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The Bailout Bill is now the Law: Bush just signed it
While the initiative now shifts to the Treasury Department, armed with vast new powers to relieve stricken financial markets, Congress is launching its own, parallel oversight operation to ensure transparency and accountability in how these powers are used. It also has to meet vast new expectations on government's capacity to restore markets - and the lives of constituents - battered by the crisis. Beginning next week, Congress is also starting a series of hearings and investigations - just weeks before national elections - to identify who is to blame for the worst financial crisis since the Great Depression. Democratic lawmakers want to use them as a springboard for rapid legislation next session to reregulate financial markets.
"Those who most opposed government intervention in the economy for much of the past two decades were so successful in keeping the government away from regulating activities that should have been regulated, that the consequence is now a greater degree of intervention by the government in the economy," said Democratic Rep. Barney Frank, chairman of the House Financial Services Committee, after Friday's vote.
For now, the focus is on the Bush administration, which has three months to show that the powers it said were essential can make a difference. The new law gives the Treasury secretary other options, such as relying on insurance or loans to relieve the crisis. But over two weeks of congressional testimony and negotiations, Secretary Henry Paulson made the case that the key element in the plan is the power to buy up "troubled assets." Step One is setting up a process for buying "toxic," illiquid assets, such as mortgage-backed securities, that clogged credit markets and helped drive giant financial institutions in the US and around the world toward bankruptcy. "What we're going to see happen is the process of the auctions put into place to buy the securities from the banks. They will hire private companies to do that for them, because there isn't the capacity inside Treasury and they don't want to build one up. It can be managed by a couple of vendors," says Peter Morici, a professor at the University of Maryland School of Business and former chief economist of the US International Trade Commission.
But the process itself of sorting out assets in the new Troubled Assets Relief Program or TARP will be daunting, he adds. "Not all mortgage-backed securities have the same risk or potential default rate inside of these bonds. The real problem is telling which assets are alike so you can have a bidding process and set a price."
House leaders, rebuffed on Monday by members on both sides of the aisle, needed 12 votes for victory in a revote on Friday. They easily surpassed that to win by a vote of 263 to 171.
What changed is that members, swamped by calls from angry voters who opposed the rescue, this week began hearing from car dealers, small business owners, governors, and mayors who were worried about the impact of the credit crunch.
"Over the last few days, a lot of members heard from Main Street businesses who are experiencing the front end of this credit crisis," says Rep. Paul Ryan (R) of Wisconsin, who says he expects to take a hit politically for his support of the bill, which is still highly unpopular with many Americans. "It's just beginning to sink in how dire this moment is.... Now, the public hasn't seen that yet." Calls from his constituents are still running 85 percent opposed, he said.
In the end, 91 Republicans voted with 172 Democrats to back the plan, up from 65 Republicans in the first vote on the plan on Monday. During the floor debate, Rep. Zoe Lofgren (D) of California said that, due to the credit crisis, "the state of California will not be able to meet payroll by the end of the month" if Congress fails to act. Democratic leaders also got more votes for the plan on Friday, thanks in part to commitments they made to black and Hispanic members that federal resources will be directed to help homeowners at risk of foreclosure. "Today was a day that I changed my mind, after talking to a considerable number of persons who indicated to me that they were having trouble with credit concerns," said Rep. Al Green (D) of Texas. Another deciding factor was assurances from Representative Frank that Democrats will "work very hard" to make sure that mortgages purchased by a reorganized Fannie Mae and Freddie Mac will be restructured so that homeowners can stay in their homes.
After signing the historic legislation on Friday, President Bush commended House leaders of both parties, "We have acted boldly to help prevent the crisis on Wall Street from becoming a crisis across the country," he said. While most lawmakers are returning home to campaign this week, Congress could be called back into session, if necessary, as early as Monday. Meanwhile, congressional panels are gearing up for an unusual series of oversight hearings over the break, including the causes and effects of the bailout of American International Group (AIG) insurance company (next Monday) the bankruptcy of Lehman Brothers investment bank (Tuesday), the impact of the financial crisis on workers' retirement security (Tuesday), the regulation of hedge funds (Oct. 16), and the breakdown of credit-rating agencies (Oct. 22).
"The eye now is to the future: To shine the bright light of accountability on what is happening in our financial markets so that it doesn't happen again," said House Speaker Nancy Pelosi, after the vote. Upcoming committee hearings "will tell us how we got to this place and ferret out the abuses," she added. Republicans, meanwhile, are urging investigations into why Democrats over the years blocked GOP measures to curb mortgage giants Fannie Mae and Freddie Mac, now operating under a federal conservatorship.
Housing bailout bill creates national fingerprint registry | Politics ...
... post by Declan McCullagh on News - Politics and Law. ... Housing bailout bill creates national fingerprint registry ... Well I am offended by a bail out, these companies made bad ...
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McCain and His Campaign Blame Obama and Democrats for Bailout Bill's ...
In Des Moines, Iowa, Sen. John McCain, R-Ariz., said the following: "Senator Obama and his allies in Congress infused unnecessary partisanship into the process. Now is not the time ...
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NPR: Now We See It: The White House Bailout Proposal
Now We See It: The White House Bailout Proposal. Filed under: Understanding The Crisis ... ceiling is currently limited to 10.615 trillion dollars by law. This bill ...
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Treasury’s Financial-Bailout Proposal to Congress
... minute, the dude and his pals who created this crisis now ... that helps the common American Taxpayer who was sold a bill ... I’m concerned that the bail-out plan suggested by the ...
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Text of the Bailout Legislation » The Foundry
... Eight seems like a “cover-up of the bail-out ... has ever had. This is Section 8 of the bill as it now ... Preventing the Biggest Bailout of All Blair LAW, Ft Myers, FL 33913
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U.S. House sends Bush $700 billion Wall St. bailout
WASHINGTON, Oct 3 (Reuters) - The U.S. House of Representatives on Friday passed a $700 billion financial industry bailout bill. The landmark legislation now goes to President George W. Bush, who is expected to sign it into law
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Source: Reuters
NewsDateTime: 5 hours ago
House Passes Economic Recovery Bill
... to green-light earlier this week. President Bush quickly signed it into law. ... Zach Wamp, R-Tenn., another who voted against the measure earlier this week, now ... Bailout Bill Basics From TARP to Tax Breaks Recession Depression? Let Us Know The Note:
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Source: ABC News
NewsDateTime: 20 minutes ago
Reversal of fortune: House approves $700-billion bailout bill
... approves the measure by a 263-171 vote. Bush quickly signs the bill into law. ... THE RECORD: A headline on an earlier version of this article said the bailout bill ... The bill now raises the cap on assets insured by the Federal Deposit Insurance ...
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Source: Los Angeles Times
NewsDateTime: 2 hours ago
Stocks slump despite bank bailout
... brutal week ended with President Bush signing the historic $700 billion bailout ... Anderson thinks the economy is in a recession now and will remain in one ... Measures of bank nervousness hit record levels Friday, even after the bill was signed into law.
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Source: CNN Money
NewsDateTime: 2 hours ago
House starts voting on $700B bailout bill
President Bush was ready to sign it into law, and the Dow Jones industrial ... any of these Congress folk, who are going to vote Yay or Nay on the Bailout Bill ... Just take everything down to Bailout Highway 61. Now the Senator's daughter on the twelfth ...
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Source: Newsweek
NewsDateTime: 5 hours ago
For Biden, the debate served as much as an introduction to American voters as a test of his mettle. Although the Delaware senator has served in Congress for more than 35 years, he isn't well known nationally. Two attempts to run for president, 20 years apart, were unsuccessful. His assignment Thursday was simply to maintain the momentum the Obama campaign has been building during the last three weeks. But along with that came a challenge posed by Palin's sex. He needed to walk a line between respectful and combative—and avoid coming off as patronizing or condescending. The McCain campaign has made a habit of terming attacks on Palin sexist or elitist. Palin was not burdened by such concerns and, as befitting her overnight rise from a state politician to a national star, she spent much of the affair showcasing her feisty, salt-of-the-earth personality, employing such phrases as "darn right" and "bless their hearts" and smiling and even winking at the audience. She referred to herself again as a "hockey mom" and said she was talking to "Joe Six-Pack." She said she appreciated the chance to talk to the country without "the filter" of the "mainstream media." At one point, smiling at the crowd, she said, "How long have I been at this, like five weeks? So there hasn't been a whole lot that I've promised, except to do what is right for the American people, put government back on the side of the American people, stop the greed and corruption on Wall Street." Along those lines, she portrayed herself and her running mate, John McCain, as "mavericks" and populists, saying together they would fix broken government. "Change is coming," she repeated like a mantra. But her folksiness masked a willingness to use a broad brush to attack Obama and Biden, repeatedly suggesting that Obama didn't support the military, saying he sought to make the United States beholden to foreign oil and pushed to increase taxes at every opportunity. Several times, Biden seemed frustrated. "Facts matter," he said at one point. Palin seemed most comfortable talking about her work as governor of Alaska, dealing with the energy industry. "The chant is 'drill, baby, drill.' And that's what we hear all across this country in our rallies because people are so hungry for those domestic sources of energy to be tapped into," she said. "They know that even in my own energy-producing state we have billions of barrels of oil and hundreds of trillions of cubic feet of clean, green natural gas." She succeeded Thursday in one crucial respect: re-establishing herself as a charismatic, composed performer. The evening had offered a needed opportunity to reverse a growing perception among voters that she lacks the intellectual firepower and experience to be a heartbeat away from the presidency. Her command of the issues had come under heavy fire in the last two weeks, largely because of her interviews with CBS' Katie Couric. Those interviews showed a rambling, sometimes incoherent side of the Alaska governor that had not surfaced in pitch-perfect stump speeches crafted by the McCain campaign. But after Thursday, that question may recede a bit as an election issue, switching again to whether McCain and Palin can present a convincing case that their administration would offer something different than the current one. And that's where Biden seemed the most commanding. Avoiding directly attacking Palin, he went after McCain again and again: on the economy, branding the Arizona senator as a deregulator who encouraged the current Wall Street crisis; on foreign policy by tying McCain to the war in Iraq; and on health care, where Biden labeled McCain's health care plan, which involves tax credits, "the ultimate Bridge to Nowhere." "Look, all you have to do is go down Union Street with me in Wilmington or go to Katie's Restaurant or walk into Home Depot with me where I spend a lot of time and you ask anybody in there whether or not the economic and foreign policy of this administration has made them better off in the last eight years," Biden said. "And then ask them whether there's a single major initiative that John McCain differs with the president on. On taxes, on Iraq, on Afghanistan, on the whole question of how to help education, on the dealing with health care." At one point near the end of the debate, Biden seemed to be overcome in referring to the car accident that killed his first wife and his baby daughter in 1972. At the close of the debate, both sides claimed victory. "All McCain and Palin are offering is more of the same," said Obama campaign manager David Plouffe. He said Palin "did a good job of articulating the McCain agenda—a failed agenda." Sen. Lindsey Graham (R-S.C.) said he was "very pleased that [Palin] was able to articulate in a way that people can understand the differences between Sen. McCain and Sen. Obama."
McCain officials say they are optimistic despite her falling credibility and likability in polls.
“Nobody who’s in the middle of a campaign takes a minute to panic,” an aide said. “Every single day, there’s an ebb and flow - that’s what makes these things exciting. She’s been there before. She’s done this before. She’s been successful. And we as a campaign expect she will rise to the occasion and be strong.”
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