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View Full Version : Pelosi: "no $700 billion dollar blank check"




Monolithic
09-21-2008, 11:03 PM
source (http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20080921\ACQDJON200809211826D OWJONESDJONLINE000302.htm&SourceCode=&mypage=newsheadlines&title=UPDATE:US%20Rep%20Pelosi:%20We%20Won%27t%20H and%20Over%20$700%20Billion%20%60Blank%20Check%27)


WASHINGTON -(Dow Jones)- U.S. House Speaker Nancy Pelosi said Sunday that Congress should not write a "blank check" to Wall Street in a bill to allow the U.S. to buy up distressed assets.

In a statement issued Sunday evening, Pelosi said a Treasury proposal received by Congress "does not include the necessary safeguards" and that congressional Democrats "will not simply hand over a $700 billion blank check to Wall Street and hope for a better outcome."

Members of Congress and Bush administration officials have been engaged in talks over the weekend on an administration proposal that would give the Treasury Department authority to buy up to $700 billion in distressed mortgage assets from financial institutions, which is expected to become the basis for legislation that could pass within days.

Pelosi, in her statement, said that the Democrats would seek to limit executive compensation - a position also floated recently by House Financial Services Chairman Barney Frank, D-Mass.

"Democrats believe a responsible solution should include independent oversight, protections for homeowners and constraints on excessive executive compensation," Pelosi said in her statement.

Fox McCloud
09-21-2008, 11:13 PM
source (http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20080921\ACQDJON200809211826D OWJONESDJONLINE000302.htm&SourceCode=&mypage=newsheadlines&title=UPDATE:US%20Rep%20Pelosi:%20We%20Won%27t%20H and%20Over%20$700%20Billion%20%60Blank%20Check%27)

not good news IMHO.

All she's saying is that she's ok with it, provided there are certain stipulations. This bill really has nothing to do with "executive compensation", so I don't really see that being much of an issue when it is added to the bill.

The only problem I can maybe is see is the whole "Protecting home-owners" bit...though I'm sure Congress would likely forget about it (thankfully, just the $700 Billion is bad enough) and just pass it without that if they're scared enough.

devil21
09-22-2008, 02:20 AM
The Democrats want to add MORE spending to the bill! Like $700B isnt enough for one bill? That's the only reason they want to hold it up.