Treasury Bailout Bill Proposal

LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS

Section 1. Short Title.

This Act may be cited as ____________________.

Sec. 2. Purchases of Mortgage-Related Assets.

(a) Authority to Purchase.--The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.

(b) Necessary Actions.--The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:

(1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties;

(2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts;

(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;

(4) establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations; and

(5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act.

Sec. 3. Considerations.

In exercising the authorities granted in this Act, the Secretary shall take into consideration means for--

(1) providing stability or preventing disruption to the financial markets or banking system; and

(2) protecting the taxpayer.

Sec. 4. Reports to Congress.

Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3.

Sec. 5. Rights; Management; Sale of Mortgage-Related Assets.

(a) Exercise of Rights.--The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.

(b) Management of Mortgage-Related Assets.--The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom.

(c) Sale of Mortgage-Related Assets.--The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.

(d) Application of Sunset to Mortgage-Related Assets.--The authority of the Secretary to hold any mortgage-related asset purchased under this Act before the termination date in section 9, or to purchase or fund the purchase of a mortgage-related asset under a commitment entered into before the termination date in section 9, is not subject to the provisions of section 9.

Sec. 6. Maximum Amount of Authorized Purchases.

The Secretary's authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time

Sec. 7. Funding.

For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure.

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.

Sec. 9. Termination of Authority.

The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.

Sec. 10. Increase in Statutory Limit on the Public Debt.

Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.

Sec. 11. Credit Reform.

The costs of purchases of mortgage-related assets made under section 2(a) of this Act shall be determined as provided under the Federal Credit Reform Act of 1990, as applicable.

Sec. 12. Definitions.

For purposes of this section, the following definitions shall apply:

(1) Mortgage-Related Assets.--The term "mortgage-related assets" means residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before September 17, 2008.

(2) Secretary.--The term "Secretary" means the Secretary of the Treasury.

(3) United States.--The term "United States" means the States, territories, and possessions of the United States and the District of Columbia. To top of page

First Published: September 20, 2008: 11:33 AM EDT

Bush wants OK to spend $700B

My Comments:
Please note that if this Bill passes then we, our children, our grand children, and up to our grandchildren's grand children will be paying for the wealthiest citizens to live free and happy while the rest of us pay for their Bailout. If you do not take action to prevent this Bill from passing then you deserve what you get and don't be surprised when the rest of us treat you badly for not doing something. This Bill is not acceptable and personally I find it difficult to understand why the American citizens have allowed President Bush to continue to destroy our Country and ruin our government check systems so that he and his wealthy friends can obtain everything they want and allow the others, yes you are the other, to pay for everything they have.

How many zeros in a billion?

The next time you hear a politician use the word 'billion' in a casual manner, think about whether you want the 'politicians' spending YOUR tax money.

A billion is a difficult number to comprehend, but one advertising agency did a good job of putting that figure into some perspective in one of it's releases.

A. A billion seconds ago it was 1959.

B. A billion minutes ago Jesus was alive.

C. A billion hours ago our ancestors were living in the Stone Age.

D. billion days ago no-one walked on the earth on two feet.

E. A billion dollars ago was only 8 hours and 20 minutes, at the rate our government is spending it.

While this thought is still fresh in our brain... let's take a look at New Orleans ... It's amazing what you can learn with some simple division.

Louisiana Senator, Mary Landrieu (D) (Registered Voters in Louisiana should initiate an immediate Recall Petition to get her out of office.) is presently asking Congress for 250 BILLION DOLLARS to rebuild New Orleans. Interesting number... what does it mean?

A. Well.. if you are one of the 484,674 residents of New Orleans (every man, woman, and child) you each get $516,528.

B. Or.. if you have one of the 188,251 homes in New Orleans , your home gets $1,329,787.

C. Or.. if you are a family of four... your family gets $2,066,012.

HELLO! Washington, D. C
Are all your calculators broken??

• Accounts Receivable Tax
• Air (cell phones) Tax
• Building Permit Tax
• CDL License Tax
• Cigarette Tax
• Corporate Income Tax
• Dog License Tax
• Federal Income Tax
• Federal Unemployment Tax (FUTA)
• Fishing License Tax
• Food License Tax
• Fuel Permit Tax
• Gasoline Tax
• Hunting License Tax
• Inheritance Tax
• Inventory Tax
• IRS Interest Charges (tax on top of tax)
• IRS Penalties (tax on top of tax)
• Liquor Tax
• Luxury Tax
• Marriage License Tax
• Medicare Tax
• Property Tax
• Real Estate Tax
• Service charge taxes
• Social Security Tax
• Road Usage Tax (Truckers)
• Sales Taxes
• Recreational Vehicle Tax
• School Tax
• State Income Tax
• State Unemployment Tax (SUTA)
• Telephone Federal Excise Tax
• Telephone Federal Universal Service Fee Tax
• T elephone Federal, State and Local Surcharge Tax
• Telephone Minimum Usage Surcharge Tax
• Telephone Recurring and Non-recurring Charges Tax
• Telephone State and Local Tax
• Telephone Usage Charge Tax
• Utility Tax
• Vehicle License Registration Tax
• Vehicle Sales Tax
• Watercraft Registration Tax
• Well Permit Tax
• Workers Compensation Tax

STILL THINK THIS IS FUNNY?

Not one of these taxes existed 100 years ago...
and our nation was the most prosperous in the world.

We had absolutely no national debt...
We had the largest middle class in the world...
and Mom stayed home to raise the kids.

What happened?
Can you spell 'politicians!' who have long been left to their own devices and not held accountable.


Isn't it time we, the American citizens, take back charge of our country and hold our elected (key word here, because we elect them and WE can put them out of office) officials accountable to doing what is in the best interest for our country, not their personal interests and bank accounts.

Here are some links to various items related to the proposed $700 Billion Bailout proposed by the illegally elected President Bush:

The 700 Billion Bail-Out: What About Ordinary Americans? - From GlobalComment.com

Here is the actual Bill that President Bush sent to Congress for Approval. I hope you will read it carefully and then find the link below and contact your Congressional Representatives and let them know you demand that they vote NO or you will begin the Recall Petitions to find representatives that will listen to you.
Treasury's bailout proposal.
The legislative proposal was sent by the White House overnight to lawmakers.

Bush urges passage of $700 billion bailout package - From MarketWatch.com
There are some interesting and thought provoking comments about this, so please read down through all of the comments.

In Congress, Concern Over $700 Billion Bailout - From National Public Radio


Websites with Information about Finding, Contacting and Learning about Voting Records:

Online Directory for the 110th Congress

Roll Call, Congress.org

Congressional Email Directory

Project Vote Smart, The Voter's Self Defense System
This is an awesome website and service to help you find your Congressional Representatives, how they vote, what their records are and other useful information to help you know what they are doing.

Should religion govern our country? The 2008 Presidential Election.

Sarah Palin, Republican Vice President candidate, has openly spoken about her religious views on topics of government, such as why the United States is fighting in Iraq, why abortion shouldn’t be allowed, and her stance against gay rights. Even Senator John McCain has been commenting on social issues based upon his personal religious beliefs.

Should we, the citizens of the United States, allow our elected (key word here, elected, because we choose who we want to govern) leaders to govern based upon their personal religious views or should they be forced to keep religious views out of government? I believe that everyone should have the right to worship who and what they desire as long as it doesn’t cause harm to others or themselves. However, I do not believe that our elected leaders should govern based upon their personal religious beliefs. The term “separation of church and state” is often used but seldom understood.

The United States Constitution, in the First Amendment, states, “Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.” This statement doesn’t imply that there is a complete separation of church and state, however, it does imply that our elected leaders shouldn’t place personal religious beliefs over their ability to make decisions for the country as a whole. A true leader takes into consideration the needs of everyone they lead and makes decisions that are in the best interest of their constituency.

Lately there has been a lot of talk from religious leaders (clergy and such) about our current Presidential candidates and I have to question whether it is important for them to even be discussing such things in the media. The focus should be on the qualities the candidates have to govern and lead, their ability to make decisions that are in line with the citizens they were elected to govern, and their record of actions. Selecting a candidate shouldn’t be based upon their religious beliefs!

After listening to McCain, especially after he introduced Sarah Palin and hearing her speak, and Obama and his selection of Biden I’ve made a decision to support Obama, as I believe he and Biden will work for the best interest of the citizens of the United States, work to put the focus back on the United States to improve our country’s reputation, educational system, health care concerns, and they will be able to govern without regard to specific religious beliefs.

As a gay male, a licensed Southern Baptist preacher, a Feng Shui consultant, a rodeo cowboy, a person with AIDS, a concerned citizen, and any of the many “labels” that society needs to place upon people, I find myself in a unique place to make my decisions based upon an understanding and experience of many aspects of life and spiritual development. Yes, I am all of the above and much more. I am concerned about why we, the citizens of the United States, have not demanded that our elected leaders be held more accountable and forced to govern based upon our desires, not upon corporate interests, religious beliefs, or personal interests.

It’s time the United States stopped trying to be the world police, stop the ridiculous “war on terror” (there is now reason for this other than for President Bush’s desire to obtain access to Iraq’s oil and to create fear so he could increase his own power as a president), begin to focus on the needs of our own country, and begin to develop ways of improving our own lives. I’m still surprised that the citizens of the United States haven’t demanded the immediate resignation of President Bush, especially after a rigged election and the number of lies he has presented in order to accomplish the desire of a specific few.

Why do you, yes you, sleep walk through life? Why are you not doing something and speaking your mind about the issues that concern you and our country? Why aren’t you opening your heart to others and learning to live your life with openness, love, acceptance, and action?

I’ve been doing some research and here are some of the sources that have helped me to make my decision about who to elect in 2008:

I’m now very interested in supporting the separation of church and state and have begun my involvement with Americans United for Separation of Church and State.

Obama, about him, from Wikipedia.com

Obama and his Congressional Voting Record, from the Washington Post

Obama and his Congressional Voting Record, from Project Vote Smart

Biden, about him, from Wikipedia.com

Biden and his Congressional Voting Record, from Project Vote Smart

Biden and his Congressional Voting Record, from the Washington Post

McCain, about him, from Wikipedia.com

McCain and his Congressional Voting Record, from the Washington Post

McCain and his Congressional Voting Record, from Project Vote Smart

Sarah Palin, about her from Wikipedia.com

Sarah Palin’s fitness for office, from The Huffington Post

Sarah Palin’s anti-gay stance, from Gay.com

Sarah Palin and how she has governed Alaska, from the Bilerico Project

Sarah Palin and her governing record, from Project Vote Smart

I encourage everyone to do the research, to ask questions, and to vote based upon who has the best ability to govern for our interests and concerns, not their personal beliefs, and to actually vote. It’s time we held our elected leaders accountable, so what are you doing to do so?

Are you Registered to Vote?

Are you actively supporting a candidate?

Are you doing the research to gain insight and understanding into the candidates?

There are many resources available, including www.youtube.com, to find information about the candidates. Watch the videos and notice how they speak, watch their eyes, body language, and really listen to what they are saying.

What do you really want in an elected leader?