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Instead of the government buying the toxic mortgage securities, banks, financial firms and other investors holding them would pay premiums to the Treasury to finance the insurance coverage.
Rep Eric Cantor, R-Va., said the plan would be to remove the burden of the bailout from taxpayers and instead place it, over time, on Wall Street
The House conservatives' plan also would:
--Offer temporary tax relief to free up capital for companies to lend one another.
--Temporarily suspend dividend payments by financial institutions.
--Require participating firms to disclose to the Treasury Department the value of mortgage assets on their books, private bids on them in the past year and their last audit reports.
--Forbid government-sponsored mortgage giants Fannie Mae and Freddie Mac from issuing securities on unsound mortgages.
--Require the Securities and Exchange Commission to investigate the performance of credit-rating agencies.
I believe, this morning, Bush was warning us that if Congress does not bring him a bill that he can approve, by the end of the day today, he will declare a state of emergency and impose an executive order for a bailout of his own (Paulson's) choosing. This could also involve vetoing a bill that he does not like.
I believe, this morning, Bush was warning us that if Congress does not bring him a bill that he can approve, by the end of the day today, he will declare a state of emergency and impose an executive order for a bailout of his own (Paulson's) choosing. This could also involve vetoing a bill that he does not like.
In my state, along the busy highways, we have had branch after branch after branch of new banks pop up on multi million dollar lots, three in a row just last year, sitting right beside each other! Hell, you have to drive downtown now to find a restaruant, as the banks are buying out food establishments, tearing down perfectly good buildings, and building multi million dollar mega structures!!!!
There are so many multi million dollar branches, and new banks...I have always wondered how they could affort such when every other industry is having trouble recently.
Now we know...subprime profits, taxpayer losses
Capitalized gains, socialized losses....Taxpayers won't stand for it anymore!
If Bush does this and the Congress doesn't move forward with immediate Impeachment proceedings they are not doing their job of protecting our Constitution and it is time for a revolt from the people.
There are so many multi million dollar branches, and new banks...I have always wondered how they could affort such when every other industry is having trouble recently.
!
Their only competition for the high-rent space is Medical Arts Plazas, where the equally unregulated medical practitioners are delivering their chicanery in ornate palaces.
The constitution at risk as nowhere in the constitution does it state that the job of the federal government is to bail out private institutions.
But worst yet, your children's future was already at risk due to entitlements...and now the multi trillion dollar financial bailouts over the next decade will drive the final nail into the coffin.
Already had tea this morning. I knew there was a reason I didn't have coffe like usually
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