Oyate
09-28-2008, 10:37 AM
AP has had basically the only coverage for days. Everybody just picks up the AP wire. But here's a boildown of the latest and it removes some ambiguity from points they've published earlier.
It's headlined "Congress expected to pass rescue package". Well, what a surprise. Don't bother reading it, here's the salient points with my commentary.
A "major breakthrough" in negotiations is that government can insure rather than buy garbage loans optionally. At who's option, nobody knows to date. Whatever, it's the same to me because insuring a worthless loan is the same thing. We own it.
The government, after five years, has to submit a plan to Congress on how to recoup any losses. Well that's damn reassuring. In 5 years it will be fun to remember how they screwed us all over again. The kids should find it enlightening.
"We've still got more to do to finalize it, but I think we're there," said Treasury Secretary Henry Paulson. OK, now you know that we are truly screwed. Paulson is "there". He's in the P-Zone. He's doing the Paulson dance. We're screwed.
Executives whose companies benefit from the rescue could not get "golden parachutes" and would see their pay packages limited. Limited to what? I'd like to know. MORE than they already have taken? A PENNY more? When these guys should be visiting headhunters? Gods, it's unbearable.
The government would receive stock warrants in return for the bailout relief, giving taxpayers a chance to share in financial companies' future profits. I love the way they word this. Government receives, giving WHOM a chance to share in WHAT? OK, when do I get my check? I'll take my cut of the $700B. now please.
To help struggling homeowners, the plan requires the government to try renegotiating the bad mortgages it acquires with the aim of lowering borrowers' monthly payments so they can keep their homes. And it's a true relief to know that government is going to step in and save us even MORE money. After all, they are efficiency experts.
"Nobody got everything they wanted," said Democratic Rep. Barney Frank of Massachusetts. Yeah, nobody but you guys and your buddies. The rest of us are well and truly SCREWED.
http://ap.google.com/article/ALeqM5ioHc80xKMiATnqCpK0cDKJzk_nPQD93FQJT80
It's headlined "Congress expected to pass rescue package". Well, what a surprise. Don't bother reading it, here's the salient points with my commentary.
A "major breakthrough" in negotiations is that government can insure rather than buy garbage loans optionally. At who's option, nobody knows to date. Whatever, it's the same to me because insuring a worthless loan is the same thing. We own it.
The government, after five years, has to submit a plan to Congress on how to recoup any losses. Well that's damn reassuring. In 5 years it will be fun to remember how they screwed us all over again. The kids should find it enlightening.
"We've still got more to do to finalize it, but I think we're there," said Treasury Secretary Henry Paulson. OK, now you know that we are truly screwed. Paulson is "there". He's in the P-Zone. He's doing the Paulson dance. We're screwed.
Executives whose companies benefit from the rescue could not get "golden parachutes" and would see their pay packages limited. Limited to what? I'd like to know. MORE than they already have taken? A PENNY more? When these guys should be visiting headhunters? Gods, it's unbearable.
The government would receive stock warrants in return for the bailout relief, giving taxpayers a chance to share in financial companies' future profits. I love the way they word this. Government receives, giving WHOM a chance to share in WHAT? OK, when do I get my check? I'll take my cut of the $700B. now please.
To help struggling homeowners, the plan requires the government to try renegotiating the bad mortgages it acquires with the aim of lowering borrowers' monthly payments so they can keep their homes. And it's a true relief to know that government is going to step in and save us even MORE money. After all, they are efficiency experts.
"Nobody got everything they wanted," said Democratic Rep. Barney Frank of Massachusetts. Yeah, nobody but you guys and your buddies. The rest of us are well and truly SCREWED.
http://ap.google.com/article/ALeqM5ioHc80xKMiATnqCpK0cDKJzk_nPQD93FQJT80