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Deal or No Deal?
Posted by: McQ on Thursday, September 25, 2008

Right now, no deal:
Sources tell ABC News' George Stephanopoulos that Treasury Secretary Henry Paulson fears the Wall Street bailout deal is falling apart after a chaotic White House meeting.

Earlier today Paulson walked into the room where Democrats were caucusing, and pleaded with them 'please don't blow this up,' Stephanopoulos reports.

House Financial services Chairman Barney Frank, D-Mass., was livid, saying 'Don't say that to us after all we've been through!'

Democrats believe that House Republicans are torpedoing the framework deal. The House Republicans have come with a new proposal that Paulson opposes.

Democrats involved in the negotiations are reportedly very upset that the nearly-agreement now appears to be in jeopardy.

"No agreement," said Senate Majority Leader Harry Reid spokesman Jim Manley outside the White House. "There are still sticking points to be worked out."

Frank told Democratic colleagues that McCain's involvement has destroyed chance of an agreement.

Frank compared McCain's involvement to: "Richard Nixon blowing up the Vietnam peace talks in 1968," ABC's George Stephanopoulos reports.
Heh ... you know, I might learn to like this McCain guy. If Barney Frank is unhappy, things are probably going in the right direction.

However here's where it is headed - or was:
Staff members of the Senate Banking Committee released an "agreement of principles" to reporters at the White House, as the meeting with Bush, Congressional leaders, and the presidential candidates got under way.

Under the agreement, only $250 billion will be initially funded immediately and an additional $100 billion will be provided when the Treasury Secretary asks for it. The final $350 billion can be denied. To do so, Congress would need to make a "joint resolution of disapproval."

The plan would also see the Treasury Secretary is to reduce inappropriate executive compensation for companies that participate. Taxpayers are to receive some sort of equity in the companies that participate. And most of any profits are to be directed to pay down then national debt.

The agreement also calls for an oversight board that can issue cease and desist orders; regular reports to Congress but no timeframes specified; a new Inspector General to monitor the Treasury Secretary; GAO audits of funds.

The plan would require the government to modify mortgages which it owns or controls outright to prevent foreclosures and where possible coordinate efforts to modify loans it does not control. Also, a portion of future profits from the plan are to be used to fund existing affordable housing programs.
As stated in the first sentence - this was the deal going into the meeting.

BTW, anyone else notice this line?

"Taxpayers are to receive some sort of equity in the companies that participate."

That's Congressional short-hand for "the taxpayers will pay all the bills and "the people" will keep any profits."

"The people", of course means the government.

Also notice the last sentence in the last paragraph. The code phrase "affordable housing" means once they weather this storm, they intend to get back to business as usual on at least some scale.

And I loved this:
Top negotiators said they have reached broad agreement on the need for a panel to conduct oversight on how the vast sums of taxpayer cash are spent, agreeing on the need for certain protections.
Yup - the same guys who got you into this mess are now concerned about oversight suddenly and spending the "vast sums" of your money carefully.

Give me a freakin' break. My gag reflex isn't that strong.

Obama? He's mentioned twice in the article. Once when it says he showed up for the meeting and this:
While Obama has agreed to attend the meeting at the White House this afternoon, he has refused to give in to McCain's argument that they need to push back the debate.

The Obama campaign issued a schedule with the Mississippi debate on it for Friday.
Standing firm on the important issues of the day.
 
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Previous Comments to this Post 

Comments
wait a second...why are Democrats blaming House Republicans for this not passing? It’s not like they can filibuster this in any way: the Dems are in full control in the House. They can pass this without a single Republican vote, and there’s no sign from the Senate of a Filibuster.

WTF are they doing? Something is going on here we’re not being told about.
 
Written By: Joel C.
URL: http://
"The plan would require the government to modify mortgages which it owns or controls outright to prevent foreclosures a"

I believe I mentioned awhile back that the fed. government, via the Farmers Home Administration, has been in the mortgage and landlord business for over a generation that I am aware of, and it has cost the taxpayer a bundle in direct and indirect costs. Now they want to do more of the same, on an even bigger scale. No. Nyet. Nein. Non. F*** No.

Someone mentioned here a day or two ago that Chile loaned money, with stringent conditions, in a similar crisis. Perhaps we should explore that option, even if it does come from a third world country.



"Something is going on here we’re not being told about."

So what’s new?
 
Written By: timactual
URL: http://
Yes, McQ, Obama wants to go on with the debate. You know, god forbid that our politicians actually go on television and debate the issues of the day before the American people. Better they take the McQ/GOP approach and do it in secret.

You are amazing.
 
Written By: mkultra
URL: http://
What’s even more amazing, McQ, is that your hero George W. Bush and his administration are the main backers of the bailout plan. It’s their idea. Their baby. And they want no Congressional oversight.

For some reason, McQ thinks Americans are stupid: That they will believe that the GOP - which has held the presidency for the last 8 years and the Congress for 6 of the last 8 - is in no way responsible for the mess. It’s all the Democrats’ fault. Especially Obama’s.

Wow. You are amazing, McQ.
 
Written By: mkultra
URL: http://
Ahh yes, the new and improved mkultra. How nice.

Having read these pages for the last 5 years or so, I can see how you think George Bush is a hero around here. Not!

Debate, schmebate. If they were actually going to debate it might be worth while, but as they’ll just be spouting off memorized responses, what’s the big deal?

What’s even more amazing, McQ, is that your hero George W. Bush and his administration are the main backers of the bailout plan. It’s their idea. Their baby. And they want no Congressional oversight.
What;s even more amazing mk is that you think we’re all in support of this horrid plan. Try reading for comprehension for once.
 
Written By: meagain
URL: http://
McQ - Heh ... you know, I might learn to like this McCain guy. If Barney Frank is unhappy, things are probably going in the right direction.

Yep. Been reading a bit of the news and our friend Barney is about to have a stroke BECAUSE REPUBLICANS AREN’T BACKING GEORGE BUSH!!! Hilarious. Normally, Bush is the Root Of All Evil as far as Barney and his pals are concerned, but now they’re tripping over themselves to DEMAND that the GOP members of Congress go along with him.

It’s quite a reversal of usual positions. Normally, it’s the dems who (publicly, at least) rail against Wall Street fat cats and corporate welfare while the GOP is supposed to be the "party of the rich". Now, the dems can’t wait to shell out billions of taxpayer money to those very fat cats while the GOP is digging in its heels.

Interesting times, indeed.
 
Written By: docjim505
URL: http://
Here’s an idea I just had...

How about the government buy up these properties, at a deep discount, and then resell them to veterans at cost.
 
Written By: Keith_Indy
URL: http://asecondhandconjecture.com
"mkultra", the nameless coward:
"...McQ, is that your hero George W. Bush..."
Why do you keep lying like that?
 
Written By: Billy Beck
URL: http://www.two—four.net/weblog.php
Why do you keep lying like that?
It’s not a lie (to them) if they believe it, even if it is contrary to all facts.
 
Written By: Keith_Indy
URL: http://asecondhandconjecture.com

 
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