UPDATE: House passes bill..will Senate GOP filibuster?..TARP Hearing on the Hill

Final Update: 841pm EST:  219 Yeas, we have it (only needed simple majority of 218 to pass it). It has passed the House. The southern state GOP Senators are the force to be dealt with now. Not a coincidence, the foreign car makers are all located in the South…

Update 8:38pm EST: The House is voting right now, 213 yeas to 136 nays and 84 still to vote..it should pass the House. The hangup will be tomorrow in the Senate, Shelby R-AL seems to be determined to spearhead a filibuster, backed by Coburn and Ensign..Harry Reid needs to GROW A SPINE, Hillary can help him find one so we can GIT R DONE..

Update: 5:38 pm EST: See CNBC Video of Joel Kaplan WH Deputy Chief of Staff on Policy on Big 3 bailout deal reached b/w WH and Congressional Dems here

Update 5:25pm EST: The oversight report is out, it focuses on Treasury needing to verify how the banks are spending the money from TARP and if it is being loaned out-let’s put that one in the No Shxt Sherlock files shall we? And it questions WHY TREASURY WON’T IMPLEMENT SHEILA BAIR’S FDIC PLAN! YES! Also see the Forbes reporting on the GAO feedback…:

…The oversight panel believes the public has the right to know how financial institutions that have received public money are using that money,” according to a report produced by the Congressional Oversight Panel for Economic Stability. “It also believes that Treasury should be responsible for holding individual institutions accountable for how they use public’s money.”…


..Maloney added that lawmakers are considering introduction of legislation that would require Treasury to use $24.4 billion of the remaining bank bailout funds to employ Bair’s mortgage modification proposal. The measure would require Treasury to implement the mortgage modification package to gain congressional approval to use the remaining $350 billion in funds.

The report also calls on Treasury to provide details why it is opposed to a plan introduced by Federal Deposit Insurance Corp. Chairwoman Sheila Bair that would use $24.4 billion of the bailout fund to assist lenders to modify mortgages as a plan to avert foreclosures

Update: clips of Kashkari attempting to defend the indefensible..in clip 4 he sounds like a Dr Seuss book: front foot, back foot, day foot, night foot..he cannot say if 30 million bonus is inappropriate executive compensation either…and GOP Rep. McCotter says he will try this defense on his wife next time they are lost without a map-HA HA!!If you can catch this hearing replayed on CSPAN later do so! Check the CSPAN library, they should have it up soon. The hearings are in overtime …

See opening testimony on CSPAN here


UPDATE on TARP Hearing 11:36am EST: WOW, just WOW! Maxine Waters D-CA is tearing Kashkari a new one on ignoring Sheila Bair’s FDIC plan etc, you MUST see  live here now. She tells him ‘do NOT come to us asking for the other half of TARP because if you do I will spend every minute I spent campaigning FOR YOU to have the first half, I will spend that much 24/7 for you to NOT get the second half. You have failed to deal with housing‘…she is PIXXED, ROYALLY PIXXED….

WH Deputy Chief of Staff for Policy Kaplan LIVE NOW, they have reached an agreement with Congressional Democrats. A big push now being done on the Hill to get Senate GOP on board.

Best driving song evah:

The Senate GOP has been all over the media decrying the bill. We should pass the House this afternoon, but Harry Reid D-NV needs to DO HIS JOB and push this thing through the Senate asap.

Press Question: Senate GOP ?

Kaplan  (paraphrase): a lot of people have concerns, we had concerns, we wanted to make sure it was tough, not a bridge financing to nowhere, we can look Americans in the eye and say this measure gives the companies and stakeholders a chance but it isn’t a lifeline to keep doing business as usual, we are going to go talk to the Congressional GOP and Dems too for that matter…it is the right thing for our economy and our country at this time..chief of staff Josh Bolton going up in a couple of hours to address Senate Republican Conference..the POTUS will speak to various members as necessary..this is an important measure and we are going to try and get this passed..

Sounds like a serious push for passage. DOW is up 85 going in and now up 123 as he wraps up, a pop.

Also the Congressional hearings on TARP covered live here. Neel Kashkari is trying to explain the lack of movement on mortgage modification again.

December 10, 2008. Tags: , , , , , , , , , , , , , , , , , , , , , , , . Big 3, Cabinet, Economy, Finance, Foreclosures, Housing, Labor Department, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St.

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