Congratulaions America for the govt to take on the home owner loans and business loans to secure the common people and let the banks, investment companies and insurance companies to burn their own boats if they sink or swim.

Afterall it is only what the companies have been doing. selling off their loans to others then selling other loans. Bit like a pyramid system. And it is not losing govt money as they have bought the loans so the loans are paid to them. Unlike pouring trillions into the i  more...

Congratulaions America for the govt to take on the home owner loans and business loans to secure the common people and let the banks, investment companies and insurance companies to burn their own boats if they sink or swim.

Afterall it is only what the companies have been doing. selling off their loans to others then selling other loans. Bit like a pyramid system. And it is not losing govt money as they have bought the loans so the loans are paid to them. Unlike pouring trillions into the investment business just for them to gamble it wrong again and hope for a turn around which may not happen ina depressed market.

Also it was admitted the other day that no one in the city understood the Hedge Fund system. Just left it to the golden boys to sell it and get on with it.

I am mildy reminded of the pea and three cups scam and dexterity and blather of the scam merchant.

Bang Bang. isn't it wonderful that such high up intelligent professional people get taken in by the lowest trick. I said the Endowment Mortgages wouldn't pay back when they were introduced in the 80s and lose their value. and all were investing in each other. insurance firms into insurance firms into futures into investment banks etc etc. It is a big pyramid of nothing which always eventually collapses.

But the gov't should secure the well being of the common citzen and common business as they are the ones who vote for them and who pay their wages. No wages for the common man, no wages for Mr President and the rest of the staff and egg heads.Gamble what you want amd play tricks on each other. Just As long as the normal man and the normal economy is not affected.

But well done America govt in rescuing its own people and small businesses.

been suggesting it for weeks. Come on Gordon, stop pouring trillions into a well and gamblers and tricksters. Secure everday businesses, homes and jobs. You know it makes sense.

good luck all of you.

JunieXXX less...

Perhaps what you call anarchy is rather 'political apathy', understandable (albeit somewhat deplorable) given the current political scene in the UK. Personally, I favour Libertarian socialism, but that's not going to happen...

justy-

i never thought we could agree on anything, but here one that we do agree on. but bush isn't the only one with his hands in the cookie jar. that bitch pelosi and feistein and boxer are not far behind. why they voted for the bailout and added so much more "PORK" to itit will surpass 1 trillion usd before it is over.

bdwolf77

Damn i wish they would use english..lol to be honest, it really dosent matter if im getting screwed by banks and loan companys. I would rather the government not have any more control then they already do have. seems to me were screwed any direction we go. I think its time for me to start looking for the 100 acre lot in montana where i can hide out.hummm i wonder if there are any ghost towns in the motherload, and if the ghosts would mind a long term visitor.

Oh my Junie,

You really got this one incorrect.
Below is the actual Text of the Draft Proposal of the Bail out, but first my comments:

This so-called 'Bail out' will only help the large financial institutions, not the individual home owners or 401K (retirement) investors. Even thought the actual estimate is $700,000,000,000 USD the probable (real) cost is 2,000,000,000,000 - 3,000,000,000,000 USD. This will create the devaluation of the U.S. dollar (inflation) and cost each American $7,  more...

Oh my Junie,

You really got this one incorrect.
Below is the actual Text of the Draft Proposal of the Bail out, but first my comments:

This so-called 'Bail out' will only help the large financial institutions, not the individual home owners or 401K (retirement) investors. Even thought the actual estimate is $700,000,000,000 USD the probable (real) cost is 2,000,000,000,000 - 3,000,000,000,000 USD. This will create the devaluation of the U.S. dollar (inflation) and cost each American $7,000 USD in taxes.

Now the idiot and chief (BUSH) was stating how wonderful the U.S. economy was for the last 7 years, as he was gutting all regulations of the Stock markets;
this has resulted in the Repuke-acons Laissez faire economics; but now with a new flavor -the U.S. tax payers will have to 'bail out' the companies that f-ed them over [I really love that one, it's like bring the pole to have some a-hole shove it up you ass].

Actually, I don't believe this 'Bail out' will help. One analyst stated, "this is like putting a band-aid on a leaking Hoover Dam". We all are into very very dark days ahead. Our government is printing money like Pre-WWII Germany, and since [I believe] 2005, the Chimp and Chief has stopped reporting the actual amount of money the U.S. treasury has printed.

Yep, you got love them Repuke-acons.


LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY

TO PURCHASE MORTGAGE-RELATED ASSETS

Section 1. Short Title.

This Act may be cited as ____________________.

Sec. 2. Purchases of Mortgage-Related Assets.

(a) Authority to Purchase.--The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.

(b) Necessary Actions.--The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:

(1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties;

(2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts;

(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;

(4) establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations; and

(5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act.

Sec. 3. Considerations.

In exercising the authorities granted in this Act, the Secretary shall take into consideration means for--

(1) providing stability or preventing disruption to the financial markets or banking system; and

(2) protecting the taxpayer.

Sec. 4. Reports to Congress.

Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3.

Sec. 5. Rights; Management; Sale of Mortgage-Related Assets.

(a) Exercise of Rights.--The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.

(b) Management of Mortgage-Related Assets.--The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom.

(c) Sale of Mortgage-Related Assets.--The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.

(d) Application of Sunset to Mortgage-Related Assets.--The authority of the Secretary to hold any mortgage-related asset purchased under this Act before the termination date in section 9, or to purchase or fund the purchase of a mortgage-related asset under a commitment entered into before the termination date in section 9, is not subject to the provisions of section 9.

Sec. 6. Maximum Amount of Authorized Purchases.

The Secretary?s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time

Sec. 7. Funding.

For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure.

Sec. 8. Review.

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

Sec. 9. Termination of Authority.

The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.

Sec. 10. Increase in Statutory Limit on the Public Debt.

Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.

Sec. 11. Credit Reform.

The costs of purchases of mortgage-related assets made under section 2(a) of this Act shall be determined as provided under the Federal Credit Reform Act of 1990, as applicable.

Sec. 12. Definitions.

For purposes of this section, the following definitions shall apply:

(1) Mortgage-Related Assets.--The term ?mortgage-related assets? means residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before September 17, 2008.

(2) Secretary.--The term ?Secretary? means the Secretary of the Treasury.

(3) United States.--The term ?United States? means the States, territories, and possessions of the United States and the District of Columbia. less...