Posted on 10/01/2008 9:38:49 AM PDT by fightinJAG
The purpose of this thread is to provide an organized venue for freepers who wish to read the draft Senate Bailout Bill (Son of Paulson bill) and provide analysis.
I will start a thread for blocks of sections, breaking the bill down into manageable chunks.
Several posters have already noticed several tax increases in the bill. It would be helpful to note them.
Here is a compendium of all the threads to analyze the draft Senate bailout bill.
http://www.freerepublic.com/focus/f-news/2095008/posts
Repeating a suggestion I made upthread, the CRS summaries of the energy tax extender provisions will save time, compared with slogging through 400 pages of statutory language.
CRS Summary of H.R.6049
H.R.6049 passed the Senate with 2 NAY votes ...
NAYs ---2
Carper (D-DE)
Conrad (D-ND)
Not Voting - 5
Biden (D-DE)
DeMint (R-SC)
Kennedy (D-MA)
McCain (R-AZ)
Obama (D-IL)
Looks like Dodd, Pelosi, Al, Harry and Bwaney had a pajama party.
While munching popcorn, inhaling lines, and watching XXX-rated DVD’s, they constructed this bill.
Tax credits to narrow special interests is not the same thing as a tax cut enjoyable by all taxpayers.
Technically you may be correct. But that is not the point; the point is larding up, and this is larding up anyway you slice it. If McCain or his supporters are opposed to one form of larding up and in favor of others I suppose I should not be surprised.
The Senate pulled the same baloney after the House passed the Real ID ACT and measures to secure our borders. They took that and turned it into the McCain-Kennedy-Bush shamnesty bill, aka Comprehensive Immigration Reform. The Bill was 180o from what the House passed.
It's like the senate exists in some alternate universe.
Very helpful, thanks. Maybe you should launch that to “all.” This is the type of moment that is made for.
Doing so doesn't make the post any more or less prominent. It doesn't cause the "post to you" flag to go up, that's for sure. It seemed to me you were making some persistent efforts to coordinate the effort, so I tried to make sure that you saw the suggestion. Beyond that, I'm dropping the effort. Nothing personal, just that FR is a busy place, and readers here have about average "skimming" and comprehension skills. It's impossible to inform all the readers, and I quit trying to do so years ago. Every man for himself!
Still have to go through the House, and I have more faith in them.
Not much, but more.
News report the other day said that the calls that were coming in to the House were fifty-fifty.
Fifty percent no and fifty percent Hell no!
I’m not so sure it even matters anymore. Those guys are gonna do what their fat-cat banker buddies want them to do.
Over and over it’s been proven they don’t give a rat’s behind about the people.
People want term limits. No dice.
People want immigration reform and secure borders. No dice.
People rejected Nafta and Gatt overwhelmingly. No dice.
The conclusion I was trying to advocate was that it's okay (that is, McCain shouldn't be criticized) if McCain doesn't "complain about the earmarks" in this bill. He probably doesn't see them as earmarks.
If he had objections to any of the measures, he could have comments inserted in the Record, at a point appropriate to consideration and voting on H.R.6049 - he didn't, and it passed the Senate by an overwhelming margin, with the only objection coming from two Democrats.
” He probably doesn’t see them as earmarks.”
I wonder who will offer legal consultation for the offering. Bracewell, perhaps?
Kazakhstan to set up $6 billion fund to help banks
Reports say asset fund will buy bad loans from local banks to prop up system
By Polya Lesova, MarketWatch
Last update: 3:11 p.m. EDT Sept. 25, 2008
NEW YORK (MarketWatch) — Kazakhstan reportedly plans to set up a $6 billion distressed asset fund to buy bad loans from local banks at a time when governments around the world are looking for ways to prop up their financial systems.
The central Asian country’s finance minister, Bolat Zhamishev, said Wednesday that $1 billion for the fund will come from the government budget, while $5 billion will be raised from the market, according to media reports.
Zhamishev also said that the Kazakh government is seeking advice from foreign banks which have experience in setting up buy-out funds, the reports said.
Kazakhstan’s financial markets regulatory agency said last week that government officials and representatives from Kazakh as well as foreign banks had a meeting on a so-called Stabilization Assets Fund.
Among the foreign consultants that attended the meeting were representatives from Renaissance Capital Investments, Citibank, Deutsche Bank Securities, and Credit Suisse.
(snip)
Kazakhstan is sitting on $48 billion in combined foreign exchange reserves, while potential domestic currency monetary liabilities of the banking sector amount to about $36 billion, according to Citigroup. As a result, Kazakhstan has ample room to accommodate any adverse pressure on its currency, the tenge, Al-Eyd said.
Thanks for the heads up. I was wondering when and where that creep Rooty would surface in the financial crisis.
My crystal ball shows a massive laundering scheme using Rule-144A notes (i.e. unregistered) in a series of private placements.
Time will tell.
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