Sold down the river. Here is some text of our "savior bill"......

[galileoreloaded]

(d) PROGRAM GUIDELINES.—Before the earlier of the end of the 2-business-day period beginning on the date of the first purchase of troubled assets pursuant to the authority under this section or the end of the 45-day period beginning on the date of enactment of this Act, the Secretary shall publish program guidelines, including the following:
(1) Mechanisms for purchasing troubled assets.
(2) Methods for pricing and valuing troubled assets.
(3) Procedures for selecting asset managers.
(4) Criteria for identifying troubled assets for purchase.

Makes Paulsen the dictator, just like the first bill, and they are also suspending mark to market and dropping bank reserve requirements to 0%.

I am so done with this BS. You are an idiot if you go for this.

[stray cat]

1. so how are you going to stop it?

[ColbertWatcher]

3. The GOP-dominated Senate will stop it. n/t

[BlooInBloo]

2. And you're an idiot if you ignore the 3 separate oversight sections of the bill....

Is it a wonderful bill? Hell no. Is it Paulson The Dictator? Hell no.

[aquart]

14. Oversight? Like the rubberstamp FISA court?

Yeah, that'll protect us.

[BlooInBloo]

16. What a pure genius comeback.

[Lex]

4. if I "go for" this?

:shrug:

[depakid]

5. Wow. Some some people's stupidity surprises even me

How about NOT trying to do statutory construction when you have no idea what you're reading and how to interpret it.

You're easily as ridiculous as Sarah Palin.

[samsingh]

17. being compared to pallin is a low blow. uncalled for. :)

[bkkyosemite]

6. Since I know little of this financial stuff could you elaborate on what

suspending mark to market means and dropping bank reserve requirements to 0%. What will these two things do to us. Thanks for any explanantion.

[gateley]

7. "You are an idiot if you go for this."

We're not the ones voting on this. We've deluged our representatives with phone calls and e-mails. There have been protests. But ultimately, you need to direct that remark to Congress and the Senate.

[galileoreloaded]

13. Point taken. Sorry, I was pissed.....n/t

[gateley]

20. Understood -

:pals:

[Junkdrawer]

8. The only change from the previous draft is latest date was extended to 45 days instead of 30...

Old Language:

(d) PROGRAM GUIDELINES.—Before the earlier of
the end of the 2-business day period beginning on the date
of the first exercise of the authority under this section or
the end of the 30-day period beginning on the date of the
enactment of this Act, the Secretary shall publish program
guidelines, including the following:
(1) Mechanisms for purchasing troubled assets.
(2) Methods for pricing and valuing troubled
assets.
(3) Procedures for selecting asset managers.
(4) Criteria for identifying troubled assets for
purchase.


http://banking.senate.gov/public/_files/LegislativeTextofChairmansDoddsproposalfortheTreasuryBailoutplanAYO08B68_xml.pdf

That means Paulson can wait until AFTER the election to publish guidelines.

[shanti]

10. there WILL be oversight

and we congress is not giving them their 7 bill up front.

[shanti]

9. IT'S.NOT.THE.SAME.BILL!!

got it? the original bill is straight from *ushco and not to be trusted. however, the amended one is significantly different. like another poster said tho, what are YOU or CAN you do about it? not a got-damn thing. let the chips fall where they may.

[5thGenDemocrat]

11. The fix is in and both parties are going to roll over and play dead

Just took a look at opensecrets.org and found out that the banking/finance/real estate industry has donated around $114.4 million to both parties this cycle -- $59.8 to the Dems and $54.5 to the Republicans. Anybody want to convince me these political dogs won't heel when their masters snap their fingers?
Meet the new boss -- same as the old boss. Only difference is the Dems might or might not toss some scraps to us po' folks.
John
Getting THISCLOSE to just not voting in November. What difference would it really make?

[galileoreloaded]

12. So Paulsen gets to write the guidelines.......

and make the rules. We will have no way to value what he has bought, re:the nullification of FASB 157 or "Mark to Market", you think a congresscritter gets it, nah, they just go along with the same bastards that created the problem on blind faith, just like they are doing now.

A 0% reserve requirement means that when we finally are forced to nationalize the banks, they have NOTHING left, ergo they bust the FDIC to reimburse depositors. That's OK though, because the Chinese or Japanese may or may not lend us the money, by buying through the Treasury....at 15%.

So I guess if you like Wall Street making the rules, in a system so complex a handful of bankers barely understand, much less Congresspeople, no banking reserves, with a hig likelyhood of deposits driven to stock markets, and buying bad debt at 100% of original note value, its swell.

Ok, your right. This is awesome.

[Greyhound]

15. "buying bad debt at 100% of original note value". This alone should be clear enough

for even the most ardent WWF fan to understand.
:thumbsup:


WAKE UP AMERICA!

[aint_no_life_nowhere]

18. I'd like to see the full text of the bill before I make up my mind, but

I don't trust my Congress people anymore, not even the Dems, when it comes to protecting the people. Over the last 8 years, they HAVE NOT earned my trust. I hope we get to see all of what they're voting on, before they actually vote on it but I won't hold my breath.

[galileoreloaded]

19. It's sitting on the LBN forum...............n/t