*Bailout Bill Text (link)

[unlawflcombatnt]

Here's the link to the taxpayer-funded Wall Street bailout bill. It's 106 pages long.

money.cnn.com/2008/09/28/news/pdf/index.htm

[agito]

having trouble loading it... anyone else having the same probs?

[unlawflcombatnt]

Agito,

Here's another link, if the 1st one doesn't work. This one is 110 pages.

i.cdn.turner.com/cnn/2008/images/09/28/ayo08c04_xml.pdf

[waltc]

Just started reading this fish wrapper. It stinks, the Democrats should be put in San Quentin or facing the hangman's noose for foisting this abomination on us.

For starters there is no real control or oversight over Paulson's decisions, nor is there anything to fix/punish the ratings agencies like S&P and Moody's who rated worthless mortgage securities as AAA to unwitting buyers, nothing to boost the SEC, nothing to institute real accounting and oversight over the Democratic controlled Freddie Mac and Fannie mae.

In short the Democrats inserted enough loop holes to make sure that Wall Street will be back in 3 months asking for another taxpayer handout.

[unlawflcombatnt]

Sept 28, 2008 23:57:45 GMT -6 @waltc said:

Just started reading this fish wrapper. It stinks, the Democrats should be put in San Quentin or facing the hangman's noose for foisting this abomination on us.

I'm with you on that.

I read the whole thing, and copied about 1/2 the pages. The fishiest thing about it is that the "pricing" of the allegedly illiquid assets has not been laid out, except that Treasury cannot pay more than 100% of the value when purchasing the MBS garbage. But even here, there are exceptions. Boy, that's really protecting taxpayers now, isn't it.

The executive compensation limitations are ludicrous. The limits don't even apply if a firm has sold no more than $300 million in assets to the Treasury Dept.

Congress has absolutely 0 control over the 1st $350 billion that Paulson decides to stuff into the pockets of Wall Street financiers. Only after he's given away $350 billion, does Congress have any say whatsoever.

And what's more, despite Paulson's lying testimony in front of Congress, the money limit is not the total amount of taxpayers' money that can be spent. Rather, it's the total amount of taxpayer that can be outstanding at any one time. In other words, if Paulson buys $700 billion of toxic mortgage paper, and he's able to sell $200 billion of it to gullible investors, he can then purchase an ADDITIONAL $200 billion of mortgage-related garbage.