Bailout agreement has been reached!

[240 is Back]

http://www.breitbart.com/article.php?id=D93FJ1182&show_article=1

WASHINGTON (AP) - Congressional leaders and the Bush administration reached a tentative deal early Sunday on a landmark bailout of imperiled financial markets whose collapse could plunge the nation into a deep recession.
House Speaker Nancy Pelosi announced the $700 billion accord just after midnight but said it still has to be put on paper.

"We've still got more to do to finalize it, but I think we're there," said Treasury Secretary Henry Paulson, who also participated in the negotiations in the Capitol.

"We worked out everything," said Sen. Judd Gregg, R-N.H., the chief Senate Republican in the talks.

Congressional leaders hope to have the House vote on the measure Monday. A Senate vote would come later.

The plan calls for the Treasury Department to buy deeply distressed mortgage-backed securities and other bad debts held by banks and other investors. The money should help troubled lenders make new loans and keep credit lines open. The government would later try to sell the discounted loan packages at the best possible price.

At the insistence of House Republicans, some of the program's $700 billion would be devoted to a program that would encourage holders of distressed mortgage-backed securities to keep them and buy government insurance to cover defaults.

[Bindare_Dundat]

http://www.breitbart.com/article.php?id=D93FJ1182&show_article=1

WASHINGTON (AP) - Congressional leaders and the Bush administration reached a tentative deal early Sunday on a landmark bailout of imperiled financial markets whose collapse could plunge the nation into a deep recession.
House Speaker Nancy Pelosi announced the $700 billion accord just after midnight but said it still has to be put on paper.

"We've still got more to do to finalize it, but I think we're there," said Treasury Secretary Henry Paulson, who also participated in the negotiations in the Capitol.

"We worked out everything," said Sen. Judd Gregg, R-N.H., the chief Senate Republican in the talks.

Congressional leaders hope to have the House vote on the measure Monday. A Senate vote would come later.

The plan calls for the Treasury Department to buy deeply distressed mortgage-backed securities and other bad debts held by banks and other investors. The money should help troubled lenders make new loans and keep credit lines open. The government would later try to sell the discounted loan packages at the best possible price.

At the insistence of House Republicans, some of the program's $700 billion would be devoted to a program that would encourage holders of distressed mortgage-backed securities to keep them and buy government insurance to cover defaults.

I guess all those calls to Congressmen from pissed off citizens went far in making this decision.

[Bindare_Dundat]

Heres a copy of the bailout plan.

[Bindare_Dundat]

This plan is much bigger than 700 billion, it's infinite. It's an authorization to buy 700 billion at a time and hold only that 700 billion in debt.

Section 115. Graduated Authorization to purchase.

A(3) If, at any time after the certification in paragraph (2) has been made, the President transmits to the Congress a written report detailing the plan of the Secretary to exercise the authority under this paragraph, unless there is enacted, within 15 calendar days of such transmission, a joint resolution described in subsection (c), effive upon the expiration of such 15-day period, such authority shall be limited to $700,000,000,000 outstanding at one time.

[Purge_WTF]

  This is Socialism for the wealthy, pure and simple. The "glaciers" quote from Sarah Palin's husband makes more and more sense to me as time goes on.

[BM OUT]

http://www.breitbart.com/article.php?id=D93FJ1182&show_article=1

WASHINGTON (AP) - Congressional leaders and the Bush administration reached a tentative deal early Sunday on a landmark bailout of imperiled financial markets whose collapse could plunge the nation into a deep recession.
House Speaker Nancy Pelosi announced the $700 billion accord just after midnight but said it still has to be put on paper.

"We've still got more to do to finalize it, but I think we're there," said Treasury Secretary Henry Paulson, who also participated in the negotiations in the Capitol.

"We worked out everything," said Sen. Judd Gregg, R-N.H., the chief Senate Republican in the talks.

Congressional leaders hope to have the House vote on the measure Monday. A Senate vote would come later.

The plan calls for the Treasury Department to buy deeply distressed mortgage-backed securities and other bad debts held by banks and other investors. The money should help troubled lenders make new loans and keep credit lines open. The government would later try to sell the discounted loan packages at the best possible price.

At the insistence of House Republicans, some of the program's $700 billion would be devoted to a program that would encourage holders of distressed mortgage-backed securities to keep them and buy government insurance to cover defaults.

Can you imagine the filthy democrats tried to stick a provision in there that would have given 20% of any earnings from the bailout to ACORN?An anti-white,left wing kook group that ,of course,claim to be community organisers,but are really just people that register blacks to vote[many 5 times].Sound Familiar?Oh thats right,the same as that gangster Obama did when he was a community organiser.Typical democrats.Lets give hard working Americans money to non working scum bags so they can steal more elections.