If this is true, it is very bad news.
The WaPo reports that the “deal” in the works on the Garbage Pail will pay the Treasury the bailout money in installments, but this is a figleaf: $250 billion up front, $100 billion if the White House “certifies its necessity,” and then $350 billion which flows automatically unless Congress objects.
You’ve. Got. To. Be. Kidding. Me.
It’s so obvious that the GOP will simply filibuster any objections to the $350 billion if the Bush Administration wants it, especially if Obama wins and they realize that they can undercut his agenda by bankrupting the government. As for the certification of the $100 billion, that’s worse than laughable.
While I suppose the oversight board is good, the best oversight is to have to come back to Congress. The provisions on community banks are so vague that I don’t know what they are.
The report is that the main dispute is over the bankruptcy provisions, which would allow bankruptcy judges to change mortgage provisions “and is fiercely opposed by the banking industry.” Too #$&(&*%^)*^%ing bad. I don’t even know why the banking industry is in the room.
And yes, it is shameful that Obama says it shouldn’t be in the bill. Everything should be in the bill.
The best solution now? Go home. Come back after November 5th.