the Christmas Tree is being loaded up

(Ok all, what do you think of today’s attempt – promoted by DavidThi808)

Just what House, Senate and Bush Admin negotiators didn’t want: Congress to load up the $700B boondoggle bailout with all sorts of other non-germane goodies.  

http://www.eenews.net/gw/2008/…

A top House Democrat expressed concern today about the Senate’s addition of myriad tax break extensions to the Wall Street bailout package, saying it could prompt some House Democrats to pull their support for the measure. The Senate is scheduled to vote tonight on the $700 billion bailout, which faltered in the House on Monday and spurred a stock-market plunge. Senate leaders have added tax measures, including a suite of renewable energy credits extensions that have been slowed by a House-Senate impasse.

This will slow passage of the Paulson Power Grab significantly and will shoot further holes into the “you must pass this right this second or we’re all going to die” fearmongering.  

11 Community Comments, Facebook Comments

  1. DavidThi808 says:

    from NPR

    Despite warnings of disastrous consequences, the House of Representatives failed to pass the $700 billion Wall Street bailout Monday. But on Tuesday, the sun came up; people still got up and went to work; they could still go to the ATM and get money. The economic world hasn’t ended, at least not yet.



    Since the Bush administration proposed the bailout this month, more than 200 economists have signed a petition opposing it.

  2. DavidThi808 says:

    from HuffPo

    Now that the government has been terrified into rubber-stamping the Wall Street bailout, what happens now?

    I wish the news were better, but in my opinion, here’s the most likely scenario:

    … lots of bad things ending with…

    The stock market continues to fall, as corporate earnings come under increasing pressure and hope for an early 2009 recovery fades. Analysts are still expecting huge growth in S&P 500 earnings for next year. These estimates will get cut by at least a third.

  3. Precinct854 says:

    I was hopeful things would get better, not worse, in the Senate. Trim the thing down and put in oversight to reassure Senators. Instead it has turned into a much worse measure.

    What ought to happen is to trim it to about 250 billion because Paulson said he’d need about 50 billion a month. If accurate 250 billion will take us through January with a nice cushion for debating it in February if more securities need to be purchased, possibly put someone else in charge, put in guarantees that we get assets from the banks if the loans we buy turn out to be less valuable than stated, and cut expenditures or increase taxes rather than loading the thing with cuts.

  4. Middle of the Road says:

    I’m afraid I am feeling a tad uninformed and I’m not inclined to believe a bunch of Senators from either party that have been proven to be nothing more than self serving liars in the past.

  5. RavenDawg says:

    According to story up on dKos this is preliminary to passing the amended bill by a similar margin.  

    • DavidThi808 says:

      I really dislike this bill and how it was done by loading on the pork. But it looks like this will force the hand of the House so here’s hoping it actually does the job.

      And if it doesn’t, I think a lof of people in Congress are going to get voted out in 2 years. 700B is a lot of money.

  6. Ray Springfield says:

    The international impact of Monday is clear.

    If the bank failures are allowed to grow into Duetsche Bank, RBS, Barclays, then intertwined US banks “too big to fail” will start to fall.

    How many US banks are left?

    Wells Fargo ..That’s Mr.B

    Chase

    BOA

    and a few regionals.

    Bernanke actually is doing a very good job of attempting to stave off complete collapse.

    For the 200 economists listed in the post below, just as amny or more attest to the ripple effect of globalisation of capital markets intertwined with the WTO.

    If the Fed hadn’t pumped nearly 150 billion or more of liquidity into the system, loaned AIG 85 billion, and put FNM and FRE in a conservatorship, then people would not be able to get money out of ATMs.

  7. Ray Springfield says:

    ………………

  8. indipol says:

    from Taxpayers for Common Sense

    http://www.taxpayer.net/resour

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