AP is reporting breaking news that the bail out is a done deal.
Then....a few paragraphs down talks about resistance from GOP leaders (now this is shocking, they are wary?).
CNBC:
Most everything that everyone is asking for as a condition to put this together has already been agreed to and is in the bill," he said. He said the "votes are there" for passage in both chambers
Oh really? I doubt that for seemingly just a few finance committee chairs were involved and the people really speaking up were ignored.
Will Update this thread as details emerge.
Update1
Congressman Chris Shays:
The most important thing we need to do is not let the market crash
Update2
Rep. Barney Frank is claiming the Republicans are blocking bankruptcy modifications to enable judges to renegotiate primary resident mortgages and this is charming, he blames McCain as trying to pump up his failing Presidential campaign and is blocking some portions of the deal. Oh no, politics are not involved in this as all. He also said he is hesitant to be specific on the details
Right.
Update3
Sen. Judd Gregg:
There is no agreement until there's an agreement, no done deal
. The Treasury will have more than enough resources to do what it wants to do.
Update4
Senator Richard Shelby has a list of 500 leading economists who say the bail out will not work and also said he will not vote for the bail out as long as the United States is giving money to foreign banks.
Update5
Senator Schumer wants warrants, will vote the bill in without them. But here's the most interesting thing, Congress is betting that housing prices will go up! That's ridiculous because houses are plain too expensive for most people to be able to afford them!
- oversight of the board
- money staged, $250B up front, $350B in May
- Warrants - Put the government first when property values go up
- Government paid back first
Herbert Hoover did nothing (not true, he did the wrong things....just like Congress is doing right now). Goes further on just blaming Bush. Blasts John McCain.
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