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Sunday, September 28, 2008

Chaos despite Bailout Deal

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U.S. lawmakers on Sunday were set to sign off on a deal to create a $700 billion government fund to buy bad debt from ailing banks in a bid to stem a credit crisis threatening the global economy. After marathon talks into the wee hours of Sunday morning, congressional leaders from both parties emerged with an agreement that altered key parts of a Wall Street bailout program initially proposed by the Bush administration. The preceding week of negotiations over the rescue package roiled financial markets and altered the course of the U.S. presidential campaign less than six weeks before the election. "We've made great progress," House of Representatives Speaker Nancy Pelosi told reporters after the talks. Treasury Secretary Henry Paulson lobbied hard for the package -- the largest bailout in U.S. history -- saying it would keep credit markets from grinding to a halt under the burden of bad mortgage-backed bonds created by banks at a time when it looked like home prices had nowhere to go but up. Congress was racing to reach an agreement before Asian financial markets open on Monday to avoid a repeat of last week's white-knuckle volatility. It was unclear when the House and the Senate would vote on the bailout legislation, or whether last-minute hitches might arise. U.S. President George W. Bush spoke with Pelosi on Saturday evening and news of a deal was welcomed at the White House.

Bailout deal breaks down; Bernanke back to Capitol
Could be over the historical rainbow for cycling wizard Bettini 2 Iraqi researchers sue ... All: u.s. world: politics: business: sports: entertainment: sci/tech: health: odd: video ...
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My Way News - Bernanke: Approve bailout or risk recession
... act on the Bush administration's $700 billion plan to bail out ... Chuck Schumer, D-N.Y., asked if $150 billion might be ... said that would be a "grave mistake," and would fail to ...
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USNews.com: Money & Business: AP Article
Democrats claim progress in reaching bailout deal . By JULIE HIRSCHFELD DAVIS and DAVID ESPO ... Frank indicated they might ultimately drop a requirement that a portion of any profits ...
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Bailout fails to prevent chaos
Deal on U.S. bank bailout in sight: Bush. U.S. lawmakers and the White ... Bailout fails to prevent chaos Oil prices soar as U.S ... but refused to reveal what those measures might be
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The Daily Item, Sunbury, PA - AP NEWS
Barney Frank predicts bailout deal by Sunday . By JULIE HIRSCHFELD DAVIS and DAVID ESPO ... Frank indicated they might ultimately drop a requirement that a portion of any profits ...
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Frank sees bailout agreement by Sunday
Frank indicated they might ultimately drop a requirement that a portion of any profits from the rescue be funneled to a ... Amid GOP revolt, bailout deal breaks down Area office vacancies and rents climb
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Source: Seattle Times
NewsDateTime: 9/26/2008

Deal reached on financial markets bailout
Congressional leaders and the Bush administration reached a tentative deal early Sunday on a landmark bailout of imperiled financial markets ... It was not immediately clear how many House Republicans might vote for the measure.
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Source: Akron Beacon Journal
NewsDateTime: 9 hours ago

Wachovia, looking for help, turns to Citigroup
The talks are early, and no deal may emerge from them. But it appeared Wachovia was seeking potential alternatives should the bailout plan being debated in Washington not pass quickly, or fail to ... What the bailout might do, however, is relieve ...
more ...
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Source: International Herald Tribune
NewsDateTime: 3 hours ago

The sheriff and the professor
The alleged deal that had been cut before McCain landed in ... As McCain countered, "If we fail in Iraq, it encourages al Qaeda. ... candidate would articulate which of their pet proposals might have to be postponed if the $700 billion bailout passes
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Source: San Francisco Gate
NewsDateTime: 2 hours ago

What’s Free About Free Enterprise?
A huge bailout plan is being hammered out in Washington precisely to avert this kind ... Once the federal government declares, “Thou shalt not fail,” there are no ... into the future, and as the crisis finally passes into history, how will we deal ...
more ...
go to website
Source: The Ledger
NewsDateTime: 3 hours ago

Videos from YouTube
Title: Bill Clinton On The Bailout
Categories: News,global,clinton,bailout,bill,bank,

Published on: 9/25/2008 7:42:59 AM
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: 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: 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: Let's Play "WALLSTREET BAILOUT" The Rules Are... Rep Kaptur
Categories: military,economy,congress,taxcuts,gitmo,habeas,News,congresswoman,relief,mama,bush,kaptur,iraq,cheney,bill,corpus,

Published on: 9/22/2008 8:03:52 PM

Bailout Deal hopes

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U.S. lawmakers on Sunday were set to sign off on a deal to create a $700 billion government fund to buy bad debt from ailing banks in a bid to stem a credit crisis threatening the global economy. After marathon talks into the wee hours of Sunday morning, congressional leaders from both parties emerged with an agreement that altered key parts of a Wall Street bailout program initially proposed by the Bush administration. The preceding week of negotiations over the rescue package roiled financial markets and altered the course of the U.S. presidential campaign less than six weeks before the election. "We've made great progress," House of Representatives Speaker Nancy Pelosi told reporters after the talks. Treasury Secretary Henry Paulson lobbied hard for the package -- the largest bailout in U.S. history -- saying it would keep credit markets from grinding to a halt under the burden of bad mortgage-backed bonds created by banks at a time when it looked like home prices had nowhere to go but up. Congress was racing to reach an agreement before Asian financial markets open on Monday to avoid a repeat of last week's white-knuckle volatility. It was unclear when the House and the Senate would vote on the bailout legislation, or whether last-minute hitches might arise. U.S. President George W. Bush spoke with Pelosi on Saturday evening and news of a deal was welcomed at the White House.

Videos from YouTube
Title: Bill Clinton On The Bailout
Categories: News,global,clinton,bailout,bill,bank,

Published on: 9/25/2008 7:42:59 AM
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: Ron Paul Fox News 9/17/08 AIG bailout
Categories: News,Fox,Baldwin,Ron,McKinney,News,Paul,Nader,

Published on: 9/22/2008 8:03:52 PM

Bailout Deal might fail

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U.S. lawmakers on Sunday were set to sign off on a deal to create a $700 billion government fund to buy bad debt from ailing banks in a bid to stem a credit crisis threatening the global economy. After marathon talks into the wee hours of Sunday morning, congressional leaders from both parties emerged with an agreement that altered key parts of a Wall Street bailout program initially proposed by the Bush administration. The preceding week of negotiations over the rescue package roiled financial markets and altered the course of the U.S. presidential campaign less than six weeks before the election. "We've made great progress," House of Representatives Speaker Nancy Pelosi told reporters after the talks. Treasury Secretary Henry Paulson lobbied hard for the package -- the largest bailout in U.S. history -- saying it would keep credit markets from grinding to a halt under the burden of bad mortgage-backed bonds created by banks at a time when it looked like home prices had nowhere to go but up. Congress was racing to reach an agreement before Asian financial markets open on Monday to avoid a repeat of last week's white-knuckle volatility. It was unclear when the House and the Senate would vote on the bailout legislation, or whether last-minute hitches might arise. U.S. President George W. Bush spoke with Pelosi on Saturday evening and news of a deal was welcomed at the White House.

Troubled bailout talks restarted — with urgency
Wachovia Begins Early Deal Talks with Citi ... and Congress anxiously revived negotiations on a $700 billion financial bailout on ... Frank indicated they might ultimately drop a requirement that a portion of any ...
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Source: CNBC
NewsDateTime: 9/26/2008

Wachovia, looking for help, turns to Citigroup
The talks are early, and no deal may emerge from them. But it appeared Wachovia was seeking potential alternatives should the bailout plan being debated in Washington not pass quickly, or fail to ... What the bailout might do, however, is relieve ...
more ...
go to website
Source: International Herald Tribune
NewsDateTime: 3 hours ago

What’s Free About Free Enterprise?
A huge bailout plan is being hammered out in Washington precisely to avert this kind ... Once the federal government declares, “Thou shalt not fail,” there are no ... into the future, and as the crisis finally passes into history, how will we deal ...
more ...
go to website
Source: The Ledger
NewsDateTime: 3 hours ago

Top Democrats vow to reach bailout deal
Top Democrats vow to reach bailout deal Senate Majority Leader Reid: ... especially after Washington Mutual Inc. became the largest U.S. bank to fail. ... going to be in session next week,” the Nevada Democrat said, adding there might ...
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Source: MSNBC
NewsDateTime: 9/26/2008

Congress, White House reach financial bailout deal
Congress, White House reach financial bailout deal ... The $700 billion bailout package might actually be worth it!
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Source: ksl.com
NewsDateTime: 7 hours ago

The next step will involve selling the deal to rank-and-file lawmakers, who have been unhappy over signing on to a giant bailout package just weeks before the November elections. House Minority Whip Roy Blunt (R., Mo.) said that he planned to talk to colleagues and get reactions. Lawmakers had entered a new round of meetings shortly after 7:30 p.m. EDT Saturday, with pizzas headed to one office and a platter from sandwich shop Cosi being delivered into the House Speaker's office. By roughly 11:30 p.m., what Sen. Reid described as a "breakthrough" came in the form of an idea from Ms. Pelosi that was enough to advance talks. "She took over at the last minute," a House staffer familiar with the talks said Sunday morning. "The last hour-and-a-half she really brought things together and made it possible to reach this point." Ms. Pelosi found middle ground with other negotiators on provisions aimed at allowing the federal government to recoup money for taxpayers if the asset-purchase program isn't making money after a certain amount of time. A House leadership aide said early Sunday morning that details were not immediately available because the staff was still finalizing language, but that the general concept was to provide Congress with a mechanism that would be triggered at some point in time -- likely within five years -- that would allow lawmakers to offset some, if not all, of the bailout costs. One idea that has been floated by both conservative House Democrats and Senate Democrats has been to create a deposit insurance fund similar to the one operated by the Federal Deposit Insurance Corp. for bank accounts. A Senate aide said they were pushing provisions that would address such concerns, mainly by assessing fees on a wide swath of financial institutions over a certain asset size to create a privately-funded rescue fund to pay for any future and current bailouts. Offers and counteroffers were flowing back and forth all night. Among the offers extended by Democrats: an agreement to drop a proposal to devote 20% of potential profits to an affordable housing fund, according to a Senate staffer close to the talks. A House staffer reached after the deal announcement was made confirmed that lawmakers did decide to drop the affordable housing fund proposals, which would have potentially directed billions to state and local governments to fund housing projects. One of the biggest sticking points involved concerns that executives at troubled financial institutions would wind up benefiting from handsome pay packages as the government took on more risks. But Democrats emerging from the talks said a whole array of issues related to executive pay had been addressed, including issues involving "golden parachutes," the big pay packages that are sometimes awarded to departing executives. Mr. Dodd said that protections against golden-parachute awards had made it into the final deal, along with an insurance component sought by House Republicans as an option for the Treasury to use if necessary and requirements that Treasury is seeking to mitigate and reduce foreclosures where possible. Overall, staff said they had successfully expanded the original two-and-a-half-page Treasury proposal delivered to Congress a week ago to include significant oversight of the asset-purchase program, executive compensation restrictions, the potential for equity stakes in firms that participate in the asset-sale program, and other protections for taxpayers that will be key to attracting bipartisan support during votes this week. The summary issued by Ms. Pelosi's office said the legislation will include provisions giving Treasury the ability to work with cash-strapped homeowners whose mortgages are purchased by the federal government to refinance into a more affordable mortgage. Other foreclosure-prevention measures included in the agreement are an extension of the tax holiday for homeowners who face foreclosure, as well as a tax break for community banks who held shares of Fannie Mae and Freddie Mac. The rescue plan will allow affected banks to take an immediate tax deduction on losses from investments in the two firms, which were taken over by the federal government earlier this month. Lawmakers also included provisions allowing them to keep a close eye on the Treasury program, including a bipartisan oversight board appointed by members of both parties in Congress, an inspector general to monitor Treasury decisions, and regular audits from the Government Accountability Office. Additionally, Treasury will be required to make transactions made through the troubled asset program available publicly online. Unlike the original Treasury proposal, which would have given the department legal immunity in the program, the tentative agreement reached late Saturday allows for judicial review of Treasury decisions. Some lawmakers had set a deadline of reaching a deal by the time the Asian markets open Sunday evening. In a sign of how sensitive Congress is to market reaction, lawmakers stayed in touch with outside experts during the negotiations, including talking to billionaire investor Warren Buffett. Associated Press Sen. Charles Schumer, left, Sen. Max Baucus and Sen. Jack Reed take a short break during ongoing negotiations on Capitol Hill Saturday. The bailout negotiations had taken a step forward Friday, when Senate Democrats agreed to include an insurance-based scheme as an option as part of the Wall Street bailout package in a bid to win support of House Republicans, who have been the main obstacle to reaching an agreement. After an apparent agreement was announced by lawmakers Thursday, House Republicans threw a wrench into the process by saying they would not support the deal, proposing instead their own alternative plan. That plan would be based around the idea of an industry-funded insurance pool to provide certainty to the markets, rather than a taxpayer-funded scheme.

Videos from YouTube
Title: Bill Clinton On The Bailout
Categories: News,global,clinton,bailout,bill,bank,

Published on: 9/25/2008 7:42:59 AM
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: Ron Paul Fox News 9/17/08 AIG bailout
Categories: News,Fox,Baldwin,Ron,McKinney,News,Paul,Nader,

Published on: 9/22/2008 8:03:52 PM

The Key players in the Bailout Deal

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Top U.S. policy makers emerged from hours of tense negotiations with a clear message just after midnight Sunday morning: A deal to bailout U.S. financial markets has been agreed on and all that remains to be done is to commit the legislation to paper.

House Speaker Nancy Pelosi, Treasury Secretary Henry Paulson, right, Senate Majority Leader Harry Reid, second left, and Sen. Judd Gregg, left, announce a tentative deal on legislation regarding the financial crisis just after midnight Sunday. Treasury Secretary Henry Paulson, House Speaker Nancy Pelosi (D., Calif.), and Senate Majority Leader Harry Reid (D.), were flanked by key negotiators in the Capitol as they announced that a $700 billion plan to have Treasury buy up toxic assets had been all but finalized after hours of exhausting negotiations. "I think we're there," an exhausted Mr. Paulson said, a sentiment echoed in the statements of negotiators such as House Financial Services Chairman Barney Frank (D., Mass.) and Senate Banking Committee head Christopher Dodd (D., Conn.). Those present said the bailout plan still needs to be drafted in its final form, a process staff members were expected to continue throughout the night in what one aide called a "marathon drafting session" in Ms. Pelosi's office just off the rotunda in the Capitol building. A formal announcement is scheduled for some time Sunday, though an exact time and location were not immediately available. A summary of the tentative agreement released by Ms. Pelosi's office said the plan "gives taxpayers an ownership stake and profit-making opportunities with participating companies; puts taxpayers first in line to recover assets if a participating company fails; (and) guarantees taxpayers are repaid in full -- if other protections have not actually produced a profit." Additionally, the summary said the legislation will expand the range of firms that can sell troubled assets to the government to include pension plans, local governments and community banks serving "low- and middle-income families." A House Democratic aide said the government would be able to receive warrants it could hold until maturity from financial firms on assets received either through auctions or through direct purchases. The summary also said the legislation would institute new executive-compensation requirements for participating companies, including "no multi million dollar golden parachutes," limits on compensation generally, and the ability to recover "bonuses paid based on promised gains that later turn out to be false or inaccurate." President George W. Bush spoke with Ms. Pelosi earlier in the evening about the discussions, and the White House welcomed news of the deal. "We're very pleased with the progress tonight and appreciate the extraordinary bipartisan efforts being made to stabilize our financial markets and protect our economy," White House spokesman Tony Fratto said.

Paulson, Senate Dems reach tentative bailout deal
Senate Democrats emerged from a meeting Wednesday with Treasury Secretary Henry Paulson to report a general, conceptual — but fragile — agreement on a $700 billion plan to ...
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Tentative agreement on bailout falls apart
Urgent efforts to lash together a $700 billion rescue plan for the national economy broke apart Thursday night, hours after key lawmakers had declared they had reached a deal.
more ...
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Cached

Amid Gop Revolt Bailout Deal Breaks Down
Democrats claim progress in reaching bailout deal . By JULIE HIRSCHFELD DAVIS and DAVID ESPO Associated Press Writers
more ...
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Cached

Discord stalls U.S. bailout deal
Senate Leader Harry Reid said negotiations aimed at recasting the bailout deal got under way again late Thursday evening. The tentative deal, announced earlier, included an initial ...
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Tentative deal could be near in writers strike - More news and other ...
Tentative deal could be near in writers strike Scribes reach interim deal with 4 independent ... Bailout deal nears, but will it work?
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Tentative deal reached on market bailout
WASHINGTON — Congressional negotiators and the Bush administration's top Treasury officials are set to go to work today on settling the final details of a historic $700-billion Wall Street bailout aimed at keeping credit flowing and saving the ...
more ...
go to website
Source: Detroit Free Press
NewsDateTime: 1 hour ago

US Congress leaders, Bush administration reach tentative deal on ...
Congressional leaders and the Bush administration have reached a tentative deal on a landmark bailout of imperiled financial markets whose collapse could plunge the nation into a deep recession. House Speaker Nancy Pelosi announced the US$700 billion ...
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Source: MSN UK News
NewsDateTime: 5 hours ago

Lawmakers Reach Tentative Bailout Deal
2 of 10 Top U.S. policy makers emerged from hours of tense negotiations with a clear message just after midnight Sunday morning: A deal to bailout U.S. financial markets has been agreed on and all that remains to be done is to commit the legislation ...
more ...
go to website
Source: Wall Street Journal
NewsDateTime: 5 hours ago

US Congress, White House reach financial bailout deal
WASHINGTON: Congressional leaders and the Bush administration have reached a tentative deal on a bailout of imperilled financial markets that could cost taxpayers hundreds of billions of dollars. The House could vote on it Sunday and the Senate on ...
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Source: Times of India
NewsDateTime: 6 hours ago

Accord on rescue plan
NEW YORK (CNNMoney.com) -- Congressional leaders said shortly after midnight that they had reached a tentative deal over the White House's proposed $700 billion bailout of the financial system. Members of both parties and Treasury Secretary Henry ...
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Source: CNN Money
NewsDateTime: 53 minutes ago

The next step will involve selling the deal to rank-and-file lawmakers, who have been unhappy over signing on to a giant bailout package just weeks before the November elections. House Minority Whip Roy Blunt (R., Mo.) said that he planned to talk to colleagues and get reactions. Lawmakers had entered a new round of meetings shortly after 7:30 p.m. EDT Saturday, with pizzas headed to one office and a platter from sandwich shop Cosi being delivered into the House Speaker's office. By roughly 11:30 p.m., what Sen. Reid described as a "breakthrough" came in the form of an idea from Ms. Pelosi that was enough to advance talks. "She took over at the last minute," a House staffer familiar with the talks said Sunday morning. "The last hour-and-a-half she really brought things together and made it possible to reach this point." Ms. Pelosi found middle ground with other negotiators on provisions aimed at allowing the federal government to recoup money for taxpayers if the asset-purchase program isn't making money after a certain amount of time. A House leadership aide said early Sunday morning that details were not immediately available because the staff was still finalizing language, but that the general concept was to provide Congress with a mechanism that would be triggered at some point in time -- likely within five years -- that would allow lawmakers to offset some, if not all, of the bailout costs. One idea that has been floated by both conservative House Democrats and Senate Democrats has been to create a deposit insurance fund similar to the one operated by the Federal Deposit Insurance Corp. for bank accounts. A Senate aide said they were pushing provisions that would address such concerns, mainly by assessing fees on a wide swath of financial institutions over a certain asset size to create a privately-funded rescue fund to pay for any future and current bailouts. Offers and counteroffers were flowing back and forth all night. Among the offers extended by Democrats: an agreement to drop a proposal to devote 20% of potential profits to an affordable housing fund, according to a Senate staffer close to the talks. A House staffer reached after the deal announcement was made confirmed that lawmakers did decide to drop the affordable housing fund proposals, which would have potentially directed billions to state and local governments to fund housing projects. One of the biggest sticking points involved concerns that executives at troubled financial institutions would wind up benefiting from handsome pay packages as the government took on more risks. But Democrats emerging from the talks said a whole array of issues related to executive pay had been addressed, including issues involving "golden parachutes," the big pay packages that are sometimes awarded to departing executives. Mr. Dodd said that protections against golden-parachute awards had made it into the final deal, along with an insurance component sought by House Republicans as an option for the Treasury to use if necessary and requirements that Treasury is seeking to mitigate and reduce foreclosures where possible. Overall, staff said they had successfully expanded the original two-and-a-half-page Treasury proposal delivered to Congress a week ago to include significant oversight of the asset-purchase program, executive compensation restrictions, the potential for equity stakes in firms that participate in the asset-sale program, and other protections for taxpayers that will be key to attracting bipartisan support during votes this week. The summary issued by Ms. Pelosi's office said the legislation will include provisions giving Treasury the ability to work with cash-strapped homeowners whose mortgages are purchased by the federal government to refinance into a more affordable mortgage. Other foreclosure-prevention measures included in the agreement are an extension of the tax holiday for homeowners who face foreclosure, as well as a tax break for community banks who held shares of Fannie Mae and Freddie Mac. The rescue plan will allow affected banks to take an immediate tax deduction on losses from investments in the two firms, which were taken over by the federal government earlier this month. Lawmakers also included provisions allowing them to keep a close eye on the Treasury program, including a bipartisan oversight board appointed by members of both parties in Congress, an inspector general to monitor Treasury decisions, and regular audits from the Government Accountability Office. Additionally, Treasury will be required to make transactions made through the troubled asset program available publicly online. Unlike the original Treasury proposal, which would have given the department legal immunity in the program, the tentative agreement reached late Saturday allows for judicial review of Treasury decisions. Some lawmakers had set a deadline of reaching a deal by the time the Asian markets open Sunday evening. In a sign of how sensitive Congress is to market reaction, lawmakers stayed in touch with outside experts during the negotiations, including talking to billionaire investor Warren Buffett. Associated Press Sen. Charles Schumer, left, Sen. Max Baucus and Sen. Jack Reed take a short break during ongoing negotiations on Capitol Hill Saturday. The bailout negotiations had taken a step forward Friday, when Senate Democrats agreed to include an insurance-based scheme as an option as part of the Wall Street bailout package in a bid to win support of House Republicans, who have been the main obstacle to reaching an agreement. After an apparent agreement was announced by lawmakers Thursday, House Republicans threw a wrench into the process by saying they would not support the deal, proposing instead their own alternative plan. That plan would be based around the idea of an industry-funded insurance pool to provide certainty to the markets, rather than a taxpayer-funded scheme.

Videos from YouTube
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: Ron Paul Fox News 9/17/08 AIG bailout
Categories: News,Fox,Baldwin,Ron,McKinney,News,Paul,Nader,

Published on: 9/22/2008 8:03:52 PM
Title: The Dark Bailout
Categories: crisis,economy,obama,movie,president,knight,Comedy,economic,mccain,joker,debate,bailout,dark,bush,presidential,financial,batman,

Published on: 9/25/2008 7:24:57 AM

Tentative Bailout Deal

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Top U.S. policy makers emerged from hours of tense negotiations with a clear message just after midnight Sunday morning: A deal to bailout U.S. financial markets has been agreed on and all that remains to be done is to commit the legislation to paper. Associated Press House Speaker Nancy Pelosi, Treasury Secretary Henry Paulson, right, Senate Majority Leader Harry Reid, second left, and Sen. Judd Gregg, left, announce a tentative deal on legislation regarding the financial crisis just after midnight Sunday. Treasury Secretary Henry Paulson, House Speaker Nancy Pelosi (D., Calif.), and Senate Majority Leader Harry Reid (D.), were flanked by key negotiators in the Capitol as they announced that a $700 billion plan to have Treasury buy up toxic assets had been all but finalized after hours of exhausting negotiations. "I think we're there," an exhausted Mr. Paulson said, a sentiment echoed in the statements of negotiators such as House Financial Services Chairman Barney Frank (D., Mass.) and Senate Banking Committee head Christopher Dodd (D., Conn.). Those present said the bailout plan still needs to be drafted in its final form, a process staff members were expected to continue throughout the night in what one aide called a "marathon drafting session" in Ms. Pelosi's office just off the rotunda in the Capitol building. A formal announcement is scheduled for some time Sunday, though an exact time and location were not immediately available. A summary of the tentative agreement released by Ms. Pelosi's office said the plan "gives taxpayers an ownership stake and profit-making opportunities with participating companies; puts taxpayers first in line to recover assets if a participating company fails; (and) guarantees taxpayers are repaid in full -- if other protections have not actually produced a profit." Additionally, the summary said the legislation will expand the range of firms that can sell troubled assets to the government to include pension plans, local governments and community banks serving "low- and middle-income families." A House Democratic aide said the government would be able to receive warrants it could hold until maturity from financial firms on assets received either through auctions or through direct purchases. The summary also said the legislation would institute new executive-compensation requirements for participating companies, including "no multi million dollar golden parachutes," limits on compensation generally, and the ability to recover "bonuses paid based on promised gains that later turn out to be false or inaccurate." President George W. Bush spoke with Ms. Pelosi earlier in the evening about the discussions, and the White House welcomed news of the deal. "We're very pleased with the progress tonight and appreciate the extraordinary bipartisan efforts being made to stabilize our financial markets and protect our economy," White House spokesman Tony Fratto said.

Tentative deal reached on market bailout
WASHINGTON — Congressional negotiators and the Bush administration's top Treasury officials are set to go to work today on settling the final details of a historic $700-billion Wall Street bailout aimed at keeping credit flowing and saving the ...
more ...
go to website
Source: Detroit Free Press
NewsDateTime: 1 hour ago

Lawmakers Reach Tentative Deal on Bailout
Congressional leaders and the Bush administration this morning said they had struck an accord to insert the government deeply into the nation's financial markets, agreeing to spend up to $700 billion to relieve Wall Street of troubled assets backed ...
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Source: Washington Post
NewsDateTime: 1 hour ago

Lawmakers Reach Tentative Bailout Deal
2 of 10 Top U.S. policy makers emerged from hours of tense negotiations with a clear message just after midnight Sunday morning: A deal to bailout U.S. financial markets has been agreed on and all that remains to be done is to commit the legislation ...
more ...
go to website
Source: Wall Street Journal
NewsDateTime: 3 hours ago

A Deal On The Bailout
Washington, D.C. - Key U.S. policymakers have reached a tentative agreement on a bailout proposal that they expect to present to their colleagues immediately for final approval. "We've made great progress toward a deal which will work and be ...
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Source: Forbes
NewsDateTime: 1 hour ago

Bailout Gallery
Democratic presidential candidate Barack Obama on Sunday gave his tentative support to the bailout proposal. Obama, in a statement released to reporters, said the deal appears to adhere to four "core principles" he laid out:
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Source: CNBC
NewsDateTime: 47 minutes ago

The next step will involve selling the deal to rank-and-file lawmakers, who have been unhappy over signing on to a giant bailout package just weeks before the November elections. House Minority Whip Roy Blunt (R., Mo.) said that he planned to talk to colleagues and get reactions. Lawmakers had entered a new round of meetings shortly after 7:30 p.m. EDT Saturday, with pizzas headed to one office and a platter from sandwich shop Cosi being delivered into the House Speaker's office. By roughly 11:30 p.m., what Sen. Reid described as a "breakthrough" came in the form of an idea from Ms. Pelosi that was enough to advance talks. "She took over at the last minute," a House staffer familiar with the talks said Sunday morning. "The last hour-and-a-half she really brought things together and made it possible to reach this point." Ms. Pelosi found middle ground with other negotiators on provisions aimed at allowing the federal government to recoup money for taxpayers if the asset-purchase program isn't making money after a certain amount of time. A House leadership aide said early Sunday morning that details were not immediately available because the staff was still finalizing language, but that the general concept was to provide Congress with a mechanism that would be triggered at some point in time -- likely within five years -- that would allow lawmakers to offset some, if not all, of the bailout costs. One idea that has been floated by both conservative House Democrats and Senate Democrats has been to create a deposit insurance fund similar to the one operated by the Federal Deposit Insurance Corp. for bank accounts. A Senate aide said they were pushing provisions that would address such concerns, mainly by assessing fees on a wide swath of financial institutions over a certain asset size to create a privately-funded rescue fund to pay for any future and current bailouts. Offers and counteroffers were flowing back and forth all night. Among the offers extended by Democrats: an agreement to drop a proposal to devote 20% of potential profits to an affordable housing fund, according to a Senate staffer close to the talks. A House staffer reached after the deal announcement was made confirmed that lawmakers did decide to drop the affordable housing fund proposals, which would have potentially directed billions to state and local governments to fund housing projects. One of the biggest sticking points involved concerns that executives at troubled financial institutions would wind up benefiting from handsome pay packages as the government took on more risks. But Democrats emerging from the talks said a whole array of issues related to executive pay had been addressed, including issues involving "golden parachutes," the big pay packages that are sometimes awarded to departing executives. Mr. Dodd said that protections against golden-parachute awards had made it into the final deal, along with an insurance component sought by House Republicans as an option for the Treasury to use if necessary and requirements that Treasury is seeking to mitigate and reduce foreclosures where possible. Overall, staff said they had successfully expanded the original two-and-a-half-page Treasury proposal delivered to Congress a week ago to include significant oversight of the asset-purchase program, executive compensation restrictions, the potential for equity stakes in firms that participate in the asset-sale program, and other protections for taxpayers that will be key to attracting bipartisan support during votes this week. The summary issued by Ms. Pelosi's office said the legislation will include provisions giving Treasury the ability to work with cash-strapped homeowners whose mortgages are purchased by the federal government to refinance into a more affordable mortgage. Other foreclosure-prevention measures included in the agreement are an extension of the tax holiday for homeowners who face foreclosure, as well as a tax break for community banks who held shares of Fannie Mae and Freddie Mac. The rescue plan will allow affected banks to take an immediate tax deduction on losses from investments in the two firms, which were taken over by the federal government earlier this month. Lawmakers also included provisions allowing them to keep a close eye on the Treasury program, including a bipartisan oversight board appointed by members of both parties in Congress, an inspector general to monitor Treasury decisions, and regular audits from the Government Accountability Office. Additionally, Treasury will be required to make transactions made through the troubled asset program available publicly online. Unlike the original Treasury proposal, which would have given the department legal immunity in the program, the tentative agreement reached late Saturday allows for judicial review of Treasury decisions. Some lawmakers had set a deadline of reaching a deal by the time the Asian markets open Sunday evening. In a sign of how sensitive Congress is to market reaction, lawmakers stayed in touch with outside experts during the negotiations, including talking to billionaire investor Warren Buffett. Associated Press Sen. Charles Schumer, left, Sen. Max Baucus and Sen. Jack Reed take a short break during ongoing negotiations on Capitol Hill Saturday. The bailout negotiations had taken a step forward Friday, when Senate Democrats agreed to include an insurance-based scheme as an option as part of the Wall Street bailout package in a bid to win support of House Republicans, who have been the main obstacle to reaching an agreement. After an apparent agreement was announced by lawmakers Thursday, House Republicans threw a wrench into the process by saying they would not support the deal, proposing instead their own alternative plan. That plan would be based around the idea of an industry-funded insurance pool to provide certainty to the markets, rather than a taxpayer-funded scheme.

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Published on: 9/25/2008 11:25:46 AM
Title: Ron Paul Fox News 9/17/08 AIG bailout
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Published on: 9/25/2008 7:24:57 AM

financial markets bailout

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House Financial Services Chairman Barney Frank, D-Mass., center, and House Speaker Nancy Pelosi, D-Calif., left, Secretary of the Treasury Henry Paulson, second right, and Senate Majority Leader Harry Reid, D-Nev., right, announce a tentative deal regarding on the financial crisis on Sunday, Sept. 28, 2008 on Capitol Hill in Washington. (AP Photo/Lauren Victoria Burke)
Congressional leaders and the Bush administration reached a tentative deal early Sunday on a landmark bailout of imperiled financial markets whose collapse could plunge the nation into a deep recession. House Speaker Nancy Pelosi announced the $700 billion accord just after midnight but said it still has to be put on paper. "We've still got more to do to finalize it, but I think we're there," said Treasury Secretary Henry Paulson, who also participated in the negotiations in the Capitol. "We worked out everything," said Sen. Judd Gregg, R-N.H., the chief Senate Republican in the talks. Congressional leaders hope to have the House vote on the measure Monday. A Senate vote would come later. The plan calls for the Treasury Department to buy deeply distressed mortgage-backed securities and other bad debts held by banks and other investors. The money should help troubled lenders make new loans and keep credit lines open. The government would later try to sell the discounted loan packages at the best possible price. At the insistence of House Republicans, some of the program's $700 billion would be devoted to a program that would encourage holders of distressed mortgage-backed securities to keep them and buy government insurance to cover defaults. The legislation would place "reasonable" limits on severance packages for executives of companies that benefit from the rescue plan, said a senior administration official who was authorized to speak only on background. It would affect fired executives of financial firms, and executives of firms that go bankrupt. Some of the provisions would be retroactive and some prospective, the official said. The proposed legislation also calls for the financial sector to help make up the difference if the government does not recoup its investment in five years, the official said, but details were unclear. Also, the government would receive stock warrants in return for the bailout relief, giving taxpayers a chance to share in financial companies' future profits.

Congress debating financial market bailout
Democrats on Capitol Hill are questioning whether a proposed $700 billion bailout of the financial system focuses too much on Wall Street and not Main Street. Lawmakers are set to ...
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Jittery Markets Await Pact On Financial Bailout Plan
The Bush administration and Congress stepped up talks on an unprecedented $700 billion bank bailout Sunday as they battled the clock to prevent further financial market turmoil ...
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Financial crisis: Paulson calls for rest of world to copy America's ...
Paulson calls for rest of world to copy America's $700bn financial bail-out ... Paulson's initiative is the biggest intervention in the financial markets by a US ...
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Financial Markets - San Jose Mercury News
Expanded coverage of world and national financial markets from the San Jose Mercury News ... Stocks rise on bailout hopes; credit remains tight NEW YORK—Financial markets grew ...
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AFP: Democrats, Republicans face off over US financial bailout plan
Speaking after a week of upheaval in financial markets, Bush defended the proposed bailout, citing the gravity of the financial crisis. "This is a big package because it was a big ...
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Deal reached on financial markets bailout
WASHINGTON---- Congressional leaders and the Bush administration reached a tentative deal early Sunday on a landmark bailout of imperiled financial markets whose collapse could plunge the nation into a deep recession. House Speaker Nancy Pelosi ...
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Source: Chicago Sun-Times
NewsDateTime: 41 minutes ago

Negotiators make breakthrough on $700b bailout plan
WASHINGTON - Congressional negotiators expect to announce a historic agreement today for a massive $700 billion bailout plan that lawmakers and the White House hope will calm jittery financial markets and ease the national credit crisis. After a ...
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Source: Boston Globe
NewsDateTime: 41 minutes ago

Congress, Bush Administration agree on bank bailout
CONGRESS and the Bush Administration have reached a tentative deal on a bailout of financial markets that could cost US taxpayers hundreds of billions. The House could vote on it today and the Senate on Monday. House Speaker Nancy Pelosi announced ...
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Source: News.com.au
NewsDateTime: 1 hour ago

Congress leaders announce tentative $700 billion Wall Street bailout ...
WASHINGTON - After marathon talks, congressional leaders declared early Sunday morning they had reached a tentative deal on an unprecedented $700 billion bailout of the nation's imperiled financial markets.
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Source: New York Daily News
NewsDateTime: 1 hour ago

Lawmakers Reach Tentative Bailout Deal
2 of 10 Top U.S. policy makers emerged from hours of tense negotiations with a clear message just after midnight Sunday morning: A deal to bailout U.S. financial markets has been agreed on and all that remains to be done is to commit the legislation ...
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Source: Wall Street Journal
NewsDateTime: 1 hour ago

To help struggling homeowners, the plan would require the government to try renegotiating the bad mortgages it acquires with the aim of lowering borrowers' monthly payments so they can keep their homes. The measure's main elements were proposed a week ago by the Bush administration, with Paulson heading efforts to push it through the Democratic-controlled Congress. Democrats insisted on greater congressional oversight, more taxpayer protections, help for homeowners facing possible foreclosure, and restrictions on executives' compensation. To some degree, all those items were added. At the insistence of House Republicans, who threatened to sidetrack negotiations at midweek, the insurance provision was added as an alternative to having the government buy distressed securities. House Republicans say it will require less taxpayer spending for the bailout. But the Treasury Department has said the insurance provision would not pump enough money into the financial sector to make credit sufficiently available. The department would decide how to structure the insurance provisions, said Sen. Kent Conrad, D-N.D., one of the negotiators. Money for the rescue plan would be phased in, he said. The first $350 billion would be available as soon as the president requested it. Congress could try to block later amounts if it believed the program was not working. The president could veto such a move, however, requiring extra large margins in the House and Senate to override. Despite the changes made during an intense week of negotiations, the heart of the program remains Bush's original idea: To have the government spend billions of dollars to buy mortgage-backed securities whose value has plummeted as hundreds of thousands of Americans have defaulted on their home loans. Senate Majority leader Harry Reid, D-Nev., said Saturday that the goal was to come up with a final agreement before the Asian markets open Sunday night. "Everybody is waiting for this thing to tip a little bit too far," he said, so "we may not have another day." Hours later, when he and others told reporters of the plan in a post-midnight news conference, Reid referred to the sometimes testy nature of the negotiations. "We've had a lot of pleasant words," he said, "and some that haven't always been pleasant." "We're very pleased with the progress made tonight," said White House spokesman Tony Fratto. "We appreciate the bipartisan effort to deal with this urgent issue." It was not immediately clear how many House Republicans might vote for the measure. With the election five weeks away, Democrats have said they would not push a plan that appeared sharply partisan in nature.

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Title: Let's Play "WALLSTREET BAILOUT" The Rules Are... Rep Kaptur
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Published on: 9/22/2008 8:03:52 PM
Title: Ron Paul Fox News 9/17/08 AIG bailout
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Published on: 9/24/2008 11:32:51 AM
Title: The Dark Bailout
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Published on: 9/25/2008 7:24:57 AM
Title: This Is How The Bail Out Will Screw You
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Published on: 9/22/2008 9:44:53 PM

The Bailout deal

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Congressional leaders and the Bush administration reached a tentative deal early Sunday on a landmark bailout of imperiled financial markets whose collapse could plunge the nation into a deep recession. House Speaker Nancy Pelosi announced the $700 billion accord just after midnight but said it still has to be put on paper. "We've still got more to do to finalize it, but I think we're there," said Treasury Secretary Henry Paulson, who also participated in the negotiations in the Capitol. "We worked out everything," said Sen. Judd Gregg, R-N.H., the chief Senate Republican in the talks. Congressional leaders hope to have the House vote on the measure Monday. A Senate vote would come later. The plan calls for the Treasury Department to buy deeply distressed mortgage-backed securities and other bad debts held by banks and other investors. The money should help troubled lenders make new loans and keep credit lines open. The government would later try to sell the discounted loan packages at the best possible price. At the insistence of House Republicans, some of the program's $700 billion would be devoted to a program that would encourage holders of distressed mortgage-backed securities to keep them and buy government insurance to cover defaults. The legislation would place "reasonable" limits on severance packages for executives of companies that benefit from the rescue plan, said a senior administration official who was authorized to speak only on background. It would affect fired executives of financial firms, and executives of firms that go bankrupt. Some of the provisions would be retroactive and some prospective, the official said. The proposed legislation also calls for the financial sector to help make up the difference if the government does not recoup its investment in five years, the official said, but details were unclear. Also, the government would receive stock warrants in return for the bailout relief, giving taxpayers a chance to share in financial companies' future profits.

McCain discusses bailout deal with Romney, CEOs
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Washington Times - McCain discusses bailout deal with Romney, CEOs
Republican presidential candidate John McCain met Wednesday with a panel of business executives to seek their opinions on the Bush administration's proposed $700 million bailout of ...
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reportonbusiness.com: White House hopes for bailout deal by Monday
The most authoritative news in Canada featuring articles from The Globe and Mail, breaking news coverage, national news, international news, sports, weather, Report on Business.
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NewsDaily: Bailout deal near as Bush to meet lawmakers
Congress looked close to reaching a deal to approve a $700 billion plan to bail out the U.S. financial system and President George W. Bush called an emergency meeting for Thursday ...
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McCain discusses bailout deal with Romney, CEOs
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McCain calls gov't officials handling bailout deal
Republican John McCain placed phone calls to President Bush and Republican congressional leaders Saturday to help steer a bailout of failed financial institutions. His campaign and that of rival Barack Obama also sought to steer perception of the ...
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Source: Seattle Times
NewsDateTime: 59 minutes ago

Congress, White House reach financial bailout deal
House Financial Services Chairman Barney Frank, D-Mass., center, and House Speaker Nancy Pelosi, D-Calif., left, Secretary of the Treasury Henry Paulson, second right, and Senate Majority Leader Harry Reid, D-Nev., right, announce a tentative deal ...
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Source: Washington Post
NewsDateTime: 44 minutes ago

U.S. reaches bailout deal
WASHINGTON (Reuters) - U.S. lawmakers on Sunday were set to sign off on a deal to create a $700 billion (380 billion pound) fund to buy bad debt from ailing banks in a bid to stem an escalating credit crisis that threatened to engulf the global ...
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Source: MSN UK News
NewsDateTime: 44 minutes ago

Congressional leaders say bailout deal is near
WASHINGTON (CNN) -- Congressional negotiators "made great progress" toward reaching a deal on the White House's proposed $700 billion bailout of the financial system, House Speaker Nancy Pelosi said. Pelosi, flanked by Senate Majority Leader Harry ...
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Source: CNN
NewsDateTime: 2 hours ago

Congress, Paulson strike a financial bailout deal
WASHINGTON — Congressional leaders and the Bush administration reached a tentative deal early Sunday on a landmark bailout of imperiled financial markets whose collapse could plunge the nation into recession. House Speaker Nancy Pelosi announced ...
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Source: USA Today
NewsDateTime: 2 hours ago

To help struggling homeowners, the plan would require the government to try renegotiating the bad mortgages it acquires with the aim of lowering borrowers' monthly payments so they can keep their homes. The measure's main elements were proposed a week ago by the Bush administration, with Paulson heading efforts to push it through the Democratic-controlled Congress. Democrats insisted on greater congressional oversight, more taxpayer protections, help for homeowners facing possible foreclosure, and restrictions on executives' compensation. To some degree, all those items were added. At the insistence of House Republicans, who threatened to sidetrack negotiations at midweek, the insurance provision was added as an alternative to having the government buy distressed securities. House Republicans say it will require less taxpayer spending for the bailout. But the Treasury Department has said the insurance provision would not pump enough money into the financial sector to make credit sufficiently available. The department would decide how to structure the insurance provisions, said Sen. Kent Conrad, D-N.D., one of the negotiators. Money for the rescue plan would be phased in, he said. The first $350 billion would be available as soon as the president requested it. Congress could try to block later amounts if it believed the program was not working. The president could veto such a move, however, requiring extra large margins in the House and Senate to override. Despite the changes made during an intense week of negotiations, the heart of the program remains Bush's original idea: To have the government spend billions of dollars to buy mortgage-backed securities whose value has plummeted as hundreds of thousands of Americans have defaulted on their home loans. Senate Majority leader Harry Reid, D-Nev., said Saturday that the goal was to come up with a final agreement before the Asian markets open Sunday night. "Everybody is waiting for this thing to tip a little bit too far," he said, so "we may not have another day." Hours later, when he and others told reporters of the plan in a post-midnight news conference, Reid referred to the sometimes testy nature of the negotiations. "We've had a lot of pleasant words," he said, "and some that haven't always been pleasant." "We're very pleased with the progress made tonight," said White House spokesman Tony Fratto. "We appreciate the bipartisan effort to deal with this urgent issue." It was not immediately clear how many House Republicans might vote for the measure. With the election five weeks away, Democrats have said they would not push a plan that appeared sharply partisan in nature.

Published on: 9/22/2008 8:03:52 PM
Title: Ron Paul Fox News 9/17/08 AIG bailout
Categories: News,Fox,Baldwin,Ron,McKinney,News,Paul,Nader,

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

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