http://www.youtube.com/watch?v=SwRFoxgEcHc
If you want get best part skip to 4:20 after start.

This is being placed in the news:

Another possible change to the bill would modify "mark to market" accounting rules. Such rules require banks and other financial institutions to adjust the value of their assets to reflect current market prices, even if they plan to hold the assets for years.

>> Nonetheless, in the most recent unpopular Bailout Proposal (which failed to pass yesterday) IMHO, Paulson is essentially saying this (mark-to-market) is how he will value troubled assets; it looks to me, like Paulson will be able to use mark-to-market, but corporations not in his circle, will have to find other ways to value illiquid securities. Any input from out there in space?

This is indirectly from the plan:


§ 502(5)(E)(E) In estimating net present values, the discount rate shall be the average interest rate on marketable Treasury securities of similar maturity to the cash flows of the direct loan or loan guarantee for which the estimate is being made.

Email Congress: (Cut ‘n Paste the message below)

http://www.house.gov

http://www.senate.gov/general/contact_information/senators_cfm.cfm?State=CA

Dear Representative,

Approving this bailout will be signing your name to the biggest “THEFT” of American taxpayer dollars in US history.

Wall Street has been pushing for deregulation for years. Now they are the first ones in line asking for government intervention. “Free Market when things are good and Socialism when the going gets tough.” Wall Street has been getting rich off the backs of poor working-class Americans for too long.

FULLY REINSTATE the GLASS – STEAGALL ACT of 1933.

http://en.wikipedia.org/wiki/Glass-Steagall_Act

Reinstating this key piece of regulation is the only way to ensure this scandal does not occur again in our lifetimes. Wall Street has led a concerted effort to abolish regulation for the past 70 years since the Great Depression. Now they have put the American people on the precipice of a Greater Depression.

I’m confident most American people aren’t even aware of this key piece of legislation or that its regulatory power would have prevented this current financial disaster from ever happening.

The act was enacted during the Depression to control speculation by banks via mortgage-backed securities and other devices. The banking industry (namely Citicorp) bankrolled over $300 million lobbying to overthrow this legislation–now look what’s happened….

Please reconsider your position and stop this bailout.

Thank you.

http://equityprivate.typepad.com/ep/2008/08/index.html

http://www.reuters.com/article/

“When the government fails to pass a socialism bill and the market goes south, let it go south. I don’t want to pass a socialism bill just to protect the stock market,” said Limbaugh, the most popular of the talk show hosts.

“I don’t trust you (Bush) and when you start screaming now of dire consequences if we don’t get a bailout bill, I don’t trust you. I need convincing and apparently there are a lot of members of Congress who feel the same way,” said Boortz in a view echoed by several of his listeners.

Callers also said they did not appreciate what they saw as scare tactics used by Bush and Treasury Secretary Hank Paulson.

“It almost sounds like they are demagoguing and preaching that the sky is falling, which makes me skeptical,” said one caller.

Tens of millions of conservatives tune in to AM talk radio and trust its nationally syndicated hosts over media outlets they say have a liberal bias.

FYI: Revenue-raising bills must originate in the House of Representatives, which also has the sole power of impeachment, while the Senate has the sole power to try impeachment cases.
http://en.wikipedia.org/wiki/U.S…i/ U.S._Congress

Bills may be introduced in either House of Congress. However, the Constitution provides that “All bills for raising Revenue shall originate in the House of Representatives.” As a result, the Senate does not have the power to initiate bills imposing taxes. Furthermore, the House of Representatives holds that the Senate does not have the power to originate appropriation bills, or bills authorizing the expenditure of federal funds. Historically, the Senate has disputed the interpretation advocated by the House. However, whenever the Senate originates an appropriations bill, the House simply refuses to consider it, thereby settling the dispute in practice. The constitutional provision barring the Senate from introducing revenue bills is based on the practice of the British Parliament, in which only the House of Commons may originate such measures.
http://en.wikipedia.org/wiki/ Uni…d_States_Senate

See Also: A coup d’état (pronounced /kuːdeɪˈtɑː/ AHD: [ko͞o"dā tä]), often simply called a coup, is the sudden overthrow of a government by a part of the state establishment — usually the military — to replace the branch of the stricken government, either with another civil government or with a military government.
http://en.wikipedia.org/wiki/Coup_d‘état