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Alegre's Corner
We're not finished folks - not by a long shot!

Democrats Release Draft Counterproposal for Bailout

by: Alegre

Mon Sep 22, 2008 at 12:49:25 PM EDT

Reuters is reporting that Sen. Dodd has put out a draft counterproposal regarding that $700 billion + Wall Street bailout plan and it looks like they've included some of the safe-guards recommended by Bob Reich over the weekend. Check it out...

Senate Democrats want pay limits, equity in bailout
Senate Democrats issued a counterproposal to the Treasury Department's $700 billion Wall Street bailout plan on Monday that would give the government a stake in firms unloading assets under the plan, and limit the pay of corporate executives involved.
The Democrats also want to set up an oversight board that would include the chairmen of the Federal Reserve, Federal Deposit Insurance Corp and Securities and Exchange Commission to limit the Treasury's otherwise largely unfettered powers, according to a legislative proposal released by the office of U.S. Sen. Christopher Dodd, D-Connecticut, chairman of the Senate Banking Committee.

This is a draft proposal released by Sen. Dodd (chair of the banking committee). The Reuters article notes that this does not reflect any agreement with the Bush administration.

The sticking point could be a provision that would ensure that decisions made by the Treasury secretary under this bailout agreement be reviewable in certain cases. Treasury's proposal specifically rules out any review of their decisions by any administrative body or court. That would be par for the course with Bush's "unitary executive" branch.

Let's see if Congress suddenly decides to stand up to the bully boys at the other end of Pennsylvania Avenue, and pushes for this oversight provision.

Make the jump for more...

Alegre :: Democrats Release Draft Counterproposal for Bailout

Meanwhile, Dodd's banking committee is holding a hearing today and will receive testimony from SEC Chairman Cox, among others. You can tune in via THIS LINK and see what the witnesses will have to say by checking out their prepared remarks.

You can view Dodd's opening statement HERE.

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Democrats Release Draft Counterproposal for Bailout | 11 comments

What about HOLC??? (0.00 / 0)

Anglachel and Lambert have been writing about this stuff in the past few days. The Dodd plan is as bad as the Bush Administration plan. It just limits pay to executives but that's a drop in the bucket really. It doesn't address bad morgages that need to be restructured. Plus, the oversight provision is anemic at best. PLUS, Paulson is planning to buy the assets at greater than market value.
Dodd just capitulated to the Republicans. It's a bad BAD plan.
Did I mention it was BAD?

by: riverdaughter @ Mon Sep 22, 2008 at 12:24:52 PM CDT

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Agree. agree and agree! (0.00 / 0)

I guess back to the phones again!

by: anya @ Mon Sep 22, 2008 at 12:27:07 PM CDT

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by: you @ soon

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Didn't See Any Mention of HOLC (0.00 / 0)

Without that, you're right - its pretty tootheless.

With all this back and forth, and the posturing and finger pointing you have to wonder if they're ever going to work out a plan.

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by: Alegre @ Mon Sep 22, 2008 at 12:35:18 PM CDT

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This plan sucks. WTH? (0.00 / 0)

Medicare for All is Civil Rights

by: masslib @ Mon Sep 22, 2008 at 12:56:56 PM CDT

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It's the New Democratic Strategy... (0.00 / 0)

we are supposed to believe in their good intentions, no matter what their actions may show us.

by: madamab @ Mon Sep 22, 2008 at 13:11:30 PM CDT

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Hillary (0.00 / 0)

was just on CNBC pushing HOLC, and she was fantastic! She gave such detailed, knowledgeable answers to every question put to her. I sure would like to have a president as skilled as she!

Maybe CNBC will do a rerun of this interview later. Check it out. I think the interviewer's name was Erin somebody.

also when asked about Sarah Palin's lipstick, she showed a good sense of humor, saying that she wears lipstick too -- but there's more important things to address right now.

by: Sharyn @ Mon Sep 22, 2008 at 14:36:30 PM CDT

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I confess (0.00 / 0)

I still hold a hope that somehow she will emerge from all this as our President.

If we can continually experience bad 'miracles' -- events that emerge as surprises seemingly from nowhere -- why not a good one?

by: Gary McGowan @ Mon Sep 22, 2008 at 16:12:27 PM CDT

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Oh Gary, that's a wonderful thought. (0.00 / 0)

Medicare for All is Civil Rights

by: masslib @ Mon Sep 22, 2008 at 16:37:30 PM CDT

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Here's the clip. (0.00 / 0)

http://www.huffingtonpost.com/...

by: dbrown04 @ Mon Sep 22, 2008 at 16:27:56 PM CDT

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Dodd? Oh yeah the chair of the banking committee (0.00 / 0)

who never saw this coming but dropped out of the race when he got a whiff.

That Dodd. BHO supporting Dodd.

Fighting for women at Partizane

by: NewHampster @ Mon Sep 22, 2008 at 14:50:03 PM CDT

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Corrente has a good take on the crap GOP plan too (0.00 / 0)

http://correntewire.com/there_...

I know RD mentioned this above but here it is for those who don't know Lambert from Bullwinkle.

There ain't no sanity clause
Submitted by lambert on Mon, 2008-09-22 13:56.
* Department of How Stupid Do They Think We Are?
[I'm stickying this post because, as Glenn points out below, opposition to clause 8 of Emperor Paulson's $700 billion* bailout bill is common ground between left and right. The clause has all the issues that retroactive immunity for the telcos did, but without the admixture of national security claims. That clause 8 amounts to a financial dictatorship needs to be part of our message. (And if you want to call your representatives and convey that message, please share at this link.) - lambert]
For those who came in late, here again - and I freely admit I've been waiting for the change to rehabilitate Marx and use that headline - is the infamous Clause 8 of Emperor Paulson's insane three-page bailout enabling act:
Sec. 8. Review.
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.

Fighting for women at Partizane

by: NewHampster @ Mon Sep 22, 2008 at 14:52:47 PM CDT

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Democrats Release Draft Counterproposal for Bailout | 11 comments

"Always aim high, work hard, and care deeply about what you believe in. When you stumble, keep faith. When you?re knocked down, get right back up. And NEVER listen to anyone who says you can't or shouldn't go on."
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