Congress has a bailout deal, Ecuador has an election, Dan has an ad, I’ve got jazz

Washington Post: Lawmakers Reach Accord on Huge Financial Rescue

Congressional leaders and the Bush administration this morning said they had struck an accord to insert the government deeply into the nation’s financial markets, agreeing to spend up to $700 billion to relieve Wall Street of troubled assets backed by faltering home mortgages.

House and Senate negotiators from both parties emerged with Treasury Secretary Henry M. Paulson Jr. at 12:30 a.m. from a marathon session in the Capitol to announce that they had reached a tentative agreement on a proposal to give Paulson broad authority to organize one of the biggest government interventions in the private sector since the Great Depression.

Full details of the plan were not immediately available. Lawmakers said their staffs would be working through the night to assemble the package and post it on the Internet.

Wall Street Journal: Lawmakers Reach Tentative Bailout Deal

Top U.S. policy makers emerged from hours of tense negotiations with a clear message just after midnight Sunday morning: A deal to bailout U.S. financial markets has been agreed on and all that remains to be done is to commit the legislation to paper.

Treasury Secretary Henry Paulson, House Speaker Nancy Pelosi (D., Calif.), and Senate Majority Leader Harry Reid (D.), were flanked by key negotiators in the Capitol as they announced that a $700 billion plan to have Treasury buy up toxic assets had been all but finalized after hours of exhausting negotiations.

“I think we’re there,” an exhausted Mr. Paulson said, a sentiment echoed in the statements of negotiators such as House Financial Services Chairman Barney Frank (D., Mass.) and Senate Banking Committee head Christopher Dodd (D., Conn.).

Hugh Hewitt calls it A Responsible Exercise of Representative Government; Ed says ACORN is out:

The funding of the Housing Trust Fund, the slush fund that feeds ACORN and La Raza, is out. You can thank House Republicans for enough obstructionism to get that result. Other changes made to the final version of the bailout, according to a source on the Hill:
  • Provision to provide unions and other activist groups with proxy access for corporate boards
  • Provision to mandate shareholder votes on compensation issues (union priority)
  • Diversion of funds into a housing fund to support left-wing activist groups like ACORN
  • A provision to allow trial judges to arbitrarily adjust mortgages, creating bonanza for trial lawyers
  • A provision to require the government to sell to state and local governments at a discount homes the government acquires as a result of foreclosure

It also suspends mark-to-market rules and requires a study on their effects on the collapse.

Color me skeptical. I don’t believe for a moment that ACORN will go quietly into the night, and I am fully convinced that Nancy and her camarilla will do anything to sink the economy if they believe it will get them control of all the branches of government and the Treasury.

Will have to read the actual document.

UPDATE
I don’t have time today to study the bill, but Larwyn sent this Comparison of original Paulson bailout to compromise proposal from House Republican Whip Roy Blunt’s office.

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Ecuador is holding a constitutional referendum today. The Beeb touts it as Ecuador’s poor bank on referendum. In addition to lowering the voting age to 16, instituting civil marriage for gay couples, and legalizing abortion, the 444-article Constitution will

allow President Rafael Correa to seek re-election while giving him a hammerlock on the courts and the power to dissolve the legislature.

ECrisis has the story-behind-the-story.

Noticias24 reports that Correa’s all set to default on Ecuador’s foreign debt.

I predict that the referendum will be approved by 60% of the official results; however, I was talking to a friend who believes it would be 51% at best.

This will be Ecuador’s 20th Constitution.

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Dan asks, So, Why Not Post The Ad?

Why not, indeed?

Yes, we ban

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It’s pouring rain outside, which makes it a perfect day for listening to jazz music. The WSJ’s 5 best books on jazz, selected by John Edward Hasse:

Speaking of jazz, here are Sarah Vaugh and a very young and handsome Winton Marsalis (wearing white tie!)

Come to think of it, maybe I’ll spend the day listening to Marsalis YouTubes…

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I don’t really like wearing rain boots, but it’s raining outside, so here are a nice pair of Kate Spade rubber flats:

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11 Responses to “Congress has a bailout deal, Ecuador has an election, Dan has an ad, I’ve got jazz”

  1. Public Secrets Says:

    Too thin-skinned to be president?…

    I’ve noted for a while now Barack Obama’s sensitivity to criticism. He doesn’t like it; his acolytes don’t like it either. Nothing too unusual in that. All politicians and their fans think they’re being misrepresented. But not all of them…

  2. Pat Patterson Says:

    There may be some congressional support for ACORN but they don’t strike me as having the necessary organization or clout to have a national impact. Locality by locality definitely but does anybody even know who heads up the group or the last time other than a perp walk any officer or employee has been seen? I suspect this was payback by some congressmen for election help which they knew would never pass so they can safely say that the racists blocked the money and at least the pols tried.

  3. Bailout Deal Reached With ACORN, And Other Pork Removed | Right Voices Says:

    [...] Fausta’s Blog » Blog Archive » Congress has a bailout deal, Ecuador has an election, Dan has an … [...]

  4. expat Says:

    Pat,

    Did you read the Husock piece published by City Journal in 2001? The ACORN types know how to cause trouble andd to appear small and local.

    http://www.city-journal.org/html/10_1_the_trillion_dollar.html

  5. Pat Patterson Says:

    expat-Now that has definte Freudian overtones here! I hadn’t seen the article so I appreciated the heads up. I just finished and then did some research and it appears that the prime player is NACA with as I pointed out ACORN acting only in areas it has has either local support or some local success. I know in my own particular area ACORN has had some very minor successes, most notably in the 35th and 37th California Congressional Districts. And that mainly due to its remora like ability to attach themselves to the local congressman or in these two cases congresswomen.

    And typically when one of these great social justice ideas completely fail it’s not the intent that is at fault but those dark forces blocking the will of the proletariat.

  6. Pat Patterson Says:

    As to your choice in rainy day footwear it seems that the logical choices are the full “I’m ready for the Deluge in these.”

    http://www.shoeandboot.co.uk/assets/products/PETULA-667.jpg

    Or they tried and true West Coast sufer solution of wearing as little as possible so you have less wet things to try to dry at home.

    http://www.flojos.com/images/102.jpg

  7. Cappy Says:

    Of all the above, I’d go with Jazz.

  8. Obi's Sister Says:

    Rain? What’s that? It hasn’t rained more than 10 drops at my house in at least 3 weeks.

  9. Fausta’s Blog » Blog Archive » The nuclear Venezuela Carnival of Latin America and the Caribbean Says:

    [...] other news, Ecuador’s new constitution was approved by a margin of 65%. I predicted yesterday that it would pass by 60%, only because Soviet-style 99%+ margins have gone out of fashion. This is [...]

  10. Fausta Says:

    I’ll send you a few buckets, OS!

  11. chris dodd Says:

    Hamlets, towns and cities — all across America — have Big Three dealerships. At each one a dozen or more people usually are employed. One in 10 American jobs is directly or indirectly related to the auto industry. So it is disturbing to