On Fri, 14 Nov 2008 16:37:47 -0500, strabo wrote:

Curly Surmudgeon wrote:
On Thu, 13 Nov 2008 22:42:41 -0800, Calif Bill wrote:

"Cliff" wrote in message
...
On Thu, 13 Nov 2008 04:06:58 -0800 (PST),
wrote:

On Nov 13, 6:07 am, Cliff wrote:
Another three trillion down the drain. Does the phrase "Miserable
Failure" ring a bell?

OTOH AIG had another nice party and someone is getting a lot of
taxpayer money .... well, debt to the taxpayer, anyway. THEY got the
money.

No accountability either AFAIK. Just
free money ... How did this get started again? --
Cliff
The dems are pilfering the money. Nothing new there.
They are not running things yet.
Bushco is.
So you lied. Again.

HTH
--
Cliff
You are definately confused as to how the Federal Government runs.

Then explain the $2 trillion dollars that the Fed has already given out
wihtout oversight and refuses to reveal recipients.


Congress gave Paulson carte blanc control of expenditures, NO explanation
necessary.

Furthermore this contract extends to amounts of cash to be printed:

"The Secretary's authority to purchase mortgage-related assets under this
Act shall be limited to $700,000,000,000 outstanding *at any one time*.

Read it.


Emergency Economic Stabilization Act of 2008

LEGISLATIVE TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS

Section 1. Short Title.

This Act may be cited as ___________________.

Sec. 2. Purchases of Mortgage-Related Assets.

(a) Authority to Purchase.-The Secretary is authorized to purchase, and to
make and fund commitments to purchase, on such terms and conditions as
determined by the Secretary, mortgage-related assets from any financial
institution having its headquarters in the United States.

(b) Necessary Actions.-The Secretary is authorized to take such actions as
the Secretary deems necessary to carry out the authorities in this Act,
including, without limitation:

(1) appointing such employees as may be required to carry out the
authorities in this Act and defining their duties;

(2) entering into contracts, including contracts for services authorized
by section 3109 of title 5, United States Code, without regard to any
other provision of law regarding public contracts;

(3) designating financial institutions as financial agents of the
Government, and they shall perform all such reasonable duties related to
this Act as financial agents of the Government as may be required of them;
(4) establishing vehicles that are authorized, subject to supervision by
the Secretary, to purchase mortgage-related assets and issue obligations;
and

(5) issuing such regulations and other guidance as may be necessary or
appropriate to define terms or carry out the authorities of this Act.

Sec. 3. Considerations.

In exercising the authorities granted in this Act, the Secretary shall
take into consideration means for-

(1) providing stability or preventing disruption to the financial markets
or banking system; and

(2) protecting the taxpayer.

Sec. 4. Reports to Congress.

Within three months of the first exercise of the authority granted in
section 2(a), and semiannually thereafter, the Secretary shall report to
the Committees on the Budget, Financial Services, and Ways and Means of
the House of Representatives and the Committees on the Budget, Finance,
and Banking, Housing, and Urban Affairs of the Senate with respect to the
authorities exercised under this Act and the considerations required by
section 3.

Sec. 5. Rights; Management; Sale of Mortgage-Related Assets.

(a) Exercise of Rights.-The Secretary may, at any time, exercise any
rights received in connection with mortgage-related assets purchased under
this Act.

(b) Management of Mortgage-Related Assets.-The Secretary shall have
authority to manage mortgage-related assets purchased under this Act,
including revenues and portfolio risks therefrom.

(c) Sale of Mortgage-Related Assets.-The Secretary may, at any time, upon
terms and conditions and at prices determined by the Secretary, sell, or
enter into securities loans, repurchase transactions or other financial
transactions in regard to, any mortgage-related asset purchased under this
Act.

(d) Application of Sunset to Mortgage-Related Assets.-The authority of the
Secretary to hold any mortgage-related asset purchased under this Act
before the termination date in section 9, or to purchase or fund the
purchase of a mortgage-related asset under a commitment entered into
before the termination date in section 9, is not subject to the provisions
of section 9.

Sec. 6. Maximum Amount of Authorized Purchases.

The Secretarys authority to purchase mortgage-related assets under this
Act shall be limited to $700,000,000,000 outstanding at any one time

Sec. 7. Funding.

For the purpose of the authorities granted in this Act, and for the costs
of administering those authorities, the Secretary may use the proceeds of
the sale of any securities issued under chapter 31 of title 31, United
States Code, and the purposes for which securities may be issued under
chapter 31 of title 31, United States Code, are extended to include
actions authorized by this Act, including the payment of administrative
expenses. Any funds expended for actions authorized by this Act, including
the payment of administrative expenses, shall be deemed appropriated at
the time of such expenditure.

Sec. 8. Review.

Decisions by the Secretary pursuant to the authority of this Act are
non-reviewable and committed to agency discretion, and may not be reviewed
by any court of law or any administrative agency.

Sec. 9. Termination of Authority.

The authorities under this Act, with the exception of authorities granted
in sections 2(b)(5), 5 and 7, shall terminate two years from the date of
enactment of this Act.

Sec. 10. Increase in Statutory Limit on the Public Debt.

Subsection (b) of section 3101 of title 31, United States Code, is amended
by striking out the dollar limitation contained in such subsection and
inserting in lieu thereof $11,315,000,000,000.

Sec. 11. Credit Reform.

The costs of purchases of mortgage-related assets made under section 2(a)
of this Act shall be determined as provided under the Federal Credit
Reform Act of 1990, as applicable.

Sec. 12. Definitions.

For purposes of this section, the following definitions shall apply:

(1) Mortgage-Related Assets.-The term mortgage-related assets means
residential or commercial mortgages and any securities, obligations, or
other instruments that are based on or related to such mortgages, that in
each case was originated or issued on or before September 17, 2008.

(2) Secretary.-The term Secretary means the Secretary of the Treasury.

(3) United States.-The term United States means the States, territories,
and possessions of the United States and the District of Columbia.

Agreed. Yet another sign of corruption in the Executive and Legislative
branches. Yet another lie of the Executive Branch. What happened to the
"Full transparency" Paulson promised? Bloomberg is suing under FOIA
because the Treasury refuses to divulge recipients or price.



The
Congress is the only group who can pass a spending bill, the only ones
who can say we spend this money. The Executive Branch can approve or
veto the bill with their Check and Balance part of government. But it
is only Congress who can first say lets spend money and tell the rest
of government to spend money and how much they can spend. And the
Democrats have been in control of the checkbook for nearly 2 years.
Bush and the Republicans sux. But so does the Democrats and Pelosi,
expecially Pelosi, and Reid.

You cannot gloss over the 6 years of a Republican congress so easily and
blame the next class for their bending over and dropping their trousers
for Bush/Cheney.

You cannot blame the Democrats for the 6 years Bush and the Republican
Congress put these wheels in motion.

--
Regards, Curly
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RIP -- Robert Lee Burnside 11/23/26 - 9/1/05
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