According to CNN Money, the leadership of the two house of Congress have reached a deal on the balout package: Congress reaches bailout deal
The deal will help homeowners, curb executive pay packages at participating firms and provide oversight of Treasury’s actions, said Sen. Christopher Dodd, D-Conn., a key architect of the congressional effort. He did not provide details but said lawmakers will sit down with Treasury officials to discuss it.
This sounds like they built around the proposal that Dodd put forth in response to Paulson’s original three-page request. While I remain highly skeptical that the basic logic behind the bailout is sound, I will say that the notion of an actual oversight regime (as per Dodd’s proposal) makes a lot more sense to me than Paulson’s version, which was basically: give me the money and then leave me alone.
We shall see how this develops.
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September 25th, 2008 at 12:53 pm
While I remain highly skeptical that the basic logic behind the bailout is sound, I will say that the notion of an actual oversight regime (as per Dodd’s proposal) makes a lot more sense to me than Paulson’s version, which was basically: give me the money and then leave me alone.
Lets just hope they didn’t extend it more than 3 pages–we need to give McCain time to actually read it.