Skip to comments.Senate to vote on bailout Wednesday (additions made by Senate)
Posted on 09/30/2008 8:08:08 PM PDT by Fred
The package before the Senate will be similar to the House version, with these additions, the New York Times reported in its online edition:
* The higher limit for insured bank deposits sought by the Federal Deposit Insurance Corp., which asked to raise the cap to $250,000 from $100,000, to quell opposition by individual and small-business depositors.
* Tax breaks for businesses and alternative energy, part of a package that has been caught in a stalemate in the House of Representatives. The Senate version of the gridlocked tax legislation would cost more than $100 billion and extend and expand many individual and business tax breaks, including tax credits for the production and use of renewable energy sources, like solar energy and wind power, the Times said. It would also extend the business tax credit for research and development, expand the child tax credit, protect millions of families from the alternative minimum tax and provide tax relief to victims of recent floods, tornadoes and severe storms, according to the Times..
Senate Majority Leader Harry Reid, D-Nev., said details of the proposal wouldn't be available until Wednesday, the Times reported.
If the Senate approves the package, it would go to the House, which doesn't reconvene until noon Eastern on Thursday.
The House's rejection triggered an historic, 777-point drop for the Dow Jones Industrial Average. The Senate development comes after members of both houses went back to the drawing board Tuesday in an effort to craft a new version of rescue package for the financial markets.
(Excerpt) Read more at marketwatch.com ...
Wow! I knew this intellectually, but to actually hear it during this time of “economic crisis” is really upsetting.
Oh, it gets better:
It wasn’t enough to have the crooks and brainless folks who got us into and want to continue the bad loans, let’s add the guy who caused the run on banks in England and backs ACORN (as if he has no dog in the fight).
A little remembered story:
Is Soros Planning ‘October Surprise’ for Bush?
Other things to consider:
George Soros: The Man, The Mind And The Money Behind MoveOn
Money & Elections
Soros’ efforts go beyond spin. He has also bankrolled groups involved in the manipulation of elections, an activity that has increased since his money came into the picture. Two groups Americans Coming Together and the Association of Community Organizations for Reform Now were sanctioned recently by the Federal Election Commission for fraud.
Soros pledged $10 million to ACT, which has since been fined $775,000 for illegally funneling $70 million set aside for voter registrations to Democratic candidates.
He also gave at least $150,000 to ACORN, the left-wing group best known for pushing minimum-wage hikes, marching for illegal-immigrant amnesty and harassing Wal-Mart. ACORN has been accused of voter fraud in 13 states since 2004 and was convicted of falsifying signatures in a voter registration drive last July, drawing a fine of $25,000 in Washington state.
Soros says he has ended funding to voter-drive organizations, but he still heads a secretive rich-man’s club called “Democracy Alliance” that has doled out $20 million to activist groups like ACORN.
MESSAGE TO CONGRESS---NO PORK PERIOD.
Do NOT legislate a bailout with PORK and SWEETENERS for a select few connected insiders. Americans demand a c-l-e-a-n bill to resolve the problem. Americans DEMAND to see the bill before any votes are taken. Americans demand the bill be widely publicized via print and broadcast media....... and on the i-net.
MESSAGE TO CONGRESS
It is an outrage that Barney Frank and Chris Dodd are still fronting the bill. Americans are appalled to see the same old insiders salivating to grab a piece of the action for themselves and their cronies. Remove Frank and Dodd now. If Frank and Dodd are not removed, America cannot trust the government to do the right thing. - NO BILL if Barney Frank and Christopher Dodd are not removed.
Capital Hill toll free :
800-965-4701 ----- 800-828-0498 ------ 888-802-1207
Capitol Hill Switchboard
Past time to privatize...
UNREAL- the connections are endless.
I’m looking for a youtube of a speech Obama gave at a rally yesterday- can’t locate one yet :(
I’m paraphrasing- so I can’t be precise:
... Just wait til I’m president, the $700 billion bailout will be dwarfed by the plans I have for America’s new economy...
We need to find this quote/you-tube. I’m spamming threads this morning looking for asst :)
Article 1, Section 7 of the United States Constitution states: "All bills for raising revenues shall originate in the House of Representatives".
Since the "Bail-Out" CLEARLY is a bill which "raises revenue", is it not un-constitutional for the SENATE to originate the bill. The House already TRIED to originate a bill and failed.
I am probably WRONG, of course, because I have this terrible habit of reading the WORDS in our Constitution and assuming they mean EXACTLY what they say. I also tend to assume that in the case of a question regarding interpretation, the CORRECT interpretation is the one that LIMITS the powers of our government the MOST. Call it a character flaw if you will, but I think it's a little late in my life to change it now.
I remember some pork advertising provisin in a spending bill and McCain on the floor (paraphrase) “eat more X, there now c-span has given more than enough advertising”
that is the mccain we need in this fight.
McCain needs to remember
LEAD, FOLLOW, OR GET THE H#LL OUT OF THE WAY.
Obama is voting present after his WH fiasco where he was supposed to “control” the president’s meeting. I wonder if Reid is going to give der obama control.
Never to late, just have to be willing to do it. The alternative is far worse.
If the govt. is dumb enough to go ahead with the 700B plan (a number picked out of thin air!) there is no guarantee that the banks buying these types of securities will do so again, or expand their lending in other sectors they think are risky. IOW, if the banks don't start lending in these areas guess who will be making all the loans?
The alternative plan with changing the mark to marketing rule to value these securities based on their cash flow solves a lot of this problem. Also, if the govt. insures these securities the exposure is less than 10% of the initial 700B that will be spent buying them. The thing nobody is talking about is the vast majority of the mortgages are being paid.
So why have the govt. step in and ultimately nationalize home lending?
The alternative will be the govt. taking over home lending by being the only secondary market for banks to recapitalize. The plans involving the govt. buying the securities can't guarantee that the banks will start buying these securities in the future.
Banks operate with a herd mentality. They are all afraid to buy these securities and will pull back on credit lending. IOW, buying these securities will not guarantee any loosening of the credit markets.
It can't be! We are all going to have to start eating dog food and living out of dumpsters if Congress doesn't give away a trillion dollars. I know it! I heard President Bush and Nancy Pelosi say it.
New Tax earmarks in Bailout bill
- Film and Television Productions (Sec. 502)
- Wooden Arrows designed for use by children (Sec. 503)
- 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)
Tax earmark extenders in the bailout bill.
- Virgin Island and Puerto Rican Rum (Section 308)
- American Samoa (Sec. 309)
- Mine Rescue Teams (Sec. 310)
- Mine Safety Equipment (Sec. 311)
- Domestic Production Activities in Puerto Rico (Sec. 312)
- Indian Tribes (Sec. 314, 315)
- Railroads (Sec. 316)
- Auto Racing Tracks (317)
- District of Columbia (Sec. 322)
- Wool Research (Sec. 325)
Earmarks are the lubricant of politics.
I’ve been trying to call my NJ reps and sens all morning.
Actually got a very pleasant live person in Rep Saxton’s Wahington, DC office. I registered my “no bail out” position.
However, it seems the Sen. Menendeza and Sen Lautenberg sites are down or something. Is there anyone out there who can help me out? Need phone or fax number or email.
This isn’t Constitional. ALL MONEY BILLS MUST ORIGINATE IN THE HOUSE!!!
To: All FReepers
If you are having trouble getting through to your Senators' offices this morning to register your opinion on this issue, here's a few numbers that may be helpful in locating them...
Senate Republican Cloakroom: 202-224- 6191
Senate Democrat Cloakroom: 202-224- 4691
They announced the vote will be at 7:30 eastern.
I prefer to call it "Pork Barrel" or "Wasteful Spending." I love all these politically correct terms they come out with to soften horrible actions up to make it seem less evil.