DID THEY LISTEN AND DO THE BEST THEY COULD FOR THE AMERICAN TAX PAYERS?
TIME WILL TELL!
The servers were down most of the day, email was flooding the House to the point where it could not function. It has been reported that just as many wanted the bill passed as those who emailed that were against the bill. Who knows? Perhaps it is as we have said many times, Most people vote with their pocketbook. Issues and long term possible consequences are set aside for the moment.
Many of our reps also appear like SCARLET OHARA IN ‘GONE WITH THE WIND’..I’ll think about it tomorrow! at leasr with the possible future results.
I keep hearing that song..I need a Hero
Many Economists are saying that this will avert the crisis for at least a year versus the endurance of pain for 5 years. Who really knows? Now that it is done, let’s hope and pray that those we have put in office wil not repeat their offences and please remember who they are representing and most of all, whose money they spend.
Let’s hope it does not include little specialty items in the form of earmarks. Let’s also hope they read all 450 pages and did not forget the fine print.
Tax breaks and an increase in the federal deposit insurance limit were added to attract House skeptics — a mix of Democrats who considered it too generous to Wall Street and Republicans who viewed it as a dangerous government intrusion into the free market. The Senate passed it on a bipartisan 74-25 vote.
Some Democrats, including House Majority Leader Steny Hoyer, D-Md., are questioning the package of tax breaks because it isn’t paid for. The Joint Committee on Taxation and the Congressional Budget Office estimates it would increase the federal deficit by nearly $110 billion by 2018.
“This is not just a Wall Street crisis. It’s an American crisis,” Obama said in his first Senate floor speech since May. You betcha it is an American Crisis brought on by you guys. McCain did not speak before voting “yes.” Personally, I think both of you have probably sold us down the river.
TIME WILL TELL.
Are we still going to be able to get loans easily..like should I go spend a lot and you will bail me out? What about the Credit card companies…you know they operate like loan sharks..only they are legal. Hey, is there any reason why you could not regulate those fat cats?
Opposition spanned the ideological spectrum. Sen. Jim DeMint, a GOP conservative from South Carolina, accused bill backers of “leading our country into the pit of socialism.” Vermont Sen. Bernie Sanders, an independent who calls himself a socialist, said the bill gives the public’s money to financiers who “became drunk with greed.”
To win more votes Senate leaders included:
HOW SWEET IT IS
• Authority for the Federal Deposit Insurance Corp. to increase the size of bank deposits it insures from $100,000 to $250,000.
• Legislation extending popular tax breaks — including one designed to protect middle-class wage-earners from a bigger tax bite under the alternative minimum tax.
• A bill requiring health insurers to offer mental health coverage on a par with other medical benefits.
To calm voters fearful of bank failures, the $100,000 cap on federal insurance for deposits would also be raised to $250,000—a concession backed by both parties but also aimed at community banks who can be helpful in building small town support for the larger bill.
With each permutation, the bill has steadily grown in size. Treasury’s initial plan was about three pages long. The House version, which failed, stretched to 110. The Senate substitute now runs over 450 pages. And tucked away in the tax provisions is a landmark health care provision demanding that insurance companies provide coverage for mental health treatment—such as hospitalization—on parity with physical illnesses.
Really a bill onto itself, the mental health parity measure has been a bipartisan priority for top lawmakers in both chambers but has stalled in the past because of disagreements again over how to pay for its estimated $3.8 billion five-year cost. In the current climate, that seems to be no longer a stumbling block, and if the Treasury plan becomes law, it will also. I got a feeling insurance rates may go up..just saying….Did you guys make sure that was paid in full by our future taxes??? If not…
TIME WILL TELL!
Yep, If we don’t go completely socialist, and it goes badly…Some of you guys are toast!
Senate staffers say Bernie Sanders’ tax-the-rich surchage will go down on a voice vote. It’s the only amendment that was allowed. Stay tuned.
Senate staffer notes: “Curious isn’t it that on the bailout… er, sorry, we’re not allowed to call it that anymore… the ‘profit-generating, rescue for Main Street, civilization salvation’ bill that the only amendment allowed is by the only avowed socialist in Congress.
Now let’s just pray it will work with as little damage as possible to our children’s future..I am still outraged at our leaders lack of judgment,foresight and courage to stand up and defeat the legislation that allowed this to happen in the first place.
Yes McCain and Bush spoke to the House about it but nobody listened. Bush will be blamed and McCain inherits the blame. They should have taken it to the people then and spoke in plain language on cause and effect (remember the Democratic bill first by Carter, then Clinton) and how we had to stop it now! That might be a good way to spend money.;make sure Americans are informed instead of Mega buck millions on ads trying to get elected.
The rescue package lets the government spend billions of dollars to buy bad mortgage-related securities and other devalued assets held by troubled financial institutions. If successful, advocates say, that would allow frozen credit to begin flowing again and prevent a deep recession.
Even as the Senate voted, House leaders were hunting for the 12 votes they would need to turn around Monday’s 228-205 defeat. They were especially targeting the 133 Republicans who voted “no.”
Their opposition appeared to be easing after the Senate added $110 billion in tax breaks for businesses and the middle class, plus a provision to raise, from $100,000 to $250,000, the cap on federal deposit insurance.
They were also cheering a decision Tuesday by the Securities and Exchange Commission to ease rules that force companies to devalue assets on their balance sheets to reflect the price they can get on the market.
Raising the deposit insurance limit — along with the SEC’s accounting change — helped House Republicans claim credit for some substantive changes. And with constituent feedback changing dramatically since Monday’s shocking House defeat and the corresponding market plunge, lawmakers’ comfort level with the package increased markedly.
Rep. John Shadegg, R-Ariz., who voted “no” on Monday, said he was leaning toward switching, and Rep. Steve LaTourette,R-Ohio, said he was “getting there.” Several others were weighing a flip, said Republican officials who spoke on condition of anonymity because the lawmakers had not yet announced how they would vote.
Critics on the right and left assailed the rescue plan, which has been panned by their constituents as a giveaway for Wall Street, and has little obvious direct benefit for ordinary Americans.
Let’s see, wooden arrows tax break, disaster funds…so if I don’t own an arrow business, don’t invesr in wooden arrows and don’t live in a hurricane state and no bad mortgage ….was there something in there about wool? just asking..
Meanwhile stay tunedthe House will vote Friday..
Source: CNN.Senate OKs $700B bailout
Source; Michelle Malkin
More interesting links below from CNN.