Sunday, September 21, 2008

and where is all of this money coming from?

Paulson resists calls for added help in bailout

WASHINGTON - Treasury Secretary Henry Paulson said Sunday that the nation's credit markets remain frozen and Congress must move quickly to pass a $700 billion bailout package for financial firms. But key Democrats said the legislation needs changes to provide better protections for taxpayers and homeowners in danger of losing their homes.

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Democrats said they understood the need for urgency but insisted that the measure needed to provide help for homeowners threatened with losing their homes, perhaps by changes in bankruptcy laws to allow for mortgages to be modified, and by capping pay and benefit packages for executives at the huge Wall Street firms that will be selling their bad debt to the government.

"I don't want the American taxpayer to get this bad debt and then the guy (whose company once held the bad loans) gets millions of dollars on his way out the door," said House Financial Services Chairman Barney Frank, D-Mass.

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And, once again, the administration just wants to help the businesses and the CEOs who f'k'd up in the first place and the Dems are trying to help the American public - which of course, the repugs resist.

But, again, where are we going to get another trillion dollars?!