Tentative Bailout Agreement

Posted on September 28th, 2008 by ecthompson md

It appears that Congressional leaders and the Bush administration have hammered out an agreement. The details of this agreement have not been released. Staffers will be typing out a final draft so that it can be ready for discussion and voting in the morning.

  • It appears that all the money will not be dispensed all at once.
  • There’s a limit on senior executive compensation.
  • Taxpayers should benefit if the companies that participate in this program return to profitability.
  • There is a provision instated by the House Republicans designed to encourage homeowners who are struggling to pay their mortgages to take out some sort of government insurance policy. I’m still not exactly sure how this would work.

Tags: Economy // 5 Comments »

  • http://godlessliberalhomo.blogspot.com/ libhomo

    This is so disgusting. They should be bailing out the American people, not a bunch of rich and crooked brokers, bankers, and CEOs.

  • http://www.whereistheoutrage.net ecthompson

    L –

    I don’t know what to think. I know that these folks are sitting ont heir yachts smiling and it makes me sick!

    thanks for your comments.

  • margaret

    What is making me wonder. Is why the treasury doesn’t think other companies are not willing to buy the banks that fall for a huge deal. When WaMu fell Chase was watching and waiting to pounce. Same thing with Wachovia and CitiBank. They are looking for the opportunities to buy these companies at rock bottom prices and increase their strengths, If these banks were 2 of the biggest ones to be at risk and were not in the bail out. Then why can’t the rest of the banks be in the same spot. Isn’t that a free market strategy. Nobody lost on the Wamu deal except the stockholders. I maybe wrong but the samething happened to Wachovia the depositors didn’t lose because Citibank purchased them. So how do we know that there aren’t more financial people waiting in the wings to purchase at these extremely low prices.

  • http://www.whereistheoutrage.net ecthompson

    M –

    This is an enormous amount of money. None of it is guaranteed. I think that it is too risky for any one bank or group of banks to tackle.

  • margaret

    But we don’t really know what is behind the secret wall .If they could spell it out better than just stating we are going to have another depression. You have days to act.!!! It will hurt the economy!!!!! When the administration kept denying there was anything wrong with the economy. It is very hard to get behind something when we have been sold lies before and we as the workers have no idea who to believe. .
    The 50 billion spending bill which would have created many, many infrastructure jobs was shot down. I don’t know about you but I would rather employ people instead of giving out money to the banks. Who said the banks are going to lend the money. There isn’t anything in it stating the rules. They were suppose to lend last year when Bush gave the speech about how he was backing the banks by loaning them money to make them more liquid. But they hung onto the money and you can;t make them take any new loans on.

« »