|
|
May 21, 2013
|
|
Senate Fattens Up Bailout PackagePosted on Oct 1, 2008
The House couldn’t swallow the $700-billion bailout proposal, so the Senate added about $100 billion of incentives—mostly in the form of tax cuts. The Senate will vote on the proposal tonight and the House could decide as early as Friday whether $700 billion is too much, but $800 billion is just about right.
Advertisement New and Improved CommentsIf you have trouble leaving a comment, review this help page. Still having problems? Let us know. If you find yourself moderated, take a moment to review our comment policy. |
By optipessi mist, October 2, 2008 at 4:14 pm Link to this comment
The opposite of progress is congress.
If these weasels in the hous that up for re-election think that they are going to use the excuse that, “well the senate drafted the bailout bill. We were between a rock and a hard place. We had to vote for the bill for the sake of the country.
I’ve got news for you weasels. There is alot of democrats coming up for re-election that are going to lose big time.
Report thisBy truthreader3, October 2, 2008 at 2:30 pm Link to this comment
(Unregistered commenter)
The bail-out is nothing but a bail-out to Wall St. fat cats. It is a glaring example of privatising the profits and socialising the losses. The fat cats will not contribute a single penny from the tens of billions of dollars they stole from the American
Report thistax payers. Monumental decision like that was shoved down our throat without any hearing or consultation with economists of varied different points of views.
There are many ways to supply credit to the economy without rewarding the thieves of Wall St.
Not a single word about re-regulating the financial markets and the banks to prevent a repeat of this debacle which
will happen again I am sure with much more disasterous consequences. Let hope the house will vote this bail-out down although I am not optimistic at all.
By samosamo, October 2, 2008 at 1:44 pm Link to this comment
And this bill is 100% pork. Every bit of it is just to enrich the incompetent, irresponsible and criminal elements that have taken over our country not by politics which lord above has bent over backwards far enough to cater to these wicked people, but by control of the financial sector where the real control of a nation rests especially when just a few can dictate monetary agendas to suit the elite’s needs, think Federal Reserve, World Bank, Mortgage lenders, just the whole damn financial sector.
Report thisBy Caryl S. Foster, October 2, 2008 at 12:26 pm Link to this comment
Dear Senator McCain,
Given your long-standing shouted-out principle stand against earmarks, how is it that you did not stand up and vote against or perhaps abstain from voting on the Senate Economic Recovery Bill last night given the “pork” that had been put in it?
Ironically, there was no pork in the House Bill you so ineloquently failed to rally your fellow Republicans in support of despite publicly “suspending” your campaign to do exactly that. I expected you to break out that pen last night you have been so easily waving around the last several weeks promising to make any bill with earmarked pork barrel projects that crossed your desk instantly famous by vetoing it.
But of course, you had to contradict yourself last night as perhaps for the first time you finally politically understood that not all bills containing pork barrel spending are bad (and indeed may be necessary to expedite) and that some earmarked projects actually may serve a worthy purpose.
But then first thing this morning, you immediately go back to publicly waving that pen around again.
Is this not also contradictory and will you not be further contradicting yourself when you necessarily go back to House Republicans asking them to vote for this newest greatly needed pork laden Senate Bill.
And finally, the word is out that your campaign intends to once again attempt to make the character of your opponent the principle issue of your campaign rather than you own or rather than focus on the critical major issues facing all Americans. Well, at least this is not contradictory since your campaign has been doing this all along.
Senator McCain, you will not win this election with your latest attempt to have it both ways nor will you win it ...........
With Contradictory Contradictions
Caryl S. Foster
Report thisBy Max Shields, October 2, 2008 at 12:25 pm Link to this comment
Correction
In terms of war and the Middle East there’s no difference between these parties and their candidates. The financial response reflects the tweedle dee/dumb corporate owned duopoly for what it is.
Democracy Now’s 3 segments show how on an economic (tied to the trillions of dollars spent on ME WAR), the monopoly on the debates (shutting out 3 party voices/candidates) and the fact that there is no real difference (no “anti” war candidate) provided by the establishment parties.
If Obama had a Stiglitz as an economic adviser he would have made a move in the right direction. Instead he has the same guys who got us here (and if anyone thinks that Robert Reich is a serious advisor to Obama, think again, compared to Rubin and Summers he’ll be a mousy little voice in the corner just like he was under Clinton. I suspect he already is).
http://www.democracynow.org/
Report thisBy Max Shields, October 2, 2008 at 12:11 pm Link to this comment
In terms of war and the Middle East there’s no difference between these parties and their candidates. The financial response reflects the tweedle dee/dumb corporate owned duopoly for what it is.
Democracy Now’s 3 segments show how on an economic (tied to the trillions of dollars spent), the monopoly on the debates (shutting out 3 party voices/candidates) and the fact that there is no real difference (no “anti” war candidate) provided by the establishment parties.
If Obama had a Stiglitz as an economic adviser he would have made a move in the right direction. Instead he has the same guys who got us here (and if anyone thinks that Robert Reich is a serious advisor to Obama, think again, compared to Rubin and Summers he’ll be a mousy little voice in the corner just like he was under Clinton. I suspect he already is).
http://www.democracynow.org/
Report thisBy Mudbones, October 2, 2008 at 6:27 am Link to this comment
We’re toast, don;t know what esle to say. This shows such a lack of leadership. I know something had to be done but comeone, let’s do something sensible.
Report thisBy samosamo, October 2, 2008 at 6:24 am Link to this comment
Am still amazed at everyone that comments about how much bailout, how much taxes cut how much money is printed.
Report thisAll it is, is GRAND LARCENY! And the only people that can do anything about it are the people you and I elect to congress, our state legislatures, and local governments.
It is curious also, that what if someone went to the police, the fbi or other law enforcement agency and filed a warrant for 1st degree GRAND LARCENY if any of those would be obligated to carry that through to bringing those on the warrant into jail.
By Big B, October 2, 2008 at 6:21 am Link to this comment
Let me get this straight, we are going to increase spending, cut taxes, so we can free up even more credit so we can somehow pay off our outstanding debts by increasing our outstanding debt.
Even your loan shark would smack you for taking a deal like this.
Report thisBy Tony Wicher, October 1, 2008 at 10:00 pm Link to this comment
Ben Stein came out today for nationalizing the banks. Can you imagine? Let’s nationalize the insurance companies too! Hurray for socialism! I think maybe we’re winning!
Report thisBy troublesum, October 1, 2008 at 9:43 pm Link to this comment
They voted a trillion dollars for defense last week, an $800 billion wall street bailout this week, and still they are going to cut taxes!?
Report thisBy Margaret Currey, October 1, 2008 at 9:36 pm Link to this comment
(Unregistered commenter)
This is crazy, as a woman I did not work all my life, and the after my husband left, I had to support myself and also pay for child support, there was no government to bail me out, I worked for money that was close to minimum wage, where was the government to help bail me out, minimum wage sayed there for a long time.
This is just going to push America the tubes faser, because it seems the only work left is working for Wall Street, this country does not make anything, used to you could at least by shoes make in America but everything is made in China. Then Corporations pushed out the Unions and favored illegal immigrants and then when push came to shove, the illegals got blamed when the corporations looked the other way.
No one lookes at why this country has so many illegal people from Mexico and South America. What is happening here also happened to the country of Mexico and South America, the middle class was pushed out and this country will go down the same path.
Sure wish I could go to Canada.
Report thisBy Don Stivers, October 1, 2008 at 7:35 pm Link to this comment
OH SH-T!!!!!!!!
WHAT A BUNCH OF HARD SUCKERS THEY ARE. THE ONES WHO VOTED FOR THIS BANKRUPT PACKAGE.
SCREW YOU OBAMA. I’M NOT VOTING FOR YOU NOW. AND I’M A REPUBLICAN. AND I WAS GOING TO VOTE FOR YOU. AND I’M NOT VOTING FOR YOU EITHER MC CAIN. SCREW YOU BOTH FOR NOT BEING TRUE TO THE TAX PAYER. NEITHER OF YOU ARE A HERO. NOT TO THE LITTLE GUY. I CANNOT EXPRESS MY OUTRAGE ENOUGH.
Report thisBy Max Shields, October 1, 2008 at 7:30 pm Link to this comment
The complicity of the two parties and the media, and the behind the scenes corporate/lobbiests, was simply astounding - total replay of the run-up to the invasion and occupation of Iraq.
This is the government people are being asked to vote in again - yes again because regardless of party, it is a single government - a duopolistic war/corporate party = Fascism.
To paraphrase Denzel Washington in Training Day: They have the power and we just live here!!
Report thisBy samosamo, October 1, 2008 at 7:25 pm Link to this comment
This is so idiotic. There is nothing about accountability anywhere. The only people standing to gain are the elite from whom we will borrow the money via the Federal Reserve and Czar Paulson who will end up with a totally free hand in our government and quite possibly become more powerful than the presidency. Anyone demanding an immediate passage of this nonsense is supporting the collapse of our economy. Just where will the money come from? Does anyone really think that czar paulson will be a benevolent arbitor in administering this money? How will the money be paid back? Don’t forget, the federal reserve being an elitist corporation wants this bailout to happen as they stand to gain the most and they charge interest on every dollar just so to maintain a perpetual debt driven economy for the elite.
Report thisGet rid of the federal reserve and that will put the US far down the road to regainning our economy, all the South American countries forced to suffer Milton Friedman’s ‘unfettered’ free market privatization economics got rid of the Wrold Bank and the IMF and other central banks and they are coming back to more stable economies. Send paulson down the road for good measure.
By lichen, October 1, 2008 at 7:15 pm Link to this comment
I’m sure the senators are already fattening up from the increased campaign contributions from wall street firms bloating their pockets. Meanwhile we have lost another trillion and a half dollars, and Obama will have an excuse to use his preferred free market philosophy to hack away at social spending at the same time as he murders more middle easterners. This is just like bush stealing the 2000 and 2004 elections; just like the iraq war; just like 9/11.
Report thisBy Outraged, October 1, 2008 at 7:14 pm Link to this comment
The corporate Obama/McCain ticket voted FOR this bailout, along with some others who may want to put a security fence around Washington DC. and take an extended vacation. In addition, they “new and improved” it. Sick degenerates all of them.
According to Metro News, Virginia (36min ago): “The results for the vote came at around 9:20 p.m. The vote was divided 74 for the vote and 25 against the vote.”
http://www.wvmetronews.com/index.cfm?func=displayfullstory&storyid=26668
But I’m sure there will be a about a thousand articles by morning.
Report thisBy kdnc, October 1, 2008 at 7:05 pm Link to this comment
We have the best senators money can buy. Watching the senators speak before the vote was disappointing though not surprising. Their speeches showed them to be very ignorant and arrogant. Let us all hope the House of Representatives holds true to their duty and actually represents their constituents without bold faced lies about their constituents supposedly now changing their minds and supporting this nonsense.
Report thisBy CJ, October 1, 2008 at 7:02 pm Link to this comment
Course the House could have passed the bill, but Dems decided on “infantile leftism,” as Lenin famously referred to those off the left edge of reality. Or who were only concerned for their careers.
Given context that is American-style democracy atop capitalist economy, etc., etc.: The vote is in, the bill very sensibly passed. (A hundred bil is a few weeks in Iraq. At least this bill, whatever other pork is included, will also force HMOs to start paying up for mental-health care, something more and more of us are going to need under circumstances of whacked-out ideology that does in fact impact individuals at the psychological level. It’s up to psychologists now to get a clue, stop pretending that mental illness is only a result of childhood and/or bad chemistry. Social psychologists are the ones with a clue already. While therapists sit in cozy offices telling analysands that they’re out of touch. “With what,” any might ask their therapist? “Prevailing systems of beliefs on the part of societies gone bonkers?” Good luck.)
This is one time all the gimmicks will serve the down-to-earth (real) people, even if it also aids and abets Wall Streeters.
Kudos in particular to Barbara Boxer. She didn’t give in to silliness the way Cantwell, Stabenow, Wyden, Nelson and even Bernie Sanders (supposedly socialist) all did, along with every reactionary crackpot in the Senate, from Brownback to Allard.
We knew Democratic “leaders” would go along, but not necessarily Boxer. She made the right decision and I congratulate her for doing so.
Report thisBy Stephen Smoliar, October 1, 2008 at 6:48 pm Link to this comment
I gather that the “technical” term for those incentives was “sweeteners.” From where I was sitting, it looked more like lipstick on a pig (and the pig just kept getting bigger). Sanders’ amendment was settled by voice vote, and it sounded to me like his was the one vote in favor. I agree with truthsayer: The Senate needs a major overhaul, even if that overhaul can only be implemented one-third at a time.
For now at least we still have the House. My guess is that there is going to be a lot of pressure to force a vote before DeFazio can bring their alternative to the floor. Once again the Congress has displayed bipartisan capitulation to the President’s fairy tales of urgency. How many times has he fooled them by now? By Lloyd Doggett’s count, Iraq was the first; and the Patriot Act was the second. That would make it “fool me thrice.”
Report thisBy Don Stivers, October 1, 2008 at 5:58 pm Link to this comment
Bailout now (out of the country)!!!!
Move to Canada!!!!
These guys (the Senate and members of the House of Representatives) must be the most stupid people in the world. AND crooks bought and kept in the breast pocket of crooks.
I thought the citizens of The United States of America had spoken. Let the fat cats who gambled, DIE. The strong companies will fill in the gaps.
This is pure insanity.
Two weeks ago these very same Congress men and women, as well as the President and his Secretaries were saying our economy was sound. I knew better then but, these guys are lying and should not be allowed to do anything about this mess they now say we are in.
End the war. Cut defense spending by 75% and turn those defense companies into bridge builders and pavers of highways and builders of hospitals and schools. Clean water. New and or safe energy supplies. Population control number one.
Anything but passing a bailout bill for people who DESERVE to fail.
And then lets prosecute those guilty of starting illegal wars, committing and continually permitting torture, and holding people without a speedy trial, etc., etc.
Report thisBy truthsayer, October 1, 2008 at 5:50 pm Link to this comment
The whole day today (Wednesday) the phones were “busy” for the Maryland senators. There were no provision for voice mail recording after-hours. They just don’t care what their constituents think or want.
Any senator voting for this transfer of money to the bandits must be kicked out when they seek reelection. No exception.
Let’s bring in third party candidates! America needs new candidates who have not been bought by the masters.
I love Senator Sanders’ amendment. Everyone must vote for this.
Report this