Congress aims to get bailout to Bush by Friday: Senator Schumer

Source: Reuters

Sat Sep 20, 2008 5:06pm EDT

... "The aim is to get this on the president's desk by Friday," Schumer, the chairman of Congress' Joint Economic Committee, said at a news conference.

Schumer said Congress is working with U.S. Treasury Secretary Henry Paulson on "filling in the blanks" on the proposed legislation. "A number of options are being considered, including some kind of supervisory authority," he said.

http://www.reuters.com/article/topNews/idUSN2048185520080920

Read more: http://www.reuters.com/article/topNews/idUSN2048185520080920

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Treasury Seeks Authority to Buy Mortgages Unchecked by Courts
By Alison Fitzgerald and John Brinsley

Sept. 21 (Bloomberg) -- The Bush administration sought unchecked power from Congress to buy $700 billion in bad mortgage investments from financial companies in what would be an unprecedented government intrusion into the markets ... The bill would prevent courts from reviewing actions taken under its authority ... http://www.bloomberg.com/apps/news?pid=20601070&sid=ae6b6P1L8E_E&ref



Sen. Schumer: US Treasury Plan May Require Overseer
Sat, Sep 20 2008, 20:44 GMT
By Patrick Yoest Of DOW JONES NEWSWIRES

WASHINGTON -(Dow Jones)- ... The plan, submitted to Congress this weekend, gives the Treasury secretary authority to buy, sell or hold residential or commercial mortgages, as well as "any securities, obligations or other instruments that are based on or related to such mortgages."

Schumer said legislation creating the authority may also need to create "custodial" powers to ensure that Treasury secretary properly uses his authority, which allows him to buy up to $700 billion in assets.

"One of the things that might be considered is some kind of supervisory authority to make sure that as we go through all this money, it's on the up and up," Schumer said at a news conference.

He would not discuss details of how he would propose the custodial authority should operate ...

http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=c171c684-7e26-4ea2-8e9b-a8a64ffae35f

or we're really in trouble. But then I think we're really in trouble no matter what they do. I'm not feeling hopeful.

Pukes plant.

Congress frees up tax $ and it gets shoved down the money pit.
They all have 'special interests' on wall street . Lame duck session is now the order of buisness . Besides,Chinese will buy it up lol

etc. etc. etc. The Shock Doctrine at work.

Why is it always Schumer leading the announcement that Dem "leadership" is puckering up to kiss Bushco's ass yet again. Man, I could really use some CHANGE right about now.

pointing to this as a Pug crony bailout..

(as linked below)
http://www.opensecrets.org/news/2008/09/wall-street-shakeup-connects-t.html

http://www.opensecrets.org/news/2008/09/wall-street-shakeup-connects-t.html

Since the 1990 election, Merrill Lynch's PAC and employees have given $14.7 million to federal candidates, parties and committees. The company leans heavily Republican--64 percent of the brokerage's total donations have gone to GOP candidates and committees. All three of its top recipients have been (or still are) presidential hopefuls this election cycle. Republican John McCain received $394,300 from people associated with Merrill Lynch, making the company his top contributor. Democrat Hillary Clinton collected $290,650, and Barack Obama got $229,100. The company's favorite non-presidential candidate is Sen. Charles Schumer (D-N.Y.), a member of both the Senate Banking, Housing and Urban Affairs Committee and the Senate Finance Committee. He has received $226,150 in this election cycle.
--snip--
This election cycle, Lehman employees have given about $1.3 million to presidential candidates. Only fellow financial giants Goldman Sachs, Citigroup and Morgan Stanley have given more to the presidential hopefuls this election cycle. Lehman employees have made their firm one of the top contributors to both Obama ($370,500) and John McCain ($117,500) this election cycle. (For a full list of recipients of Lehman contributions, see this post from Friday.)

Lehman gave more to Obama. No wonder they didn't get bailed-out.

Peter L. Buttenwieser has repeatedly ranked at or near the top of the Mother Jones 400 over the years, using his wealth to support the Democratic Party and its causes. An independent philanthropist with an interest in education, his campaign contributions stem from political, rather than financial, concerns. "I'm not struggling to make a corporation run, and I don't need any clauses written in to any laws," he told USA Today recently. "I just want a balanced, good, centrist, progressive agenda" that includes "abortion rights, gun control, and public education." Buttenwieser has turned down invitations to the White House, the vice president's mansion, congressional retreats at Nantucket and Vail, and rides aboard Air Force One. In 1996, he criticized an offer he received to have lunch with President Clinton in exchange for a $50,000 donation.

An heir to the Lehman Brothers securities fortune, Buttenwieser rejected a career in investment banking or law, earning a doctorate in education from Columbia University and spending 10 years as a school principal in inner-city Philadelphia. He now runs his own education consulting company, Peter L. Buttenwieser and Associates, that reviews inner-city schools and suggests improvements funded by charitable organizations.

http://www.motherjones.com/news/special_reports/mojo_40...

And that's a likely reason why Lehman Brothers was on the Bush sh*t list.

Nuf said

He talks but he doesn't walk. It's horrible that he is the best we can count on to protect our interests.

He better have something to say and he better not sell us out like he did on the FISA bill.

and attorney generals, why would I trust him to protect the people's interest in this affair

In fact, I think the companies who gave loans to people who could not afford those loans, should suffer the consequences of those actions, and that means if those bad loans cause those banks to go out of business, so be it

Why should we reward incompentence and bad business practice?

Government bailout of subprime mortgages

See also: United States housing bubble

Following the meltdown of the subprime mortgage industry in March 2007, Schumer proposed a federal government bailout of subprime borrowers in order to save homeowners from losing their residences.<33> Others are quick to point out that such a "bailout" would primarily benefit lenders and Wall Street bankers, who make large campaign contributions to congressmen;<34> Schumer's top nine campaign contributors are all financial institutions who have contributed over $2.5 million to the senator.<35>

Schumer also proposed that the OFHEO raise Fannie Mae and Freddie Mac's conforming loan ("affordable") limits from $417,000 to $625,000, thereby allowing these GSEs to back mortgages on homes prices up to $780,000 with a 20 percent down payment.<36>

http://en.wikipedia.org/wiki/Chuck_Schumer

twenty years ago because they didn't qualify

Thanks for the link, it just confirmed my suspicions

This may open some eyes


Link;http://www.opensecrets.org/news/2008/09/wall-street-shakeup-connects-t.html

The Republicans have pointed out with Freddie Mac and Fannie Mae that Obama and Kerry are big recipients of contributions. Yet on Open Secrets, in their own analysis, they break the numbers down between individuals and the PAC. For the to Democrats, the money is mostly from individual contributions for their Presidential campaigns - neither of them have had fund raising scandals. Looking at the total - not broken down this way is misleading. Both Kerry and Obama have very clean records on lobbyists and PACs.

In addition, they are using both John and Teresa Kerry's assets - they are separate on the Senate forms In 2004, much was made of how separate they were and Republicans watched like hawks to insure that he didn't use her assets. Now, he seems to held responsible for all her assets. She has stock in many many companies. There is NOTHING to suggest that Kerry has ever been quilty of quid por quo. (His own assets are in a blind trust)

Many people think that a 80% first mortgage, 20% second mortgage, amortized over 40 years, with interest only payments for the first 10 years is the norm. 20 years ago you had to have good credit to get an 80% mortgage, you couldn't exceed 35%of your income with long term debt, you couldn't borrow the 20% down, you couldn't be gifted the 20% down, you had to demonstrate you earned the down payment or it had to be in your account for a year prior to the purchase. In short you had to work hard and commit to buy a house, and every parent who has given things to their kids with no commitment from them knows, commitment is key to responsibility. The banking industry knew that they were heading for a fall so they accelerated the writing of bad loans to the point that they would have to be bailed out when the train wreck occurred.

But when hard working Americans see significant increases in the cost of living, it doesn't make sense to me to argue, beating down the consumer with obnoxious inflation, without appropriate pay increase and then blaming the consumer for not being able to make ends meet and falling into finacial ruin.

Many corporations can and do get out of paying taxes and file bankrupcy protection much more than the legal amount.

The bailout is the bush administration and the Washington K Street GoodFellas saying "Fuck You Pay Me!"

um, NO WAY.

ENOUGH OF THAT.

this needs to happen w/i the constitution with checks and balances. PERIOD.

nt

for the last big heist.

Why Are we Giving 700B Golden Parachutes To Bush's Friends?

Senator Schumer frankly needs his head examined!

See www.wallstreetdigest.com/hotline.php for numbers.

they are friends of the good Senator from NY too...


Others are quick to point out that such a "bailout" would primarily benefit lenders and Wall Street bankers, who make large campaign contributions to congressmen;<34> Schumer's top nine campaign contributors are all financial institutions who have contributed over $2.5 million to the senator.
(from above)

Earnings before interest, taxation, depreciation, amortization and THEFT.

Debt - 596 Trillion Derivatives - 58 Trillion Credit Default Swaps - 2.5 Trillion Credit Card

How much more theft can we tolerate?

you'd have to send him to a proctologist!:rofl:

no matter the consequences.

Thanks, dem leadership, for contributing to the downfall of our republic. :grr: :argh:

the Dem congress is almost as heavily invested in this as the pugs...not to mention the 401(k) and retirement accounts of nearly every working American..

that their decision to do this will ultimately make those 401k accounts worthless.

If you've got 100k in your 401k, and a whole chicken costs $1000, it's not going to get you very far. Just sayin... :hi:

We are just ones who get left to inconsequential detail of voting them back in there :sarcasm:

give healthcare to my family. We need it very badly and it would be a mere $20,000 (including deductibles and co-pays) a year. Chump change by Washington standards. It's not like I'm requesting some kind of multimillion dollar golden parachute for flushing a corporation down the toilet. All the best, V.

"...by Friday."

:rofl:

Don't ya think ?

Lucky for them people will never remember this part of the bailout.

Schumer is a joke.

and how's that John Roberts and Samuel Alito sh*t working out for you, Chuck? He makes me sick.

R-oyal W-elfare for Wall Street

You mean to tell me that the FED, having already injected nearly $2 TRILLION over the past YEAR into the financial market, to help support the very corporations that are on the verge of collapse, We, The American People are asked to Bailout these very same corporations to the tune of $1.4 TILLION additional dollars...!!!!! WHoa, Whoa WTF are you Kidding ME!!!!!! What the Fuk did theses corporations do with all that damn money the FED has been pumping into the system over the past year....!!!

There is no way the American People are that damn stupid..... Right?

How come??

Good Pic...


THis is the equivent of the "Weapons of Mass Distruction" argument...

Who's buying this one...


RobinHood in reverse priorities...

Chuckie Schumer has been a tireless advocate for hedge fund managers, fighting hard so that they can continue to pay ta at half the rate of the average American. I can't wait to see how he'll help his buddies this time!

dependance on the foreign currency. Where do you think all this money is going to come from?

from congress, not by a long shot. the bailout proposed based on what i've been reading is a total loss for america.

Engineer the financial equivalent of 9/11, panic the masses, push through legislation that gives control of the country's banking institutions to the Bush administration in order to "protect" the taxpayers (with no oversight). GAME, SET, MATCH. COUP COMPLETED!:grr: :nuke:

Hasn't he damaged this country enough?

He never fails to disappoint. And he's a fucking tool.

can we call it that yet?

Schumer and DiFi gave Mulkesey a pass on torture, and they now wonder why the Attorney General they helped put in office has now refused to honor Congressional subpoenas.

thread was removed & I thought I had said this elsewhere but I'l repeat it again (since I am fluish & my mind is a bit fuzzy where DID I say this?):blush: Remove CEO position totally & CFO too, let the board decide take CEOs & CFOs place & steer co. as a group, democratically, & tie remaing execs to the bottom-most workers pay & benefits so execs are not able to be payed 300 times what their workers make(also with health care for life for wives/children/husbands, & if it's not for life take that part as analogy.

Invert mortagage payments so Principle is now the bigger payment & interest is smaller. Immediately get the back taxes due (records of some of which went up in smoke on a September day) they do to people, what are they gonna do-offshore?}(

and if bush is behind any bailout plan is should spell f-u-c-k-e-d to any thinking person

Once the losses have been adsorbed by the taxpayers. The same Wall Street firms will repurchase the mortgages for dimes on the dollar making billions more in the process. Face it we are getting scammed from both the left and the right.

No bailout at all is my preference, but NOOOOOOOOOOOOOOOOOOOOO blank check! How could this doofus not recall the last times we rushed and got the Patriot Act and an Iraq war!

What do you call doing the same thing over and over and expecting different results? INSANITY!

when the new President takes office, but seems it was a non-starter. Worse yet this says that they have not changed the purchases to equity, and are still planning to buy worthless paper. Where's Obama's "taxpayers have to have some guarantees that they will also share in the up side" now? Keep calling Congress to switch what Treasury is allowed to buy. That will have more impact than just saying no bailout.

that they will agree to saddle us and the next how ever many generations with this debt. How was $700B arrived at? Who did the math? What does it include? What evidence do we have that bailouts work? Why not start with $50 billion and see if there is any improvement? Why not make a profit and not just take toxic debt? Wouldn't it be nice if the government could issue dividends to the citizens they expect to foot the bill? We should all share in the profits if we have to assume debt that isn't ours.