The House Committee on Financial Services has released a full draft of the Emergency Economic Stabilization Act of 2008 (EESA).
What’s an EESA? You may think of it as the “bail out bill”. It’s written in the scintillating prose reserved for politicians and lawyers. The link above will take you to it in its entirety. It is a 110 page PDF file, I haven’t read it yet.
The bill should go up for a vote on Monday. Keep in mind this is a draft, it could change.
Here is the official summary of the Emergency Stabilization Act of 2008. It includes five sections — stabilizing the economy, homeownership preservation, taxpayer protection, no windfalls for executives, and strong oversight.
The Phoenix Real Estate Guy was started by Jay Thompson, and I have a little blogging problem... he liked to say...
I think the key point is that it is still a draft. God knows what it will look like when it finally goes through.
*Johns last blog post..Baltimore Real Estate</abbr>
What do you think about the new bailout coming up for vote on Monday? If we can get consumer confidence back again and get the lending community back in business we might get out of this recession before it becomes a full scale depression. Which would be great for the Phoenix market.
This is better than the original, but still not great.
What i dont get is how the banks can be so dumb. If they had just found a way to converted the adjustables to low interest fixed loans and/or allowed short sales to be done much easier they wouldn't be in great shape but no where near this bad shape.
*Dean Ouellettes last blog post..Website of the week</abbr>
I don't think the banks are dumb. It is more a way to save their own buts now rather than look after the small guy with his money worries. It will be interesting to see what happens of this bill anyway.
I'm glad this is just getting done I think if this didnt happen the results would be very disasterious for the economy on the whole. I also wrote a blog post about this and how the US has gotten to this point on my blog.
While this solution is not favorable by all, something has to be done. I just hope that the government gets this right. We need something now, but I hope they take the time to disect this bill before it's passed.
Good to see they've taken the weekend to work on the proposal. Didn't like the fact that this thing has been building up for years, and then all of a sudden Paulson needs us to move immediately.
He's a smart guy, how did he not see this coming?
While this bailout plan is a bitter pill for many of us to swallow, I think we are now truly on the road to recovery.
Well the House just voted down the bailout and the Dow has dropped over 720 points. What a mess!
*Tina Fountains last blog post..Marietta Luxury Home Price Reduction</abbr>
"
just voted down the bailout and the Dow has dropped over 720 points. What a mess!
"
Yes Tina the DOW did drop 777.7 points. Notice, however, how much oil spot price dropped. This is replay of summer of 1986 for oil profit collapse. This collapse will cause them to drill more and pump more just to make ends meet. America will have more oil for construction of infrastructure and housing. Our congress had great wisdom today. Additionally we should remove import tax on imported oil to insure our Arab Friends that we love them and stand by them. They are good people. I was there for one year. They are not greedy. They respect us because we showed them how to drill. We have to drop import tariff and burn their oil first, but save ours for emergency and for our grandchildren. And we have to thank our Congress.
God Bless American
And Our Congress
And Our Brave Veterans
I think the biggest problem right now is that many folks who are in support of this, are either completely ignoring, or unaware that this amount will not be enough.
There are about 5 other bailouts going on right now as well which put the total at around 1.25 TRILLION dollars.
Do we do this to "protect our economy" like we "protected our freedom" by giving approval for funds for Iraq?
Or do we instead wait until they analyze the extent of this (which could take a LONG time) and give us ONE final number.
Do we give 700 billion now, then when we're knee-deep and find out we need another 500 billion, give that too? Where does it stop?
Once we get IN, we can't get OUT. On top of that, there's still the chance that we DO the 700 billion dollar bailout and it STILL doesn't fix it.
Now the economy is dead AND we're 700 billion+++ in debt.
These guys WANTED to vote yes, but couldn't possibly do it and face the endless droves of voters who called their offices against it.
I understand the fundamental idea of the plan and see how it could work in theory. But I know it will only be the first of many and until I know exactly how much bad debt needs to be bought, I couldn't support this.
It's time to look at things like the War on Terror and the War on Drugs and ask ourselves if we're truly defeating our enemies…
Or if we're doing all the hard work for them and defeating ourselves.
It's pretty easy to approach a wild horse once it's sitting on 4 broken legs. I think it's high time to pull back our outstretched arms and try and stuff our swollen guts back into our body and then think about why this happened in the first place.
*Edges last blog post..Ron Paul Speaks Out Against The 2008 Bush Administration’s Federal Bailout Plan – Why It Will Not Work And How It Will Hurt You Even If You Have No Money Invested In The Market</abbr>
How many more days of no bail out bill will it take to get us to down 8200. Better question, how much longer can they let this go before the economy is damaged severely enough that is becomes a sever recession.
Woke up to my mom's voice in my head this morning… something about "having the fox watch the hen house".
I, for one, want a well thought out solution, not another round of crisis management. And, this problem, with all it's virtual components, does not appear to have a simple balance sheet answer. I'm not convinced that the long-term answer is going to be solved by politicians, and the thought of paying for bad debt, based on game-based reality, makes me ill.
(Sorry Jay, I just couldn't contain myself any more. Have been trying to keep my thoughts to myself. Thanks for the links.)
*Dru Bloomfields last blog post..Real Estate Prices in Scottsdale: Get real time updates for your zipcode</abbr>
<<>> OCT. 2008 <<>>
THOSE WHO OPPOSE THE TAX-PAYER/DEFICIT-FUNDED CORPORATE BAILOUT, PLEASE MAKE YOUR VOTE HEARD ON NOV.4TH BY SUPPORTING ONE OF THE FOLLOWING TWO PRESIDENTIAL CANDIDATES:
RON PAUL or RALPH NADER
NEITHER VOTED FOR THIS CORPORATE BAILOUT / EESA / TARP
http://www.ronpaul.com/2008-10-03/ron-pauls-state…
HYPOCRITES, PLEASE VOTE FOR:
OBAMA and McCAIN !!!
BOTH MAINSTREAM CANDIDATES VOTED FOR THE PORK-LINED CORPORATION(S) BAILOUT!
<<>> OCT. 2008 <<>>
This going threw will affect us tremendously.
The current bailout plan the Obama administration has somehow contribute in lessening the effects of economic global crisis to everyone. Maybe in due time, the economy will bounce back to where it should be.
The current bailout plan the Obama administration has somehow contribute in lessening the effects of economic global crisis to everyone. Maybe in due time, the economy will bounce back to where it should be.