Easy girl! I don't want this plan either. But someone on this board accused we small town American folk of a lack of intellectualism. At the same time, she referred to the plan as us taking on debt.
It's not a debt purchase, it's an asset purchase. Just because I don't like the plan doesn't give me permission to mislabel it. I just wanted to prove a point to the "intellectualist" who demeaned my fellow Americans (like you and me). --- In AsburyPark@yahoogroups.com, "sharon_b283" <[EMAIL PROTECTED]> wrote: > > You're saying all that to say what? Just read what the 700B bailout > would mean in Paulson's words! > > http://www.huffingtonpost.com/2008/09/22/dirty-secret-of-the- bailo_n_128294.html > > Read the "32 words", that this THIEF wants to ram down our already > parched dry throats! Each of us would be liable for $2300 of this > 700B dollar debt, with no guarantees of any returns. Great deal for > us, huh? Keep the legalese, just give me "plain talk"! > We're not buying assets, he's unloading a horde of failures with no > questions asked! > > > --- In AsburyPark@yahoogroups.com, "justifiedright" > <justifiedright@> wrote: > > > > According to the enabling legislation for Paulson's plan, we are > > buying assets. > > > > We are going to sell Treasury Bonds to fund it, but that's not a debt > > unless the assets we are buying don't cover. > > > > To say we are buying debts of the mortgagees is a terrible misnomer > > of the plan. > > > > Here's the plan: > > > > > > Published: September 20, 2008 > > LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY > > > > TO PURCHASE MORTGAGE-RELATED ASSETS > > > > Section 1. Short Title. > > > > This Act may be cited as ____________________. > > > > Sec. 2. Purchases of Mortgage-Related Assets. > > > > (a) Authority to Purchase.--The Secretary is authorized to purchase, > > and to make and fund commitments to purchase, on such terms and > > conditions as determined by the Secretary, mortgage-related assets > > from any financial institution having its headquarters in the United > > States. > > > > (b) Necessary Actions.--The Secretary is authorized to take such > > actions as the Secretary deems necessary to carry out the authorities > > in this Act, including, without limitation: > > > > (1) appointing such employees as may be required to carry out the > > authorities in this Act and defining their duties; > > > > (2) entering into contracts, including contracts for services > > authorized by section 3109 of title 5, United States Code, without > > regard to any other provision of law regarding public contracts; > > > > (3) designating financial institutions as financial agents of the > > Government, and they shall perform all such reasonable duties related > > to this Act as financial agents of the Government as may be required > > of them; > > > > (4) establishing vehicles that are authorized, subject to supervision > > by the Secretary, to purchase mortgage-related assets and issue > > obligations; and > > > > (5) issuing such regulations and other guidance as may be necessary > > or appropriate to define terms or carry out the authorities of this > > Act. > > > > Sec. 3. Considerations. > > > > In exercising the authorities granted in this Act, the Secretary > > shall take into consideration means for-- > > > > (1) providing stability or preventing disruption to the financial > > markets or banking system; and > > > > (2) protecting the taxpayer. > > > > Sec. 4. Reports to Congress. > > > > Within three months of the first exercise of the authority granted in > > section 2(a), and semiannually thereafter, the Secretary shall report > > to the Committees on the Budget, Financial Services, and Ways and > > Means of the House of Representatives and the Committees on the > > Budget, Finance, and Banking, Housing, and Urban Affairs of the > > Senate with respect to the authorities exercised under this Act and > > the considerations required by section 3. > > > > Sec. 5. Rights; Management; Sale of Mortgage-Related Assets. > > > > (a) Exercise of Rights.--The Secretary may, at any time, exercise any > > rights received in connection with mortgage-related assets purchased > > under this Act. > > > > (b) Management of Mortgage-Related Assets.--The Secretary shall have > > authority to manage mortgage-related assets purchased under this Act, > > including revenues and portfolio risks therefrom. > > > > (c) Sale of Mortgage-Related Assets.--The Secretary may, at any time, > > upon terms and conditions and at prices determined by the Secretary, > > sell, or enter into securities loans, repurchase transactions or > > other financial transactions in regard to, any mortgage-related asset > > purchased under this Act. > > > > (d) Application of Sunset to Mortgage-Related Assets.--The authority > > of the Secretary to hold any mortgage-related asset purchased under > > this Act before the termination date in section 9, or to purchase or > > fund the purchase of a mortgage-related asset under a commitment > > entered into before the termination date in section 9, is not subject > > to the provisions of section 9. > > > > Sec. 6. Maximum Amount of Authorized Purchases. > > > > The Secretary's authority to purchase mortgage-related assets under > > this Act shall be limited to $700,000,000,000 outstanding at any one > > time > > > > Sec. 7. Funding. > > > > For the purpose of the authorities granted in this Act, and for the > > costs of administering those authorities, the Secretary may use the > > proceeds of the sale of any securities issued under chapter 31 of > > title 31, United States Code, and the purposes for which securities > > may be issued under chapter 31 of title 31, United States Code, are > > extended to include actions authorized by this Act, including the > > payment of administrative expenses. Any funds expended for actions > > authorized by this Act, including the payment of administrative > > expenses, shall be deemed appropriated at the time of such > > expenditure. > > > > Sec. 8. Review. > > > > Decisions by the Secretary pursuant to the authority of this Act are > > non-reviewable and committed to agency discretion, and may not be > > reviewed by any court of law or any administrative agency. > > > > Sec. 9. Termination of Authority. > > > > The authorities under this Act, with the exception of authorities > > granted in sections 2(b)(5), 5 and 7, shall terminate two years from > > the date of enactment of this Act. > > > > Sec. 10. Increase in Statutory Limit on the Public Debt. > > > > Subsection (b) of section 3101 of title 31, United States Code, is > > amended by striking out the dollar limitation contained in such > > subsection and inserting in lieu thereof $11,315,000,000,000. > > > > Sec. 11. Credit Reform. > > > > The costs of purchases of mortgage-related assets made under section 2 > > (a) of this Act shall be determined as provided under the Federal > > Credit Reform Act of 1990, as applicable. > > > > Sec. 12. Definitions. > > > > For purposes of this section, the following definitions shall apply: > > > > (1) Mortgage-Related Assets.--The term "mortgage-related assets" > > means residential or commercial mortgages and any securities, > > obligations, or other instruments that are based on or related to > > such mortgages, that in each case was originated or issued on or > > before September 17, 2008. > > > > (2) Secretary.--The term "Secretary" means the Secretary of the > > Treasury. > > > > (3) United States.--The term "United States" means the States, > > territories, and possessions of the United States and the District of > > Columbia. > > > > > > > > > > > > > > --- In AsburyPark@yahoogroups.com, Jersey Shore John > > <jerseyshorejohn@> wrote: > > > > > > Debt. The equity position your thinking of is Socialist Sweden, > > who > > > the Bushies looked to to see how they handled a similar bank > > failure. > > > The Paulson plan includes no equity for the taxpayer. > > > > > > On Sep 23, 2008, at 10:06 AM, justifiedright wrote: > > > > > > > --- In AsburyPark@yahoogroups.com, "Gabrielle Obre" > > > > <gabrielleobre@> > > > > wrote: > > > > > > > > > > thanks for this..I would add that we are ALL as Americans > > saddled > > > > with > > > > > the 700 bil debt. > > > > > > > > Is it debt or an equity position? > > > > > > > > > > > > > > > > > > > > > > > > [Non-text portions of this message have been removed] > > > > > > ------------------------------------ Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! 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