Comparison of original Paulson bailout to compromise proposal
POSTED September 28, 2008 | 10:15 AM
House Republican Whip Roy Blunt's office provides this side-by-side comparison of Treasury Secretary Henry Paulson's original Wall Street bailout proposal with the final compromise agreed to over the weekend by congressional and Treasury negotiators:
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Side-by-Side Comparison of Rescue Legislation
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Issue |
Paulson Plan |
Frank-Dodd |
Final Bill |
|
$ |
700B |
700B – Delivered in 150B traunches that can be delayed by Congressional disapproval (and a Presidential signature) |
250B – Immediately available to the Secretary. 100B – Available upon report to Congress. 350B – Available ONLY upon Congressional action.
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Insurance (HouseRepublican Mode) |
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Requirement to establish mandatory insurance/guarantee program at no expense to the taxpayer. “Pay to play” for participating companies, based on risk.
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Executive Compensation |
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Far reaching executive compensation standards that would affect companies not even involved in this financial crisis. Additionally, the bill lowered the deduction on executive pay to $400,000 for ALL companies. |
Workable prohibitions on executive compensation to ensure bad actors are not rewarded. In a total takeover (like what happened with AIG), there will be no golden parachutes or severance pay. For equity participation, over $300M total ban for top 5 executives on golden parachutes and tax deduction limit on compensation above $500,000.
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Oversight/Transparency |
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Onerous, unworkable and repetitive reporting and oversight requirements, hindering proper implementation of program. |
Establishment of bipartisan oversight commission, split evenly between minority and majority. Practical reporting requirements to ensure proper reports to Congress and the public.
If after 5 years the government has a net loss of taxpayer funds as a consequence of the purchase program, the President will be required to submit a legislative proposal to recoup such funds from program beneficiaries.
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“Say on Pay” Union Take Over of Corporate Boards |
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So-called “say on pay” or “proxy access” which propose to mandate a nonbinding shareholder vote on proxy access and other corporate governance issues for all companies in which the Treasury Department buys a direct stake in certain assets.
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OUT |
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Affordable Housing Slush Fund (ACORN Fund) |
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Included a giveaway that would force taxpayers to bankroll a slush fund for ACORN – an organization fraught with controversy for, among other scandals, its fraudulent voter registration activities on behalf of Democratic candidates.
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OUT |
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Bankruptcy “Cramdown” (aka, trial bar give-away) |
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Included so-called “cramdown” provisions allowing bankruptcy judges to reduce mortgage principal under the guise of helping those at risk of foreclosure. If enacted into law, the provision would be a bonanza for trial lawyers and undercut the effectiveness of any economic recovery effort by making it even harder to value mortgage-backed securities.
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OUT |
Mark-to-Market Accounting |
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|
GAO study on the impacts of mark-to-market accounting standards and effects on the banking crisis. Restatement of existing authority to suspend mark-to-market.
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|
Equity/Warrants |
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Mandatory equity interest in all participating firms. |
Mandatory equity interests in total takeover scenario. Proportional equity interest based on percentage of assets sold if deemed appropriate Secretary. |
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Tax benefits for community banks |
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Ability for community banks to take capital losses on GSE assets against ordinary income. |
99 Comments
Reader Comments:
POSTED Sep 28, 2008
mikeferrante@worldnet.att.net: "The "final bill" is definately the better bill. But, it ain't passed yet. Keep an eye on the marxests/socialists, er, I mean democrats."POSTED Sep 28, 2008
ballison@sunlightfoundation.com: "Yes -- the devil's in the details. Keep an eye on the conference report as well. I wonder if we're going to see taxpayer dollars committed to things like peanut warehouses in Georgia included to get recalcitrant members to sign on."POSTED Sep 28, 2008
jcasteele@yahoo.com: "Thank God for the House Republicans! How can anyone take Barney Frank seriously?"POSTED Sep 28, 2008
sidehacker@verizon.net: "How can we trust Barney Frank and Chris Dodd, when their blindness to Fannie Mae's corruption (which they profited from) got us in this mess to start with? http://www.youtube.com/watch?v=H5tZc8oH--o&NR=1 (well worth the ten minutes; explains how "sub-prime" loans -- which means loans to unqualified borrowers-- in the trillions of dollars by Fannie Mae and Freddie Mac rolled into the current meltdown) http://www.youtube.com/watch?v=cMnSp4qEXNM&feature=related (a concise report from Britt Hume on how the Fannie Mae and Freddie Mac crisis was foreseen but solutions as far back as 2001 were blocked by Democrats, including Dodd and Frank)"POSTED Sep 28, 2008
rightasusual2003@gmail.com: "Actually, when viewed side-by-side, the final proposal doesn't look as bad as I originally feared. It doesn't, however, address the issue of fiscal irresponsibility that permeated the whole debacle. I'm in favor of building in incentives (in the form of money for several month's rent) for those foreclosed upon who will spill their guts about the lying, cheating, and double-dealing the mortgage lenders indulged in - with a bonus if their testimony (and documentation) get the buggers convicted in criminal court."POSTED Sep 28, 2008
mikero1@mac.com: "Sad. Had mark-to-market been suspended or revoked, there would be an immediate upward revision of the value of affected assets thereby freeing up credit. This seemingly obscure accounting nonsense is without a doubt a substantial contributor to the credit crisis. Shakespeare was only half right. He should have said "and second, kill all the accountants.""POSTED Sep 28, 2008
wrsteel@blackhawke.net: "It's still like putting a band-aid on a sucking chest wound. The best thing about the 'corrected' version of the bill is that it isn't giving the patient so many blood thinners."POSTED Sep 28, 2008
jacknrose_cpa@notmyaddress.com: "Quote - mikero1"Sad. Had mark-to-market been suspended or revoked, there would be an immediate upward revision of the value of affected assets thereby freeing up credit. This seemingly obscure accounting nonsense is without a doubt a substantial contributor to the credit crisis. Shakespeare was only half right. He should have said "and second, kill all the accountants." That's half true - the book value of the assets would go up. But it wouldn't help the companies, because uncertainty about the true value of their assets is part of what's causing the credit mess in the first place. Why would you want a corporation to list a mortgage that's worth $20 on their books at the $100 they paid for it, anyway?"POSTED Sep 28, 2008
ronnor246@yahoo.com: "We defiantly need a better bunch of people in Congress, more intelligence and term limits. Something has to be done with people like Barney Frank and Chris Dodd, they can't be allowed to stay in office ad infinitum and continue to cause the nation harm. We need term limits and strict accountability for tax payer money and jail sentences for 'earmarks' which is just kick backs to political contributors. As it is Congress has jury rigged the election process so that they can never be voted out of office. We have a bunch of political thugs, thieves and idiots in office for the most part and they have to be jettisoned somehow."POSTED Sep 28, 2008
Jack.Woodward@cox.net: "This crisis is just a symptom. The problem is Old Media in the tank for the Democrats. If the OM had been reporting objectively for the past couple of decades the US and world would look a lot different. Solve the OM problem and lot of problems would be headed off before they reach crisis status."POSTED Sep 28, 2008
blkthornj@aol.com: "We need to watch what ends up on paper. We know the Democrats will attempt to 'slip' more into it. We need to have attorneys all over on this one. Also the spin. The demons will attempt to take credit for it and will have a memory lapse on what they tried to do. The Republicans should have a national campaign, once this is signed, making the boondoggle for Acorn (la raza was in it too), unions, and trial lawyers. billions of the money that should go back to retire the debt instead going to their self interest groups. I can't believe they tried to take advantage of our country this much in a time of economic crisis - to take advantage of the taxpayer. Obama was in the middle of it - make them all famous once the ink is dry."POSTED Sep 28, 2008
ccsoldtimer@yahoo.com: "Just say, "NO!" No bailout. Tell the bankers, "No Deal!" No! No! No! (I hope I wasn't unclear.)"POSTED Sep 28, 2008
mikero1@mac.com: "In response to jacknrose_cpa, I suggest that the majority of mortgages held are not worth 20 cents on the dollar because 95% or so will be paid in full to maturity or repaid on refinancing. It is simply not true that all mortgages are 20 cents on the dollar just because a few are. Only an accountant would believe that instantaneous "market" pricing is the real value of the underlying assets. For example, does anyone seriously believe that the true value of Microsoft is the instantaneous daily stock quote time the total number of shares outstanding. This is a contrary example where we might believe that the true value is higher than the reality. The mark-to-market accounting rule produces the opposite effect but one that is precisely as illogical. This nonsense must stop."POSTED Sep 28, 2008
jim.yardley@liberty-bell.biz: "re: Comments of Ronner246 We already have term limits at the tips of our fingers. Just flip the lever for anyone in November who's not an incumbent. After all, Congress is supposed to be a "temp" job."POSTED Sep 28, 2008
smsbsrt@yahoo.com: "I agree that this appears to be improved compared to the Frank-Dodd garbage. I as well am anxious, to see the details. The golden parachute still seems unclear to me. I do not support rewarding incompetence, corruption, or outright greed."POSTED Sep 28, 2008
howard432@gmail.com: "My concern is that this bill will be "improved" by Congress after it is enacted. BTW, I think a few of these bits are unconstitutional; can we tell people how much they are allowed to earn? Just asking, I don't want to lose my $50 million per quarter paycheck."POSTED Sep 28, 2008
wineartist@yahoo.com: "Why is it that the bozo's enacting the bill aren't held to account for what they WANTED in the plan, even if it was thrown out?"POSTED Sep 28, 2008
letsdancegrasso1@verizon.net: "I like that ACORN will not benefit. I like the insurance proposal. I like that Congress has to review before final $350B is released. Keep looking out for us. I DO NOT want executives getting rich on our backs because of their greediness."POSTED Sep 28, 2008
rhiggy@ix.netcom.com: "You had better take Barney Frank seriously. That weasel is one of the main causes of this problem. Join him with Cris Dodd and W. Clinton and their 'give everyone a mortgage whether they can afford it or not attitude' and you have quite an unholy trinity."POSTED Sep 28, 2008
szabiel@nycap.rr.com: "There needs to be accountability with these bozos who got us into this mess. This is only a fix for a short period of time. They all need to be voted out of Congress and we need a fresh new start. And term limits is what is needed."POSTED Sep 28, 2008
alshaw2@cox.net: "Kicking the can down the proverbial road has come to an end. This has been in the making for over 20 years and now it is time to pay the Piper. Volker, Greenspan, Paulson, Bernake, Cris Dodd and Barney Frank have lots of splaining to do. The American taxpayers must demand a full accounting. In addition, can anyone explain where the money from Private Mortage Insurance aka, PMI went to? How about demanding that members of Congress return all campaign contributions to the Treasury that were received from these troubled, defunct & mismanaged firms. And if you think this bailout is bad, just wait until the underfunded pensions, both private and government, rear their collective onerous heads. The Government Cheese Program will have to be replaced with gallon size jars of Vasoline. Happy trails to you till we meet again..."POSTED Sep 28, 2008
bhkayla6@comcast.net: "No bailout, this nothing but another form of welfare and the rewards for the irresponsible people"POSTED Sep 28, 2008
mbjohns0@yahoo.com: "If you like to learn who help create this mess watch this you tube tape http://www.youtube.com/watch?v=_MGT_cSi7Rs"POSTED Sep 28, 2008
seeya@aol.com: "Paulson and Pelosi need to take their bailout plan and put it where the sun doesn't shine. Any congressman who votes for this can kiss his seat goodbye. Where is John "Maverick" McCain when we need him? Speak up, Sir Maverick. Tell the world that this bailout stinks to high heaven and that you are in 100 percent opposition. You will be elected by a landslide. Paulson is a billionaire and holds tons of GoldmanSachs stock and we are trusting this shxxhead to protect the interests of the middle class???"POSTED Sep 28, 2008
blkthornj: "notice the 'say on pay' - it nationalizing unions. the Democrats are trying to slip this into bills every day. let's make these people famous."POSTED Sep 28, 2008
blkthornj: "notice the 'say on pay' - it nationalizing unions. the Democrats are trying to slip this into bills every day. let's make these people famous."POSTED Sep 28, 2008
Maconjones@mac.com: "When money begins flowing back to the government how is it accounted for? In other words will Congress be able to raid this cash flow in the same manner that they do with our social security contributions. Based on history I would bet the recovered cash will simply be used for more pork. Another great deal for the working man."POSTED Sep 28, 2008
Josh@SlaveUprising.com: "Who cares what the details are. It's 700 Billion Dollars! http://www.SlaveUprising.com Take a stand, wear the band."POSTED Sep 28, 2008
hh@aol.com: "this is it........ Why can't the government force the banks to discount there loans to the public(taxpayers). Give the taxpayer a chance to get in on this. Howard"POSTED Sep 28, 2008
boughs-70352@mypacks.net: "I would include a "truth" provision that any and all amendments, in any form, to this bailout package be publicized, in plain English, to the American public. This is the perfect opportunity to open up the legislative process."POSTED Sep 28, 2008
sbsmith607@hotmail.com: "what about the illegal ailens?"POSTED Sep 28, 2008
steve.larson@db.com: "Very much better. mark to mark is a major problem that only forces reductions in capital to the point of insolvency. I will never vote for a republican again if the acorn swindle is in the final bill"POSTED Sep 28, 2008
tcodd@carolina.rr.com: "When will the republicans start naming names in regards to the ACORN crap?"POSTED Sep 28, 2008
mikero1@mac.com: "Listen to what steve.larson@db.com has said "Very much better. mark to mark(et) is a major problem that only forces reductions in capital to the point of insolvency." I don't know what group Steve belongs to but db.com is DeutscheBank. Coming from an insider gives this comment more weight and credibility."POSTED Sep 28, 2008
: "The republicans have not helped the mortgage holders who are barely hanging on and there needs to be a suspension of mortgages for six months whild "main street" gets their bills/credit balances in order (without additional spending) including some mandatory savings for suspended mortgages. Think about the country for once and not a party. Who is writing your comments...ignorant people of course!"POSTED Sep 28, 2008
scop@yahoo.com: "There are fiscaly conservative Republicans in Congress? Where have you been the last 8 years while Bush and Congress has spent up to 750b per year more than federal govt income?"POSTED Sep 28, 2008
gkop: "(blank) "The republicans have not helped the mortgage holders who are barely hanging on and there needs to be a suspension of mortgages for six months whild "main street" gets their bills/credit balances in order (without additional spending) including some mandatory savings for suspended mortgages. Think about the country for once and not a party. Who is writing your comments...ignorant people of course!" Talk about ignorant. Just as much as the Masters of the Universe, it was the greed of those at the bottom of the food chain, the people who should have never been given a mortgage to begin with that caused this. Why is it again that we should bail them out? And suspending mortgages for six months is totally nuts. That's six months of earnings lost or deferred to the banks, with further reduces their equity to the point of bankruptcy even for the relatively healthy institutions. Sheesh."POSTED Sep 28, 2008
clayrichards0307@yahoo.com: "The House Republicans stuck to their principles and forced a much better bill. Thanks to McCain for not letting them go unheard. What they did is tremendous and they need to get some credit. Unfortunately in a complex bill, the media will find it too easy to pass over."POSTED Sep 28, 2008
sherylrussell@gmail.com: "God Bless Blunt, Cantor, Boehner and the House Republicans! Someone needs to do some research on this one: Is it true that a bill came out of Barney Frank's committee 6 months ago which would have averted this crisis, but it was not allowed to come to a vote? If so, Harry Reid is in deep doo doo."POSTED Sep 28, 2008
blpicken@msn.com: "The whole thing is unconstitutional. a lawsuit was filed in Federal Court last week in Albany, NY"POSTED Sep 28, 2008
tshotts2001@yahoo.com: "IF you love your country you'll watch this vid and pass it along! "Burning down the house: What caused our economic crisis?" http://www.youtube.com/watch?v=H5tZc8oH--o The foxes who were guarding the hen house are now helping to "fix it". This video is traveling like wildfire since Sept 24. It has gone from 15,000 Friday to over 620,000 views this afternoon. Please check it out. Please help save America.""POSTED Sep 28, 2008
t_weatherbee@yahoo.com: "Better but not much. Hope more daylight is shone on what exactly Dodd/Frank were trying to do with ACORN/Obama slush fund. This should be exposed! They took a crisis and tried to insert their own special ideas, nice. Dodd/Frank/Pelosi/Reid need to go. God help us if Obama is in charge of that group and they get a majority of House AND Senate."POSTED Sep 28, 2008
michelle.ybarra@bsci.com: "NO BAIL OUT! Just Say No!"POSTED Sep 28, 2008
jrpirk@hotmail.com: "Dems are pathetic. They know that they are so crooked, that they need someone to blame if something go's wrong with this. Thats why they need Republicans to approve. The truth is Bush is more like then then a real republican. I am tired of the Republicans in the Senate too. Since they only have to answer to theier voters every 6 years they go right along with it. I keep feeling like a 3rd party guy."POSTED Sep 28, 2008
bobwiltap@aol.com: "Well done!"POSTED Sep 28, 2008
sean.mcginty@sbcglobal.net: "Spending money to bail out failing bankers and failing homeowners. Where do I get in line for mine."POSTED Sep 28, 2008
: "Looks like Dubya outfoxed both Parties to do some practical work."POSTED Sep 28, 2008
jbates@mediarecovery.com: "Plain & Simple--you caved. Thanks alot! Once again the Republican whimps fold under pressure. This is crap. We can't win, when will we get Republicans that are not afraid of Maureen Dowd?"POSTED Sep 28, 2008
rcpfansacrossamerica@yahoo.com: "A slush fund for ACORN???? Are you KIDDING me?? Thank GOD for the House Republicans for killing that! Unbelievable that shakedown ghetto outfit was on the bill. This is America, not Africa!"POSTED Sep 28, 2008
jbates@mediarecovery.com: "What about WAMU? I lost my entire stock holding on an unconstitutional take over by the Federal Government via JP Morgan. You guys stole my money. I promise you I will get it back. Say goodbye to your taxes from me until I'm paid back. Fisher the CEO for 18 days at WAMU got a $7 mill signing bonus and a $19.3 mil golden parachute. You mister Blount and your merry thieves signed on to this. Socialist!!!"POSTED Sep 28, 2008
teresa.waller@sbcglobal.net: "let us hope frank and dodd do not add any goodies for their friends. I loved the way the dems came out and made it sould like the fault of our problems were all due to the evil greedy republicans. I wonder if nancy has any idea about anything she says."POSTED Sep 28, 2008
lamkmr1@aol.com: "in response to what happened to PMI (private mortgage insurance) if you look into ACORN they "help" low- income homebuyers get sub-prime,(low or no intrest loans) with little or no $ down and no PMI. As a home owner with an excellent credit rating I was shocked to find this info on their website. having paid this surcharge in the past because our downpayment was less than 20%!I feel this is an unfair and injust "gougeing" of those of us Middle class responsible and hardworking Americans."POSTED Sep 28, 2008
lamkmr1@aol.com: "ACORN Housing is a national non-profit organization that has provided free housing counseling and helped over 50,000 low and moderate income homebuyers since 1987. ACORN Housing provides one-on-one mortgage loan counseling, first-time homebuyer classes, and helps clients obtain affordable mortgages through our unique lending partnerships. By joining AHC (ACORN Housing Corporation) you receive: Lower down payments and closing costs. No Private Mortgage Insurance. Banks generally require 3 months of mortgage payments in the bank at settlement. With our program, they don't, which allows you to buy a home sooner. Most banks won't count public assistance or voluntarily child support in determining if you'll qualify for a mortgage. With our program, all steady income counts. http://www.acorn.org/index.php?id=8145"POSTED Sep 28, 2008
jaylavertue@yahoo.com: "Issue - Taxpayers Paulson Plan - Screwed Frank-Dodd - Screwed Final Bill - Screwed"POSTED Sep 28, 2008
timbastian@cox.net: "BRAVO!!!"POSTED Sep 28, 2008
wasembt@comcast.net: "The man or womens house that is in forclosure now, have not made a mortgage payment in about 6-8 months. How do you re-fi that house now so that they can afford it. They have maxed the credit cards-there 90 days plus late on the car payment. The 5% forclosure number that is going around is false (Big time)Tell these folks that the American Dream has to be put on hold-"you have to move into an apartment" Hard to say-I do not think so. Pay down your personal debt,save some money-start all over. I can not afford to pay my bills, put food on the table for my family and do the same for you. You got suckered in by the slickest USED CAR SALESMAN. McCain saw this coming 3 years ago, the dume dems stopped it. That's why your in FORCLOSURE !!!!"POSTED Sep 28, 2008
bkj1@consolidated.net: "Did Accorn get included in latest version of bill?"POSTED Sep 28, 2008
iacoboni04@yahoo.com: "This bill is one step short of total takeover of Wal-Street. Thank god you guys had the ability and foresight to stop them from being able to take over companies and fund ACORN. I do not support the premise of this bill and think that there are other alternatives out there, but at least this bill helps mitigate the damage a Dem made bill would have had."POSTED Sep 28, 2008
dhw359@gmail.com: "Still no comment from the MSM re the cause. Anybody wanting to know who got us here and how should look at: http://www.youtube.com/watch?v=H5tZc8oH--o"POSTED Sep 28, 2008
deirwha@hotmail.com: "The "bailout" is a sellout. The economy needs reform, not giving Warren Buffet and Western Union Home loans its cake while he eats it too. The same rules should apply to Buffet that apply to a single mother raising two children on 3 jobs and intermittent child support. This bailout package is a disgrace to both Republican and Democratic alleged principles. We will not forget."POSTED Sep 28, 2008
hrcatman@aol.com: "looks like an improvement to me"POSTED Sep 28, 2008
TSlothrop01@yahoo.com: "My read shows that the ACORN section is still in the bill. See Section 106 in which "no less" than 20% of all profit from the sale of each troubled asset "shall" be given to Housing Trust Fund (65%) and Capital Magnet Fund (35%)."POSTED Sep 28, 2008
NowayJesus@my,home: "The 9% congress covering for the 9% of idiots that took on a home loan there was no way to pay. I think the home buyers who defaulted because they weren't making enough when they took out the loan should be confined to a mental facility, the people who made the loans should be put in prison."POSTED Sep 28, 2008
sseniuk@knology.net: "House Republican Whip Blunt. As a family that is current on its mortgage, what is the intent of the section on page 28: (2) MODIFICATIONS.—In the case of a residen14 tial mortgage loan, modifications made under para15 graph (1) may include— 16 (A) reduction in interest rates; 17 (B) reduction of loan principal; and 18 (C) other similar modifications Is my taxpayers money to used to reduce the principal on another taxpayer's mortgage? Thank you for your leadership in this matter. Steve"POSTED Sep 28, 2008
MedusaX6_@hotmail.com: "I agree jcasteele! Barney is so overfed like most recipients I see everyday, doing way better than I am working 48 hours a week, being stripped by taxes to pay for them, that he cannot close his coat!! Chubby Bubble Barney!! Googley Eyed Poloka Joe Pelosi!! Dodd the Dirty Deeds Done Dirt Cheap(Expensive)!!"POSTED Sep 28, 2008
sseniuk@knology.net: "House Republican Whip Blunt. As a family that is current on its mortgage, what is the intent of the section on page 28: (2) MODIFICATIONS.—In the case of a residen14 tial mortgage loan, modifications made under para15 graph (1) may include— 16 (A) reduction in interest rates; 17 (B) reduction of loan principal; and 18 (C) other similar modifications Is my taxpayers money to used to reduce the principal on another taxpayer's mortgage? Thank you for your leadership in this matter. Steve"POSTED Sep 28, 2008
aokaok_98@yahoo.com: "Thank you for the comparison as it provides insight and clarity to all who read it."POSTED Sep 28, 2008
paulsurr@gmail.com: "Why is everyone so pleased with this compromise bill? It still has two major flaws: 1. It still uses taxpayer money instead of private enterprise funds. 2. It still leaves the GSEs that are the cause of this mess in place. That means that they will continue to insure bad loans for people who cant afford them in the first place."POSTED Sep 28, 2008
paulsurr@gmail.com: "Why is everyone so pleased with this compromise bill? It still has two major flaws: 1. It still uses taxpayer money instead of private enterprise funds. 2. It still leaves the GSEs that are the cause of this mess in place. That means that they will continue to insure bad loans for people who cant afford them in the first place."POSTED Sep 28, 2008
SARASOW@LIVE.COM: "BLAH BLAH BLAH BLAH BLAH........ YOU ABSOLUTELY CANNOT TRUST THE DEMOCRATIC LEADERSHIP. PELOSI AND REID ARE TWO OF THE MOST DECEITFUL AND DISGUSTING HUMAN BEINGS I HAVE EVER SEEN. THERE ISN'T AN HONEST BONE IN THEIR BODY...THEY BLATANTLY LIED ABOUT THE BILL BEING ALMOST DONE ON THURSDAY WHEN NONE OF THE REPUBLICANS WERE EVEN CONSULTED MUCH LESS APPROVING OF ANYTHING JUST TO MAKE THE "MESIAH" LOOK GOOD AND MCCAIN LOOK BAD. WHAT LOSERS!"POSTED Sep 28, 2008
sunshineejc@yahoo.com: "It looks as though the runaway Republicans had a disproportionate input into the bill. Another Democratic cave in! This is not the leadership we deserve from the mostly Democratic Congress."POSTED Sep 28, 2008
sunnecp21@aol.com: "Don't like any of this,but at least the slush fund has been eliminated in the final bill. Make sure to hold the line on that. No more earmarks, period!"POSTED Sep 28, 2008
rthjsn@yahoo.com: "Thank Nancy I don't have to leave the house. And stop worrying, I take the affordable housing course tomorrow on how to live in a middle-class neighborhood. I already know what those big pales are for, and don't blame "me" because some po-lice stole the lids."POSTED Sep 28, 2008
jsurpoint@aol.com: "I am unhappy with the bail out as I put the blame primarly in the lap of congress. having said that, the final bill appears to be an improvement, and for that, I give some credit to McCain (and not "phone it in" Obama). California Dreamin'"POSTED Sep 29, 2008
Skithesun@comcast.net: "DO NOT COMPROMISE! Say NO to the whole bailout........I will never vote for anyone who signs onto this proposal."POSTED Sep 29, 2008
Skithesun@comcast.net: "DO NOT COMPROMISE! Say NO to the whole bailout........I will never vote for anyone who signs onto this proposal."POSTED Sep 29, 2008
home4sandi@yahoo.com: "The oversight of these funds should be turned over to a group of well respected persons with a working knowledge of big business and finance (not anyone connected with Wallstreet) who have nothing to personally gain. You are selling the American people out if you allow anyone connected with either party to get their hands on taxpayers' money to fix what our gov. caused in the first place!"POSTED Sep 29, 2008
dharvey27@roadrunner.com: "Don't do it Mr. Blount. Vote no..period"POSTED Sep 29, 2008
mikeryan17@gmail.com: "But the draft I saw on cnnmoney.com still had included in it that 20% of the profits go to the HTF (housing trust fund). Did I miss something??"POSTED Sep 29, 2008
grandpakewl@yahoo.com: "Now, after achieving a much better bill, its time to start taking credit, loud and clear, for the improvements. It needs to be made very clear, to all that will listen that the entire credit for the improvements goes to the House Republicans and John McCain. It will be a huge mistake to let the Dems take any credit for this. They need to be hit hard over the fact that their bill was a disaster and it was only improved because you folks hung tough. I'm quite proud of you."POSTED Sep 29, 2008
ducks@freeway.net: "The outrage is the attempts to benefit trial lawyers and ACORN. In a crisis the dems feed the pig. It is a hail Mary that this bill will set the floor to the mortgage market. The reality is that the bottom will be set by supply and demand. I see no incentive for sound companies to play this game. The ones that do will be the losers that will take the money and have executives living in the Bahamas with money in Swiss banks by the time the feds get the wool out of their eyes. The belief that an economy can be manipulated by a government to benefit all has never ever worked. Adam Smith told us why. The USSR proved it. Free men prosper. Government is a master. Only the master profits in an autocracy."POSTED Sep 29, 2008
dwagner37@hotmail.com: "Excellent analysis. I'm still against the bill in principle, but appreciate the effort to make it somewhat understandable. I really wish someone would just explain why I who paid my mortgage off 2 years ago by denying myself a new computer or new wheels, should bail out someone who can't because they bought those other things. Just explain that to me."POSTED Sep 29, 2008
newharmony@wildblue.net: "What the hell is a "traunch"? (Item one in comparison)"POSTED Sep 29, 2008
blkthornj@aol.com: "The power of liberal billionares and millionares. Some working with and for Goldman Sachs. Some are former Fannie and Freddie executives. Some work on the Obama campaign. Who just put in 5 billion into GS - Warren Buffet. Who advises the Obama campaign? Warren Buffet. Who do the Democrats call on the 'bailout negotiations'? Warren Buffett. And who is now going to buy 50B in bad assets from the government? GS. Follow the money."POSTED Sep 29, 2008
jfaulkner003@yahoo.com: "Who was responsible for adding the slush fund to the bailout package that included funds for ACORN?"POSTED Sep 30, 2008
gorubel@comcast.net: "I can't believe that Bush would have supported the Barney-Dodd proposal. He has really lost his nerve. Time to retire to Crawford. Thanks for protecting us against the Muslim fanatics, helping balance the supreme court, etc."POSTED Sep 30, 2008
patminahan@comcast.net: "too bad we have a controlled press and network. if the people could see things like this they would react favorably. No free press or tv = old russia not progressive. Throw the real bums out and in jail"POSTED Sep 30, 2008
debbie@goldenandwalters.com: "My husband and I are against the socialist bail-out. Also, they kept the ACORN provision in the amended proposal (on page 25, I believe Section 109 or 105)."POSTED Sep 30, 2008
derekmaunsell@comcast.net: "Why is Chris Dodd even allowed to be part of this. His provision to fund Acorn is outrageous. The house democrats and Bill Clinton are responsible for this housing mess, but most of the american people are too busy drinking the Obama Coolaide to realize it."POSTED Sep 30, 2008
miller51550@yahoo.com: "I am weighing in on this issue late. More concerned that OBAMA and the democrats are more interested in the WHITE HOUSE than doing what is right for America. Really, glad the the Republicans AND some Democrats told the Democratic leadership team to go POUND SALT. Even more concerned that the fallout on Wall Street yesterday was 'planned' by Paulson and the big shots in the banking sector... to GIVE an example of what happens IF they do not get the bailout."POSTED Sep 30, 2008
: "Where is the Auto makers bail out in all this. Ford has a Focus that 65 mpg and can not be sold in the USA Why?"POSTED Sep 30, 2008
thatclassytouch@yahoo.com: "It looks much better ...Now we need a civilian group to stand and look over Democrats shoulder s in the house to ensure they don't pull a slight of hand and slip their pet slushfunds in at the last minute...It's happened before it can happen again"POSTED Oct 1, 2008
lpatterson32@cox.net: "why doesn't the main stream reporters say anything about Obama's involvement with Wright, Flager, Ayers and Acorn also the Democrates involvement in the mortgage and housing problems and ask for an investication. How can people even vote for such a person. Acorn should be investicated for voting fraud. I know in NM if you registered as a Republican they throw those away."POSTED Oct 1, 2008
thetucsonbunch@yahoo.com: "this looks better the second time around. But I personally feel they should also write in that Paulson and Bernanke are out as well. Seeing that they have done a wonderful job!!!"POSTED Oct 1, 2008
wranglerRS@aol.com: "2 points for Barney Frank and the Democrats - 1. they need to learn math if they think that a total 100% takeover will ever happen by the government or if there is no restriction or loss on the base salary for those who cause a bank failure again with a limit on taxation is any kind of deterrent. This is still allowing the excutive to walk away with their base say $16 million and pay only $500,000 max tax - and this is get ther attention... instead of a "loss - or nonpayout" of their salary. You guys need to get real or use their executive laywers for your own compensation. 2 - someone needs to play the speech tapes back to show Barney Frank when Barney Frank himself in 2001 was pushing for granting anyone a mortgage - since his memory seems to be failing him. From wranglerRS Flemington NJ"POSTED Oct 3, 2008
anneoallen@aol.com: "Interesting comparison. But the "revised" bill, all 451 pages of it,remains crammed with pork. This deeply corrupted system has no hope of fixing until we throw the bums - all of them - out."POSTED Oct 7, 2008
mikoff@pacbell.net: "Now that it has been signed... the actual foreclosures need to be addressed without delay. The money needs to "hit the street"."POSTED Oct 10, 2008
clarkson23@msn.com: "Since these bailed out companies NOW have billions of dollars why doesn't Congress force them to buy equal amounts of ALL the foreclosed/pre-foreclosed mortgages of LEGAL citizens and refinance them at half the original principles and interest rates? That would generate revenue to the banks and stimulate the economy. It's not rocket science."POSTED Oct 11, 2008
nickmagus@yahoo.com: "Did the final bill dispose of ACORN and the slush funds and kept them out of the bill, or not? A recent report three days ago, on Fox News, seems to indicate that two or three senators asserted that ACORN is still in the bill that was passed. Please clarify this for me, someone>"