Madison, WI

Next, a predicted rise in home prices and purchasing

The bailout plan has finally been agreed to after a two week rollercoaster ride.

The goals of the bailout are simple:

• Stop the freefall of house prices
• Make credit available again for homebuyers
• And thus increase house sales and solvency for commercial banks [and solvency for holders of mortgage backed securities]
• Then this return to health in the real estate sphere will stop dragging down the stock market and the whole economy
• Banks free of their worst mortgages can breathe easier and release credit for general consumer buying and for business loans

The plan agreed to by the Senate and House and signed into law on Friday by President Bush is an amended version of Treasury Secretary Paulson's original proposal. It is called the "Emergency Economic Stabilization Act".

The financial rescue plan includes these key elements:

• $700 billion at the Treasury's disposal to buy mortgages and mortgage backed securities. The first stage would amount to $250 billion.
• An increase in federal deposit insurance from $100,000 per person to $250,000.
• An increase in FDIC access to Treasury monies to cover any shortfall in paying out deposit insurance
• Federal taking of stock in aided firms to be sold at a later date to pay back taxpayers
• If in 5 years taxpayers have not recovered the full $700 billion, then the government can impose a tax on financial firms
• A "Financial Stability Board" will be set up that includes major agencies and will report to a Congressional oversight committee

Other things were attached to the bill to make it more attractive to opposing legislators. These included items such as executives who lie in financial reports to the Treasury will have their bonuses taken away. It also included extension of tax breaks for renewable energy and research/development spending, and another year of relief from the "alternative minimum tax" or "wealth tax" was supported. Also, there were changes in regard to "market to market" accounting rules to allow asset value to actually reflect real market conditions.

The Senate bill was copied from the House bill, though it added various elements to attract detractors from both sides. The bill though is essentially Paulson's original proposal.

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The Olbrich Garden Fall Quilt Show approaches its FINAL WEEKEND!

Take a chance, check out these ExtraOrdinary Quilts in the serene setting of Lovely Olbrich Gardens!

Ashley and I visited and photographed these marvelous

works of art. The afternoon sun blazed through

the glass, highlighting the vivid colors.

The Show continues through the weekend,

open Saturday and Sunday from 10 a.m. - 4 p.m.

The Mad City Ski Team held their 14th Annual Banquet at the Lake Wisconsin Country Club

Despite incredible challenges posed by the flooding this Spring, the team perservered to win

the Wisconsin State Championship, and then took the 2008 National Championship

for the Fourth Time in Five Years!!

Winners honored at the Banquet include:

MOST VALUABLE FEMALE: Kristen Block

MOST VALUABLE MALE: Paul O'Connor

MOST IMPROVED FEMALE: Brea Imse

MOST IMPROVED MALE: Russ Tiemann

SHOWMANSHIP FEMALE: Lori Taschau

SHOWMANSHIP MALE: Jimmy Hackbarth

ROOKIE OF THE YEAR: Hannah Zinck

MOST DEDICATED: Bugsy Hansen

SHOW DIRECTORS' AWARD: Matt Heilmann, James and Austen Germaine

HONORARY LIFETIME MEMBER: Jerry Weston

Photos courtesy of: Jim's Photos, jimsphotos.org

MARK YOUR CALENDARS!!! OCTOBER 18th !!!

Talula Polooza, a restaurant on Atlas Ave.

(the pink building near Cottage Grove Rd. and Stoughton Rd.)

***** COME ONE ***** COME ALL *****

to the Grand Opening Celebration with a fundraiser to benefit Madison Mounted,

the non-profit supporting our Mounted Patrol Team and a local food pantry.

2 PM up until 10 PM

Fun Family Activities, including an Inflatable Moon Walk,

Face Painting, Pumpkin Carving and Hula Hoops!

Two bands are Featured: Black Water Gin from 4p - 6p

and Honor Among Thieves from 7p - 9:30p

Mounted Patrol officers will have their Horses on the Grounds from 2p - 5p.

For each canned good item you bring, you receive an entry for the door prize drawings.

Have the kids bring their canned goods because some of the door prizes will be kid oriented.

SEE YOU ON OCTOBER 18th!!! at TALULA POLOOZA!!!