Bush Bailout
 

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.

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.

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




.................................................. ...............
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Bush Bailout
 

"Curly Surmudgeon" wrote in message
. ..
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.

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.

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





Did not say the Republicans were angels. I stated the facts of life re our
government and who actually gets to vote to spend money. And yes, if the
spending bill passes, the money HAS TO BE SPENT. A Democrat Congress got
that ruling years ago. Used to be the Executive branch controlled a lot of
the pork overspending, by just not spending the money. But Congress did not
like fiscal responsibility.
http://www.auburn.edu/~johnspm/gloss/impoundment is a decent explanation.
We need an Executive Branch to take the ruling to the Supremes. The problem
for at least the last 8 years, is a President who did not veto overspending.
And the $5 trillion, not $2 trillion is not money spent, so no appropriation
bill was required. It is what we committed to cover and keeps growing. We
are screwed.

Bush Bailout
 

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. 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.

-------------
From a theoretical standpoint you are correct, and I wish that
this was the way it worked in the real world.

In several cases, for example the Federal Reserve Bank, the
Federal Deposit Insurance Corporation, and the Pension Benefit
Guarantee Corporation and several others, *PRIVATE*
organizations, ==backed with the full faith and credit of the US
[i.e. the taxpayers],== are burning through money at a truly
amazing rate, with nomimal to no oversight.

In one instance the FRB is refusing to say which banks [and most
major American financial organizations are now banks or are
becoming "banks" such as American Express, GE Capital, Merrill
Lynch, Goldman, and CIT] have borrowed, how much they have
borrowed, and ==what securities or other collateral they have
pledged.== {can you say "toxic securities?" Can your say
"pig-in-a-polk"}

The insurance companies are not far behind. Several majors have
just applied to become S&Ls, thus qualifying for the FDIC "tit".
----------
Insurers Mull S&L Status; Request Could Come Today (Update1)

By Andrew Frye

Nov. 14 (Bloomberg) -- Several U.S. insurers have asked
regulators about applying for status as savings and loan
institutions, a step that could give them access to Treasury
funding.
snip
-----------
for complete article see
http://www.bloomberg.com/apps/news?p...BaY&refer=home

In less than 3 months, over 5 trillion dollars has been
"injected" into the market. The exact amount cannot be
determined.
for complete article click on
http://www.forbes.com/home/2008/11/1...12bailout.html


To put this in perspective the total annual production of all
goods and services in the United States [GDP] is estimated at
slightly more than 13 trillion dollars. 5/13 = 38% of GDP IN
SLIGHTLY OVER TWO MONTHS WITH NO END IN SIGHT, AND NO
ACCOUNTABILITY.

There are several other mechanisms that bypass Congressional
control and oversight of governmental spending, but currently
this is the major money leak.


Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).

Hater circlejerk bores rec.boaters...
 

wrote:

|\
..........|\
|/
|/


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Bush Bailout
 

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.



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.



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Bush Bailout
 

F. George McDuffee wrote:
On Thu, 13 Nov 2008 22:42:41 -0800, "Calif Bill"
wrote:

snipped
You are definately confused as to how the Federal Government runs. 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.

-------------
From a theoretical standpoint you are correct, and I wish that
this was the way it worked in the real world.


It's not theory, it's the law.


In several cases, for example the Federal Reserve Bank, the
Federal Deposit Insurance Corporation, and the Pension Benefit
Guarantee Corporation and several others, *PRIVATE*
organizations, ==backed with the full faith and credit of the US
[i.e. the taxpayers],== are burning through money at a truly
amazing rate, with nomimal to no oversight.

In one instance the FRB is refusing to say which banks [and most
major American financial organizations are now banks or are
becoming "banks" such as American Express, GE Capital, Merrill
Lynch, Goldman, and CIT] have borrowed, how much they have
borrowed, and ==what securities or other collateral they have
pledged.== {can you say "toxic securities?" Can your say
"pig-in-a-polk"}

The insurance companies are not far behind. Several majors have
just applied to become S&Ls, thus qualifying for the FDIC "tit".


We have a Congress which has abdicated it's obligations and
responsibilities.

We have an illegitimate government.


----------
Insurers Mull S&L Status; Request Could Come Today (Update1)

By Andrew Frye

Nov. 14 (Bloomberg) -- Several U.S. insurers have asked
regulators about applying for status as savings and loan
institutions, a step that could give them access to Treasury
funding.
snip
-----------
for complete article see
http://www.bloomberg.com/apps/news?p...BaY&refer=home

In less than 3 months, over 5 trillion dollars has been
"injected" into the market. The exact amount cannot be
determined.
for complete article click on
http://www.forbes.com/home/2008/11/1...12bailout.html


To put this in perspective the total annual production of all
goods and services in the United States [GDP] is estimated at
slightly more than 13 trillion dollars. 5/13 = 38% of GDP IN
SLIGHTLY OVER TWO MONTHS WITH NO END IN SIGHT, AND NO
ACCOUNTABILITY.

There are several other mechanisms that bypass Congressional
control and oversight of governmental spending, but currently
this is the major money leak.


Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).


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---= - Total Privacy via Encryption =---

Bush Bailout
 

"strabo" wrote in message
...
F. George McDuffee wrote:
On Thu, 13 Nov 2008 22:42:41 -0800, "Calif Bill"
wrote:

snipped
You are definately confused as to how the Federal Government runs. 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.
-------------
From a theoretical standpoint you are correct, and I wish that
this was the way it worked in the real world.


It's not theory, it's the law.

So, reconcile that with the actual federal budget process, and all of the
"supplemental" funding bills for the war in Iraq.

Tell us who initiates them.

--
Ed Huntress

Bush Bailout
 

distro pruned to alt.machines.cnc, rec.crafts.metalworking

On Fri, 14 Nov 2008 16:41:39 -0500, strabo
wrote:

We have a Congress which has abdicated it's obligations and
responsibilities.
Indeed, we do.

We have an illegitimate government.
Its the only one we got, and the only one we are likely to get.
---------------------
Item two follows from item one.

Congress represents the people, and what the people want is a
"reinflation" of the real estate, stock/bond and credit bubbles,
[people in hell want ice water too] not a systematic evaluation
of the current solution, investigation of how we got here,
determination of the people/institutions accountable, and
long-term solutions to make sure we don't have this occur in
another generation or two.

The original post observed that the palliative measures to
overcome the fiscal crisis taken to date have largely proven
ineffective. This appears to be correct, but the amount
indicated was low by about a factor of 2 [or more]. This also
appears to posit that it was "all W's fault," when in fact this
took at least a generation to fully develop.

In their favor, the Federal Reserve Chairman and the SecTres do
appear to have read some history and are not repeating the
actions that brought the country to its knees in 1929, such as
restricting credit/raising interest rates, import/trade
restrictions, and attempting to "liquidate" the excesses of the
market, such as the housing inventory, at fire sale prices.

Unfortunately, they [and Congress] appear to be unable [or
unwilling] to recognize that this is *NOT* in general a liquidity
or credit problem, but rather a solvency problem, in that huge
sectors of the domestic economy [e.g. automotive] are "flat
broke," as is a large fraction of the population, with the result
that one of the major SYPMTOMS is lack of liquidity/credit.
Indeed, many of our major corporations and unfortunate citizens
are *WORSE* than "flat broke," because they have accumulated debt
of all types far beyond their ability to ever repay. THUS NO
MATTER HOW MUCH MONEY IS INJECTED INTO THE ECONOMY, IT CANNOT
CURE THE PROBLEM, OR EVEN MAKE MUCH OF AN [IF ANY] IMPACT ON THE
SYMPTOM.

This very serious problem is further compounded by the fact than
many of the most accountable organizations are bankrupt in many
more ways than just fiscal, specifically they are bankrupt
ethically, they are bankrupt innovatively, and they are bankrupt
intellectually.

Everyone and everything but their own actions and decisions are
blamed for the fiscal problems, from the new FASB "mark to
market" accounting rules, to the union contracts they were
"forced to sign" back in 1965. Still *THEIR* good times roll on,
with lavish corporate "retreats," private jets, "performance
bonuses," and "golden parachutes," even as their employees and
stockholders take it in the shorts.


Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).

Bush Bailout
 

On Fri, 14 Nov 2008 14:41:18 -0600, F. George McDuffee
wrote:
snip
To put this in perspective the total annual production of all
goods and services in the United States [GDP] is estimated at
slightly more than 13 trillion dollars. 5/13 = 38% of GDP IN
SLIGHTLY OVER TWO MONTHS WITH NO END IN SIGHT, AND NO
ACCOUNTABILITY.
snip
-----------
Not directly part of the US problem, but the Brits are more
efficient in these matters, and have managed to produce some
preliminary data....

Just the *EUROPEAN* operations of Lehman Bros. has more than 1
TRILLION$US to account for, with 500 Billion$US in debt.

N.B.: Lehman Bros. is only one small part of the total global
fiscal problem. Not only is there not enough money in the entire
world to settle up, there are not enough lawyers and accountants
to process the claims....

----------
Lehman administrators' task will dwarf Enron, creditors told
• European arm has more than $500bn of debt
• Collapsed bank's creditors expect less than 10%

* Simon Bowers
* guardian.co.uk, Saturday November 15 2008 00.01 GMT
* The Guardian, Saturday November 15 2008

Administrators grappling with the European arm of the failed
investment bank Lehman Brothers have told creditors their task is
"10 times as big and as complicated" as the unwinding of Enron.

Speaking after the first creditors' meeting, a team from
PricewaterhouseCoopers said they had identified more than ==$1tn
(£670bn) in assets and liabilities that need to be accounted
for.== {emphasis added}
snip
---------------
for complete article click on
http://www.guardian.co.uk/business/2...ers-us-economy

Where were the responsible adults while all this was happening,
and where did all that money go?


Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).

Bush Bailout
 

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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