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09-22-2008, 03:07 PM #1
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Tensions mount over bail-out
Tensions mount over bail-out
By Krishna Guha, Harvey Morris, Andrew Ward and Daniel Dombey in Washington and George Parker in Manchester
Published: September 21 2008 19:13 | Last updated: September 22 2008 03:47
A high stakes game of political poker was under way in Washington on Sunday as Congress prepared to vote this week on a plan to create a $700bn fund to buy toxic assets from banks and thereby ease the credit squeeze.
Democratic legislators pressed for a housing component to be added to the bill and demanded assurances that President George W. Bush would not veto a subsequent second stimulus bill.
The Bush administration was trying to hold out for a “cleanâ€Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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09-22-2008, 03:14 PM #2Mr Obama told the programme he considered the US to be in recession.....
He also considers himself qualified to be President.......
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09-22-2008, 03:35 PM #3Originally Posted by gofer
Many months back, these were the same people (both Dems & GOP) who were saying everything was fine with the economy - except Ron Paul. He saw it coming and was warning us about it but everyone just labeled him a kook.
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09-22-2008, 04:00 PM #4
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Some Republicans also favour restrictions on executive pay for banks taking part in the scheme. The Treasury fears this could undermine banks’ willingness to take part.
Some industry groups are lobbying for a clause that would allow banks selling assets to the fund to account for any losses realised over a number of years.
[quote]The Treasury secretary said the US scheme should be open to all banks with “significant operationsâ€
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