Isaiah 31:7 Careful when you walk behind the bulls.
"For in that day every man shall cast away his idols of silver, and his idols of gold, which your own hands have made unto you for a sin." - Isaiah 31:7
Highlights of $700 Billion Financial Markets Bailout Plan
Here are highlights of the "Emergency Economic Stablization Act" of 2008, according to a summary:
-ASSET PURCHASES: The Treasury Department could purchase up to $700 billion in troubled mortgages and other assets through a "Troubled Asset Relief Program" or "TARP." The $700 billion would be available in phases. The first $250 billion will be immediately available to the Treasury secretary. The next $100 billion will be available if the president issues a certification of need. The final $ 350 billion would come if the president sends a written report to Congress seeking it.
-EXECUTIVE COMPENSATION LIMITS: If the Treasury purchases at least $300 million in mortgage-based assets from a financial institution, that company would lose the ability to take a tax deduction on the amount of salaries that exceed $500,000 for its top five individuals. It also includes a 20% excise tax on golden parachutes payments triggered by events other than retirement.
-WARRANTS, EQUITY STAKES: The bill requires the Treasury receive "non-voting warrants" from financial institutions participating in the program. That would give taxpayers an ownership stake and profit-making opportunities in participating companies.
-MARK-TO-MARKET ACCOUNTING. The bill restates the Securities and Exchange Commission's authority to suspend the application of the Financial Accounting Standards Board "Statement Number 157" - or mark-to-market accounting - if the SEC determines "that it is in the public interest and protects investors." A study on the same topic is also required.
-TOXIC ASSET INSURANCE: The Treasury secretary is required to create a program "to guarantee troubled assets of financial institutions" purchased by the U.S. government. The Treasury is required to establish "risk-based premiums for such guarantees sufficient to cover anticipated claims."
-INTEREST ON RESERVES: Provides the Federal Reserve with the ability to pay interest on the regulatory reserves it requires financial firms to hold for capital adequacy reasons in 2008, rather than in three years' time, as it is currently scheduled to do.
-FORECLOSURE RELIEF: For the mortgages acquired by the TARP, the Treasury secretary is to implement a plan to "mitigate foreclosures and to encourage servicers of mortgages to modify loans through Hope for Homeowners and other programs." Hope For Homeowners was an anti-foreclosure program in the housing bill passed earlier this year. It requires the Federal Reserve, FDIC and Federal Housing Finance Agency to develop plans to minimize foreclosures.
-TAX BREAK ON FANNIE, FREDDIE PREFERRED STOCKS: A tax benefit to help, primarily, community banks that held Fannie Mae and Freddie Mac preferred stock. It allows them to treat their losses in preferred stock in Fannie and Freddie as ordinary tax losses, rather than capital losses.
-OVERSIGHT: Creates a "Financial Stability Oversight Board" to oversee the program, which includes the chairmen of the Federal Reserve Board, the Securities and Exchange Commission; the Federal Home Finance Agency director and the Housing and Urban Development secretary. Also requires the U.S. comptroller general to report to Congress every 60 days about the program. An independent inspector general will oversee the Treasury Department's decisions, which will be subject to judicial review. It also will require posting of transactions online for public view
I say screw it... Lets go back to riding horses. Lets trim away Unnecessary things like greed, lawyers and working 3 jobs to support the lifestyles of people who don't work for a living on wall street. Lets "trim the fat" and get rid of unnecessary stuff like lawyers over zealous governmental over site in our personal lives....
Lets get back to an honest days work for an honest days wage that is enough so that both parents can CHOOSE if they want to have to work so that at least 1 parent can raise the kids with the values of his/her grand parents. We'll keep the good stuff like the internet and chocolate tho don't worry.
;)
Click to viewHighlights of $700 Billion Financial Markets Bailout Plan
Here are highlights of the "Emergency Economic Stablization Act" of 2008, according to a summary:
-ASSET PURCHASES: The Treasury Department could purchase up to $700 billion in troubled mortgages and other assets through a "Troubled Asset Relief Program" or "TARP." The $700 billion would be available in phases. The first $250 billion will be immediately available to the Treasury secretary. The next $100 billion will be available if the president issues a certification of need. The final $ 350 billion would come if the president sends a written report to Congress seeking it.
-EXECUTIVE COMPENSATION LIMITS: If the Treasury purchases at least $300 million in mortgage-based assets from a financial institution, that company would lose the ability to take a tax deduction on the amount of salaries that exceed $500,000 for its top five individuals. It also includes a 20% excise tax on golden parachutes payments triggered by events other than retirement.
-WARRANTS, EQUITY STAKES: The bill requires the Treasury receive "non-voting warrants" from financial institutions participating in the program. That would give taxpayers an ownership stake and profit-making opportunities in participating companies.
-MARK-TO-MARKET ACCOUNTING. The bill restates the Securities and Exchange Commission's authority to suspend the application of the Financial Accounting Standards Board "Statement Number 157" - or mark-to-market accounting - if the SEC determines "that it is in the public interest and protects investors." A study on the same topic is also required.
-TOXIC ASSET INSURANCE: The Treasury secretary is required to create a program "to guarantee troubled assets of financial institutions" purchased by the U.S. government. The Treasury is required to establish "risk-based premiums for such guarantees sufficient to cover anticipated claims."
-INTEREST ON RESERVES: Provides the Federal Reserve with the ability to pay interest on the regulatory reserves it requires financial firms to hold for capital adequacy reasons in 2008, rather than in three years' time, as it is currently scheduled to do.
-FORECLOSURE RELIEF: For the mortgages acquired by the TARP, the Treasury secretary is to implement a plan to "mitigate foreclosures and to encourage servicers of mortgages to modify loans through Hope for Homeowners and other programs." Hope For Homeowners was an anti-foreclosure program in the housing bill passed earlier this year. It requires the Federal Reserve, FDIC and Federal Housing Finance Agency to develop plans to minimize foreclosures.
-TAX BREAK ON FANNIE, FREDDIE PREFERRED STOCKS: A tax benefit to help, primarily, community banks that held Fannie Mae and Freddie Mac preferred stock. It allows them to treat their losses in preferred stock in Fannie and Freddie as ordinary tax losses, rather than capital losses.
-OVERSIGHT: Creates a "Financial Stability Oversight Board" to oversee the program, which includes the chairmen of the Federal Reserve Board, the Securities and Exchange Commission; the Federal Home Finance Agency director and the Housing and Urban Development secretary. Also requires the U.S. comptroller general to report to Congress every 60 days about the program. An independent inspector general will oversee the Treasury Department's decisions, which will be subject to judicial review. It also will require posting of transactions online for public view
I say screw it... Lets go back to riding horses. Lets trim away Unnecessary things like greed, lawyers and working 3 jobs to support the lifestyles of people who don't work for a living on wall street. Lets "trim the fat" and get rid of unnecessary stuff like lawyers over zealous governmental over site in our personal lives....
Lets get back to an honest days work for an honest days wage that is enough so that both parents can CHOOSE if they want to have to work so that at least 1 parent can raise the kids with the values of his/her grand parents. We'll keep the good stuff like the internet and chocolate tho don't worry.
;)