Note: My meaning of ”==>” is that you might consider the following.

The title and subsequent mention should match.

ln 6 Does ”any financial institution” include foreign institutions?

ln 7 ”determined by the Secretary” is a lot of leeway!

ln 21 ”shall acquire a senior contingent debt” might be right, but consider
”shall receive …” to eliminate the argument it has to be bought.

(B)
ln 14 ”14 business days” ==> ”20 business days”

(3)
ln 13 ”the average share price” ==> ”the median share price”

ln 15 ”14 business” ==> ”20 business”

Question: Do oversight board members have to be in place before the Secretary of Treasury can utilize the authority?

(2) Weekly Public Reports
Should there be an exemption for times when there are no held assets and buying & selling activity?

ln 23 ”such determination is found to be” ==>
”such determination is found by the oversight board to be”

Is it known how to officially determine ownership of mortgages?
I’ve read there have been problems with that.

The undiluted power is kind of scary. It makes me think there should be a broader Economic Security Council where some economic agency actors might be checked by a board composed of SEC, FDIC, FSLIC, Treas. Sec. and the like.

Sec. 11
ln 23-24 ”reasonable premium” is very vague and easily abused.

ln 21 Does ”the plan need not” really cover all the needed bases?

On Termination of the program: What if an asset is still on hand at the program’s end? We don’t want to be rushed to sell assets.

Executive Compensation
ln 22 ”appropriate standards” is very vague.

ln 4 ”(2) a clawback provision for” ==>
”(2) a clawback provision to retrieve” or something like that

p. 31
Several places from here where ”the Board” and ”Federal reserve bank” are used. Correctness of usage should be checked.

p. 32
ln 3 ”and what process” ==> ”and an analysis of what process”
ln 4 ”or not use” ==> ”or not to use” or maybe ”or to not use”

ln 23 pur ”chasing, pricing, and disposing of” ==>
”chasing, pricing, managing, adjusting, and disposing of”

IG
ln 21 ”Troubled Assets Program” needs to be defined or reworded to
”the program(s) authorized by this Law”

This phrase ”Troubled Assets Program” is used many times.

p. 34
ln 18 ”March 1, 2008” should be checked for correctness.

p. 42 Sec 21 Definitions
ln 11 ”(1) Board” —> should maybe be Secretary of Treasury?
ln 16 ”(3) Corporation” —> refers to?

=============================================================

There is a lot of reporting required from various sources.
There’s a sunset provision!
There’s use of the HOPE Housing law.
There’s authorization for Treasury to set it up & fund it & oversee it.
There’s limits on Executive Compensation!

I’d say there are some other good ideas in Congress which should be added.
But, this is a very good start.

Not only do I have to bailout wall street but all of the homeowners that bought houses they couldn’t afford, oh and my money will be worth a fraction of what it was before the bailout. Oh and my taxes will have to go up as well to pay for this fiasco.

Makes me angry. Very angry!

So, are ya gonna vote for Bush again?

Sorry, it’s the punch line of a joke which just fits your post perfectly.

I’ve been wondering all day if Paulson played the Ds.

The administration had/has the power to play their hand. Nobody can stop that. But, it doesn’t mean Dems or Congress as a whole have to go along. It’s going to be the result of that Congressional response which will tell us who’s playing who and where this will take the markets and the country and perhaps even the world economy.

I would say that Dodd is seen by business types as a progressive and so not to be taken seriously like the real business people who created this shitpile.

Incredibly ironic, isn’t it?

I really like that it’s one of those crazy Massachussetts Liberal Gays and a Progressive/Liberal (Frank & Dodd) who are gonna save their asses. It’s pretty hilarious — like a rich guy who turns all progressive to get us out of a depression. Heh.

McCain: My friends, to show my faith in the American Economy, I will volunteerly give up using one of my 13 cars until things turn around.

John McCain is soooo old he remembers having one car with 13 horses to pull.

Well, believe it or not, most of them aren’t really talking about it (Wall Street collapse). Edie, one customer, is an Obama supporter and her husband likes McCain. She said her husband is worried about Obama taking the reins in January, so I have to keep telling her about McCain’s ties to what is happening now and how we will definitely get more of the same if this asshole gets in. She’s interested in politics, but most don’t really say too much. If they are hurting I doubt they would tell me. I don’t get the feeling any of them are. One customer, Marybeth, opened up an interior design store last year and made almost $500,000 in profit last year! This year, her husband tells me the business has more than doubled. CONCLUSION: They won’t be hurting anytime soon.

I do know that quite a few of my customers are sick of the last 8 years. Some are republicans and some are Democrats. That’s a good sign. ;-)

They will beat the Dems over the head with this. They have already started on Hardball just now with Steve (I think Clyburn) and Debbie Wasserman-Schultz. He was railing against the bailout and Schultz saying she is for it as long as it also bails out Main Street.

If the post I read by Glenn Greenwald at Salon.com…all the wingers are against this so this lines up perfectly for McCain to be the “Maverick” against big government.

REPUBLICANS have lied, obfuscated, and exaggerated about everything that has happened in the last 8 years. Why oh why should anyone believe them now?

I sure don’t.