Bailout Plan is Almost Done, Paul Kanjorski Says

Capitol Hill, speaking through the channel that is Paul Kanjorski, says the bailout bill is pretty much complete and headed for the President’s desk.

From Politico:

Democratic Rep. Paul Kanjorski said passage of proposed bailout legislation was “almost an accomplished fact” in an interview on CNBC Thursday morning.

“The package is basically done, the hard issues are resolved and we are going to move on,” Kanjorski said. “Right now, the votes are there for it.”

A member of the House Financial Services Committee, Kanjorski predicted the bill could be sent to the president by Saturday or Sunday.

The New York Times adds details:

In interviews, and in testimony on Wednesday, Congressional leaders and Treasury Secretary Henry M. Paulson Jr., said that they had made substantive progress toward a deal on the rescue plan, and that the administration was prepared to make two big concessions: pay limits for executives of firms that seek government help and, in some cases, an equity stake for taxpayers in those companies so that the government can profit if they prosper in the months and years ahead.

Many lawmakers said they were getting phone calls from constituents overwhelmingly opposed to the plan.

What do you think? Politically-motivated rush job, or viable plan?

  • I just hope all the lawmakers understand that if they approve this plan and it does not boost the economy by November there will be alot of people voted out of office.

    Nobody wants this, nobody want to pay for it and no matter how much money they dump into the economy, nobody will feel better about their situation by election day.

    As they cast their vote to spend my money, consider how that anger will be focused when I go vote.

  • The Sam Azar Bailout plan for America

    They say 700 billion dollars will keep America from falling into the grips of a great depression. They say greedy wall street investors did it. maybe all people were a little too greedy these past years,maybe we are all a little to blame for this financial crisis.

    maybe there is some truth to the atheistic and animalistic ways man must struggle for life and dominance for his survival, maybe a little too much dog eat dog and may the better men win at any cost, maybe like a backyard squirrel many of us horded and collected so much money during boom times we stuffed so much away for ourselves-our family-our descendants for many years,maybe a little too much me me me.

    or maybe there is some truth to we are all the children of god-somehow placed on this magical and wondrous planet earth with a chance at free will and exploration to be better than before-to grow with enlightenment and prosperity for all our brothers and sisters on this ship we call earth-maybe we are all our brothers keeper- maybe there is some truth to one of the greatest of mans compassion towards one another- the Christ-the man called jesus- the entity many cherish as the symbol of a life lived and devoted for all of us in purity and love in the eyes of heaven-that in which he declared to the rich man ” GIVE IT ALL AWAY”. surely this statement is hard to believe and exercise-it seems to go against the grain of instinctive animal behavior- yet- there is logic and peace in such a statement as we are all the same family in times of need. soldiers know no color or creeds in battle-man feels the love he has with his own children-and sometimes in life we know inside this is the feeling the heavens have upon us as they watch uis during our growth upon earth- maybe there is some truth to this.

    I say the American taxpayer is now asked to shoulder the burden- i guess we will and have no say- but i say to all who are rich -whether a person or corporation with an excess- give as much as you can away- match the 700 billion like a 401k- double it- triple it- let the children of the earth know we are one together- struggling at this life with food-health care-survival-and love for our children to prosper and build a better life-

    give and match the 700 billion- maybe even a tax credit from uncle sam as a donation;)

    sincerely yours
    solomon azar-aka uncle sam to my nephews and nieces

    god bless us,everyone

  • Per the draft of the bailout language reported in the New York Times September 20th:

    Sec. 6. Maximum Amount of Authorized Purchases.

    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. [caps added]

    Anyone know if this is still the deal? At any one time?