Thursday, April 22

from boehner's office

For all the Yahoos out there claiming 'Financial Reform' doesn't include additional bailouts... Ooops!!

I'm glad the GOP is blocking debate on this garbage.

• The Dodd Bill Gives Wall Street a Pre-Existing $50 Billion Bailout Slush Fund.  Sen. Dodd’s financial bailout bill would create a $50 billion ‘orderly resolution fund’ ($150 billion in Rep. Barney Frank’s bill) that could be repeatedly replenished from industry assessment.
• The Dodd Bill Gives Wall Street a Treasury-Backed Credit Line.  The FDIC would be authorized to borrow from Treasury up to the amount of cash left in the ‘resolution fund’ plus 90 percent of the value of the assets of any and all too-big-to-fail firms in its control. 
• The Dodd Bill Provides a Government-Guaranteed to Wall Street Debt.  The FDIC would be authorized to guarantee the debt of any solvent bank, bank holding company, or affiliate in any amount subject only to an aggregate debt limit set by the Treasury Department.
• The Dodd Bill Institutionalizes Unlimited Wall Street Bailouts.  The FDIC, as the resolution agency for too-big-to-fail firms, would be given wide latitude to use resources to make payments to anyone in any amounts, at their own discretion. 
• The Dodd Bill Gives Wall Street Bridge Bank Authority.  The FDIC would be authorized to create a bridge institution as part of resolving a covered institution and vest the FDIC with broad authority to use the orderly resolution fund in connection with the bridge institution.

When Obama talks about 'holding Wall Street accountable' all he really means is providing benefits to his biggest benefactors. It's the exact opposite of what he says. This charade nicely sums up the Obama presidency.


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