bail out

Text of Bail Out Act Before Congress - TAKE ACTION NOW!

Update 09/28/08: If you are looking for the latest draft of the bill, look here. The draft in this blog post is now out of date - The Economic Populist Admin.

Calculated Risk has the scoop on the text of the bailout bill. 

Hat tip to Calculated Risk via Kossack 3 goldens, who has supplied the text of the Wall Street Bailout Act that Bush expects Congress to approve within the next week.

We are Suckers. We are Chumps.

Uncle Sam goes "all in"

And so, they have finally done it. Washington has finally bet every dollar of earnings and wealth you and I and every other taxpayer has ever made in our entire lives; every dollar that will ever be made by our children's generation; and every dollar that will ever be made by our grandchildren's generation; in an attempt -- that is by no means guaranteed to succeed -- to prop up reckless and malign investments by Wall Street.

Wondering Where Our Bail Out Is? A Few Lone Voices in Congress

The more I mull the idea that a bunch of completely irresponsible corporations who through default credit swaps and other exotic finance derivatives managed to crash their businesses are getting a potential $1.7 trillion bailout infuriates me. I was wondering if any of our representatives were not towing the Corporate Party line?

Well, yes and we have a great speech from Senator Bernie Sanders (I-VT):

The Fannie/Freddie "Conservatorship": Sometimes abject despair is appropriate

I've been asked what my thoughts are about the Fannie and Freddie bailout leaked by the Treasury to the NYTimes and the Washington Post late Friday afternoon.
Since the actual details haven't been released, and you can click over to Tanta and Barry Ritholtz as easily as I can, I suggest you go there for the best exposition so far of the proposed details. In fact, Ritholtz' "The Big Picture" has a pretty good multi-point presentation, which forms the basis for my comments below.
This story is MAJOR, in multiple ways, and almost none of it good, particularly for the long-term. Some points below.

Manufacturing Monday: The so-called Big Three, and the taxpayers' money

Greetings folks, the start of new week and thus we kick off another episode of Manufacturing Monday! Never a dull moment when it comes to covering stuff that either goes into the products you buy, or the impact that that consumption leads to. Now originally, I had these other items on bio-fuels, hydrogen cars, China and oil, and a few other things. But I see now that my section on the bailout of the US automakers is so big, that the whole thing is too long. So, if it is OK with you, I will post those items tomorrow.

A road often driven by these three

The Greatest Taxpayer Rip-Off in American History

Eventually the unsustainable will end. It's an immutable law of both physics and economics. For the American dollar, it appears that this day of reckoning is approaching quickly.

Merrill Lynch has warned that the United States could face a foreign "financing crisis" within months as the full consequences of the Fannie Mae and Freddie Mac mortgage debacle spread through the world.

2 housing crisis proposals Democrats should support

Like many people, I loathe the idea of a housing "bailout" for the greedy, the reckless, and the spendthrift. Certainly those bankers and borrowers had no problem "privatising their gains" in the early part of this decade. I see no reason why they should look to the prudent and the thrifty now, especially when so many millions of those prudent and thrifty are those whose own dreams of owning a home of their own at a reasonable price were frozen out by the housing mania.
But out of crisis comes opportunity. In this case, the opportunity for the Democratic party to show average Americans what a Democratic majority would do for them and their financial well-being. The opportunity to earn their trust and their votes for years to come. To show that a party that believes in governance for the average citizen can separate the wolves from the sheep, penalizing the former and acting with basic humanity to the latter.