Senate passes bailout

[CrimsonWhite]

NEW YORK (CNNMoney.com) -- The Senate on Wednesday night passed a sweeping and controversial financial bailout bill similar in key ways to one rejected by the House just two days earlier.

The measure was passed by a vote of 74 to 25 after more than three hours of floor debate in the Senate. Both presidential candidates, Sens. Barack Obama, D-Illinois, and John McCain, R-Arizona, voted in favor.

Like the bill the House rejected, the core of the Senate bill is the Bush administration's plan to buy up to $700 billion of troubled assets from financial institutions.

Those assets, mostly mortgage-related, have caused a crisis of confidence in the credit markets. A major aim of the plan is to free up banks to start lending again once their balance sheets are cleared of toxic holdings.

But the Senate legislation also includes a number of new provisions aimed at Main Street.

The changes are intended to attract more votes in the House, in particular from House Republicans, two-thirds of whom voted against the bailout plan.

Senate passes financial bailout bill full of sweeteners - Oct. 1, 2008

 

[WillowTree]

sucks to be the ones voting yes!

 

[Alpha1]

Now the Dims pass Bush's rescue bill...if they would have listened to him years ago, this bill would not have been needed....


Sept. 2003
New Agency Proposed to Oversee Freddie Mac and Fannie Mae - New York Times
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

It didn’t even get out of committee.

GovTrack: Senate Record: FEDERAL HOUSING ENTERPRISE REGULATORY REFORM... (109-s20060525-16)

And who — other than Bush — saw this disaster coming and tried to head it off?

Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.

 

[elvis]

NEW YORK (CNNMoney.com) -- The Senate on Wednesday night passed a sweeping and controversial financial bailout bill similar in key ways to one rejected by the House just two days earlier.

The measure was passed by a vote of 74 to 25 after more than three hours of floor debate in the Senate. Both presidential candidates, Sens. Barack Obama, D-Illinois, and John McCain, R-Arizona, voted in favor.

Like the bill the House rejected, the core of the Senate bill is the Bush administration's plan to buy up to $700 billion of troubled assets from financial institutions.

Those assets, mostly mortgage-related, have caused a crisis of confidence in the credit markets. A major aim of the plan is to free up banks to start lending again once their balance sheets are cleared of toxic holdings.

But the Senate legislation also includes a number of new provisions aimed at Main Street.

The changes are intended to attract more votes in the House, in particular from House Republicans, two-thirds of whom voted against the bailout plan.

Senate passes financial bailout bill full of sweeteners - Oct. 1, 2008

I can't believe that neither of the candidates took a stand against this bill. How can one be a maverick or an agent of change if he falls in line with everyone else? And against the will of the people to boot. This bill will probably pass thru the House.

 

[xsited1]

I guess I won't be voting for Barack Obama or John McCain...

 

[dilloduck]

I guess I won't be voting for Barack Obama or John McCain...

Join the crowd.

 

[eots]

“Every sincere break with Communism is a religious experience, though the Communists fail to identify its true nature, though he fails to go to the end of the experience. His break is the political expression of the perpetual need of the soul whose first faint stirring he has felt within him, years, months or days before he breaks. A Communist breaks because he must choose at last between irreconcilable opposites — God or Man, Soul or Mind, Freedom or Communism.”

Whittaker Chambers quotes

Communism quotes & quotations

 

[CA95380]

Foreign bank's in bailout still be considered?

A quarter of the bailout package would then go to the British banks if they opt to fully tap into the rescue plan.

In case of a rescue package, the five UK banks, which have significant operations in America, would be allowed to transfer the securities held by them to a federally-backed treasury, the report said.

domain-b.com : US bailout package may cover 5 UK banks also

 

[Chris]

I can't say I understand it all, but I saw an economist explaining it a few minutes ago, and her arguments were pretty convincing. I hope it works.

 

[Otter_Creek]

I hate it, but think there's no choice.
We've been waiting on a loan approval, a better deal than our credit union offered, and it's been eight day's since we applied and the phone just isn't ringing.
I'm willing to bet if the bailout is passed, phone rings the next day.
I'll let you know how it goes.

 

[del]

I can't say I understand it all

no shit

 

[xsited1]

Join the crowd.

I think the only reason people will vote for McCain is that he's not Obama, and the only reason people will vote for Obama is because they've been drinking the Kool Aid.

 

[Silence]

I think the only reason people will vote for McCain is that he's not Obama, and the only reason people will vote for Obama is because they've been drinking the Kool Aid.

cute cartoon

it's funny that they had to add 106 billion in tax cuts for the corporations for the house republicans to even consider it...

the bill they voted down on Monday was much better, didn't have ANY pork in it and the REpublicans killed it... nice going fuckos!

also, McCain didn't make even a peep... at least Obama got up and spoke on the Senate floor... right or wrong he took a stand... McCain showed he's a coward through and through

 

[Larkinn]

cute cartoon

it's funny that they had to add 106 billion in tax cuts for the corporations for the house republicans to even consider it...

the bill they voted down on Monday was much better, didn't have ANY pork in it and the REpublicans killed it... nice going fuckos!

also, McCain didn't make even a peep... at least Obama got up and spoke on the Senate floor... right or wrong he took a stand... McCain showed he's a coward through and through

Seriously. This bill is a LOT worse than the last one.

 

[Chris]

Congressmen like pork.

It's the other white meat.

 

[CrimsonWhite]

cute cartoon

it's funny that they had to add 106 billion in tax cuts for the corporations for the house republicans to even consider it...

the bill they voted down on Monday was much better, didn't have ANY pork in it and the REpublicans killed it... nice going fuckos!

also, McCain didn't make even a peep... at least Obama got up and spoke on the Senate floor... right or wrong he took a stand... McCain showed he's a coward through and through

Sorry babe, but how many Democrats voted against that bill? what was that? 96, yeah, maybe you could have gotten your 11 votes from there quit blamin' the GOP. Both bills suck.

 

[Larkinn]

Sorry babe, but how many Democrats voted against that bill? what was that? 96, yeah, maybe you could have gotten your 11 votes from there quit blamin' the GOP. Both bills suck.

Obviously not. If they could have, they would have without tagging on 100 bil in spending to satisfy those fiscal conservatives, the Republicans.

 

[Kevin_Kennedy]

This is utterly ridiculous. The people of the United States have made their stance on this issue very clear. The Senate has betrayed the people, and I expect the House will now follow suit.

 

[bush lover]

The tax cuts in this $700 billion package will help the productive people in our country create jobs. Thanks to our President, none of this money is going to the unproductive people who thought they could affort a home on a McDonald's assistant manager's pay. Our next President McCain will further make sure that future tax cuts go only to the productive class, such as myself. Gov. Palin also favors this.

 

[CrimsonWhite]

Obviously not. If they could have, they would have without tagging on 100 bil in spending to satisfy those fiscal conservatives, the Republicans.

What 100 bil in spending, I read it was 100 bil in tax incentives. Youv are correct though. This was nothing short of pork fest. My dissapoitment is bi-partisan. Dem and Rep alike have been nothing short of dissapointing.