{"id":4709,"date":"2008-09-29T08:33:45","date_gmt":"2008-09-29T15:33:45","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=4709"},"modified":"2008-09-29T08:33:45","modified_gmt":"2008-09-29T15:33:45","slug":"an-update-on-the-bailout","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4709\/an-update-on-the-bailout\/","title":{"rendered":"An Update on the Bailout…."},"content":{"rendered":"
\n

and yes, after doing some more reading on it, I do still consider it a bailout.<\/p>\n

I\u2019m going to put a copy of a post that Yves at Naked Capitalism<\/a> wrote in italics and then my comments will be interspersed in bold print and then I\u2019ve got more thoughts at the end.<\/p>\n

Hope this helps you understand it better.<\/p>\n

Congressional Charade: Changes in Bailout Bill Cosmetic, and Everyone Knows That<\/a><\/em><\/h3>\n

For a quick, one-stop synopsis of the Mother of All Bailouts (as of this month), see this readable version<\/a> at Clusterstock (we\u2019ve become a recent convert to this site).<\/em><\/p>\n

Reader and sometimes contributor Lune, who was once a Congressional staffer and still subscribes to the the inside-the-Beltway press, provided a wrap of their coverage of the bailout bill. It makes clear that everyone understands that turning Hank Paulson\u2019s three pager into a 110 page draft made for a nice fig leaf but made virtually no substantive difference.<\/em><\/p>\n

Gee, why doesn\u2019t that surprise me.\u00a0\u00a0 They added 107 pages of rules and regulations and it\u2019s basically just spelling out the same difference as before.<\/strong><\/p>\n

From Lune:<\/em><\/p>\n

Well folks, we\u2019re almost to a done deal (certainly closer than Thursday). The Hill papers are reporting that they\u2019re getting closer in both the Senate and the House to the needed votes to pass the new bailout bill. Roll Call gives the most frank assessment of what happened over the weekend in an article entitled \u201cSame Bailout, New Dynamic<\/a>\u201d (subtitle: Outrage Prompts Sales Effort).
\n<\/em><\/p>\n

All the late-night talks, last-minute demands and dramatic pronouncements aside, the fundamental structure of a $700 billion Wall Street rescue plan that Congress spent the weekend wrangling over has not changed significantly from the outline proposed by a bipartisan group of Senators and House Members last Thursday.<\/em><\/p><\/blockquote>\n

Did you hear that?:\u00a0 It\u2019s basically the same deal as last week Thursday, just spun differently.<\/strong><\/p><\/blockquote>\n

\u201cThis is in essence the same,\u201d said Sen. Bob Corker (R-Tenn.), who attended those talks.
\n. . .
\nAssuming enough House Republicans agree to vote for the package, it appeared that the House could vote as early as today, while the Senate might have to wait to take it up Wednesday after Rosh Read more<\/a><\/em><\/p><\/blockquote>\n<\/blockquote>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

and yes, after doing some more reading on it, I do still consider it a bailout. I\u2019m going to put a copy of a post that Yves at Naked Capitalism wrote in italics and then my comments will be interspersed in bold print and then I\u2019ve got more thoughts at the end. Hope this helps […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[24,2,29,26],"tags":[236,237,235,239,238],"class_list":{"0":"post-4709","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-egoism-in-action","7":"category-general","8":"category-group-therapy","9":"category-lending","10":"tag-bailout","11":"tag-mortgage","12":"tag-paulson","13":"tag-pete-hoekstra","14":"tag-treasury","16":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":4714,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4714\/update-on-the-bailout-part-ii\/","url_meta":{"origin":4709,"position":0},"title":"Update on the Bailout – Part II","author":"Tom Vanderwell","date":"September 29, 2008","format":false,"excerpt":"It Failed. I'd like to consider this an open thread - now what do \"we\" do? I'll throw some ideas out there, but I want to hear from others first. Tom","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4800,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4800\/bloodhound-blog-radio-living-in-a-post-bailout-world\/","url_meta":{"origin":4709,"position":1},"title":"Bloodhound Blog Radio: Living in a Post-Bailout World","author":"Brian Brady","date":"October 3, 2008","format":false,"excerpt":"Last Monday, Sean Purcell and I hosted Top Dawg Greg Swann on Mortgage Mondays on Bloodhound Blog Radio.\u00a0 We discussed what real estate agents and lenders can do in a post-Bailout world. The bailout bill passed today after the Senate signaled its support to the House.\u00a0 President Bush signed this\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4729,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4729\/toms-top-ten-reasons-he-doesnt-like-the-bailout\/","url_meta":{"origin":4709,"position":2},"title":"Tom’s Top Ten Reasons He Doesn’t Like the Bailout….","author":"Tom Vanderwell","date":"September 30, 2008","format":false,"excerpt":"Because a government intervention the financial systems rarely works well. Because it fails to acknowledge the fundamental shift that is occurring in our society as we move from being \"overleveraged\" to using credit responsibly. Because Nancy Pelosi likes it. Because no one has been able to prove that by buying\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4742,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4742\/a-quick-primer-on-liberal-conservative-economic-theory\/","url_meta":{"origin":4709,"position":3},"title":"A Quick Primer on Liberal & Conservative Economic Theory","author":"Sean Purcell","date":"September 30, 2008","format":false,"excerpt":"We may or may not be in favor of the bailout.\u00a0 We may or may not fully understand what the bailout will or won't do.\u00a0 We may or may not be any smarter than the politicians who (in my humble opinion) don't have a clue what the bailout will or\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4588,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4588\/wall-street-bailout-plan-to-include-more-than-bad-mortgage-debt-feds-to-absorb-unpaid-bar-bets-inadvertently-laundered-postage-stamps-unredeemed-soda-cans-and-insufficient-tooth-fairy-disbursements\/","url_meta":{"origin":4709,"position":4},"title":"Wall Street bailout plan to include more than bad mortgage debt: Feds to absorb unpaid bar bets, inadvertently laundered postage stamps, unredeemed soda cans and insufficient tooth-fairy disbursements","author":"Greg Swann","date":"September 22, 2008","format":false,"excerpt":"Totally absurd? Think twice:In the dark of night over the weekend when most people were snoozing, the Treasury dramatically expanded its bailout plan to include buying student loans, car loans, credit card debt and any other \"troubled\" assets held by banks. The changes, which were included in draft language that\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4290,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4290\/bloodhound-blog-radio-what-the-fanniefreddie-bailout-means-to-realtors\/","url_meta":{"origin":4709,"position":5},"title":"Bloodhound Blog Radio: What the Fannie\/Freddie Bailout Means to REALTORS","author":"Brian Brady","date":"September 8, 2008","format":false,"excerpt":"I guess we saw this coming.\u00a0 Robert Kerr has been talking about the collapse of the GSE's, in the comments section on Bloodhound Blog, for close to a year now.\u00a0 Sean Purcell and I recorded a teleconference for California REALTORS about the Treasury bailout of the GSEs. We talk about\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/4709","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=4709"}],"version-history":[{"count":3,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/4709\/revisions"}],"predecessor-version":[{"id":4712,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/4709\/revisions\/4712"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=4709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=4709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=4709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}