Supposedly the Republicans trying to get some sanity into the bailout bill have secured two important concessions.
This huge 20% of profit earned on this bailout was for some unGodly reason slated to go to ACORN. (The community organizers who pay for voter registration and turn in thousands of fraudulent newly registered voter names.) I imagine that a few extra billion would pay for a whole lot of voter fraud. The Republicans have (according to Fox News reports) succeeded in getting rid of this horrific clause.
Secondly, the Republicans have succeeded in getting rid of a proposal that bankruptcy judges could lower the principal value of property if people declaring bankruptcy are unable to pay. Now let’s think about that. A judge could devalue the monetary value of a house and suddenly inform the bank by edict that the loan that they gave for $400 thousand dollars was going to be repaid by $200 thousand. This is a palpably insane suggestion.
And this is the bill that is supposed to stabilize the market! These people are not fit to be handling our economy, because they are more interested in paying off their special interest groups (defaulters for Democrats) than they are doing anything concrete and sensible to stabilize this situation.