Senate passes bailout

Discussion in 'Economy' started by CrimsonWhite, Oct 1, 2008.

  1. CrimsonWhite
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    CrimsonWhite *****istrator Emeritus Supporting Member

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    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
     
  2. WillowTree
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    WillowTree Diamond Member

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    sucks to be the ones voting yes!
     
  3. Alpha1
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    Alpha1 NAVY

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    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.
     
  4. elvis
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    elvis BANNED Supporting Member

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    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.
     
  5. xsited1
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    xsited1 Agent P

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    I guess I won't be voting for Barack Obama or John McCain...
     
  6. dilloduck
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    dilloduck Diamond Member

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    Join the crowd. :mad:
     
  7. eots
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    eots no fly list

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    “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.”

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  8. CA95380
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    CA95380 USMB Member

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    Foreign bank's in bailout still be considered?

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

    :eek:
     
  9. Chris
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    Chris Gold Member

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    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.
     
  10. Otter_Creek
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    Otter_Creek worst president ever

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    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.
     

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