bailouts, fat cats, wall street getting richer, and all the quick talking points of a villain in a hollywood movie, then of course the average joe won't be for it. They don't understand the guts of the problem and neither does Congress. Before you start bitchin educate yourself a little bit and look at the whole picture not just the talking points. You might have to read a little bit, and you might run into words like credit default swaps, but before you know it you might grasp the severity of the situation. The plan isn't perfect, but it's a plan that could really work and benefit a lot of people. If you think it doesn't affect you it will, and I'd bet my whole life on it. The government will be buying real assets at a discount folks, money will be returned.

[Dawnmd74]

11:13 AM on 10/02/2008

700 billion/200million = $3,500 per person. We initially thought of the same idea until we did the math. We only hear what we want to hear. :)

[commoncents97]

09:29 AM on 10/02/2008

Food for thought have you checked your math on this birk plan?

[FOODFORTHOUGHT28]

01:45 PM on 10/01/2008

But can you imagine the Coast-To-Coast Block Party!

How do you spell Economic Boom?

I trust my fellow adult Americans to know how to use the $85 Billion

We Deserve It Dividend more than I do the geniuses at AIG or in Washington DC .

And remember, The Birk plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.

Ahhh...I feel so much better getting that off my chest.

PS: Feel free to pass this along to your pals as it's either good for a laugh or a tear or a very sobering thought on how to best use $85 Billion!!

[3arthShak3r]

10:19 PM on 10/01/2008

Foodforthought28 - Your comments are pure Genius! I am mad at myself for not thinking of this myself. It is so simple and yet would be so so much more of an effective plan. I like how you break down the numbers using real facts.

Back in 2003 while In Iraq I used a similar thought process in regards to Iraq. Lets say the Number of troops in Iraq is 150,000. Iraq at its widest point is approximately 620miles wide. 620miles = 3273600 feet.

3273600feet / 150,000 troops = 1 troop every ~22feet if lined up in a straight line.

Realistically the number would be much less as the country is for the most part not nearly 620miles wide.

If we would have lined up in a line we could have covered every square inch of Iraq by this point several times over by now.

[Cocktail Politik]

10:03 AM on 10/10/2008

did someone say "inflation"? horrible idea.

[FOODFORTHOUGHT28]

01:45 PM on 10/01/2008

Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces.

If we're going to re-distribute wealth let's really do it...instead of trickling out a puny $1000.00 ( "vote buy" ) economic incentive that is being proposed
by one of our candidates for President.


If we're goi ng to do an $85 billion bailout, let's bail out every adult U S Citizen 18+!

As for AIG - liquidate it.

Sell off its parts.

Let American General go back to being American General.

Sell off the real estate.

Let the private sector bargain hunters cut it up and clean it up.

Here's my rationale. We deserve it and AIG doesn't.

Sure it's a crazy idea that can "never work."

[FOODFORTHOUGHT28]

01:45 PM on 10/01/2008

Of course, it would NOT be tax free.

So let's assume a tax rate of 30%.

Every individual 18+ has to pay $127,500.00 in taxes.

That sends $25,500,000,000 right back to Uncle Sam.

But it means that every adult 18+ has $297,500.00 in their pocket.

A husband and wife has $595,000.00.

What would you do with $297,500.00 to $595,000.00 in your family?

Pay off your mortgage - housing crisis solved.

Repay college loans - what a great boost to new grads

Put away money for college - it'll be there

Save in a bank - create money to loan to entrepreneurs.

Buy a new car - create jobs

Invest in the market - capital drives growth

Pay for your parent's medical insurance - health care improves

Enable Deadbeat Dads to come clean - or else

[FOODFORTHOUGHT28]

01:45 PM on 10/01/2008

I'm against the $85,000,000,000.00 bailout of AIG.

Instead, I'm in favor of giving $85,000,000,000 to America in a We Deserve It Dividend.

To make the math simple, let's assume there are 200,000,000 bonafide U.S. Citizens 18+.

Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up..

So divide 200 million adults 18+ into $85 billion that equals $425,000.00.

My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend.

[Miltonfriedman99]

04:35 PM on 10/02/2008

Nice math! $85,000,000,000 divided by 200,000,000 is not $425,000 its $425! That's less than we got in the stimulus package!

Try simplifying the equation... 85,000/200 = 425

Typing all of those zeros can confuse some people!

[CommieLeftistLiberal]

05:26 PM on 09/30/2008

I wonder how much our goverment could save by simply adjusting the margins on their bills. Looks to me that the margins could easily be move out an inch on each side. Considering that Congress prints loads of these bills, it seems to me, that would save a ton of paper.

[Miltonfriedman99]

04:37 PM on 10/02/2008

Yeah that would probably save hundreds of dollars!

[DanteLabon]

03:44 PM on 09/30/2008

I saw nothing that said NO bonus compensation for the executives. I saw no numbers at all. What a load.

[CommieLeftistLiberal]

05:24 PM on 09/30/2008

I agree DanteLabon. I read it all. I saw line after line about how are government is going to be accountable while spending OUR money but I saw barely anything about CORPORATE RESPONSIBILITY. WTF!?!?!

[BookmarkDarren]

07:34 PM on 09/30/2008

Section 111 - Page 30 has some language about executive compensation, golden parachutes, defines executives, etc. but it is very loose language and (at lest in my reading) doesn't lay out any enforcement or penalties for misuse or abuse.

[waitforme]

03:07 PM on 09/29/2008

But what if the Congress had not been willing to be a knee-jerk reactor to a failed president's 'emergency' bail-out? (Is 'bail-out' George Bush's family-system problem-solving style?). What if, instead, Congress would be CREATIVE and DEVELOP a new plan, out of whole cloth, which ACTUALLY ADDRESSES the problems of our society: poverty and health and housing?

What if they 'borrowed/took' $700,000,000 from the taxpayers, us, and put it into making jobs which heal the infrastructure all over the country, into getting people back into their houses, into FREE HEALTH CARE FOR EACH PERSON?

Since putting money into jobs would get BACK the taxes from workers, and since healthier people could work and make salaries which would put taxes into the government to help cover the plans; since better infrastructure would save communities from putting so much money into recovering bridges which collapse and all those things, they would be better off. Since homeless people would get off the street and work due to the $700,000,000 which would be conservatively but smartly spent, and since they would be getting healthcare, they also would be putting money back into the economy.

What if money used to kill people in other lands were not?

Yes, WHAT IF this money weren't being given, handed to, the richest people to maintain their life styles but put into programs that work? (It would require more hours of work than weekend marathons once in a blue moon, though.)

[wantthetruth]

04:47 PM on 09/29/2008

I suppose unhealthy people are George Bush's fault as well? I suppose HE made you stuff that Double Whopper down your throat.
Homeless people are George Bush's fault too I suppose?

[Alessan]

11:26 PM on 09/29/2008

Actually homeless people are at the feet of George Bush, if they became homeless
in the last eight years. It is fact there are more homeless, jobless, people than there
was in 1999. So this certainly IS at he feet of the republican administration and Bush.
The Iraqi invasion has put this country in debt trillions of dollars, clearly that is the
fault of GW Bush. When it was proved there were no weapons of mass destruction
why did congress continue to fund the war, instead of bringing the troops home.
Troops could have been home by now, and a political solution should have been
reached by now, afterall the surge of additional soldiers in Iraq was suppose to
bring about a political solution. There is no military solutions, terrorist are everywhere and mostly they are here. After all where were the men who cause the hi-jacking
of planes they were here in the US. Having troops in the middle east is a waste
of lives and money. END THE WAR. END POVERTY AND HOMELESSNESS.

[Miltonfriedman99]

04:39 PM on 10/02/2008

Free healthcare doesn't exist. You can't get something for nothing! Someone needs to pay for it and taxpayer funded healthcare is not free! If the government took your car and gave it to me would you say that your car was free?

[DodgerBlue1]

03:05 AM on 10/03/2008

Excellent point. It seems to me that too many people believe that the government's primary purpose is to establish entitlement programs funded off the backs of those who actually earn it. To a large extent, at least in my opinion, the source of society's ills are a direct result of a lack of education. Education in this country, despite what liberals say, is very affordable and attainable - if you are willing to work for it. Community colleges provide an excellent start; public universities for in-state residents for the remaining 2 years, is attainable for all.

This country still is the land of opportunity - to those who are willing!

[waitforme]

02:27 PM on 09/29/2008

PAGE 2

The (bailed-out) criminals are everybody who has participated in bad loans: loan-makers who said, 'yes, yes, you can afford it; you don't have to bother to read the small print on ten pages of contract; I know what it says, I know your assets and you can afford it'. They don't say the loan payments will go up year after year or they have a right to SELL your loan contract to someone else who does not have your best interests at heart. They don't say they will boot you and your kids out of your house and home and leave it standing there empty -- for nothing.

With a different Congress, for $700,000,000 just think: everyone in this country could have their houses, no one living on the streets -- AND FREE MEDICAL CARE.

[InsomniacJezz]

05:12 PM on 09/29/2008

If a homeowner chooses to trust the company loaning him money, without reviewing the terms of the agreement thoroughly before signing, he should not be surprised if a few years down the line he can't afford the loan. It is an INDIVIDUAL'S RESPONSIBILITY to be aware of where he stands financially, and to keep within the way of life such an income allows. The bottom line is: One cannot spend more than one makes - this is Economics 101. Those who relied on the constant increase of property value to insure them against falling into the red were shortsighted.

And to imply that $700,000,000 could rectify the housing, homeless, and cost of medical care is laughable. These problems are much more deeply seeded than your post gives them credit to be.

[badjuju333]

03:08 PM on 10/01/2008

Economics 101? One cannot spend more than one makes?
Then why is our government spending millions (billions?) more than they have in their budget? One rule for joe taxpayer and another for the US Govt.?
It is an individuals responsibility to be aware of where they stand financially. However, when institutions are saying that 1) "you can afford it" amd 2) "trust me it's a fixed rate" when it really isn't then there has to be some accountability. and there is, this time it came in the form of a financial crisis. a crisis that is hurting everyone and now joe taxpayer has to foot the bill.
enough is enough!!!

[waitforme]

02:27 PM on 09/29/2008

PAGE 1

Dennis Kucinich, on radio (KPFK) this morning said that the bill uses language like 'encourages' companies to renegotiate house loans, not 'mandates', though 'housing' or housing references are sprinkled throughout. That means they didn't do anything to force financial loaning companies to keep or get people back into their houses.

Losing one's house, no matter how much you may WANT to blame the victims (Larry Mantle on KPCC), is neither the borrowers' faults in MOST cases (it is the lenders'), nor does it have a benign spiritual effect on our whole culture. When neighbors, kids in schools, have to move, when neighborhoods have houses which are boarded up and unused (for what? who gets the benefit from this?!) the whole neighborhood is affected. Housing values go down. People get sick and die when their houses are taken from them.

You cannot allow such a mass criminal injury to stand and not have it affect THE WHOLE SOCIETY. BUT THEY HAVE ALLOWED IT.

[SEE PAGE 2]

[wantthetruth]

04:42 PM on 09/29/2008

"People get sick and die when their houses are taken from them."
Wow! What a statement! A little too much drama don't you think?

[ldm56]

08:59 AM on 10/02/2008

ever lost your home? been dispossessed? be careful. never know what the future holds.

[JCSMD]

01:47 PM on 09/29/2008

Of course the crisis is real because of the collateral damage. But what does one expect in a capitalist society? McCain, in his recent debate, lead the only San Juan charge left to Republicans: to bring health care (read "managed care"), too, into the same consolidation as the banking industry, which will now run wild with poorly regulated investment-bank holding companies. The crisis was arranged by those who managed the repeal of Glass-Steagall in 1999 (the fact that Clinton signed it was irrelevant, since the vote in the Republican-controlled Senate was 98-1-1 for repeal [McCain not voting, and Shelby the only Republican voting "no"] and in the Republican-controlled House more than 2/3rds "for," to override any veto.

[apjenks]

01:43 PM on 09/29/2008

The executive pay limitations do not kick in until the Governent has spent $300B and only apply to the top three employees in the company!

These limitations are clearly designed to let those responsible walk away with millions in the current tax year.

Look at page 101 for the details...