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OT / No to Wall Street Bail-Out

Discussion in 'Uncategorized Threads' started by PA POOCH, Sep 28, 2008.

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  1. PA POOCH

    PA POOCH TS Member

    Joined:
    Jan 29, 1998
    Messages:
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    If you are against the proposed bail-out, check out above website.
     
  2. Brian in Oregon

    Brian in Oregon Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    25,251
    Location:
    Deplorable Bitter Clinger in Liberal La La Land
    I'm not against a bail-out per se. After all, the Chrysler bail-out was successful. HOWEVER, the Chrysler bail-out was a LOAN, and Chrysler had to pay the money back. This bail-out is NOT a loan. It should be.
     
  3. Sgt. Mike

    Sgt. Mike TS Member

    Joined:
    Jan 29, 1998
    Messages:
    301
    Signed the petition, called our representatives but I don't think the government will listen. We are just peons until they want/need our vote then forget about us. Michael
     
  4. bigdogtx

    bigdogtx Well-Known Member

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    Caught something on the news this morning in passing saying that if there are profits down the road, 20% would go to ACORN. Has anyone seen the actual wording or they trying to screw us again?
     
  5. halfmile

    halfmile Well-Known Member

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    Location:
    Green Bay Wisconsin
    yes

    HM
     
  6. KeystoneLight

    KeystoneLight TS Member

    Joined:
    Nov 22, 2007
    Messages:
    45
    Per the ticker at the bottom the business channel the ACORN language/provision has been removed from the bill.

    You can read the draft of the bail out bill at Fox News

    http://www.foxnews.com/projects/pdf/rescuebill_First_Draft.pdf

    Here is a semi cleaned up version of the objectionable language

    <i>Section 106

    TRANSFER OF A PERCENTAGE OF PROFITS.—


    (1) DEPOSITS.—Not less than 20 percent of any profit realized on the sale of each troubled asset purchased under this Act shall be deposited as provided in paragraph (2)


    (2) USE OF DEPOSITS.—Of the amount referred to in paragraph (1)(A) 65 percent shall be deposited into the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Regulatory Reform Act of 1992 (12 U.S.C. 4568);

    (B) 35 percent shall be deposited into the Capital Magnet Fund established under section 1339 of that Act (12 U.S.C. 4569)

    (3) TRANSFER TO TREASURY.—Revenues of, and proceeds from the sale of troubled assets purchased under this Act, or from the sale,exercise, or surrender of warrants or senior debt acquired under section 113 shall be paid into the general fund of the Treasury for reduction of the public debt.</i>
     
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