Democrats want pay limits, loan aid in bailout
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#1 Sep 22, 2008
Im done helping these people get bailed out for their mistakes.
Should I go and buy a $1,000,000 home cry that I cant afford it anymore then get the govt (taxpayes) to cover the bill?
This is ridiculous.
#2 Sep 22, 2008
of course it is........
congress is asking for more time to review a three page proposal from the white house? disclosure please....
#3 Sep 22, 2008
Section 1. Short Title.
This Act may be cited as __________
Sec. 2. Purchases of Mortgage-Related Assets.
(a) Authority to Purchase.–The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.
(b) Necessary Actions.–The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:
(1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties;
(2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts;
(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;
(4) establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations; and
#4 Sep 22, 2008
(5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act.
Sec. 3. Considerations.
In exercising the authorities granted in this Act, the Secretary shall take into consideration means for–
(1) providing stability or preventing disruption to the financial markets or banking system; and
(2) protecting the taxpayer.
Sec. 4. Reports to Congress.
Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3.
Sec. 5. Rights; Management; Sale of Mortgage-Related Assets.
(a) Exercise of Rights.–The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.
(b) Management of Mortgage-Related Assets.–The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom.
(c) Sale of Mortgage-Related Assets.–The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.
(d) Application of Sunset to Mortgage-Related Assets.–The authority of the Secretary to hold any mortgage-related asset purchased under this Act before the termination date in section 9, or to purchase or fund the purchase of a mortgage-related asset under a commitment entered into before the termination date in section 9, is not subject to the provisions of section 9.
Sec. 6. Maximum Amount of Authorized Purchases.
The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time
#5 Sep 22, 2008
Sec. 7. Funding.
For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure.
Sec. 8. Review.
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.
Sec. 9. Termination of Authority.
The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.
Sec. 10. Increase in Statutory Limit on the Public Debt.
Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.
Sec. 11. Credit Reform.
The costs of purchases of mortgage-related assets made under section 2(a) of this Act shall be determined as provided under the Federal Credit Reform Act of 1990, as applicable.
Sec. 12. Definitions.
For purposes of this section, the following definitions shall apply:
(1) Mortgage-Related Assets.–The term “mortgage-related assets” means residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before September 17, 2008.
(2) Secretary.–The term “Secretary” means the Secretary of the Treasury.
(3) United States.–The term “United States” means the States, territories, and possessions of the United States and the District of Columbia.
#6 Sep 22, 2008
I guess they find it offensive, erased the first part of the bill: try
Since: Mar 08
#7 Sep 22, 2008
Just one minor point missing - the people responsible for this must forfeit all of their assets and spend 10 years in prison.
#8 Sep 22, 2008
Bush just keeps on digging that old knife into America's heart.
Like that quote from Macbeth:
I think our country sinks beneath the yoke;
It weeps, it bleeds, and each new day a gash
Is added to her wounds (4.3.39)
#9 Sep 22, 2008
I like how Bush is saying that Congress must pass the bill right now. He wants the rubber stamp, just like he got on going into Iraq. I wouldn't blame the Democrats for giving this more than a once over before they pass it.
#10 Sep 22, 2008
All the IDIOT want is a bailout!!! Don't give it to him.
#11 Sep 22, 2008
Here is one of the worst cuts:
"Sec. 8. Review.
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."
Anyone who would vote for this theft, or mcclone/palin is nuts.
Some would rob you with a six gun an some with a fountain pen.--Woody Guthrie
#12 Sep 22, 2008
After the election on 11/04/08 when the Democrats win a larger majority in the congress (Polls show) The REPUGS will be more useless than before. With a DEMOCRATIC President and wide majority in the Congress the country will be a much better place to live. If you can't get it, move to another country moron.....
#13 Sep 22, 2008
If the democrats come into power, we will see a socialist country instead of a democratic country, we will be paying higher taxes (50% or more of our income will go to taxes instead of 30%)(this will effect the middle class the most) and we will be put on a waiting list to get medical treatment.
#14 Sep 22, 2008
No, the majority of taxpayers will pay less in taxes.
#15 Sep 22, 2008
Please seek help for your drug addiction.
#16 Sep 22, 2008
Contrary to this poster's opinion -- You can find more of the truth here... http://www.foxnews.com/story/0,2933,425924,00...
Be sure and read the links...
And for you New York Times fans, your heros are referenced in the links, so please spare us your faux outrage.
This whole mess is lefty "social engineering", brought to you by the Clintons, Harry Reid and our fine Democrat politicians.
While the Democrat demands here aren't quite as big a fraud as Obama, this is a classic case of screwing up the country, blaming it on the stupid Republicans and trying to screw it up more in the guise of "fixing the problem".
(For those of you who are really interested in political chicanery try: http://hotair.com/archives/2008/09/22/corpora... And as before, don't just stop with the summary, dig into the links, you will be well rewarded for your efforts.) "Hope", "Change", "Sizzle" its all the same.
#17 Sep 22, 2008
You flunked economics, didn't you.
#18 Sep 22, 2008
Well i know personally that I will be paying high tax rates being middle class cause I already do. I dont know what taxpayers your talking about. And I am not addicted to any drugs. Just pay attention and remember what has happened in the past when democrats are in office.
#19 Sep 22, 2008
Relax, you're right, they're just reguritating the party line. The only way you can grow government, is by growing taxes. The limit is when you bankrupt the country. This little disaster has come reasonably close.
#20 Sep 22, 2008
Fox news!! Fox News? HAHAHAHAHA
You MUST be a Palin voter! The criminal mindset is so predictable, and will son be so irrelivant!
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