BAILOUT AGREEMENT: WHAT'S IN IT?

Congressional Democrats and Republicans have apparently reached an agreement on a bailout of Wall Street that deletes the most objectionable portions of the original proposal while retaining language on which both sides can agree.

At first glance it appears that House Republicans succeeded in getting nixed the Democrat/Bush administration proposal that focused solely on grants or giveaways of taxpayers' money rather than insurance.

The latest proposal includes an insurance program that the troubled financial institutions will pay to be part of. No taxpayer money at all will be used for this. We have House Republicans
and John McCain to thank for this concession.

The compromise plan also limits any salary boosts or bonus benefits for the CEO's of corporations that participate in the plan.

There will be no money included in the bill for ACORN--a corrupt liberal Democrat lobbying outfit that supports Barack Obama. The Dems had originally slipped this into the bill until House Republicans cried foul.

It goes without saying that the GOP had to make some concessions to get a compromise deal. Thus, the latest proposed plan includes an immediate infusion of 250 billion into Wall Street from the federal government, but this is greatly reduced from the original 700 billion proposed by Democrats and the Bush administration.

There are, of course, many more provisions in this bill that are too numerous to mention here, but there are 2 sources of detailed information.

For a complete summary of the main provisions, click HERE.
For the complete text of the bill itself, click HERE.

Needless to say, I still object to 250 billion dollars of taxpayers' money being given to Wall Street failures. But with Democrats in control of Congress, what can we honestly expect? Taxpayer money to them is like Santa Claus on Christmas. It rains millions all over the place, just waiting for them to spend.