Round 2: Will the Senate Listen to We the People in Today’s Bail Out Vote?
Today the US Senate votes on a semi-revised $700 billion bail out package for the financial markets. As per The Hill, Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) announced the agreement in a joint appearance on the Senate floor just after 7 pm. So the question is, will the Senate do the work of the people or just pass a bad compromise bill because it is the “quick” thing to do? As Michelle Malkin states, its “shamnesty tactics all over again.” A reminder to America, capitalism is not fixed by socialism. Is there a change and a fix needed, yes. There are many alternatives to aid this problem, many avenues should be explored that make common sense to Americans.
Tax legislation will be attached to the Senate financial rescue package, which will be considered just two days after the House rejected a bailout bill, causing markets to plunge.
The tax bill would create and extend incentives for renewable energy and will include a one-year patch of the Alternative Minimum Tax, which would otherwise hit about 20 million Americans next year.
Finance Committee Chairman Max Baucus (D-Mt.) said the tax incentives would ensure that the bill focused more on “Main Street” and not just Wall Street.
“Adding this tax relief will ensure that regular working Americans get the financial help they need in this time of crisis,” Baucus said in a statement.
Why are Americans so outraged by the bail out plan? Because there are alternative plans out there that make more sense, GOP Members Forging Alternative Bailout Plan.
CNN: The bailout package adds new provisions – including raising the FDIC insurance cap. Democratic sources tell CNN that they expect bipartisan support.
House Reps are hopeful they can make changes to the bail out plan that went down in flames on Monday as Hoyer, Blunt hopeful of progress on rescue bill.
Posted October 1, 2008 by Scared Monkeys
Economy, Government, Politics, Presidential Election 2008 | 14 comments
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14 Responses to “Round 2: Will the Senate Listen to We the People in Today’s Bail Out Vote?”
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Do you think they care what the little people think.The senate will do what they want without any regard from us because they are in bed with with Wall Street’s money.We have very little say in Washington these days unless you are a “PAC”. Congress gets your vote and then forget’s about you until the next election.
I still think this is too complicated for most simple folks (I don’t mean the Amish).
The best example for simple folks is ..
imagine that the government started to circulate counterfeit $20 bills into the economy .. years go by .. one day the news comes out that there are billions in counterfeit $20 bills in circulation. Who will take your $20 bills ?
.. Now in our current situation, instead of $20 bills, it’s securities made up of some number of bad mortgages made at the beckoning of the federal government.
But what I can’t understand .. is why the federal government should get an equity stake ?
The federal government orchestrated this screw up, they should just make restitution. Until that happens, there won’t be the proper level of outrage with the parties that let this go on. The whole “bailout” meme is merely a CYA exercise by the same politicians that let/made this happen in the first place.
#2: your last statement hits the nail right on the head. (or should i say politician)? they have been in the cya mode since politics began.
Something that I don’t understand … I thought that the Constitution says that all legislation pertaining to revenue (which I guess this is) must originate in the House.
So why is it being introduced in the Senate?
Maybe someone can set me straight on this.
Meanwhile, if legislation is supposed to fix all evils, I have two proposals.
First, consider reducing the number of senators that a state has from two to one. This would affect every state equally, and would cut down (at least for a while) on pork barrel legislation, graft, etc.
And since the work load (if you call it that) of each senator would be doubled, for a while there would be less legislation introduced, which is undoubtedly a good thing.
Second: consider passing a law eliminating the 21st century, in which we now are. Change the calendar back and start over.
Sound dumb? Perhaps … but if anyone can think of ONE good thing that has happened to our nation since we waved the 20th century good-bye, please let me know what it was.
I agree with Richard…
Since we rang in the new millennium, it’s been one crisis after another.
I hope the Senate will keep their constituents in their minds and in their hearts because the last thing we need is to pay twice, or three times the amount of the bail. I, still, think we have it backwards… I thought we’re supposed to lock up the crooks before we pay bail money. And, just for you people that don’t know me very well, I don’t care who it is that’s responsible, they need to be arrested, stripped of their assets, and answer to the American people… and if that’s what this bill will do, then I’m in favor of it.
Some of the People would rather see these HUGE corporations go belly-up than to have a bail out. Look at the history of Washonia, they have changed identities several times before this fiasco. They used to be one of the largest stock brokers in the world and believe me, they have plenty of holdings to be confiscated in their fall from grace… as do Washington Mutual, Chase Bank and all the others.
I don’t want us to bail these companies out and then allow them to continue in their illegal practices. I agree with many of you, I’m not a financial genius, but the feelings of my heart are something that is personal and should not be questioned. We all have our heroes and many times the hero lies within ourselves.
And I agree with Neo, as well.
If this problem originates in Washington, then those people need to be held responsible, as well. Just because you’re appointed to a committee or are entrusted with power, doesn’t mean you can abuse it.
Call and email your senators and the GOP Headquarters. This crap sandwich is now loaded with lard!
Capitol Hill Switchboard TOLL FREE:
If you can’t get through the main numbers, call the GOP headquarters and swamp these people with calls:
Give them the message that McCain’s campaign is totally on the line for something this foolish.
Here’s a list of the LARD they’ve added to the Senate bill (that we know about so far):
- 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)
Anytime you hear the Senate floor praising Chris Dodd, you KNOW you are getting the shaft.
If what I’ve read is true (and who knows anymore?) the tax legislation was VOTED DOWN BY THE HOUSE BEFORE.
So are the powers that be trying to get their pet projects in through the back door … and then say that they’re doing it for the good of the nation?
By the way … can we imagine that, even if the revised bill passes, that banks are going to go back to their old profligate ways? Or will the new watchword be caution?
Bad news out today on car sales and manufacturing … with the economy worsening, why should we think that banks will all of a sudden start gushing out loans to street people again?
Isn’t that what brought on our current crisis?
So how are things going to change?
In essence, I’m asking … even if some new bill makes it possible for the banks to ease up on credit … WILL they?
Richard when it goes to the Senate.. first I think it’s called Fast Track.. I am just disappointed that they added all that pork, in the financial crisis of our lives, as they call it.. add on a bunch more pork,,
Looks like the bill passed the Senate, and now it goes to the House … not the usual traffic pattern, I think, but what is usual these days?
I would like to raise the same issue as before … even if the banks CAN issue loans more freely, WILL they do so in a slowing economy?
And if they do, does this risk pushing us right back into a hole?
Has anyone addressed the issue of what volume of new lending will be needed to provide an economic stimulus? And at what price the ailing loans (however they are classified) will be bought up, and at what volume?
Suppose, for example, a bank has a $60 million ailing real estate loan on its books … that’s the figure that constituted the loan … but in today’s market, the real value is $30 million?
What price will the government pay? Will it seek to get the best possible deal for the taxpayer, even risking bank failure, or will it cough up a huge premium so the bank’s books will look good?
And who will decide?
WASHINGTON – After one spectacular failure, the $700 billion financial industry bailout found a second life Wednesday, winning lopsided passage in the Senate and gaining ground in the House, where Republicans opposition softened.
Senators loaded the economic rescue bill with tax breaks and other sweeteners before passing it by a wide margin, 74-25, a month before the presidential and congressional elections.
In the House, leaders were working feverishly to convert enough opponents of the bill to push it through by Friday
Glad someone puts Sarah Bernhard where she belongs..
BOSTON – A women’s shelter on Wednesday cut headliner Sandra Bernhard from its annual benefit after she said Republican vice presidential candidate Sarah Palin would be gang-raped if she ever visited New York.
Bernhard’s made the remarks last month during her one-woman show in Washington before Palin visited New York to campaign. Bernhard said Palin would be “gang-raped by my big black brothers” during a diatribe in which she also criticized Palin for opposing abortion rights.
Many guests at Rosie’s Place, a Boston shelter, have been victims of violence, public relations director Leemarie Mosca said.
Richard #4 #12
You know to a Democrat congress the Constitution is a mere Inconvenience.