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Thursday, September 25, 2008

Stalled

Reuters: McCain move upsets Wall St bailout talks: Dems
A group of conservative House Republicans on Thursday offered a mortgage insurance plan as an alternative to the Bush plan, which has encountered criticism on Capitol Hill.

The conservative group's plan calls for the U.S. government to offer insurance coverage for the roughly half of all mortgage-backed securities that it does not already insure.
NYT: Bailout Plan Stalls After Day of Talks; Bernanke and Paulson Head Back to Hill
It has become abundantly clear, that members of Congress are hearing from their constituents, many of whom are furious about the proposed rescue.

Republicans and Democrats said that the legislation would include limits on the pay packages for executives of some firms that seek assistance and a mechanism for the government to take an equity stake in some of the firms, so taxpayers have a chance to profit if the bailout plan works.

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