On Sun, 28 Sep 2008 19:55:00 +0100, "mert1639"
 wrote:

>
>"Graz"  wrote in message 
>news:48dfd1a2.196621921@news.motzarella.org...
>> On Sun, 28 Sep 2008 09:46:33 -0700 (PDT), Toom Tabard
>>  wrote:
>>
>>>On 28 Sep, 15:04, g...@gmail.com (Graz) wrote:
>>>> On Sun, 28 Sep 2008 04:10:18 -0700 (PDT), Toom Tabard
>>>>
>>>> >No, it's decided by the fact that, >
>>>> The insurers decide intent. =A0Not you.
>>>>
>>>> > If the contract says something is covered they cannot avoid
>>>> >it by subsequently imposing arbitrary conditions not known to you and
>>>> >not in the contract. That is the situation on planet Earth; the
>>>> >misconceptions in your brain don't alter that one iota.
>>>>
>>>> Wishful thinking on your part. =A0There's probably plenty of people
>>>> driving borrowed cars around without cover thinking they're insured
>>>>
>>>
>>>Quote me one case - insurance ombudsman judgement, court case, or
>>>other verifiable instance, where an insurance company has successfully
>>>repudiated a claim in the circumstance outlined - ie where someone's
>>>policy allows them to drive other vehicles, and doesn't specify any
>>>requirement for them to be separately insured, and where they have
>>>done so in reasonable circumstances where there is no intent to
>>>deliberately mislead or defraud theirinsurer - ie where the insurers
>>>have successfully abitrarily after the event imposed a condition that
>>>the vehicle must be insured in its own right
>>
>> Most such cases never go to either court or insurance ombudsman.  The
>> claims are simply rejected by the insurer.
>>
>And customers simply take that as the end of the matter do they? 

More often than not, yes.

110TH CONGRESS
2D SESSION H. R. ___
To provide authority for the Federal Government to purchase and insure
certain types of troubled assets for the purposes of providing
stability to and preventing disruption in the economy and financial
system and protecting taxpayers, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES
Ml. ________ introduced the following bill; which was referred to the
Committee on ________

A BILL
To provide authority for the Federal Government to purchase and insure
certain types of troubled assets for the purposes of providing
stability to and preventing disruption in the economy and financial
system and protecting taxpayers, and for other purposes.

Be it enacted by the Senate and House of Represent-
atives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE AND TABLE OF CONTENTS.
(a) SHORT TITLE.—This Act may be cited as the ‘‘Emergency Economic
Stabilization Act of 2008’’.
(b) TABLE OF CONTENTS.—The table of contents for this Act is as
follows:
Sec. 1. Short title and table of contents.
Sec. 2. Purposes.
Sec. 3. Definitions.
TITLE I—TROUBLED ASSETS RELIEF PROGRAM
Sec. 101. Purchases of troubled assets.
Sec. 102. Insurance of troubled assets.
Sec. 103. Considerations.
Sec. 104. Financial Stability Oversight Board.
Sec. 105. Reports.
Sec. 106. Rights; management; sale of troubled assets; revenues and
sale proceeds.
Sec. 107. Contracting procedures.
Sec. 108. Conflicts of interest.
Sec. 109. Foreclosure mitigation efforts.
Sec. 110. Assistance to homeowners.
Sec. 111. Executive compensation and corporate governance.
Sec. 112. Coordination with foreign authorities and central banks.
Sec. 113. Minimization of long-term costs and maximization of benefits
for taxpayers.
Sec. 114. Market transparency.
Sec. 115. Graduated authorization to purchase.
Sec. 116. Oversight and audits.
Sec. 117. Study and report on margin authority.
Sec. 118. Funding.
Sec. 119. Judicial review and related matters.
Sec. 120. Termination of authority.
Sec. 121. Special Inspector General for the Troubled Asset Relief
Program.
Sec. 122. Increase in statutory limit on the public debt.
Sec. 123. Credit reform.
Sec. 124. HOPE for Homeowners amendments.
Sec. 125. Congressional Oversight Panel.
Sec. 126. FDIC authority.
Sec. 127. Cooperation with the FBI.
Sec. 128. Acceleration of effective date.
Sec. 129. Disclosures on exercise of loan authority.
Sec. 130. Technical corrections.
Sec. 131. Exchange Stabilization Fund reimbursement.
Sec. 132. Authority to suspend mark-to-market accounting.
Sec. 133. Study on mark-to-market accounting.
Sec. 134. Recoupment.
Sec. 135. Preservation of authority.
TITLE II—BUDGET-RELATED PROVISIONS
Sec. 201. Information for congressional support agencies.
Sec. 202. Reports by the Office of Management and Budget and the
Congressional
Budget Office.
Sec. 203. Analysis in President’s Budget.
Sec. 204. Emergency treatment.
TITLE III—TAX PROVISIONS
Sec. 301. Gain or loss from sale or exchange of certain preferred
stock.
Sec. 302. Special rules for tax treatment of executive compensation of
employers participating in the troubled assets relief program.
Sec. 303. Extension of exclusion of income from discharge of qualified
principal residence indebtedness.

SEC. 2. PURPOSES.
The purposes of this Act are—
(1) to immediately provide authority and facilities that the Secretary
of the Treasury can use to restore liquidity and stability to the
financial system of the United States; and (2) to ensure that such
authority and such facilities are used in a manner that—
(A) protects home values, college funds, retirement accounts, and life
savings;
(B) preserves homeownership and promotes jobs and economic growth;
(C) maximizes overall returns to the taxpayers of the United States;
and
(D) provides public accountability for the exercise of such authority.

SEC. 3. DEFINITIONS.
For purposes of this Act, the following definitions shall apply:
(1) APPROPRIATE COMMITTEES OF CONGRESS.—The term ‘‘appropriate
committees of Congress means—
(A) the Committee on Banking, Housing, and Urban Affairs, the
Committee on Finance, the Committee on the Budget, and the Committee
on Appropriations of the Senate; and
(B) the Committee on Financial Services, the Committee on Ways and
Means, the Committee on the Budget, and the Committee on
Appropriations of the House of Representatives.
(2) BOARD.—The term ‘‘Board’’ means the Board of Governors of the
Federal Reserve System.
(3) CONGRESSIONAL SUPPORT AGENCIES.—The term ‘‘congressional support
agencies’’ means the Congressional Budget Office and the Joint
Committee on Taxation.
(4) CORPORATION.—The term ‘‘Corporation’’ means the Federal Deposit
Insurance Corporation.
(5) FINANCIAL INSTITUTION.—The term ‘‘financial institution’’ means
any institution, including, but not limited to, any bank, savings
association, credit union, security broker or dealer, or insurance
company, established and regulated under the laws of the United States
or any State, territory, or possession of the United States, the
District of Columbia, Commonwealth of Puerto Rico, Commonwealth of
Northern Mariana Islands, Guam, American Samoa, or the United States
Virgin Islands, and having significant operations in the United
States, but excluding any central bank of, or institution owned by, a
foreign government.
(6) FUND.—The term ‘‘Fund’’ means the Troubled Assets Insurance
Financing Fund established under section 102.
(7) SECRETARY.—The term ‘‘Secretary’’ means the Secretary of the
Treasury.
(8) TARP.—The term ‘‘TARP’’ means the troubled asset relief program
established under section 101.
(9) TROUBLED ASSETS.—The term ‘‘troubled assets’’ means—
(A) residential or commercial mortgages and any securities,
obligations, or other instruments that are based on or related to such
mortgages, that in each case was originated orissued on or before
March 14, 2008, the purchase of which the Secretary determines
promotes financial market stability; and
(B) any other financial instrument that the Secretary, after
consultation with the Chairman of the Board of Governors of the
Federal Reserve System, determines the purchase of which is necessary
to promote financial market stability, but only upon transmittal of
such determination, in writing, to the appropriate committees of
Congress.

On Sep 29, 2:08 pm, frediesm...@googlemail.com wrote:
> 110TH CONGRESS
> 2D SESSION H. R. ___
> To provide authority for the Federal Government to purchase and insure
> certain types of troubled assets for the purposes of providing
> stability to and preventing disruption in the economy and financial
> system and protecting taxpayers, and for other purposes.
>
> IN THE HOUSE OF REPRESENTATIVES
> Ml. ________ introduced the following bill; which was referred to the
> Committee on ________
>
> A BILL
> To provide authority for the Federal Government to purchase and insure
> certain types of troubled assets for the purposes of providing
> stability to and preventing disruption in the economy and financial
> system and protecting taxpayers, and for other purposes.
>
> Be it enacted by the Senate and House of Represent-
> atives of the United States of America in Congress assembled,
>
> SECTION 1. SHORT TITLE AND TABLE OF CONTENTS.
> (a) SHORT TITLE.—This Act may be cited as the ‘‘Emergency Economic
> Stabilization Act of 2008’’.
> (b) TABLE OF CONTENTS.—The table of contents for this Act is as
> follows:
> Sec. 1. Short title and table of contents.
> Sec. 2. Purposes.
> Sec. 3. Definitions.
> TITLE I—TROUBLED ASSETS RELIEF PROGRAM
> Sec. 101. Purchases of troubled assets.
> Sec. 102. Insurance of troubled assets.
> Sec. 103. Considerations.
> Sec. 104. Financial Stability Oversight Board.
> Sec. 105. Reports.
> Sec. 106. Rights; management; sale of troubled assets; revenues and
> sale proceeds.
> Sec. 107. Contracting procedures.
> Sec. 108. Conflicts of interest.
> Sec. 109. Foreclosure mitigation efforts.
> Sec. 110. Assistance to homeowners.
> Sec. 111. Executive compensation and corporate governance.
> Sec. 112. Coordination with foreign authorities and central banks.
> Sec. 113. Minimization of long-term costs and maximization of benefits
> for taxpayers.
> Sec. 114. Market transparency.
> Sec. 115. Graduated authorization to purchase.
> Sec. 116. Oversight and audits.
> Sec. 117. Study and report on margin authority.
> Sec. 118. Funding.
> Sec. 119. Judicial review and related matters.
> Sec. 120. Termination of authority.
> Sec. 121. Special Inspector General for the Troubled Asset Relief
> Program.
> Sec. 122. Increase in statutory limit on the public debt.
> Sec. 123. Credit reform.
> Sec. 124. HOPE for Homeowners amendments.
> Sec. 125. Congressional Oversight Panel.
> Sec. 126. FDIC authority.
> Sec. 127. Cooperation with the FBI.
> Sec. 128. Acceleration of effective date.
> Sec. 129. Disclosures on exercise of loan authority.
> Sec. 130. Technical corrections.
> Sec. 131. Exchange Stabilization Fund reimbursement.
> Sec. 132. Authority to suspend mark-to-market accounting.
> Sec. 133. Study on mark-to-market accounting.
> Sec. 134. Recoupment.
> Sec. 135. Preservation of authority.
> TITLE II—BUDGET-RELATED PROVISIONS
> Sec. 201. Information for congressional support agencies.
> Sec. 202. Reports by the Office of Management and Budget and the
> Congressional
> Budget Office.
> Sec. 203. Analysis in President’s Budget.
> Sec. 204. Emergency treatment.
> TITLE III—TAX PROVISIONS
> Sec. 301. Gain or loss from sale or exchange of certain preferred
> stock.
> Sec. 302. Special rules for tax treatment of executive compensation of
> employers participating in the troubled assets relief program.
> Sec. 303. Extension of exclusion of income from discharge of qualified
> principal residence indebtedness.
>
> SEC. 2. PURPOSES.
> The purposes of this Act are—
> (1) to immediately provide authority and facilities that the Secretary
> of the Treasury can use to restore liquidity and stability to the
> financial system of the United States; and (2) to ensure that such
> authority and such facilities are used in a manner that—
> (A) protects home values, college funds, retirement accounts, and life
> savings;
> (B) preserves homeownership and promotes jobs and economic growth;
> (C) maximizes overall returns to the taxpayers of the United States;
> and
> (D) provides public accountability for the exercise of such authority.
>
> SEC. 3. DEFINITIONS.
> For purposes of this Act, the following definitions shall apply:
> (1) APPROPRIATE COMMITTEES OF CONGRESS.—The term ‘‘appropriate
> committees of Congress means—
> (A) the Committee on Banking, Housing, and Urban Affairs, the
> Committee on Finance, the Committee on the Budget, and the Committee
> on Appropriations of the Senate; and
> (B) the Committee on Financial Services, the Committee on Ways and
> Means, the Committee on the Budget, and the Committee on
> Appropriations of the House of Representatives.
> (2) BOARD.—The term ‘‘Board’’ means the Board of Governors of the
> Federal Reserve System.
> (3) CONGRESSIONAL SUPPORT AGENCIES.—The term ‘‘congressional support
> agencies’’ means the Congressional Budget Office and the Joint
> Committee on Taxation.
> (4) CORPORATION.—The term ‘‘Corporation’’ means the Federal Deposit
> Insurance Corporation.
> (5) FINANCIAL INSTITUTION.—The term ‘‘financial institution’’ means
> any institution, including, but not limited to, any bank, savings
> association, credit union, security broker or dealer, or insurance
> company, established and regulated under the laws of the United States
> or any State, territory, or possession of the United States, the
> District of Columbia, Commonwealth of Puerto Rico, Commonwealth of
> Northern Mariana Islands, Guam, American Samoa, or the United States
> Virgin Islands, and having significant operations in the United
> States, but excluding any central bank of, or institution owned by, a
> foreign government.
> (6) FUND.—The term ‘‘Fund’’ means the Troubled Assets Insurance
> Financing Fund established under section 102.
> (7) SECRETARY.—The term ‘‘Secretary’’ means the Secretary of the
> Treasury.
> (8) TARP.—The term ‘‘TARP’’ means the troubled asset relief program
> established under section 101.
> (9) TROUBLED ASSETS.—The term ‘‘troubled assets’’ means—
> (A) residential or commercial mortgages and any securities,
> obligations, or other instruments that are based on or related to such
> mortgages, that in each case was originated orissued on or before
> March 14, 2008, the purchase of which the Secretary determines
> promotes financial market stability; and
> (B) any other financial instrument that the Secretary, after
> consultation with the Chairman of the Board of Governors of the
> Federal Reserve System, determines the purchase of which is necessary
> to promote financial market stability, but only upon transmittal of
> such determination, in writing, to the appropriate committees of
> Congress.

Too much politics and not enough business input, banks and others aint
going to use it, so the markets are going to get fucked.