Monday, September 29, 2008

The Bailout Plan is officially dead

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The Bailout vote has stalled....
To make the legislation more politically palatable, the bill calls for the government, as an owner of a large number of mortgage securities, to exert influence on loan servicers to modify more troubled loans to help prevent additional foreclosures.
It also provides that the government will take equity in the firms that sell the securities to the government, and limits pay packages for top executives.
The legislation comes amid great upheaval in the nation's financial system. On Monday morning, the Federal Deposit Insurance Corp., which insures deposits at failed banks, arranged for the sale of the banking assets of Wachovia (WB, Fortune 500), the nation's No. 4 bank holding company, to Citigroup (C, Fortune 500) for $2.2 billion in stock.

That follows three weeks of other shocks: the Treasury Department's seizure of mortgage finance firms Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500); Wall Street firm Lehman Brothers' bankruptcy filing; rival Merrill Lynch (MER, Fortune 500) purchase by Bank of America (BAC, Fortune 500).
In addition, the Fed bailed out insurance giant American International Group (AIG, Fortune 500), loaning it $85 billion in return for a nearly 80% stake. while Washington Mutual (WM, Fortune 500), the nation's largest savings and loan, became the largest bank failure in history.


Wall Street plummets ahead of bailout vote
While congressional leaders said they had the headcount to pass the vote — a Senate vote could come as early as Wednesday ... Investors give bailout plan ho-hum reception
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Source: MSNBC
NewsDateTime: 52 minutes ago

House begins to vote on $700 billion bailout
House begins to vote on $700 billion bailout ... call began, Democratic and Republican leaders were uncertain about having enough votes to pass the politically unpopular plan.
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Source: CNBC
NewsDateTime: 45 minutes ago

House is set to vote today on bailout plan; Bush prods Congress for ...
WASHINGTON (AP) _ Key supporters of a Wall Street bailout package prodded lawmakers to approve the plan hours ahead of a difficult House vote on Monday ... slated for a vote in the House later Monday and a Senate vote as early as Wednesday, would pass ...
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Source: Chicago Tribune
NewsDateTime: 1 hour ago

Dodd, Gregg, urge lawmakers to pass bailout
Dodd, Gregg, urge lawmakers to pass bailout By JULIE HIRSCHFELD DAVIS ... urge lawmakers to pass bailout · Stocks head for lower open ahead of bailout vote ... year for Calif. vintners · Who wins, who loses under proposed bailout plan? · Sold ...
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Source: Seattle Post Intelligencer
NewsDateTime: 6 hours ago

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Jim Lehrer asked both candidates: will you vote for the plan? Obama's answer ... excellent business reporter Justin Fox, "Capitalism Fails to ... it appears that House Republicans are sabotaging attempts to pass some form of the Paulson bailout plan.
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Source: Salon
NewsDateTime: 9/28/2008


n Sunday evening, the House Republican working group, which stringently opposed earlier drafts of the plan and offered a counterproposal, indicated it would support the bill, and its members are encouraging other Republicans in the House to do the same. "Nobody wants to have to support this bill, but it's a bill that we believe will avert the crisis that's out there," House Minority Leader John Boehner, R-Ohio, told reporters. But the bill did draw some opposition during the morning debate. Rep. John Culberson, R-Texas, said the measure would leave a huge burden on taxpayers. "This legislation is giving us a choice between bankrupting our children and bankrupting a few of these big financial institutions on Wall Street that made bad decisions," he said. Other conservative Republicans argued the bill would be a blow against economic freedom. Thaddeus McCotter, R-Mich., said the bill posed a choice between the loss of prosperity in the short term or economic freedom in the long term. He said once the federal government enters the financial market place, it will not leave. "The choice is stark," he said. But there were also Democrats who opposed the bill for not doing enough to help those who taxpayers facing foreclosure or needing unemployment benefits extended, or taxing Wall Street to pay for the rescue package. "Like the Iraq war and patriot act, this bill is fueled by fear and haste," said Lloyd Doggett, D-Texas. The crisis and a proposed fix Banks and Wall Street firms, worried about both their own needs for cash and the condition of other institutions, essentially stopped loaning money to one another in recent weeks. That choked off the money being made available on Main Street in the form of mortgage loans, business loans and other consumer borrowing. The crisis stems from problems in mortgage-backed securities, which saw their value plunge as home prices have gone into their worst slide since the Great Depression and foreclosures have soared to record levels. In turn, the market for trillion of dollars worth of those securities held by major firms evaporated, sending them down to fire sale prices and raising the risk of widespread failures among the nation's major financial firms. Under the plan, Treasury will buy the mortgage backed securities, either directly from the firms or through an auction process. It may also arrange to provide guarantees for the securities up to their original values in return for premiums they would charge current holders of the securities. To make the legislation more politically palatable, the bill calls for the government, as an owner of a large number of mortgage securities, to exert influence on loan servicers to modify more troubled loans to help prevent additional foreclosures. It also provides that the government will take equity in the firms that sell the securities to the government, and limits pay packages for top executives. The legislation comes amid great upheaval in the nation's financial system. On Monday morning, the Federal Deposit Insurance Corp., which insures deposits at failed banks, arranged for the sale of the banking assets of Wachovia (WB, Fortune 500), the nation's No. 4 bank holding company, to Citigroup (C, Fortune 500) for $2.2 billion in stock. That follows three weeks of other shocks: the Treasury Department's seizure of mortgage finance firms Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500); Wall Street firm Lehman Brothers' bankruptcy filing; rival Merrill Lynch (MER, Fortune 500) purchase by Bank of America (BAC, Fortune 500). In addition, the Fed bailed out insurance giant American International Group (AIG, Fortune 500), loaning it $85 billion in return for a nearly 80% stake. while Washington Mutual (WM, Fortune 500), the nation's largest savings and loan, became the largest bank failure in history.


Videos from YouTube
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Published on: 9/22/2008 8:03:52 PM
Title: Palin: Bailout is about healthcare!
Categories: News,bailout,couric,news,cbs,thinkprogres,healthcare,palin,

Published on: 9/25/2008 11:25:46 AM
Title: Congressman Ron Paul Schools Bernanke on the Bailout Plan
Categories: Price,Monetary,Wall,Bail,Constitutionality,News,Bailout,Ron,Bernanke,Street,Out,Authority,Debt,Fixing,Federal,Paul,Depression,

Published on: 9/24/2008 11:32:51 AM
Title: Ron Paul Fox News 9/17/08 AIG bailout
Categories: News,Fox,Baldwin,Ron,McKinney,News,Paul,Nader,

Published on: 9/17/2008 3:23:30 PM
Title: This Is How The Bail Out Will Screw You
Categories: bad,paulson,pay,off,economy,bailou,the,henry,News,loans,money,street,john,bush,financial,treasury,loan,turks,crisis,wall,republicans,mccain,young,hank,administration,secrretary,

Published on: 9/22/2008 9:44:53 PM


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