World's greatest sausage factory strikes again
It looks like the bailout is going through this time after Congress has ground up the Paulson plan and added their own secret herbs and spices. ummmmmmmmm, tasty. Here's some details from the AP wire story:
"A breakthrough came when Democrats agreed to incorporate a GOP demand — letting the government insure some bad home loans rather than buy them — designed to limit the amount of federal money used in the rescue.
Executives whose companies benefit from the rescue could not get "golden parachutes" and would see their pay packages limited.
The government would receive stock warrants in return for the bailout relief, giving taxpayers a chance to share in financial companies' future profits.
To help struggling homeowners, the plan requires the government to try renegotiating the bad mortgages it acquires with the aim of lowering borrowers' monthly payments so they can keep their homes.
"Nobody got everything they wanted," said Democratic Rep. Barney Frank of Massachusetts, chairman of the House Financial Services Committee. He predicted it would pass, though not by a large majority."