Sunday, September 28, 2008

My friend Jean was back at church today for the first time in two months. Her weight is down to 94 lbs from 101, and she was too weak to do the aerobic routine we do in every service, sitting through the standing and kneeling parts, instead, but she was able to go to lunch at Amerigo's, where all her old buddies came and welcomed her back. I've really missed her and Pam on Sundays and am very thankful for her recovery, so far. They are planning a trip to Pensacola next week-end and will be back on the second Sunday in October for our Goat Roast and Bluegrass Mass. I've never seen anyone less suited for "bed rest" than Jean. It's great to see her on the go again.

Most of the polls I've seen since the debate, say that Obama won it. More undecided voters moved in his direction after the debate than McCain's. Even the FOX poll immediately following the debate gave the win to Obama. I was amused by all the McCain surrogates on the talk shows today trying to give McCain credit for the bailout plan. John Kerry on FOX set the record straight:

Barack Obama was in constant touch with Secretary Paulson almost every single day, sometimes several times a day for the last two weeks. Barack Obama was the first person to speak and lay out at that meeting at the White House for about seven or eight minutes the entire parameters of what we had resolved. John McCain, when offered the opportunity to speak, passed, didn’t speak until the very end, and when he spoke, did not offer a solution and did not say what he would support. The fact is that on a Monday of about a week ago, John McCain said the fundamentals of our economy are strong. Within a few days, John McCain was suspending his campaign because of the greatest crisis since World War II. He suspended his campaign and it took him 22 hours to get from New York to Washington, a one-hour flight, had time to go do a Katie Couric interview, had time to give a speech to the Clinton millennium, and when he got here, he wound up — I mean, he said he was going to interrupt his campaign to come down and save the negotiations. Most people believe what he did was interrupt the negotiations to come down and save his campaign.

From what I can tell of this Reuter's summary of the bill, it is reasonable and fair:

-A structured layout where $300 billion would be allocated immediately, $100 billion would be reserved under presidential discretion for later allocation if needed and the remaining $350 billion under only the say-so of Congress.

- Taxpayers would gain stock warrants in companies using bailout money - an asset stake and an opportunity for future profits to recompense any federal outlay.

- Executives would have their Golden Parachutes cut off if their company used bailout money.

- There will be an oversight board and management also would be under close scrutiny by Congress’ investigative arm and an independent inspector general.

- the government could use its power as the owner of mortgages and mortgage-backed securities to help more struggling homeowners modify the terms of their home loans.

- “In the end, House Republicans won support for a provision that would create a privately funded insurance program for mortgage-backed securities, congressional aides said.”

- “Democrats jettisoned proposals that would have put money into a trust fund for affordable housing and would have allowed judges to alter the terms of mortgages for bankrupt borrowers, according to aides.”

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