Day: September 28, 2008

Here is the discussion draft of the Emergency Economic Stabilization Act of 2008 just out today.
Copies are floating around but it is next to impossible to get to www.financialservices.house.gov. I suppose any official revisions will be posted there.
UPDATE: DC Examiner has a great side-by-side comparison of the initial bill, the Democratic bill and the current bill referenced above.
I am glad to see ACORN has been removed.
UPDATE: The House website is accessible again and there is a summary of the bill. Michelle Malkin raises some points of concern about the bill here. I think her reading of the Fast Track issue seems right. I am used to reading mental health bills and do not know this area well. However, I interepret the legislativease to mean that the Congress has 10 days to object after Paulson submits a request for anything over 350 billion. If Congress does not object, he is free to drawn down more billions to buy up bad paper.

See the details at Politico.com…
According to John Bresnahan:

This is an e-mail circulating among New Democrats, a group on progressive Democrats, on Sunday morning that lays out some of the details of the Wall Street bailout package agreed to by House, Senate and White House negotiatiors late Saturday night.
Here’s the full text of the e-mail, which was sent out about just before noon today: “Below is an update on everything that has happened with the economic rescue package. The deal is done and agreed to by all parties.

Go over to Politico.com to read the email. Mixed signals are coming from the media. Apparently, House Republicans are not happy about it but enough may vote for it that it will appear to be bi-partisan. My guess is that voter sentiment is so strong against a bailout that it would not be helpful for some Reps to vote for it since they will be facing voters soon.
It is astonishing to me that some Dems wanted to put 20% of the profits toward subsidies for housing.