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New provisions for Senate rescue bill
Senator Chris Dodd is trailed by reporters outside the Senate Chamber.
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TEXT OF INTERVIEW
Scott Jagow: The Senate has decided it will vote on a new financial rescue package tonight. It will include one provision we talked about yesterday:
Increasing the limits on FDIC insurance for bank deposits from a hundred thousand to a quarter of a million dollars. Our reporter in Washington Steve Henn joins us as Marketplace continues its coverage of the financial crisis. OK, Steve, what else is in this bill?
Steve Henn: There's another thing that Senate leadership has decided to wrap into this bill: tax credits for renewable energy. This is an issue that's pretty popular in both parties, but there's been a big fight about how to pay for it. There's some talk about also including relief for the Alternative Minimum Tax, although last night that probably wasn't in the Senate version.
Jagow: Renewable energy and the Alternative Minimum Tax. What does that have to do with this financial rescue package?
Henn: Nothing . . . but they're looking to pick up Republican votes in the House. The thing is, especially with these tax credits for renewable energy, fiscally conservative Democrats in the House were all for this, but they wanted to pay for it. And they fought hard to force the Senate to pay for it too, so by including this they may actually lose some of those votes on Thursday.
Jagow: OK . . . so they might gain Republican votes, and lose Democratic votes?
Henn: Yeah, that's right. And you know hopefully, they're betting they'll gain more than they lose. But they need to pick up at least a dozen. So we'll see.
Jagow: All right, Steve Henn in Washington. Thanks.
Henn: Thanks.
Jagow: These people are unbelievable.
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I'm a 23 year old struggling student. My education was tied up in stocks that went poof in the last six months. After hearing how companies managed by incompetent gamblers were getting money from my taxes because they made bad choices, and how I now have to get a second job to pay for college, I was livid. These people made desicions as the leaders of these institutions and should be held accountable, not get paid out with my money. I say no bailout, they dont need help, they need a lesson.
This bailout package should be stongly looked over by all Americans. We cannot trust the elective officials to be trustworthy enough to were they are looking out for our best interest. What do you expect from a President who supported a stimulus package of only 300.00 per American and 300.00 per child additionally. Than would not look at another stimulus package until he saw what this one did. We cannot live on pennies, and it was an insult as an American to even see how our leaders are not fit to run this country nor their own life. They have a big surprise coming. The American people will not put up with any kind of economic instability. This should be more than just helping financial businesses in peril of economic failure, the bailout package should be about American prosperity. One thing that should be looked at is helping stimulate businesses gain a competitive edge. We need to invest money into companies that can promote growth and create jobs. This will have to do not just with rebuilding the infrasture across the nation. We need new innovative businesses in every field of business, from construction to retail, from financial to manufacturing and I know that we were able to create this kind of growth in the 1940s thru the 1950s, that created a core foundation of the United States business base that we have relied on for many decades, but that has been slowly depleting and weakoning over the years that we are now in the position we are in today. We need investment dollars not credit dollars. When people and government rely on credit dollars instead of dollars that are created from profits and successful ventures than the result is disaster.
In my reading of the bail out bill that was rejected by the House there was a provision to give Bush $1 Billion of the $700 Billion for his discretionary spending.
Why is no one addressing this? Why does Bush need any budget related to the bail out?
Out of 55 Million 52 Million Paying on time
3M not paying on time. Help them with 0% loan of $30000 to pay Mortgage Payment. 30K amount comes from $15000 Average Mortgage Payment that one makes on Median Priced Home. So Banks & Mortgage companies gets their payment. Now we know that no bank had subprime or bad debt on their book. This would create environment of trust between banks thus melting the credit freeze. It would eventually help stop fruther decline in home prices. Borrowers get 2 years to sell the house. Government gets 2 years to do something to create jobs of these late paying borrowers.
Cost is
3M times thirty thousand = 900 billion
300000 * 30000 = 900000000000 = 900 billion
Note this amount is given in monthly payments so does not need to go out in one go. Goverment/Tax payers has better chances of getting it back. This model is also proven by Grameen Bank concept Nobel Laureate, Muhammad Yunus.
Note sure if this sound right but thought to run it by MarketPlace community.
Provisions must be made to force each lender to rework the mortgages to at least a 6% rate Fixed and keep them in their portfolio, Also the forclosed ones must be reversed and the same lender reworking take place. We would not have to be buying up their greedy operation. They just must settle for 6% instead of the 12% or so they are getting from the adjustable mtgs.
I've never submitted a comment to anyone before on any issue but this one has me really worked up.
I dont believe in a bailout package, no matter what the "icing on the cake". (yeah, I like the idea of renewable energy tax credits but it doesn't do a whit for the problem.) Wall Street has benefited from deregulation (80s) all these years and now they want protection. They got what they asked for (deregulation) and now want help. Main street has been neglected too long as our safety net was taken away with the changes in bankruptcy laws. I think we need the it back now! Include that in this sugar coating and then I might support it. Wall Street and Republicans hate welfare for anyone but themselves but in a different form. I say LET IT RIDE! We survived the great depression and we can do it again, except I dont think it will happen. The market will adjust and new money from elsewhere will take advantage of the cheap cost of these poorly managed companies. Hey guys, that is what free markets are all about!
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