(link pending), details are expected to be released tomorrow afternoon. Once again, the Democratic Party ignores the will of the vast majority of the American people in order to bend over backwards for the wildly unpopular Bush Junta and its political party.
Update, 09/28/08, 12:35 AM:
We now have some of the details. What a fucking travesty:
· The money would be dispersed in segments, with Paulson receiving $250 billion immediately, $100 billion upon White House certification of its necessity and the final $350 billion only after Congress has been given 15 days to object.
· Firms participating in the bailout would be required to grant the government warrants to obtain nonvoting shares of stock, so taxpayers can benefit if the companies return to profitability.
· Firms taking advantage of the bailout would be required to limit compensation for senior executives, with especially severe limits on “golden parachutes” at failing firms. The compensation limits will be enacted primarily, but not solely, through the tax code by reducing tax deductions for firms that pay executives more than $400,000 a year.
The administration also agreed to Democratic demands that the financial services industry should help pay for the program. Under the agreement, the president would be required to propose a fee on the industry if the government has not recovered its money through sales of the assets within five years.
Democrats also made a number of concessions, abandoning demands that bankruptcy judges be empowered to modify home mortgages on primary residences for people in foreclosure. They also agreed not to dedicate a portion of any profits from the bailout program to an affordable housing fund that Republicans claimed would primarily assist social service organizations that support the Democratic Party, the official said.
“$250 billion immediately.” Kiss universal health care good-bye. Among many other things. Thanks Pelosi, Hoyer, Reid, you pathetic corporate whores. And a special thanks to Obama:
Barack Obama has been oddly detached. He set out a list of principles for an acceptable bailout. And he said he was in regular phone contact with congressional leaders and Treasury Secretary Henry Paulson. But he’s been MIA from the Hill, at first saying he might not even return to vote on a plan if it appeared that passage was assured and there was little to do but pop champagne corks. On a matter so critically important to the economic health of our country, and involving so much taxpayer money, that doesn’t fly. He was clearly reluctant to go to the White House for the crisis summit. In a situation that so desperately called for strong leadership, he didn’t display it.
Obama’s style is dispassionate – too much so. Confronting the worst financial crisis since the Great Depression, the public wants a little fervor from its leaders. Taxpayers are certainly passionate about the prospect of Washington using billions of their dollars to cover the losses of what they see as rapacious fat-cats.