WE'VE MOVED! Democratic Convention Watch is now at http://www.DemocraticConventionWatch.com
The text of the bailout agreement has been posted, but the link doesn't seem to work, although it probably will work in a few hours. In the interim, here is an article detailing it, with the link within.
The bill may not pass, with objections from the rank and file of both the far left and the far right. From what I can gather, whips don't have the necessary pass counts yet. The larger stumbling block appears to be the House Republicans: if they won't commit to agreeing, Speaker Pelosi will not bring the bill to the floor.
UPDATE: Here is a better link to the bill. House is to vote tomorrow, Senate on Wednesday.
UPDATE: Here is a better link to the bill. House is to vote tomorrow, Senate on Wednesday.
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SLCScott 74p · 859 weeks ago
The problem is the one Jessica identifies in her last sentence: the Democrats aren't about to go out on a limb for Bush without bipartisan support.
Peter Zenger 62p · 859 weeks ago
Mike in Maryland · 859 weeks ago
When the voting begins, all the Democrats should vote 'Present' unless and until the requisite number of Repigs vote 'Yea'.
If there are no Democratic members voting until that requisite number of Repig 'yeas', and the Repigs don't get that number of members voting 'yea', the Democratic leadership would then be able to authoritatively let everyone know just who killed the bill.
A bit risky? Yes. But it puts the pressure on the Repigs to live up to their word for a change.
Mike
Nakima · 859 weeks ago
I am an Obama supporter, but no matter who is over this its a mess, as near as I can tell...and i am not a financial genius, this is an equivalent of an adrenaline shot to a human directly into the heart. But, eventually, adrenaline levels out. What happens when this levels out ......no one knows. But, the start of this deregulation dates back over 20 years...so it was Repub and Dem. Our next leader (hopefully Obama) has his job cut out for him.
tmess2 70p · 858 weeks ago
The adrenaline shot is to get us past the heart attack. Obviously, once the crisis is over, the rehabilitation process begins -- hopefully with less damage than if you had not used an adrenaline shot.
Laubach 1p · 858 weeks ago
The billions in bailout money should go to education, renewable energy and public works programs to create jobs, so people can pay their mortgages. The reverse Robin Hood aproach of the current bailout plan only rewards the deceitful writers of the bad mortgages for their crimes.
Those people who got us into this mess should go to prison.
Karen Anne · 858 weeks ago
uplandpoet · 858 weeks ago
Limiting executive pay: Curbs would be placed on the compensation of executives at companies that sell mortgage assets to Treasury. Among them, companies that participate will not be able to deduct the salary they pay to executives above $500,000.
They also will not be allowed to write new contracts that allow for "golden parachutes" for their top 5 executives if they are fired or the company goes belly up. But the executives' current contracts, which may include golden parachutes, would still stand.
How do we allow a company to keep its current contracts with the bozos who caused this mess, and yet we are going to bail them out?
I understand the legal problems, but if you offer the executives the option of rescue or taking their chances with a bankrupt company, they might be willing to renegotiate...