Senate leader: Significant progress on bailout

http://news.yahoo.co...t5IeWAAYkGs0NUE

Let's see.
They have the President, The Majority of both the House AND Senate and still won't pass it?
Because....

I have heard that they are getting 100 to 1 messages opposing a bailout.
Some polls show 30% approve while 45% oppose it, the rest are undecided.

“We don’t have the votes to do it on our own,” Pelosi told reporters.

Pelosi said many House Democrats still have strong reservations about the bill,

Looks like they want political cover and blame sharing like the 90+% that voted for the banking overhaul...
If it was all that good, it would have passed already.

Sarbanes-Oxley should be overturned immediately and get rid of the mark-to-market accounting.

Instead we are aiming at mark-to-Paulson accounting:

The plan goes like this: Treasury will pay financial institutions above-market prices for garbage assets nobody else wants. Then, through the magic of mark-to-Paulson accounting, everybody else that owns similar stuff will use those same prices, or marks, to value the trash on their own balance sheets.
LINK

Edited by Rogerdodger, 27 September 2008 - 05:39 PM.

Since Wall street Bankers and other Bankers never shared a dime with tax payers when the going was good and they were making zillions, why should the tax payers be asked to share their losses now? Heck no, we won't go!

Sounds like the tax simplification bill:

3 pages

42 pages

102 pages


A week ago, it totaled just three pages — the White House's request for $700 billion to rescue tottering financial institutions by buying their devalued mortgage-related assets.

By Monday, after an intense weekend of negotiations, the draft of the bailout legislation before Congress had swelled to 42 pages.

By Friday, after almost a week of marathon talks between Treasury Secretary Henry Paulson and key lawmakers in both parties, the working version was up to 102 pages.

It likely will grow even longer as negotiators continue to tweak the proposal this weekend, adding and subtracting key elements.

LINK