Happy Halloween

How many people have lost their jobs?
According to Barack Obama, 600 thousand Americans have lost their jobs since January. Actually, he's mistken: something like 20 million Americans have lost their jobs since January. It's just that most of them found new jobs. Probably the new jobs generally weren't as good as the ones they lost. And almost certainly, more than 600 thousand of them were unable to find new jobs, because many of the new jobs created were filled by new entrants to the labor force or by people who were already unemployed when the year began.
The rate of joblessness made a 10-percent jump in May - rising from 5 percent unemployment to 5.5 percent unemployment. The half-point increase puts unemployment at one full point higher than it was a year ago.
Another 49,000 jobs were lost - raising the number of jobs lost as of June in 2008 to 324,000, according to the Bureau of Labor Statistics report .

There is an old joke among economists that states:
A recession is when your neighbor loses his job.
A depression is when you lose your job.

Definition of Depressions: A depression is a severe downturn in economic activity.

Recession: The Newspaper Definition
The standard newspaper definition of a recession is a decline in the Gross Domestic Product (GDP) for two or more consecutive quarters.
This definition is unpopular with most economists for two main reasons. First, this definition does not take into consideration changes in other variables. For example this definition ignores any changes in the unemployment rate or consumer confidence. Second, by using quarterly data this definition makes it difficult to pinpoint when a recession begins or ends. This means that a recession that lasts ten months or less may go undetected.
Recession: The BCDC Definition
The Business Cycle Dating Committee at the National Bureau of Economic Research (NBER) provides a better way to find out if there is a recession is taking place. This committee determines the amount of business activity in the economy by looking at things like employment, industrial production, real income and wholesale-retail sales. They define a recession as the time when business activity has reached its peak and starts to fall until the time when business activity bottoms out. When the business activity starts to rise again it is called an expansionary period. By this definition, the average recession lasts about a year.


Site Listings - Total: 2,081,313
Foreclosures: 461,710
Pre Foreclosures: 464,052
Auctions: 406,754
Broker Listings: 385,345
Bankruptcy: 363,452
Total: 2,081,313
No matter how you look at it. We are in a depression/recession and there is no joke about it. I would like to see a notional coming together to disregard the politicians bypass the government and allow the great people of the United States to help one another. We don’t need change but we do need for us to change. There is an old saying: “for things to get better, you have to get better!” “For things to change, you have to change!”

There is a conservative America. There is a liberal America. There is an ethnic America but the qualifying word is America. We have stood together for crises in the past from Perl Harbor and WWII to 911, from the San Francisco earthquake to Katrina. Across party lines, across religious lines and across color lines yes we can make a difference. Yes We Can stop regular folks from loosing their homes! Yes We Can help regular folks go to college! Yes We Can put regular folks back to work! Yes We Can do it ourselves and without leadership and government. Yes We Can!
Help me help others. Contact me if you want to join in to the Yes We Can movement.

yeswecan.pridesoaring@gmail.com

VOTE 2008, What are we voting for!

Seven days to go and a monumental historic global event will occur. In the election of 2008 no matter which party is elected, Americans will make a choice that will effect our coming of age in this progressive diverse world. We will cease to appear a nation of antiquated Euro-male dominated stagnation.

If Barack Obama is elected President he will become the First Black Man to achieve the highest office of the free world and of a nation that is not predominant black. I use the word Black Man because there are whites from South Africa born and raised who can come to America and can claim themselves African American. Britain technically abolished slavery in 1807, after the Haiti experience - and replaced slavery with indentured labour. Finally, further rebellions in Barbados (1816), Demerra (1823) and Jamaica (1831-32) forced the British hand. Freedom to British slaves came finally in 1833 after the British Government passed yet another law, to outlaw slavery, Slavery Abolition Act in 1833 - and paid ‘compensation’ to slave owners. An egregious and glaring example was the ‘compensation’ to the Bishop of Exeter and his partners of GBP12,700 to ‘compensate’ them for the ‘loss’ of 665 slaves in 1833. Thirty years before America issued the Emancipation Proclamation by US President Abraham Lincoln, and thirty two years before Ratification of thirteenth amendment completed, and Great Britain has not yet given the Black Man credence by electing a Black Prime Minister.

If John McCain is elected President with Sara Paling on the ticket as Vice President a different wall of the antiquated Euro-male dominated stagnation will fall. It was not until 1928 the United Kingdom with the Representation of the People Act 1928 that women were granted the right to vote on the same terms as men. on August 26, 1920, the Nineteenth Amendment to the United States Constitution became law, and women could vote in the fall elections, including in the Presidential election. America was the for runner in this matter and yet Great Britain was first to elect a woman as Prime minister before America, and Sara, contrary to popular belief is not running for President but the second highest position in the land. Still her chance in office will be historically momentous and good ol’ boy ground braking.

Here is my greatest disdain. Which ever turkey will replace the lame duck in office, I feel America will loose and get something fowl. I can’t help to feel as I watch the campaigns and watch the actions of the candidates and the reactions of the constituents, I’m reminded of many ugly comparisons of which I refuse to divulge for not wanting to instigate any more fear. I am bothered by a charismatic motivator that creates blinded devotion of near worship and I am bothered by a condescending aggressor who promotes and inspires blind devotion of rage. For me God is my hero, only God is my better and only God, Yeshua, Yahweh, Buddah, Krishna, Aten, Allah, what ever you find the name of the almighty, only there is where you find answers and reward. There and only there is where you should place honor and praise!

I am bothered by the feeling government is about to not only be camped on my doorstep but will show up at my dinner table, in my kitchen, bathroom and will infiltrate my work rest and play. I am bothered that at the end of the day the John and Jane Doe’s , the Shawnque’s and Shanana’s, the Rain Clouds and the Red Clouds, or even the Jim Bob’s and Bobby Jean’s will be worse off for the intrusion of more government.

As a strong and proud Conservative but not a devoted party hack I do know where my vote will go. People always talk of the lessor of two evils. Why must we always chose an evil for the lessor of two evils is still evil. That being said, I do whole heartily regret voting in this election and fear what future elections will bring, if there are future elections. My generation of the baby boomers is now getting into office of leadership. Starting with Clinton to Bush Jr., we have such a bleak future with this generation in office and heaven help us for the generation behind us. Capitalism, Democracy, and Freedom is in jeopardy. NAFTA stole American jobs, The Patriot Act steals our freedoms, selling secretes to China has forward their Communist rise to power as we increase their economy and line their pockets and sell away our country. Vendetta wars and approved and condoned torture, this has taken away our creditability and humanity, just what I ask is be loss next?

A fellow coworker, being funny, stated that: “I too can walk on water, . . .just freeze it!” What happens from this statement is one group hears the first part, “I too can walk on water,” and that group chooses to believe that because they need to or are forced to by slanted alliances to the group. Another group hears the first part, “I too can walk on water,” and they are insulted by the blasphemous arrogance of the thought and desire to expire the speaker.

The first group finally hears the second part “just freeze it!’” but refuse to acknowledge the levity of the message and holds true to the notion that he can walk on water. Conversely the second group finally hears the second part, “just freeze it!” but refuse to acknowledge the levity and enforces the belief of heresy and blasphemer deserving Crucifixion.

I bring that analogy up because I feel this election is based on this premise and still we don’t hear we don’t see and we will loose.

Bail Out Provides Only Pork and Pain

There is nothing more I can say. Hard working Americans who are the bread winners of the country, Hard working Americans who are the back bone of this country, Hard working Americans who are living, struggling and dieing daily don’t deserve the respect and attention of our Federal Government. The house has passed the so called bail out bill with a great deal of unnecessary pork stuffed in it.

It is so disgusting as to how this emergency was so drastic that we had to force the Capital Hill to vote on this bill to save us all. The news stations and the politicians and every day folk were talking as if the sky was falling and the world as we know is was coming to an end. Even the President talk to us as if the depression was coming followed by a meteor the size of England was going to hit us. In the end regular John’s and Jane’s’ get golden showers and business and politicians get golden parachutes.
Just read the following especially the final story!. . . . .

Billions in earmarks in Senate's bailout bill
Zachary Coile, Chronicle Washington Bureau
Friday, October 3, 2008

(10-03) 04:00 PDT Washington - -- While crafting a bill intended to rescue the U.S. economy this week, lawmakers couldn't stop themselves from adding billions of dollars in tax breaks that have little to do with restoring confidence in financial markets.

Senators quietly tucked a number of earmarks into the tax package of the 451-page bill that was passed Wednesday night and is expected to be put to a vote in the House today: a $2 million tax benefit for makers of wooden arrows for children; a $100 million tax break to benefit auto racetrack owners; $192 million in rebates on excise taxes for the Puerto Rican and Virgin Islands rum industry; $148 million in tax relief for U.S. wool fabric producers; and a $49 million tax benefit for fishermen and other plaintiffs who sued over the 1989 tanker Exxon Valdez spill.

Even Hollywood got something out of the Senate bill: renewal of a tax incentive worth nearly $48 million a year for film and TV producers who produce their work in the United States.

Tax breaks in bailout bill

The financial rescue measure passed by the Senate on Wednesday included a series of tax incentives benefiting specific industries or states.

Wooden arrows: This tax break, backed by Oregon's two senators, would benefit an Oregon manufacturer of wooden arrows for children by $2 million over 10 years.

Racetracks: Earmark would allow auto racetrack owners to depreciate their facilities over seven years, saving the industry $100 million over two years.

Rum: Offers rum producers in Puerto Rico and the Virgin Islands a rebate on excise taxes worth $192 million over two years.

Wool: Reduces tariffs for U.S. makers of wool fabric that use imported yarn, worth $148 million over five years. The measure was pushed by Reps. Louise Slaughter, D-N.Y., and Melissa Bean, D-Ill.

Exxon Valdez: Plaintiffs in the suit over the 1989 oil spill could spread their tax payments on punitive damages over three years, cutting their tax bill by $49 million. The measure was backed by Rep. Don Young, R-Alaska.

American Samoa: Allows certain corporations to reduce their tax liability on income earned in American Samoa, at a cost of $33 million over two years.

Hollywood: Extends a tax break for film and TV companies that keep their production in the United States, worth $478 million over 10 years. The provision was originally pushed by Rep. Diane Watson, D-Los Angeles.Source:

Taxpayers for Common Sense

They just can’t help themselves when it comes to stuffing pork in any and all bills, with both new waste, and renewals of old waste. Is it any wonder these bozos aren’t trusted, and Congress has single-digit approval ratings? The only bipartisan agreement comes on stuffing pork and earmarks at every opportunity — the one thing both parties agree on. Disgusting — and at 451 pages long, what are the odds any of the Senators actually reading the bill?

New Tax earmarks in Bailout bill

Film and Television Productions (Sec. 502)
Wooden Arrows designed for use by children (Sec. 503)
6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)

Tax earmark “extenders” in the bailout bill.

Virgin Island and Puerto Rican Rum (Section 308)
American Samoa (Sec. 309)
Mine Rescue Teams (Sec. 310)
Mine Safety Equipment (Sec. 311)
Domestic Production Activities in Puerto Rico (Sec. 312)
Indian Tribes (Sec. 314, 315)
Railroads (Sec. 316)
Auto Racing Tracks (317)
District of Columbia (Sec. 322)
Wool Research (Sec. 325)

What does ANY of that have to do with saving the economy? It doesn’t. Of course, this isn’t the final bill, but which is more likely — Congress will do the right thing and strip this pork from the bill, or to guarantee its passage they’ll load it up with even more pork earmarks?

(CNN) -- A 90-year-old Akron, Ohio, woman who shot herself as sheriff's deputies tried to evict her from her foreclosed home became a symbol of the nation's home mortgage crisis Friday.

Fannie Mae foreclosed on the Akron, Ohio, home of Addie Polk, 90, after acquiring the mortgage in 2007.

Addie Polk is being treated at Akron General Medical Center after shooting herself at least twice in the upper body Wednesday afternoon, her city councilman said.

U.S. Rep. Dennis Kucinich, D-Ohio, mentioned Polk on the House floor Friday during debate over the latest economic rescue proposal.

"This bill does nothing for the Addie Polks of the world," Kucinich said after telling her story. "This bill fails to address the fact that millions of homeowners are facing foreclosure, are facing the loss of their home. This bill will take care of Wall Street, and the market may go up for a few days, but democracy is going downhill."

Neighbor Robert Dillon used a ladder to enter a second-story window of Polk's home after he and the deputies heard bangs inside, Dillon told CNN affiliate WEWS-TV in Cleveland, Ohio.

"I just thought she may have fell or couldn't get up or something," he told WEWS. "I didn't know [she had shot herself] until I got in there. And even when I got there, she was breathing, but she wasn't saying anything to me. I knew she needed help then."

Dillon said he saw blood when he put his hand on Polk's shoulder.

"There's a lot of people like Miss Polk right now. That's the sad thing about it," said Akron City Council President Marco Sommerville, who had met Polk before and rushed to the scene when contacted by police. "They might not be as old as her, some could be as old as her. This is just a major problem."

In 2004, Polk took out a 30-year, 6.375 percent mortgage for $45,620 with a Countrywide Home Loan office in Cuyahoga Falls, Ohio. The same day, she also took out an $11,380 line of credit.

Over the next couple of years Polk missed payments on the 101-year-old home and in 2007 Fannie Mae assumed the mortgage and later filed for foreclosure.

Deputies had tried to serve Polk's eviction notice more than 30 times before Wednesday's incident, Sommerville said. She never came to the door, but the notes the deputies left would always disappear, so they knew she was inside and ambulatory, he said.

The city is creating programs to help people keep their homes, Sommerville said.

"But what do you do when there's just so many people out there and the economy is in the shape that it's in?"

Many businesses and individuals have called since Wednesday offering to help Polk, Sommerville said.

"We're going to do an evaluation to see what's best for her," he said. "If she's strong enough and can go home, I think we should work with her to where she goes back home. If not, we need to find another place for her to live where she won't have to worry about this ever again."

He said that by the time people call for help with an impending foreclosure, it's usually too late.

"I'm glad it's not too late for Miss Polk, because she could have taken her life," Sommerville said. "Miss Polk will probably end up on her feet. But I'm not sure if anybody else will."

No on Bail Out but make someone post bail

In January of 1996 I authored an article reflecting the status of the country as I saw it at the time based on the economic petulant, the growing rage welling up inside of us all and I projected forward to where the country is coursing towards. I will soon recall the article for all to read again but I feel the need to chime in now on the present bailout bill in question.

In my article I explained and predicted the crisis we are now in. The signs were there then in 1996 and even prior, as we over valued the vehicles of equity, first with the Internet stocks sending the first wave of affliction from the law of gravity in finance which simply states: “when you raise an elephant over your head and call it a feather, it will in time come down and crush you.” Housing is another area of over valued vehicles of equity. In many areas of the country from Los Angeles to Virgina the price of homes were inflated to the heights of a mammoth over the head and of course that too fell down and crushed us.

This was the beginning to the fall of an empire. Empires have risen and fallen throughout history from Egyptian to Roman and most recently, The Union of Soviet Socialist Republics (USSR) which was a constitutionally socialist state that existed in Eurasia from 1922 to 1991. Empires will fall! It’s not a matter of if but when. The question now is who are the treasonous miscreants responsible? Will this bring the empire to a historic fall? Yes I mean treasonous! In law, treason is the crime that covers some of the more serious acts of disloyalty to one's sovereign or nation. In William Shakespeare's play King Lear (circa 1600), when the King learns that his daughter Regan has publicly dishonoured him, he says They could not, would not do 't; 'tis worse than murder: The abomination of profits over people is the third and most criminal of the overvalued vehicles of equity. Yes this is worse than murder!

This time the equity that is overvalued is the corporate personal bank account. Overvalued because the value of CEO’s personal wealth out weights the value of hardworking Americans. Americans who are working from paycheck to paycheck and finding it hard to make ends meet. Hard working Americans who find their rage increasing for reasons they, themselves can not explain. Hard working Americans who are in search for the dream this empire once promised. “A car in every driveway and and chicken in every pot.” Today the car sits upside down in the driveway draining them and the chicken in the pot is very foul.

In Dante Alighieri's Inferno, the lowest circles of Hell are reserved for traitors; Judas, who betrayed Jesus, suffers the worst torments of all. When you look around at corporate America and our government’s lack of support and see the constant abominations of greed that we find ourselves accepting and allowing, it’s easy to see there are many Judas and they comes in many faces and in diverse professions.

Why oh why would you ever go through a self checkout stand? Just think about what you are doing. You are allowing corporate purses to swell as they reduce cost and make you work for them for free! You check, bag and pay without a discount. Instead you pay them to work. In turn they reduce their work force, increase their profits! Wait, isn’t that the argument our politicians give for tax credits to business because they supply jobs? Jobs are on the decline everywhere, hiring freezes and reduction of work force is business favorite phrases. Tax credited business cloak you into working for free using self check outs, waiting for center isle cashiers appose to department cashiers and as prices rise and salaries stay the same or get lower, business is turning profits. Even prior to the banking crisis and the rising price of gas, we were allowing this atrocity of “convenient” self check outs, drive through, ready tellers, and employment reducing flagitiousness to be perpetrated against us.

Bill Clinton left behind a two-year recession because of his massive tax increase in 1993, retroactive no less, which started the unraveling of what was at the time, the eleven-year economic recovery and boom of Ronald Reagan. He preceded that with the signing of NAFTA which is why not when you call about your cable, hospital bill or Internet you talk to India. Steeling jobs form loyal Americans. Then, on November 12th, 1999, Bill Clinton signed the repeal of the Glass-Steagall Act of 1933. What that did was allow commercial and investment banks to consolidate. Now, banks began trading and underwriting assets called mortgage backed securities, CDOs, and SIVs, all of the toxic waste that’s coming home to roost today.

It was some genius from Clinton’s regime who came up with the bright idea that everyone was entitled to own a home regardless of whether they could afford it or not. Entitlements! The idea of helping others is a noble idea, but when your interest in others welfare exceeds the interest of those being helped, there will be failure and great loss, and that is just what happened. This idea of Chilton’s regime was the typical pandering of the Clinton regime to minorities to win over votes! Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties. Treasonous bulling by the “first black president” using race cards!

The Glass-Steagall Act of 1933 established the Federal Deposit Insurance Corporation (FDIC) in the United States and included banking reforms, some of which were designed to control speculation. Some provisions such as Regulation that allowed the Federal Reserve to regulate interest rates in savings accounts were repealed by the Depository Institutions Deregulation and Monetary Control Act of 1980. Provisions that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999 by the Gramm-Leach-Bliley Act passed Congress with 55 Republicans voting for and 44 Democrats voting against the bill in the Senate and by a 343-86 vote in the House of Representatives, before being sent to conference committee and the final bipartisan bill (Senate: 90-8-1, House: 362-57-15) was signed by President Bill Clinton. Treasonous Bill did not act alone nor in a partisan fashion.

The bills, The Gramm-Leach-Bliley Act (GLBA), were introduced in the Senate by Phil Gramm (R-TX) and in the House of Representatives by James Leach (R-IA). The bills were passed by a 54-44 vote along party lines with Republican support in the Senate and by a 343-86 vote in the House of Representatives. Nov 4, 1999: After passing both the Senate and House the bill was moved to a conference committee to work out the differences between the Senate and House versions. The final bill resolving the differences was passed in the Senate 90-8-1 and in the House: 362-57-15. This 'veto proof legislation' was signed into law by President Bill Clinton on November 12, 1999.

The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority home ownership. And in so doing, he helped create the market for the risky sub prime loans that he and his bipartisan now decry as not only greedy but “predatory.” Big business is not our enemy, the folks at capital hill are!

Bill Clinton, a millionaire and George Bush Sr. a millionaire held hands for aid to the victim of Katrina. Where is that money? Hillary Clinton, a millionaire avoided jail time for the exact thing Martha Stewart spent time in jail for. John McCain, a millionaire and Barack Obama, a millionaire seeking our vote to provide change. Change! What change? Bail outs for treasonous gamblers. Gamblers who gambled on our trust funds, homes, and our retirements and not being held accountable.

Rep. Barney Frank (D., Mass.)

"These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." This coming from the major treasonous culprit as he stated a while back before we ended in this crash. Pictured right, his true sense, checking your wallet to see what he can get. Now, Barney Frank — who who insisted Fannie and Freddie had to buy loans made to the unqualified — has had nothing substantial to say, but his hand still felling for our wallets!

So The question is do we bail out traitors. The answer is so obvious that there shouldn’t be a vote or debate. We can’t afford to offer golden parachutes to gamblers and traitors. there are approximately 112 million households in the US (based on census data for 2008). If we assume that the home ownership rate in this country is 75% (the historical average over the last decade is much lower), then there should be about 84,000,000 people who own their home. According to a 2001 study by the Census Bureau and the Department of Housing and Urban Development (HUD), "nearly 40 percent of all residential properties in the United States, owner-occupied and rental units, are not mortgaged but are owned free and clear." This has most likely gone up over the last few years, but if this is anywhere close it leaves approximately 50,400,000 homes with some form of a mortgage on their home. How about taking the $700billion and applying to homeowners that would be about thirteen thousand dollars to each. That would supply stimulus to the economy. Reward the average John Doe and Jane Doe who keep this country going.

Homeowners are not the only folks to suffer in the banking crisis so something needs to be done for the average John and Jane Doe in this regards. Maybe one million dollars to every American will solve the problem. From the last census the population over fifteen is at a number below the $700billion mark if they all received one million dollars, that would be a savings and would stimulate the economy. What ever the band aide is to fix the empire, one thing is for sure, the average person should be the recipients of any golden parachutes.

There could be a good case for bringing up charges on Bill Clinton, Barney Frank, Phil Gramm and James Leach the bipartisan Traitors who started this mess and charge them with treason. Which if I am correct, is punishable by firring squad. I don’t fault them for the mess as they had good intentions in mind along with lining their pockets. The real traitors are those who use the regulations to go forth with making bad loans and making poor decisions regardless of good and sound business sense and not stand up for the population however flawed with the reality that good intentions often lead to failed results.

Many a good intention dies from inattention. If, through carelessness or indolence, or selfishness, a good intention is not put into effect, we have lost an opportunity, demoralized ourselves, and stolen from the pile of possible good. To be born and not fed, is to perish. To launch a ship and neglect it is to lose it. To have a talent and bury it, is to be a "wicked and slothful servant." For in the end we shall be judged, not alone by what we have done, but by what we could have done. - Maltbie Davenport Babcock

The real criminals are the ones who allowed their greed to allow them to produce the sub prime loans to excess. They should be brought on on TREASONOUS CHARGES. I have read the proposal and find no accountability to those who placed us in this bind. I see that the purposed $700billion is for mortgages and here again I have a concern. Bailing out loans that should not have been made is a mistake. I would give back all invested cash as down payments and closing cost. Time spent is just rental cash and allow the mortgagors to default. Gold parachutes and condonation for those truly responsible is not an option! I predict that this is only the beginning and not the fix to the fall of this empire. If we continue to adopt the attitude of bailing out greed and offering entitlements, the empire will surely fall. There is a great deal of reckoning still to come.

To plunder, to slaughter, to steal, these things they misname empire; and where they make a wilderness, they call it peace.
Publius Cornelius Tacitus

The moment I am writing this the House has rejected the bail out proposal and the Senate has passed the bill with additional pork in it that helps only to increase the amount of the cost to you and I. the House will vote next on this abomination and still there is no accountability towards the traitors. And the $700 billion has given birth to some more piglets and the cost to you and I has grown beyond $700 billion.





Scrambling to revive the $700 billion bailout package rejected by the House, the Senate has added “sweeteners” in an effort to sway reluctant lawmakers. Many specifics of the add-ons have not been made public, but they reportedly include:
— Temporarily increase the limit for federal insurance of bank deposits from $100,000 to $250,000.
— Legislation extending tax credits for the solar, wind and biodiesel industries.
— Expansion of the child tax credit.
— Tax relief for victims of recent floods, tornadoes and severe storms.
— A one-year fix to the Alternative Minimum Tax that will exempt millions of Americans from paying higher income taxes.
The Associated Press and Reuters contributed to this report.

NEW YORK (CNNMoney.com) -- Here's the text of the legislative proposal sent by the White House overnight to lawmakers:
LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS
Section 1. Short Title.
This Act may be cited as ____________________.
Sec. 2. Purchases of Mortgage-Related Assets.
(a) Authority to Purchase.--The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.
(b) Necessary Actions.--The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:
(1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties;
(2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts;
(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;
(4) establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations; and
(5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act.
8. Sec. 3. Considerations.
9. In exercising the authorities granted in this Act, the Secretary shall take into consideration means for--
(1) providing stability or preventing disruption to the financial markets or banking system; and
(2) protecting the taxpayer.
10. Sec. 4. Reports to Congress.
11. Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3.
12. Sec. 5. Rights; Management; Sale of Mortgage-Related Assets.
(a) Exercise of Rights.--The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.
(b) Management of Mortgage-Related Assets.--The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom.
(c) Sale of Mortgage-Related Assets.--The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.
(d) Application of Sunset to Mortgage-Related Assets.--The authority of the Secretary to hold any mortgage-related asset purchased under this Act before the termination date in section 9, or to purchase or fund the purchase of a mortgage-related asset under a commitment entered into before the termination date in section 9, is not subject to the provisions of section 9.
13. Sec. 6. Maximum Amount of Authorized Purchases.
14. The Secretary's authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time
15. Sec. 7. Funding.
16. For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure.
17. Sec. 8. Review.
18. Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
19. Sec. 9. Termination of Authority.
20. The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.
21. Sec. 10. Increase in Statutory Limit on the Public Debt.
22. Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.
23. Sec. 11. Credit Reform.
24. The costs of purchases of mortgage-related assets made under section 2(a) of this Act shall be determined as provided under the Federal Credit Reform Act of 1990, as applicable.
25. Sec. 12. Definitions.
26. For purposes of this section, the following definitions shall apply:
(1) Mortgage-Related Assets.--The term "mortgage-related assets" means residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before September 17, 2008.
(2) Secretary.--The term "Secretary" means the Secretary of the Treasury.
(3) United States.--The term "United States" means the States, territories, and possessions of the United States and the District of Columbia.
First Published: September 20, 2008: 11:33 AM EDT


MSNBC.com
Bailout bill How the Senate voted
Scroll to see how your senator voted on the Wall Street rescue plan.
Name Party-State Vote
Akaka, Daniel K. D-Hi. Yes
Alexander, Lamar R-Tenn. Yes
Allard, Wayne R-Colo. No
Barrasso, John R-Wyo. No
Baucus, Max D-Mont. Yes
Bayh, Evan D-Ind. Yes
Bennett, Robert F. R-Utah Yes
Biden, Joseph R., Jr. D-Del. Yes
Bingaman, Jeff D-N.M. Yes
Bond, Christopher S. R-Mo. Yes
Boxer, Barbara D-Calif. Yes
Brown, Sherrod D-Ohio Yes
Brownback, Sam R-Kan. No
Bunning, Jim R-Ken. No
Burr, Richard R-N.C. Yes
Byrd, Robert C. D-W.V. Yes
Cantwell, Maria D-Wash. No
Cardin, Benjamin L. D-Md. Yes
Carper, Thomas R. D-Del. Yes
Casey, Robert P., Jr. D-Pa. Yes
Chambliss, Saxby R-Ga. Yes
Clinton, Hillary Rodham D-N.Y. Yes
Coburn, Tom R-Okla. Yes
Cochran, Thad R-Miss. No
Coleman, Norm R-Minn. Yes
Collins, Susan M. R-Maine Yes
Conrad, Kent D-N.D. Yes
Corker, Bob R-Tenn. Yes
Cornyn, John R-Texas Yes
Craig, Larry E. R-Idaho Yes
Crapo, Mike R-Idaho Yes
DeMint, Jim R-S.C. Yes
Dodd, Christopher J. D-Conn. Yes
Dole, Elizabeth R-N.C. No
Domenici, Pete V. R-N.M. Yes
Dorgan, Byron L. D-N.D. No
Durbin, Richard D-Ill. Yes
Ensign, John R-Nev. Yes
Enzi, Michael B. R-Wyo. No
Feingold, Russell D. D-Wis. No
Feinstein, Dianne D-Calif. Yes
Graham, Lindsey R-S.C. Yes
Grassley, Chuck R-Iowa Yes
Gregg, Judd R-N.H. Yes
Hagel, Chuck R-Neb. Yes
Harkin, Tom D-Iowa Yes
Hatch, Orrin G. R-Utah Yes
Hutchison, Kay Bailey R-Texas Yes
Inhofe, James M. R-Okla. No
Inouye, Daniel K. D-Hi. Yes
Isakson, Johnny R-Ga. Yes
Johnson, Tim D-S.D. No
Kennedy, Edward M. D-Mass. NA
Kerry, John F. D-Mass. Yes
Klobuchar, Amy D-Minn. Yes
Kohl, Herb D-Wis. Yes
Kyl, Jon R-Ariz. Yes
Landrieu, Mary L. D-La. No
Lautenberg, Frank R. D-N.J. Yes
Leahy, Patrick J. D-Vt. Yes
Levin, Carl D-Mich. Yes
Lieberman, Joseph I-Conn. Yes
Lincoln, Blanche L. D-Ark. Yes
Lugar, Richard G. R-Ind. Yes
Martinez, Mel R-Fla. Yes
McCain, John R - Ariz. Yes
McCaskill, Claire D - Mo. Yes
McConnell, Mitch R - Ky. Yes
Menendez, Robert D - NJ Yes
Mikulski, Barbara A. D - Md. Yes
Murkowski, Lisa R - Alas. Yes
Murray, Patty D - Wash. Yes
Nelson, Bill D - Fla.L No
Nelson, E. Benjamin D - Neb. Yes
Obama, Barack D - Ill. Yes
Pryor, Mark L. D - Ark Yes
Reed, Jack D - RI Yes
Reid, Harry D - Nev. Yes
Roberts, Pat R - Kan. No
Rockefeller, John D., IV D - WV Yes
Salazar, Ken D - Colo. Yes
Sanders, Bernard I - Vt. No
Schumer, Charles E. D - NY Yes
Sessions, Jeff R - Ala. No
Shelby, Richard C. R - Ala. No
Smith, Gordon H. R - Ore. Yes
Snowe, Olympia J. R - Maine Yes
Specter, Arlen R - Penn. Yes
Stabenow, Debbie D - Mich. No
Stevens, Ted R - Ak. Yes
Sununu, John E. R - NH Yes
Tester, Jon D - Mont. No
Thune, John R - SD Yes
Vitter, David R - La. No
Voinovich, George V. R - Ohio Yes
Warner, John R - Va. Yes
Webb, Jim D - Va. Yes
Whitehouse, Sheldon D - RI Yes
Wicker, Roger F. R - Miss. No
Wyden, Ron D - Ore No

Source: Associated Press
Updated: 3:54 a.m. ET Oct. 2, 2008
© 2008 MSNBC.com












1. Population: 303,824,640 (July 2008 est.)
2. Age structure: 0-14 years: 20.1% (male 31,257,108/female 29,889,645)
3. 15-64 years: 67.1% (male 101,825,901/female 102,161,823)
4. 65 years and over: 12.7% (male 16,263,255/female 22,426,914) (2008 est.)