Deal said to be near on big financial bailout plan

[Hope And Change]

Deal said to be near on big financial bailout plan

Compromise close on $700 billion bailout as Bush plans White House summit seeking quick deal

JULIE HIRSCHFELD DAVIS
AP News

Sep 25, 2008 08:31 EST

President Bush is bringing presidential candidates Barack Obama and John McCain into negotiations on a $700 billion rescue of Wall Street as Democrats and Republicans near agreement on a bailout plan with more protections for taxpayers and new help for distressed homeowners.

Senior lawmakers and Bush administration officials have cleared away key obstacles to a deal on the unprecedented rescue, agreeing to include widely supported limits on pay packages for executives whose companies benefit.

They're still wrangling over major elements, including how to phase in the eye-popping cost — a measure demanded by Democrats and some Republicans who want stronger congressional control over the bailout — without spooking markets. A plan to let the government take an ownership stake in troubled companies as part of the rescue, rather than just buying bad debt, also was under intense negotiation.

A bipartisan meeting was set for Thursday to begin drafting a compromise, which top Democrats said they hoped could pass within days.

The core of the plan envisions the government buying up sour assets of shaky financial firms in a bid to keep them from going under and to stave off a potentially severe recession.


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http://talkingpointsmemo.com/news/2008/09/deal_said_to_be_near_on_big_fi.php

[lostnotforgotten]

1. Sounds Like They Are No Closer Than Yesterday On Details

eom

[HereSince1628]

2. Quick decisions on titanic problem are never good, compromise or not

Sure addicts will agree to anything just for a fix. You really think that 2 months from now that limits on CEO pay will mean anything to anyone?

The REAL bastards are the consigliere lawyers who are constantly seeking loopholes in regulation and laws that can be exploited by their clients

A quick bailout agreement is going to create another devil's playground riddled with freaky loopholes.

Getting the thing passed quickly with lax rules is the entire reason for all the BrinksmanshiT, limiting the size of a piece of a pie as CEO pay means nothing when they get to steal the entire pie industry.