HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Message: Bailout not dead yet.........Read this please

Bailout not dead yet.........Read this please

posted on Sep 30, 2008 05:06AM

Opponents of bailout bill say compromise should pass by the weekend

Tue Sep 30, 8:13 AM
The Associated Press

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(The Canadian Press)

By The Associated Press

WASHINGTON - Members of Congress have resumed blaming one another for the House vote Monday rejecting a $700-billion financial system bailout, which sent stocks down by a record level on Wall Street.

But Representative Marsha Blackburn, a Tennessee Republican who voted against it, said she still believes Republicans and Democrats can come together on a bill, perhaps by this weekend.

During an appearance on CBS's "The Early Show," Blackburn said Congress is committed to finding a resolution.

Democratic Representative James Moran of Virginia said he believes House members should have supported the plan Monday instead of voting it down.

When asked about scores of Democrats who also voted no, Moran replied that the Democratic caucus did not want to "own this bill."

He said his understanding was that both House Speaker Nancy Pelosi and House Minority Leader John Boehner could muster at least 110 votes apiece - enough to put the bill over the top.

Blackburn said legislators are still concerned about the level of taxpayer commitment under the plan and "that is why we have worked diligently."

"This is something we can't leave on the table and leave Washington," she said. "This is something that affects every man and woman, every family in this country."

Moran blamed Republicans for the bill's failure - it lost on a 228-205 vote - saying the Democrats "were willing to hold the vote open" so that people could change their minds. "I don't know where the (Republican) leadership was," he said.

Representative Tom Price (R-Ga.), who voted against the bailout, said he thinks "it's important to get this vote right, not necessarily to get it quick."

"We are principled in the fact that we believe we ought to stick to American principles, we ought to protect the taxpayer, we need to make sure that private money, private equity can get involved and have Wall Street bail out Wall Street, not on the backs of the taxpayers," Price said on NBC's "Today" show.

"And we need to make certain that there's an exit strategy," he said, "so that there's not a huge, massive bureaucracy that grows up around this. I'm positive and hopeful that we'll be able to get to this by the end of the week."

Two other legislators - Representatives Marcy Kaptur (D-Ohio) and Marilyn Musgrave (R-Colo.) - called on the Bush administration to get the Securities and Exchange Commission to change accounting rules to loosen up the credit crunch.

"We have to look for something that will make the markets function in the way that they should, not reward bad behaviour," Kaptur said on ABC's "Good Morning America."

Specifically, they want the commission to change existing "mark-to-market" rules that require companies to value their holdings at what similar securities have recently sold for - in some cases pennies on the dollar, when the assets get marked down. That hurts the companies' balance sheets, which could cause some to fail.

Kaptur also had a message for Wall Street: "Calm down. Don't panic. Don't be led by fear."

Musgrave said the House would come together later this week to find a bill that members could pass.

"We know that inaction is not the answer. We're coming back to work on Thursday," she said. "We're trying to come up with the very best solution for this country and the responsibility we feel is to pass a good bill."

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