Bailout: Senate to vote Wednesday

[Rulk]

http://money.cnn.com/2008/09/30/news/economy/bailout_tuesday/index.htm?cnn=yes

Should the Senate pass this bill?

[Rulk]

I'm no economist, but free trade is free trade, if a company makes bad business decisions, it must reap what it sowed. Companies made millions giving underprivileged people mortgages. It is not an right to own a home, nor drive a new car, it is a privlage.

[PraiseHymn]

I'm no economist, but free trade is free trade, if a company makes bad business decisions, it must reap what it sowed. Companies made millions giving underprivileged people mortgages. It is not an right to own a home, nor drive a new car, it is a privlage.

What if you RENTED the home and drove a USED car...... will it be ok then? :ursofunny

[ILG]

They need to do something, but I heard on the radio yesterday that this 700 billion is more like a trillion after you read the small print. Scary. Seems like there should be a better way.

[drummerboy_dave]

There's a lot I don't know, but I am against this bail-out or "Rescue Plan" as they want to call it now, and here's why. I just don't trust the gubberment!!!!!!! And I don't want them getting involved in trying to manipulate the market. It's not the job our forefathers gave them to do.

People and companies have gotten themselves into quite a big mess and it's finally come time for them to sink or swim. I say, so be it.

[Ferd]

This is the same plan that was shot down earlier this week. the only difference is, they have sweetened the pot by adding some tax cuts the Republicans will like and some give aways the dems will like.

the heart of this bill is still a tax payer bailout with all the power given to 1 man. That being the secretary of the tresury.

That aint good.

[Pressing-On]

Senate rescue bill puts pressure on Blue Dogs
By Bob Cusack
Posted: 10/01/08 12:05 PM [ET]

The Senate’s revamped financial rescue plan has put conservative Democrats in a politically difficult position because they are opposed to passing tax an Alternative Minimum Tax measure (AMT) without paying for it.

Conservative Democrats, or so-called Blue Dogs, have been adamant that AMT bills should be offset and adhere to pay-as-you-go rules. House Democratic leaders have touted pay-go policies, but have reluctantly passed unpaid AMT bills because the Senate has not been able to clear such measures with offsets.

http://thehill.com/leading-the-news/senate-rescue-bill-puts-pressure-on-blue-dogs-2008-10-01.html

[Pressing-On]

McCain Statement on SEC Plan
Posted by BLAKE DVORAK

McCain economic adviser Doug Holtz-Eakin issued the following statement on the SEC's plan to relax mark-to-market accounting requirements:

John McCain is pleased to see that the SEC has finally decided to permit alternative accounting methods to mark-to-market accounting for securities where no active market exists. There is serious concern that these accounting rules are worsening the credit crunch, making it difficult for small businesses to stay afloat and squeezing family budgets. In March, John McCain called for a meeting of accounting professionals to discuss whether mark-to-market accounting was magnifying problems in the financial markets.

http://time-blog.com/real_clear_politics/2008/09/mccain_statement_on_sec_plan.html

[Pressing-On]

Soros floats alternative bailout plan with Dems
By Alexander Bolton
Posted: 09/30/08 11:19 PM [ET]

The billionaire financier George Soros, a major Democratic financial backer, is floating his own rescue plan among Democratic lawmakers who are uncertain what to do in the wake of a surprise defeat of a proposed $700 billion rescue package proposed by Treasury Secretary Henry Paulson.

Soros has outlined his plan in an opinion editorial in the Financial Times and circulated a concept paper among decision-makers.

Specifically, the liberal philanthropist has proposed that government funds should be used to recapitalize the American banking system by purchasing equity in banks and investment firms.

Robert Shapiro, chairman of Sonecon, an economic advisory firm, who served as Commerce Department undersecretary during the Clinton administration, raised questions about Soros’s proposal.

He said that if the government bought stock in troubled firms, a problem would arise regarding how Uncle Sam would be represented as a shareholder.

“How does the government vote the shares?” he asked. “It puts them in a potential conflict of interest. Regulatory interests may hurt the bottom line.”

http://thehill.com/leading-the-news/soros-floats-alternative-bailout-plan-with-dems-2008-09-30.html

[drummerboy_dave]

This is copied from Dave Ramsey's site (http://www.daveramsey.com).

The Common Sense Fix
Years of bad decisions and stupid mistakes have created an economic nightmare in this country,
but $700 billion in new debt is not the answer. As a tax-paying American citizen, I will not support
any congressperson who votes to implement such a policy. Instead, I submit the following threestep
Common Sense Plan.
I. INSURANCE
a. Insure the subprime bonds/mortgages with an underlying FHA-type insurance.
Government-insured and backed loans would have an instant market all over the
world, creating immediate and needed liquidity.
b. In order for a company to accept the government-backed insurance, they must do two
things:
1. Rewrite any mortgage that is more than three months delinquent to a
6% fixed-rate mortgage.
a. Roll all back payments with no late fees or legal costs into the
balance. This brings homeowners current and allows them a
chance to keep their homes.
b. Cancel all prepayment penalties to encourage refinancing or
the sale of the property to pay off the bad loan. In the event of
foreclosure or short sale, the borrower will not be held liable
for any deficit balance. FHA does this now, and that
encourages mortgage companies to go the extra mile while
working with the borrower—again limiting foreclosures and
ruined lives.
2. Cancel ALL golden parachutes of EXISTING and FUTURE CEOs and
executive team members as long as the company holds these
government-insured bonds/mortgages. This keeps underperforming
executives from being paid when they don’t do their jobs.
c. This backstop will cost less than $50 billion—a small fraction of the current proposal.
II. MARK TO MARKET
a. Remove mark to market accounting rules for two years on only subprime Tier III
bonds/mortgages. This keeps companies from being forced to artificially mark down
bonds/mortgages below the value of the underlying mortgages and real estate.
b. This move creates patience in the market and has an immediate stabilizing effect on
failing and ailing banks—and it costs the taxpayer nothing.
III. CAPITAL GAINS TAX
a. Remove the capital gains tax completely. Investors will flood the real estate and stock
market in search of tax-free profits, creating tremendous—and immediate—liquidity in
the markets. Again, this costs the taxpayer nothing.
b. This move will be seen as a lightning rod politically because many will say it is helping
the rich. The truth is the rich will benefit, but it will be their money that stimulates the
economy. This will enable all Americans to have more stable jobs and retirement
investments that go up instead of down.
This is not a time for envy, and it’s not a time for politics. It’s time for all of us, as Americans, to
stand up, speak out, and fix this mess.


There must be other solutions and I'd rather explore them, before hastily passing an outragous bill like the one proposed. I've expressed this to both of my senators.

[drummerboy_dave]

Did your representative vote for this on Monday? Find out ------> Here (http://www.foxbusiness.com/story/markets/economy/voted-b-rescue-package/)

[rgcraig]

Did your representative vote for this on Monday? Find out ------> Here (http://www.foxbusiness.com/story/markets/economy/voted-b-rescue-package/)

We had the Dave Ramsey suggestion posted here and many sent emails or called their representatives!

[drummerboy_dave]

We had the Dave Ramsey suggestion posted here and many sent emails or called their representatives!Good, I was working Monday and missed it. But I'm home today, and suggest we email our elite senators likewise.

[rgcraig]

Good, I was working Monday and missed it. But I'm home today, and suggest we email our elite senators likewise.

This is one good reason for internet - - the news said they were flooded with emails!

[Pressing-On]

Revised Bailout Bill:

http://online.wsj.com/public/resources/documents/senatebillAYO08C32_xml.pdf

[Rulk]

Revised Bailout Bill:

http://online.wsj.com/public/resources/documents/senatebillAYO08C32_xml.pdf

The Senate passed the bill. Hopefully the House won't. They vote on Friday.

[drummerboy_dave]

The Senate passed the bill. Hopefully the House won't. They vote on Friday.I'm writing and calling my congressman today.

[DividedThigh]

common sense once again from dave ramsey, nice pic drummerboy dave, dt

[Pressing-On]

Did your representative vote for this on Monday? Find out ------> Here (http://www.foxbusiness.com/story/markets/economy/voted-b-rescue-package/)

Mine voted no, but I already knew that he would. I wish they would listen to Newt Gingrich.

[rgcraig]

Mine voted no, but I already knew that he would. I wish they would listen to Newt Gingrich.

I think they are more concerned with pushing through all the other junk with it to be that concerned about doing the right thing on the bailout.

I mean - - 400 pages? Really.

[Pressing-On]

I think they are more concerned with pushing through all the other junk with it to be that concerned about doing the right thing on the bailout.

I mean - - 400 pages? Really.

I read that the House is going to vote in favor, not that they are happy, but they are getting calls and e-mails from people, such as from Oregan, where contracts are being held up and loans are not being promised.

I think if, which of course I would want, McCain would address what he would continue doing to better the bill after he is in office, that would be a good thing.

[drummerboy_dave]

Mine voted no, but I already knew that he would. I wish they would listen to Newt Gingrich.Sadly, my rep voted yes. :( I called his office again today and left a message strongly urging him to vote no on Friday. What is Newt saying? I haven't heard his name in some time.

[DividedThigh]

lots of lawyers lots of fine print renda, lol

[Pressing-On]

Sadly, my rep voted yes. :( I called his office again today and left a message strongly urging him to vote no on Friday. What is Newt saying? I haven't heard his name in some time.
He said that 70% of the problem would work itself out if we suspended the Mark to Market. I see that is in the new bill.

He also thinks we should fire Paulson and I listened to McCain on that. Basically, he knew it not best to keep things in panic mode by saying he would listen to those advising him on the Paulson issue and that he has done a good job.

He's really saying he will fire him.

You can go here to read and listen to Newt Gingrich.

http://newt.org/tabid/102/articleType/ArticleView/articleId/3756/Real-Solutions-For-Our-Economy.aspx

[DividedThigh]

if the dems stop trying to prop up obama with the financial mess, it will pass, lol

[Pressing-On]

if the dems stop trying to prop up obama with the financial mess, it will pass, lol

They are calling this "The Fix Is In" by MSM propping up Obama and being in the dumpsters in Arizona and Alaska looking for anything to tank the Republicans. Refusing to to go anywhere negative with Obama.

[Michael Phelps]

They are calling this "The Fix Is In" by MSM propping up Obama and being in the dumpsters in Arizona and Alaska looking for anything to tank the Republicans. Refusing to to go anywhere negative with Obama.

WASHINGTON (Associated Press) -- Barack Obama has surged to a seven-point lead over John McCain one month before the presidential election, lifted by voters who think the Democrat is better suited to lead the nation through its sudden financial crisis, according to an Associated Press-GfK poll that underscores the mounting concerns of some McCain backers.

http://omaha.cox.net/cci/newsnational/national?_mode=view&_state=maximized&view=article&id=D93IBCQO0&_action=validatearticle

[Pressing-On]

WASHINGTON (Associated Press) -- Barack Obama has surged to a seven-point lead over John McCain one month before the presidential election, lifted by voters who think the Democrat is better suited to lead the nation through its sudden financial crisis, according to an Associated Press-GfK poll that underscores the mounting concerns of some McCain backers.

http://omaha.cox.net/cci/newsnational/national?_mode=view&_state=maximized&view=article&id=D93IBCQO0&_action=validatearticle
Thanks for the article. It shows, from AP, a typical "The Fix Is In".

I find it interesting that McCain leads 74% to 24% among those who say that national security is the highest priority.

I have never been of the opinion, regardless of the news, that the economy is the edge here. People know that the economy is going to work itself out. Intelligent people do. How many uneducated people vote? National Security will need a strong leader. We have no economy if we don't have a strong leader on the National Security issue.

After reviewing the McCain/Obama debates I came away with a stronger sense of the strength of McCain. Many things were overlooked as "points" that McCain made.

One example was Obama trying to align McCain with the Bush Administration when he said something about he didn't have to look at the "soul" of Putin That was a statement used by Bush saying he looked in the eye and getting a sense of Putin's soul.

McCain turned that around and said, "I looked in Putin's eyes and saw KGB." He again, distanced himself from the Bush Administration.

That was a smart and calculated move on McCain's part. He's a sharp man.

Lots of things being missed. McCain is comfortable in who he is and what he does.

[rgcraig]

McCain is sharp and some things are being missed, but many are catching them too.

I loved what he said in the debate about not having his own emblem yet........that probably went over a lot of folks heads, but it was GREAT!

[Pressing-On]

McCain is sharp and some things are being missed, but many are catching them too.

I loved what he said in the debate about not having his own emblem yet........that probably went over a lot of folks heads, but it was GREAT!
I loved the Kissinger and the Ahmadinejad points! :thumbsup

[Justin]

Today the House passed the bill then W. signed it. Well America, it's been nice knowing you.

:(