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NEW YORK (CNNMoney.com) -- The Bush administration has asked Congress for the authority to spend as much as $700 billion to purchase troubled mortgage assets, according to a copy of the proposal obtained by CNN.

The legislative proposal - the centerpiece of the most sweeping economic intervention by the government since the Great Depression - was sent by the White House overnight to lawmakers.

Treasury Secretary Henry Paulson, lawmakers and their aides are expected to work through the weekend in an effort to craft a bill swiftly. Democratic leaders on Capitol Hill said they expect the bill to go before a vote within days.

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ORIGINAL: cow451

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ORIGINAL: rlj

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Correction: Texas is WEST, not South. His Excellency is a westerner, not a Southerner.

They're south of the Mason and Dixon line. :P

A mere technicality. State must have a member of the SEC or ACC to be part of the South.

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ORIGINAL: cog41

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ORIGINAL: cow451

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ORIGINAL: rlj

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Correction: Texas is WEST, not South. His Excellency is a westerner, not a Southerner.

They're south of the Mason and Dixon line. :P

A mere technicality. State must have a member of the SEC or ACC to be part of the South.

Incorrect.

Texas is not a "western" state but a "southwestern" state.

Southerners are those from states who were members of the Confederate States.

We in Texas are very familiar with "bless your heart".

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ORIGINAL: rlj

Sorry, I couldn't resist. General Secretary Comrade Bush has sent his request to the Party Congress requesting 700 million rubles- er I mean Yuan, no wait that would be dollars to reverse the awful trend of the capitalist pig swine who have brought this glorious country to its knees with their vicious and greedy methods of business.

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NEW YORK (CNNMoney.com) -- The Bush administration has asked Congress for the authority to spend as much as $700 billion to purchase troubled mortgage assets, according to a copy of the proposal obtained by CNN.

The legislative proposal - the centerpiece of the most sweeping economic intervention by the government since the Great Depression - was sent by the White House overnight to lawmakers.

Treasury Secretary Henry Paulson, lawmakers and their aides are expected to work through the weekend in an effort to craft a bill swiftly. Democratic leaders on Capitol Hill said they expect the bill to go before a vote within days.

http://money.cnn.com/2008/09/20/news/economy/bailout_proposal/index.htm?postversion=2008092009

Long live the glorious struggle against Capitalist excesses!

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Somebody's been watching Glenn Beck....

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ORIGINAL: rlj

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Somebody's been watching Glenn Beck....

Never seen him or heard him. I am however reading Sam Clancy's "The Hunt For Red October" in which he makes use of some of the commie cliches and such and I couldn't help but want to put the two together. ; )

Oh and wanted to add I just watched Dr. Strangelove for the first time to which is having the same kind of effect. Just remember before all of this is done make sure your precious bodily fluids don't become contaminated.

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Tom Clancy....

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WASHINGTON (Reuters) - Treasury Secretary Henry Paulson said Sunday that foreign banks will be able to unload bad financial assets under a $700 billion U.S. proposal aimed at restoring order during a devastating financial crisis.

"Yes, and they should. Because ... if a financial institution has business operations in the United States, hires people in the United States, if they are clogged with illiquid assets, they have the same impact on the American people as any other institution," Paulson said on ABC television's "This Week with George Stephanopolous."

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ORIGINAL: rlj

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Tom Clancy....

Ack, it's early. :P : ) Anyway it's the first book by him I have read or started reading anyway. I absolutely loved the movie when I first watched it years ago.

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ORIGINAL: leonfigg3

Have to love those Democrats. They spend 5+ years being critical of the Bush administration for multi-tasking on 911 and not concentrating on the crisis, but then turn around and say multi-tasking is a requirment of being president. They go so far as to say that it is perfectly alright for the president to phone in his response to a crisis, and that because something was scheduled far in advance of a crisis, it is perfectly understandable for their candidate to hold to his schedule instead of dealing with a crisis.

Foe a political party that has no idea what "is" means, they seem to have a strange, and very flexible, idea what it means for someone to be president of the United States.

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I am just absoutely amazed at how when the dems control the White House, Senate and House of Representatives they can get many of their socialists policies, judges, laws and such passed and do it in a mere 2 years.

However when the Republicans control all of that for 6 years we have to listen to:

1)It was Bill Clinton's fault.

2)They have a minority in the Senate.

3)It got stalled by the minority dems in that committee.

4)It was still Bill Clinton's fault.

5)We tried that 17 times but never told anyone that it was important.

6)Had it not been for Bill Clinton we wouldn't have had to try it 17 times.

7)Did everyone know that if Bill Clinton wasn't president from 93 to 2001 with a REPUBLICAN controlled congress for 6 of those years this would be a capitalist Utopia?

I had to listen on CW for 5 solid years about what a wonderful thing this Bush economy is and all of a sudden it's Bill Clinton's.

I so can't wait til the election. I'll get down and my hands and knees and thank and praise God that it's over with no matter who is elected.

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Latest Bush approval rating: a Whopping 24%! Way to go Georgie!

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ORIGINAL: stamper_ben

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Latest Bush approval rating: a Whopping 24%! Way to go Georgie!

Way to go indeed! It is twice as good as Congress' approval rating...

But with that fact posted, I'm more than sure the country will make the same mistake... AGAIN.

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Scroll down to the "throw the bums out"...

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The Community Reinvestment Act applies to depository banks. But many of the institutions that spurred the massive growth of the subprime market weren't regulated banks. They were outfits such as Argent and American Home Mortgage, which were generally not regulated by the Federal Reserve or other entities that monitored compliance with CRA. These institutions worked hand in glove with Bear Stearns and Lehman Brothers, entities to which the CRA likewise didn't apply. There's much more. As Barry Ritholtz notes in his fine rant, the CRA didn't force mortgage companies to offer loans for no-money down, or to throw underwriting standards out the window, or to encourage mortgage brokers to aggressively seek out new markets. Nor did the CRA force the credit-rating agencies to slap high-grade ratings on subprime debt.

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But note that about 56 percent of subprime mortgages went to non-Hispanic white people, according to the study, which was made in 2006 at the peak of their usage. And about 40 percent went to borrowers considered affluent - that is, who have annual incomes at least 120 percent of their local median income.

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The critics have forgotten that the House passed a GSE reform bill in 2005 that could well have prevented the current crisis, says Mr Oxley, now vice-chairman of Nasdaq.

He fumes about the criticism of his House colleagues. “All the handwringing and bedwetting is going on without remembering how the House stepped up on this,” he says. “What did we get from the White House? We got a one-finger salute.”

The House bill, the 2005 Federal Housing Finance Reform Act, would have created a stronger regulator with new powers to increase capital at Fannie and Freddie, to limit their portfolios and to deal with the possibility of receivership.

Mr Oxley reached out to Barney Frank, then the ranking Democrat on the committee and now its chairman, to secure support on the other side of the aisle. But after winning bipartisan support in the House, where the bill passed by 331 to 90 votes, the legislation lacked a champion in the Senate and faced hostility from the Bush administration.

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10/26/2005--Passed House amended.
Federal Housing Finance Reform Act of 2005 -
Title I - Reform of Regulation of Enterprises and Federal Home Loan Banks
Subtitle A - Improvement of Safety and Soundness
Section 101 -
Amends the Housing and Community Development Act of 1992 (Act) to establish the Federal Housing Finance Agency (FHFA), which shall have supervisory and regulatory authority over the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (both hereinafter referred to as the "enterprises") and the Federal Home Loan Banks.

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(C) does not, at the time during the period that begins 12 months before submission of an application for funding from the affordable housing fund of the enterprise and ending upon the expiration of the period referred to in paragraph (1)(B)--

`(i) engage in any Federal election activity, as such term is defined in paragraph (20) of section 301 of the Federal Election Campaign Act of 1971 (2 U.S.C. 431(20)), except that, notwithstanding the 120-day limitation in subparagraph (A)(i) of such paragraph, such term shall include voter registration activity during any period;