OBL should have just stayed at home and played with his prayermat.
Wall street will sink the infidels and bring decades of misery to millions.
<TABLE class=storycontent cellSpacing=0 cellPadding=0><TBODY><TR><TD colSpan=2>US lawmakers 'agree rescue deal'
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<!-- caption -->McCain and Obama back bail-out package
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US politicians have agreed the details of a $700bn Wall Street bail-out package to be sent to Congress for approval, a Republican negotiator says.
Senator Judd Gregg said getting the deal approved soon was "absolutely critical to the state of the markets".
The measures would allow the Treasury to spend up to $700bn (£380bn) buying bad debts from ailing banks in the USA.
It would be the biggest intervention in the markets since the Great Depression of the 1930s. <!-- E SF -->
However, so far few details of the deal are know, and US lawmakers announced once before - on Thursday - that they had reached an agreement, only for the deal to fall apart in subsequent negotiations.
During the past two weeks, the global credit crunch has seen several financial institutions running into liquidity problems, where they cannot get the money to keep their daily business running.
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When taxpayers are asked to take such an extraordinary step because of the irresponsibility of a relative few, it is not a cause for celebration
Senator Barack Obama
<!-- S ILIN -->Bail-out debate: For and against
<!-- E ILIN --><!-- S ILIN -->Deal sticking points
<!-- E ILIN --><!-- S ILIN -->Q&A: US $700bn bail-out plan
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</TD></TR></TBODY></TABLE><!-- E IBOX -->
"We have given the [treasury] secretary the authority and the resources and the flexibility necessary... to hopefully be able to go forward and stabilise the credit markets and free up the credit markets," Mr Gregg told reporters as he released the proposed plan in Washington.
A vote on the package is expected in the House of Representatives on Monday, with the Senate potentially voting on Wednesday.
US presidential candidates Barack Obama and John McCain have broadly welcomed the outline of the multi-billion dollar plan to help shore up the US financial system.
The US administration wants a deal to be announced before markets open in Asia on Monday morning.
'Necessary step'
Earlier Mr McCain, the Republican candidate, said that subject to seeing the specifics of the agreement, he hoped to be able to add his support.
"I'd like to see the details but hopefully yes, and the outlines that I have read of it that this is something that all of us will swallow hard and go forward with. The option of doing nothing is simply not an acceptable option," he told ABC TV.
Mr Obama, the Democratic candidate, said he had been encouraged by the progress made by members of Congress, but warned it was "the culmination of a sorry period in our history".
"When taxpayers are asked to take such an extraordinary step because of the irresponsibility of a relative few, it is not a cause for celebration. But this step is necessary," he said.
Pay-off restrictions
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We've made great progress toward a deal which will be effective for all Americans
Henry Paulson
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An outline of the deal - which emerged earlier on Sunday - gives the treasury secretary powers to oversee the two-year plan, but critics have insisted on the inclusion of greater oversight and reporting.
The BBC's Justin Webb in Washington says the agreement that appears to have been reached is thought to include a measure to limit the pay for executives of companies which seek financial assistance, which was a key demand of the Democrats.
At the request of Republicans, who have strongly criticised some elements of the administration's proposal, the accord is believed to include the setting up of an insurance program for mortgage-backed securities.
Earlier, a statement from the Speaker of the House of Representatives , Democrat Nancy Pelosi, said the new agreement would see $250bn issued immediately, and another $100bn when the president wanted to spend it. <!-- Inline Embbeded Media --><!-- This is the embedded player component -->
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<!-- caption -->US House of Representatives speaker Nancy Pelosi
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But the final $350bn would only be released after review and approval by Congress.
There would also be measures to protect taxpayers, who would be given an ownership stake and profit-making opportunities in relation to any assets that were sold.
It also puts new restrictions on executive compensation for participating companies, including no "golden parachute" payoffs.
Earlier on Sunday it was announced that the two-year project would be supervised by a board of officials, including the Federal Reserve chairman, and scrutinised by Congress's investigative arm and an independent inspector general.
Finally, the government could use its power as the owner of mortgages and mortgage-backed securities to help more struggling homeowners modify the terms of their home loans.
'All night'
US Treasury Secretary Henry Paulson, who took part in the late-night talks, said that Congressional leaders had been "working very hard".
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</TD><TD class=sibtbg>HAVE YOUR SAY
NO BAILING OUT! When bankers profit over people the money is theirs only. When bankers lose money the loss is ours.
Jon Huhm, Manhattan, New York
<!-- S ILIN -->Send us your comments
<!-- E ILIN -->
</TD></TR></TBODY></TABLE><!-- E IBOX -->"We've made great progress toward a deal, which will work and will be effective in the marketplace, and effective for all Americans," he told a news conference. But Ms Pelosi said the deal had to be committed to paper before it could be formally agreed.
</TD></TR></TBODY></TABLE>
http://news.bbc.co.uk/1/hi/business/7640872.stm
Wall street will sink the infidels and bring decades of misery to millions.
<TABLE class=storycontent cellSpacing=0 cellPadding=0><TBODY><TR><TD colSpan=2>US lawmakers 'agree rescue deal'
</TD></TR><TR><TD class=storybody><!-- S BO --><!-- Inline Embbeded Media --><!-- This is the embedded player component --><OBJECT id=bbc_emp_fmtj_embed_obj height=179 width=256 classid=clsid
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<!-- caption -->McCain and Obama back bail-out package
<!-- END - caption -->
<!-- end of the embedded player component --><!-- END of Inline Embedded Media --><!-- S SF -->
US politicians have agreed the details of a $700bn Wall Street bail-out package to be sent to Congress for approval, a Republican negotiator says.
Senator Judd Gregg said getting the deal approved soon was "absolutely critical to the state of the markets".
The measures would allow the Treasury to spend up to $700bn (£380bn) buying bad debts from ailing banks in the USA.
It would be the biggest intervention in the markets since the Great Depression of the 1930s. <!-- E SF -->
However, so far few details of the deal are know, and US lawmakers announced once before - on Thursday - that they had reached an agreement, only for the deal to fall apart in subsequent negotiations.
During the past two weeks, the global credit crunch has seen several financial institutions running into liquidity problems, where they cannot get the money to keep their daily business running.
- In the United States' largest bank failure, Washington Mutual was taken over by regulators and sold on to JPMorgan chase
- Several investment banks got into varying degrees of trouble, with Lehman Brothers collapsing, Merrill Lynch seeking refuge in a takeover by Bank of America and Morgan Stanley securing a large capital injection from a Japanese rival
- US insurance giant AIG had to be bailed out by the US government, which effectively took an 80% stake in the firm
- In the UK, meanwhile, mortgage lender Bradford & Bingley is set to be nationalised on Monday morning, with parts of the business sold on to other banks
<!-- S IBOX --><TABLE cellSpacing=0 cellPadding=0 width=231 align=right border=0><TBODY><TR><TD width=5>
Senator Barack Obama
<!-- S ILIN -->Bail-out debate: For and against
<!-- E ILIN --><!-- S ILIN -->Deal sticking points
<!-- E ILIN --><!-- S ILIN -->Q&A: US $700bn bail-out plan
<!-- E ILIN -->
</TD></TR></TBODY></TABLE><!-- E IBOX -->
"We have given the [treasury] secretary the authority and the resources and the flexibility necessary... to hopefully be able to go forward and stabilise the credit markets and free up the credit markets," Mr Gregg told reporters as he released the proposed plan in Washington.
A vote on the package is expected in the House of Representatives on Monday, with the Senate potentially voting on Wednesday.
US presidential candidates Barack Obama and John McCain have broadly welcomed the outline of the multi-billion dollar plan to help shore up the US financial system.
The US administration wants a deal to be announced before markets open in Asia on Monday morning.
'Necessary step'
Earlier Mr McCain, the Republican candidate, said that subject to seeing the specifics of the agreement, he hoped to be able to add his support.
"I'd like to see the details but hopefully yes, and the outlines that I have read of it that this is something that all of us will swallow hard and go forward with. The option of doing nothing is simply not an acceptable option," he told ABC TV.
Mr Obama, the Democratic candidate, said he had been encouraged by the progress made by members of Congress, but warned it was "the culmination of a sorry period in our history".
"When taxpayers are asked to take such an extraordinary step because of the irresponsibility of a relative few, it is not a cause for celebration. But this step is necessary," he said.
Pay-off restrictions
<!-- S IBOX --><TABLE cellSpacing=0 cellPadding=0 width=231 align=right border=0><TBODY><TR><TD width=5>
Henry Paulson
</TD></TR></TBODY></TABLE><!-- E IBOX -->
An outline of the deal - which emerged earlier on Sunday - gives the treasury secretary powers to oversee the two-year plan, but critics have insisted on the inclusion of greater oversight and reporting.
The BBC's Justin Webb in Washington says the agreement that appears to have been reached is thought to include a measure to limit the pay for executives of companies which seek financial assistance, which was a key demand of the Democrats.
At the request of Republicans, who have strongly criticised some elements of the administration's proposal, the accord is believed to include the setting up of an insurance program for mortgage-backed securities.
Earlier, a statement from the Speaker of the House of Representatives , Democrat Nancy Pelosi, said the new agreement would see $250bn issued immediately, and another $100bn when the president wanted to spend it. <!-- Inline Embbeded Media --><!-- This is the embedded player component -->
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<!-- caption -->US House of Representatives speaker Nancy Pelosi
<!-- END - caption -->
<!-- end of the embedded player component --><!-- END of Inline Embedded Media -->
But the final $350bn would only be released after review and approval by Congress.
There would also be measures to protect taxpayers, who would be given an ownership stake and profit-making opportunities in relation to any assets that were sold.
It also puts new restrictions on executive compensation for participating companies, including no "golden parachute" payoffs.
Earlier on Sunday it was announced that the two-year project would be supervised by a board of officials, including the Federal Reserve chairman, and scrutinised by Congress's investigative arm and an independent inspector general.
Finally, the government could use its power as the owner of mortgages and mortgage-backed securities to help more struggling homeowners modify the terms of their home loans.
'All night'
US Treasury Secretary Henry Paulson, who took part in the late-night talks, said that Congressional leaders had been "working very hard".
<!-- S IBOX --><TABLE cellSpacing=0 cellPadding=0 width=231 align=right border=0><TBODY><TR><TD width=5>
Jon Huhm, Manhattan, New York
<!-- S ILIN -->Send us your comments
<!-- E ILIN -->
</TD></TR></TBODY></TABLE><!-- E IBOX -->"We've made great progress toward a deal, which will work and will be effective in the marketplace, and effective for all Americans," he told a news conference. But Ms Pelosi said the deal had to be committed to paper before it could be formally agreed.
</TD></TR></TBODY></TABLE>
http://news.bbc.co.uk/1/hi/business/7640872.stm
