Revised Bill Lets FDIC Borrow Without Limits

[Newsjock]

Source: Wall Street Journal

The Senate financial market rescue bill would temporarily allow the Federal Deposit Insurance Corp. to borrow unlimited amounts of money from the Treasury Department in connection with the larger government deposit coverage that would extend until the end of next year.

... FDIC and Treasury officials asked Senate lawmakers Tuesday night to include a provision in the revised financial rescue bill that would increase the amount of money that the FDIC could borrow from Treasury to $100 billion from $30 billion. But Senate lawmakers decided to take off the cap completely, authorizing the FDIC to request from the Treasury "a loan or loans in an amount or amounts necessary… without regard to limitations."

The unlimited borrowing authority would last until the end of next year. The Senate has scheduled a vote on the proposal tonight. The measure would then go to the House, which rejected an earlier version of the $700 billion plan on Monday.



Read more: http://online.wsj.com/article/SB122286874792094117.html?mod=article-outset-box

[Barack_America]

1. Yeah. I didn't like the House bill, but I freaking HATE the Senate bill.

I hope the House torpedoes it, I honestly do.

I understand that our economy is in dire straits, but this Treasury raid and the BS tax cuts that bill is rife with is no solution.

[AzDar]

2. Can you BELIEVE it? Tax cuts!!

It's obscene.

:puke:

[snappyturtle]

3. This Senate version is a joke! Read the following article at CNN.

Alternative minimum tax relief, mental health issues, energy issues????? I guess they're trying to wear us down!

http://money.cnn.com/2008/09/30/news/economy/bailout_tuesday/index.htm?cnn=yes

[tama]

4. Unlimited amounts of money

Well it's a good thing then that Treasury invented a new dollar, the Infinite Dollar (ID). Just trickle down one ID to each American and then everything will be OK again.

[Javaman]

5. Think the dollar is worthless now? If we have a real honest to god depression..

and the over 1 trillion in assets can suddenly be covered by imaginary money, those same dollars will become toilet paper over night.

[The2ndWheel]

6. Temporarily unlimited

Then what?

Maybe they should pass it, just to see what number we can get to.

[Zenlitened]

7. What. The. Fuck???!! Alternative energy and mental health parity...

... are DEMOCRATIC issues, NOT repuke. :crazy:

... The revised bill contains provisions that the Senate hopes will appeal to House Republicans, who voted two-to-one against the original legislation. The sweeteners include renewable energy tax incentives - for individuals and businesses alike - that have been on the table for several months and had a chance of passing at some point anyway.

(snip)

The revised bailout bill also includes a "Mental Health Parity" provision, which would require health insurance companies to cover mental illness at parity with physical illness.

Link:
http://money.cnn.com/2008/09/30/news/economy/bailout_tuesday/index.htm?cnn=yes

Republicans have been shooting this stuff down since forever. How does this "sweeten" the bailout deal for them?

Ugh. I hate sloppy reporting. But I also hate the way the repukes try to take credit for accomplishing worthwhile goals that they actually opposed.

[Nambe]

8. The FDIC is privately or corporately owned?

It has government over-site but is a Rockefeller baby. Was I taught right?

[tismyself]

9. Does anyone know

if the bit about "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." has been removed? I've been looking, but can't find anything yet.

[anokaflash]

10. Come on Folks

This bill is light years better than the House version. I would still vote no, myself, but see solid attempts at providing relief to consumers and the Middle class rather than a gift to corporations and their benefactors. Fixing the Alternative Minimum Tax is a perfect way to help as well. There are real problems with that formula that need to be addressed.

Listen, I don't want a single penny to got to Wall Street, Corporate America, and their benefactors. BUT, there are serious consequences to not acting, and I am willing to take a few lumps as long as I know the 'The People' are getting a nice chunk of the relief, that oversight is there, that Golden Parachutes and gifts to the Corporate Culture are limited.

This bill goes a long way to fixing the very poorly written, and McCain driven nightmare that was the House version.

When this bill passes, tonight, McCain will look like the economic fool he is. Look at it that way, I guess. *grin*

Flash
http://Centrisity.com

My 5 minute Series
EXCLUSIVE: 5 Minutes with Sen. Barack Obama
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[Mesteryo]

11. This is silly...

The only reason the first bill didn't pass is that partisan fools couldn't compromise and expected to get what they wanted 100%.