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So, Democrats in Congress, Bush, Paulson all support the bailout. Conservative Republicans are against it.
I thought Dems were against bailouts for the rich. And why are they standing with Bush? Did you know Paulson is a Democrat?
Who benefits?
posted by Skew | Friday, September 26, 2008
1 Comments:
I tried to look up some details about this story
But I dont know why theyre in favor passing this either.
From what I can see it sounds like they made some kind of a deal.
I got this from MSNBC:
"Democrats plan to pass a separate spending bill this week which will include loans for auto manufacturers, money for heating assistance for people in cold-weather states, and disaster relief funds for Iowa, Texas, and Louisiana.
Bush would need to sign that bill to keep Democrats cooperative on the financial bailout bill.
As modified by Frank, the bailout bill would provide $700 billion to buy distressed assets from banks and investment firms. In addition to the so-called toxic debt, the Treasury would get warrants that would give the federal government a potential ownership stake in such firms if they take part in the bailout.
Frank’s version also would impose some limits on pay and benefits for company executives, including a two-year ban on so-called “golden parachutes,” the multimillion-dollar payouts that often go to departing top executives at big companies."
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