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| Congress resorts to tax cuts to help pass bailout | |
| 2008-10-02 | |
The Senate wants to couple the measure with extension of some popular tax breaks to the middle-class and others while also providing more insurance -- a maximum $250,000 per account instead of $100,000 -- for people's bank deposits. "I'm confident that we'll get a good strong bipartisan vote here in the Senate," predicted Senate Majority Leader Harry Reid, a Nevada Democrat. His Republican counterpart, Sen. Mitch McConnell of Kentucky, added, "We're confident that the way we've got this package will work in the Senate and we're optimistic it'll work in the House." President George W. Bush expressed confidence in the bill's fate this time around but warned lawmakers the measure was necessary "so as to stabilize this (economic) situation, so that it doesn't get worse." Financial markets on Wednesday marked time in the run-up to the Senate vote, in contrast to the record 778-point drop on Monday in reaction to the failed vote in the House. The expanded insurance for bank depositors would come as three of the biggest U.S. banks have succumbed to the crisis in recent months, with more teetering before the November 4 presidential and congressional elections. | |
| Posted by:Fred |
| #15 The Senate passed the original bill last week, so this should not be a surprise. It was the House Republicans who stopped the original bill when the honourable Speaker of the House Nancy Pelosi played her stupid little games. The question is what those who voted against the House bill last time around will do this time. Congress didn't pass the bill yet. Only the Senate did, and their version may not be the final one if the House Republicans and Blue Dog Democrats stand strong together. |
| Posted by: trailing wife 2008-10-02 18:54 |
| #14 They have never deduced that the future taxpayers, parents, and struggling homeowners will pay dearly for this. Look at the face of your children and their children as the Senate toils to make them tax serfs for generations. Not for a tax for work today or that of their choosing, but rather a bondage laid upon them by these politicians for actions not of their say or desire. |
| Posted by: Procopius2k 2008-10-02 17:38 |
| #13 As was said by Rush Limbaugh, we got rid one of British George III and ended up with 100 George IIIs in the Senate and 435 George IIIs in the House. |
| Posted by: JohnQC 2008-10-02 17:12 |
| #12 Senate passes lard laden leviathan and market drops 3+%. Perhaps the House will get the message. |
| Posted by: Nimble Spemble 2008-10-02 14:59 |
| #11 keep the list of those that voted 'yes' handy come November 4. you know what to do with it. |
| Posted by: USN, Ret. 2008-10-02 13:58 |
| #10 The senate is the pool of the elite. They come from the upper tiers of the connected and camp on the plane of plenty. They feed at the head table and they pass their trash to the people. They have no clue that we are watching them in their clusterfeast. They have no clue that the money they are The house will reject it, until after the election, then they will void upon us and our plans and dreams. Keep your powder dry. This crap cannot be allowed. |
| Posted by: lollypop 2008-10-02 12:47 |
| #9 what's the matter with Kansas? both senators voted no. |
| Posted by: bman 2008-10-02 12:24 |
| #8 No. |
| Posted by: Darrell 2008-10-02 11:47 |
| #7 Is that a serious question? |
| Posted by: tu3031 2008-10-02 10:46 |
| #6 Well, let's see if the principles of the members of the House can be bought in less than a week. |
| Posted by: Darrell 2008-10-02 10:10 |
| #5 McCain blew it !! Why didn't he vote against it?? Did you see some of the "CRAZY EARMARKS" in that thing ?? Am I wrong?? or is it just too late?? |
| Posted by: Tom- Pa 2008-10-02 09:55 |
| #4 I had a thought this morning and as I haven't seen any thing like it elsewhere I thought I'd run it up the RB flag pole. From the timing of the sub-prime mess as an outgrowth of the 1995 CRA redo, it struck me that much of the bad paper could have been written as a result of the .com bubble. My memory is that everyone and their brother that had anything to do with IT (or could spell it) was leveraged to the eyeballs with no money down and balloon payments, ARMs etc. all on the basis of their future .com generated wealth. When that bubble burst what happened to all that "toxic waste"? Was that a big step to the current mess? Just seeing what sticks. |
| Posted by: AlanC 2008-10-02 09:42 |
| #3 An example of, if you want it bad enough, you get it bad enough. Congresscritters are, if nothing else, highwaymen. |
| Posted by: Minister of funny walks 2008-10-02 09:26 |
| #2 Mordida, dash, spiffs, baksheesh, cadeaus, special fees, tea money, fines, bribes, gifts.... how very congressional. Appears 74 senators came to a fork in the road, waved farewell to (flipped off) their constituents, and turned left. I fear for the Republic. |
| Posted by: Besoeker 2008-10-02 08:18 |
| #1 Sink this turkey. 90% of the issues could be addressed in a more rational context by giving the market time and a timeline to resolve the underlying issues. Modify accounting rules to allow mark to the market losses to be discounted over five years on a declining schedule 100%, 80%, 60%, 40%, 20%. That would allow the market to adjust and the effected companies to restructure in an orderly fashion. The next thing to do would be to open the coastlines to immediate drilling for oil which will drop the oil prices almost immediately and reduce the brake that has been thrown on the economy. Third is to appoint an INDEPENDENT (Not Congressional) investigator to review the actions of congress and the management of Fannie Mae and Freddie Mac to determine who was responsible and to recommend or pursue legal action against any found culpable. |
| Posted by: DanNY 2008-10-02 06:43 |