MemeStreams | Bail Out Proposal 9-29 for discussion

I figure hardly anyone has time to read this stuff. Well, I fell down a hill and hurt my hurt ankle for the 40th time and I'm flat on my back and doped up for a while, so here is my informal, jotted, best attempt at understanding it, and some of my thoughts while reading it.

1st paragraph - what are the other purposes? lol wtf

pg 5 excludes any central bank owned by a foreign country....good; funds definition is weird, have to skip ahead to find out what it is. :(

Don't like this - any financial instrument that the secretary after consultation with the fed, determines a need for, after transmittal to congress. Says not a thing about congressional approval - only transmittal.

by page 7 it is already looking like a bureaucratic nightmare.

pg 8 omg too much authority is being given - treasury gets executive authority

Is it possible this monster will be able to make or break anyone they want?

pg 13 interesting - all financial institutions can participate....no discrimination of SIZE (ok, ??? I thought the problem was only the too big to fail.) Looking a lot like socialism here....

pg 15 Financial stability oversight board
They can only review and make recommendations - they can't directly censor it seems - problems they find have to go to a special inspector GENERAL for ASSETS RELIEF PROGRAM or the attorney general.
(Everyone is pretty much appointed by the executive branch.)

They will meet every month. They report to the congressional panel 2x a year.

Then THIS oversight board is going to terminate. I'm not clear on when? Looks quick? pg 17 bottom

pg 19, pretty much says the treasurer will bring congress a detailed invoice and the bill and
"a description of the vehicles established to exercise this authority"
They need to make a report 1 week after they spend every 50 billion bucks

THE Secretary manages purchased assets.
pg 22 Ok, how much further can we get from the constitution?

Money from revenues goes into treasury to go towards the public debt.

(I'm reading this as, we are broke and we need to make money, so high risk it is...) ????????? Is our only option a high risk gamble?

At this point, since the sec of treasury will be buying and selling revenues with the tax payers money, I am kinda wondering how much access he will have to intelligence data.

And this authority thing is bugging me. I don't understand it. if someone leaves their home, and the fed has the mortgage, to what length can they go to get that money owed? IE, will that person ever get a tax refund again, ever? You cannot go bankrupt against federally held loans as it is.

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p. 22
sec. may waive provisions of the federal acquisition regulation.

FDIC will be selected for managers of mortgage backed securities. Then the SEC will reimburse the FDIC for 'their services.'

p.24
Secretary (the one with all the conflict of interest around here) will be responsible for making sure there is no conflict of interest.
(That is really funny. Goldman-sacs anyone? fox watches the henhouse.)

p25 try to keep people in their homes, restructuring loans...
p 28 If a mortgage is being leased, and the people are current on their rent, they will be allowed to stay as govt tenants.
They can reduce the amount of principle owned on a house

p 30 some cute speak that looks to limit executive salaries and bonuses but to me doesn't look specific enough to have teeth. Actually uses the words golden parachute. Looks like PR fluff there to me. Palliative provision? Acter the act is enforced, lol, they have 2 months to start carrying this part out. p 32 Then, to me, it looks very time limited!

p.33 Secretary can buy foreign assets and rescue foreign banks.

next few pages are a bunch of price fixing and stuff...
p 39 transparency - not total- left to sec

Secretary can only spend 250 billion at a time. wtf if president says so to congress, he can have 350 billion. if more needed, joint permission for up to 700 Billion

p 43 bothers me, but I am sleepy - it seems to say if they need more money than their authority, so that they have to go to congress, it is not debatable, and any motion against it will be waived. Ok, ???? Someone read that and tell me....if anyone cares. P 43 line 8-

47In the senate, if disagreement, can only debate it up to 10 hours divided equally between parties. If it passes the senate, the representatives cannot even debate it at all. (line 11)

p 49 oversight and audits

treasury will pay costs of Tarp
Tarp pretty much will look after itself.
p 57 If the Tarp board decides they have abused their authority, or if they need more authority, they tell congress. lol

Then it turns around and says that the SEC can use proceeds from the sale of the stuff for administrative expenses.

p 60, lines 14, 15 Homeowners retain all their rights EXCEPT as applies to the exercise of authority of the secretary under this act.

p 61 after 2 years, the act can be extended.

p 65 Special Inspector general - new job - appointed by president - will be level iv executive ( I looked that up, it is 150k a year) Several pages of his duty. Seems like the Secretary buys it, and this guy will have to look after it.

(ref. http://www.access.gpo.gov/uscode/title5a/5a_2_.html look for § 6)

the good is that it will allow him to do inquiries and investigations, the bad is that he can basically hire however he needs and enter into contracts on his own...just more govt. bloat IMO There's also the fact that he'll have access to a lot of information as specified in that act. I wonder about that... how fair is it for the govt to have all that intelligence and be going into financial market business?

p 68 Ups the limit for statutory public debt to be 11 trillion, 315 billion

then there's some stuff for homeowners about mortgage interest resets, and then, congress makes sure to write themselves some extra pay in for members serving on oversight boards. then, turns around and prohibits that. I guess the pay is for guests? lol that is kinda a funny passage. p 73 then they write in travel expenses. :)

Lots about the fdic, and sorta sounds like they are reserving rights and stuff as if it is corporation. Boring

Says they all have to cooperate with the FBI.
p 96 taxpayers get benefit or loss of assets treated like stock
p 105 (19) Sec MAY FUCKING MAKE LAW or that is what it sure does sound like to me Can prescribe any guidance, rules, or regulations neccessary to carry out [this act]

Bail Out Proposal 9-29 for discussion