a "summary" of the bailout bill released by Nancy Pelosi - WaPo

[steve2470]

http://voices.washingtonpost.com/livecoverage/2008/09/breakdown_of_the_final_bailout.html

Breakdown Of the Final Bailout Bill


House Speaker Nancy Pelosi (D-Calif.) just released a section-by-section breakdown of the "Emergency Economic Stabilization Act of 2008," otherwise known as the $700 billion Wall Street bailout bill.

The 106-page bill established sweeping powers for Treasury Secretary Hank Paulson, and his successor, in carrying out what the bill calls the "Troubled Asset Relief Program," whose acronym is TARP.

-- Frank Ahrens

Here it is:

SECTION-BY-SECTION ANALYSIS OF THE LEGISLATION


Section 1. Short Title.
"Emergency Economic Stabilization Act of 2008."

Section 2. Purposes.
Provides authority to the Treasury Secretary to restore liquidity and stability to the U.S. financial system and to ensure the economic well-being of Americans.

Section 3. Definitions.
Contains various definitions used under this Act.


Title I. Troubled Assets Relief Program.

Section 101. Purchases of Troubled Assets.
Authorizes the Secretary to establish a Troubled Asset Relief Program ("TARP") to purchase troubled assets from financial institutions. Establishes an Office of Financial Stability within the Treasury Department to implement the TARP in consultation with the Board of Governors of the Federal Reserve System, the FDIC, the Comptroller of the Currency, the Director of the Office of Thrift Supervision and the Secretary of Housing and Urban Development.

Requires the Treasury Secretary to establish guidelines and policies to carry out the purposes of this Act.

Includes provisions to prevent unjust enrichment by participants of the program.

more at link

[ixion]

1. it's just that some Americans will get more "well-being" than others

and those that aren't on the receiving end are paying for it on many levels, and for generations to come. Welcome to the third world, 'Murika.

[Moochy]

3. Another choice phrase: unjust enrichment

But "just enrichment" will be permitted.

[Myrina]

5. yep, DC & Wall St never defined Golden Parachutes as 'unjust' before ...

... what's to change? :shrug:

[Moochy]

6. No Platinum Parachutes

but the gold ones will be AOK in Nancy's book. I bet Permagrin Pelosi is grinning ear to ear tonight.

[Moochy]

4. DU-plicate

[Tierra_y_Libertad]

2. Is this the version written in lipstick?

[OffWithTheirHeads]

7. Right, they lost me at section 102

Congress will have oversite...Like compelling Rove to testify? Like requiring the folks involved in a vice presidential candidates investigation to testify? What? We will send them a "strongly worded letter"? Give me a fucking break! If you still believe any accountability will happen, I've got a Bush to sell you. You may still think you're O.K. because you can put another I-pod on your 29% Visa card but you are getting fucked in the ass so hard that your ass is bleeding and the ruling class Dems and Pukes are just taking turns and you don't get it yet.

Stokholme syndrome I believe they call it.

A few years ago I attended a Howard Dean lunchon at Zoe's house. As a union Sheet Metal worker, I could barely afford it, but I did. Next week, Zoe will have Hillary for $500.00 per ticket. I don't know if the dollar is worth so much less that $100.00 now has the same value as $500.00 but I do know that MY wages have not gone up enough to afford it. As a working person, I have effectivly been excluded from this event. Rich and powerful only. Party of the working class my ass. They don't give a fuck about us anymore than Bush does.