HR 1424( Emergency Economic Stabilization Act of 2008) HR 6570,and HR1

[smokingman]

Full text of the Economic Stabilization act.

Full Text of H.R. 1424 (110th): Emergency Economic Stabilization Act of 2008 - GovTrack.us

Full text of HR 6570

Full Text of H.R. 6570: To amend the American Recovery and Reinvestment Act of 2009 and the Emergency Economic ... - GovTrack.us

HR1
Full Text of H.R. 1 (111th): American Recovery and Reinvestment Act of 2009 - GovTrack.us

HR 6570 is just waiting on Obama's signature.Having already passed with out debate.

What this does is set up the TARP program as a permanent program with no expiration(possibility of repeal in 2016). It is a permanent bailout program for banks and non bank financial institutions.

From HR 1424
"AUTHORITY- The Secretary is authorized to establish the Troubled Asset Relief Program (or ‘TARP’) to purchase, and to make and fund commitments to purchase, troubled assets from any financial institution, on such terms and conditions as are determined by the Secretary, and in accordance with this Act and the policies and procedures developed and published by the Secretary."

It also adds TRILLIONS of dollars in now by making programs under HR1 last until at least 2016.Some of the gems in that program.

"
ural water and waste disposal program account

• For an additional amount for the cost of direct loans and grants for the rural water, waste water, and waste disposal programs authorized by sections 306 and 310B and described in section 381E(d)(2) of the Consolidated Farm and Rural Development Act, $1,380,000,000.

distance learning, telemedicine, and broadband program

For an additional amount for the cost of broadband loans and loan guarantees, as authorized by the Rural Electrification Act of 1936 (7 U.S.C. 901 et seq.) and for grants (including for technical assistance), $2,500,000,000
rural housing insurance fund program account

For an additional amount for gross obligations for the principal amount of direct and guaranteed loans as authorized by title V of the Housing Act of 1949, to be available from funds in the rural housing insurance fund, as follows: $1,000,000,000 for section 502 direct loans; and $10,472,000,000 for section 502 unsubsidized guaranteed loans.


GRANT PROGRAM-(A) IN GENERAL- Of the funds of the Commodity Credit Corporation, the Secretary shall use not more than $50,000,000, to remain available until September 30, 2010, to carry out a program of grants to States to assist eligible aquaculture producers for losses associated with high feed input costs.


periodic censuses and programs

• For an additional amount for ‘Periodic Censuses and Programs’, $1,000,000,000.(*NOTE this is ADDITIONAL MONEY)

broadband technology opportunities program

For an amount for ‘Broadband Technology Opportunities Program’, $4,700,000,000: Provided, That of the funds provided under this heading, not less than $4,350,000,000 shall be expended pursuant to division B of this Actdigital-to-analog converter box program

For an amount for ‘Digital-to-Analog Converter Box Program’, $650,000,000

state and local law enforcement assistance

For an additional amount for ‘State and Local Law Enforcement Assistance’, $2,000,000,000,
research and related activities

For an additional amount for ‘Research and Related Activities’, $2,500,000,000

• and the real reason for the 2009 act being made permanent.
  
  
  "Program Guidelines- Before the earlier of the end of the 2-business-day period beginning on the date of the first purchase of troubled assets pursuant to the authority under this section or the end of the 45-day period beginning on the date of enactment of this Act, the Secretary shall publish program guidelines, including the following:
  
  • (1) Mechanisms for purchasing troubled assets.
    (2) Methods for pricing and valuing troubled assets.
    (3) Procedures for selecting asset managers.
    (4) Criteria for identifying troubled assets for purchase.
    
    
    Pretty soon we will be talking about real money.
    
    
    
    

 

[smokingman]

HR 6570 is the reason for this thread.It has already passed and is awaiting Obama to sign(which he will).
Making both HR1 and HR1424 last until at least 2016.

 

[spearheadersarge]

Havent we wasted enough money down this rathole? Why can't we just let a damned bank fail??? This "extension" is going to be used to bilk many more trillions from the American people. Our worthless dollar has decimated the middle class and poor since all the QE's have started. I wonder if I can get paid in gold from my employer? At least it would have the chance to appreciate instead of just dwindling away my purchasing power.

 

[indykid]

But obama-messiah said he would cut the deficit in half by the middle of his first term!!!

 

[buckstopshere]

Steps towards moving our already fascist economy to a full on socialist economy

 

[Johnny C]

Its all about helping out their fellow elites, not the economy.