
Man does it feel good helping my country. I didn’t get the chance to storm the Beaches of Normandy or help during 9-11 but today I finally get to do my part.
How?
By helping out those poor people on Wall Street. Today CNN is reporting that a deal is almost done (I think this time they mean it) which will help out out the poor CEOs:
Congressional negotiators “made great progress” toward reaching a deal on the White House’s proposed $700 billion bailout of the financial system, House Speaker Nancy Pelosi said.
Under the tentative deal being finalized, the rescue program would be overseen by a board including the treasury secretary, secretary of commerce, head of the Securities and Exchange Commission and chairman of the Federal Reserve, said Sen. Kent Conrad, R-North Dakota, who heads the Senate Budget Committee.
According to Conrad, $700 billion would be disbursed in stages, with $250 billion made available immediately. In addition, the Treasury would establish an insurance program — with premiums paid by the industry — to mitigate taxpayer losses. The bill would also probably include some curbs on the compensation of executives at companies that participate.
The Bush administration is seeking authority for the Treasury to buy as much as $700 billion in troubled mortgage assets that are weighing down banks and other financial institutions in hopes of freeing up the banks to start lending again.
If enacted, it would be the most dramatic and extensive government intervention in the economy since the Great Depression. The aim is to unfreeze the credit markets — short-term lending among banks and corporations — by giving the Treasury authority to purchase bad assets from banks and other financial
I’m so excited…I’m finally helping people. I’m sure Jesus is so proud of me right now…
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