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Sweetening the Pot: Senate Bailout Add-Ons to Placate Opponents Would Raise Price Tag


US Politics & Gov't  (tags: bailout, US Senate, cost, economy, taxpayers, banking, Wall Street, Federal Reserve )

RC
- 3939 days ago - money.cnn.com
The Senate is apparently desperate to get this bill passed they way Henry Paulson wants it. Check the article for their brilliant new ideas - that's sarcasm, folks.



   

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RC deWinter (418)
Wednesday October 1, 2008, 3:02 pm
Temporarily raising FDIC coverage limits on deposits is just one new little bit. There are three other key pieces designed to attract more House votes as well. See the report for the full story.

Now, we KNOW a goodly portion of the American working class - and that's about 95% of us, folks - hates most of this plan. But look at this list of supporters:

JOINT ASSOCIATION LETTER TO
ALL MEMBERS OF THE U.S. CONGRESS
September 30, 2008

We are writing to express our profound disappointment in the House vote yesterday rejecting the Emergency Economic Stabilization Act, and to urge both the House and Senate to act as soon as possible this week to enact legislation to bring stability to credit markets.

The impact of the House action was painfully demonstrated yesterday when the stock market lost $1.2 trillion as the Dow Jones Industrial Average fell 777.8 points, the largest single-day point drop in American history.

Virtually every American has witnessed their retirement, investment and savings accounts decline steeply. The evaporation of credit is affecting businesses of all sizes and consumers and we run the risk of further declines in housing values. If Congress fails to act and credit markets tighten further, our associations' members will find it more difficult -- if not impossible -- to secure credit to run their companies, and our members' employees will find it harder to get mortgages, secure auto loans, and borrow money to send their children to college.

Monday's losses in the stock market do not mark the end of the negative consequences of the House vote. Americans rely on credit and liquid markets to make our economy function, and we will continue to see our economy and the well-being of all Americans impacted unless Congress acts. Significant bipartisan work allowed Congress to draft a strong financial rescue plan with strong taxpayer protections to help stabilize the financial system and prevent a meltdown of our capital markets.

We urge you to take action this week to address this crisis.
Sincerely,

Air Conditioning Contractors of America
The Aluminum Association
American Apparel & Footwear Association
American Bankers Association
American Boiler Manufacturers Association
American Business Conference
American Chemistry Council
American Concrete Pressure Pipe Association
American Financial Services Association
American Forest & Paper Association
American Hotel & Lodging Association
American Meat Institute
American Rental Association
American Trucking Associations
Associated Builders and Contractors, Inc.
Associated Equipment Distributors
Associated General Contractors of America
Association of Equipment Manufacturers
Association of International Automobile Manufacturers
Business Roundtable
Chamber of Commerce of the U.S.
Consumer Bankers Association
Consumer Mortgage Coalition
Edison Electric Institute
Equipment Leasing and Finance Association
Financial Services Forum
The Financial Services Roundtable
Food Marketing Institute
Housing Policy Council
Independent Community Bankers of America
Independent Electrical Contractors, Inc.
Independent Petroleum Association of America
International Dairy Foods Association
International Franchise Association
Minority Business RoundTable
Mortgage Bankers Association
National Association of Chain Drug Stores
National Association of Electrical Distributors
National Association of Homebuilders
National Association of Manufacturers
National Association of Plumbing, Heating, and Cooling Contractors
National Association of Real Estate Investment Managers
National Association of Realtors
National Association of Wholesaler-Distributors
National Electrical Contractors Association
National Federation of Independent Business
National Restaurant Association
National Roofing Contractors Association
National Rural Electric Cooperative Association
NPES-The Association for Suppliers of Printing, Publishing and Converting Technologies
Printing Industries of America
The Real Estate Roundtable
Reinsurance Association of America
Retail Industry Leaders Association
Securities Industry and Financial Markets Association
Software & Information Industry Association

This was found at The Swamp
 

. (0)
Wednesday October 1, 2008, 3:32 pm
This is no different than band-aids on bullet holes, we are all going to pay!!!

My personal favorite: Like applying a tourniquet to a head wound!

McCain just stated: "If this Rescue Bill does not pass, then the gears of our economy will grind to a halt!" I know car dealerships are beginning to close across the country, and that's not a good sign!

Too Little - Too Late: Welcome to the worldwide reformation. We can guide it, we can slow it, but we cannot stop it.

One thing I am sure of, is there is more going on here than meets the eye!!!


Signature:
http://tinyurl.com/3fs5m8
 

Joycey B (750)
Wednesday October 1, 2008, 3:36 pm
Noted with thanks Cate.
 

Tim Redfern (581)
Wednesday October 1, 2008, 3:44 pm
Hyper-Inflation, anybody?
Get ready for it.
In 1923, following WW1, inflation in
Germany was 800 million percent. It
took a wheelbarrow full of cash
to buy a loaf of bread.
Think it can't happen here?
Think again, and thank the U.S. Senate
if it does.
 

Joan Mclaughlin (133)
Wednesday October 1, 2008, 3:55 pm
Thanks Cate.Anyone got a bomb shelter I can hide in?Just as ridiculous
 

Louise L (48)
Wednesday October 1, 2008, 4:34 pm
Hold on, it's going to be a rough ride! Yes, the market fell, but also rebounded over half the loss, showing (to my relief) that not every person acts like the folks in that famous scene of the bank run in "It's a Wonderful Life". They tried to rush the first "fix" through, and again to Americans credit, we balked at, according to NBC, a 100 to 1 ratio to say no. I was astounded that many people read the news!! Some of the power of Paulson needed to be yanked, and looks like there would be oversight committees (too much power for one man, in my opinion!). The solution? This looks better, but I'd actually like to see the American people yell at Congress/Senate one more time and make them redo....just so they know who they are supposed to work for....in another life I was a gremlin. Thanks, Ombretta. PS Tim, your comments noted and making me sweat.
 

Barry S (118)
Wednesday October 1, 2008, 4:59 pm
Thanks Cate
 

JOSSIE ROSS (62)
Wednesday October 1, 2008, 5:41 pm
DONT ACCEPT A BILL YOU DIDNT WRITE OR APPROVE, WERE THE PEOPLE CONSULTED ?? NOOOOOOOOOOO.......GEEEEEEEE AM I MISSING SOMETHING, THE RICH ARE STILL GETTING RICHER, WITH YOUR $$$$$$$$$$$$......HELLOOOOOOOOOOOOOOOOOOO
 

Evelyn Z (300)
Wednesday October 1, 2008, 5:45 pm
Noted Cate.
 

Pete Conrads (91)
Wednesday October 1, 2008, 5:46 pm
Thanks Cate
 

RC deWinter (418)
Wednesday October 1, 2008, 6:04 pm
Desperation is obviously mounting in the Senate and the White House. I want to know who's really behind this bailout, and what Bush - who is not smart enough to have had a hand in this - and legislators have been threatened with - and by whom - if it doesn't pass in the form Henry Paulson is pushing for. Is it America's shadow government, in place and operational (think 9/11) since the assassination of JFK? SOMEBODY knows...


 

Tim Redfern (581)
Wednesday October 1, 2008, 6:36 pm
Louise, it's making me sweat, too.
The problem here is that if the Senate
approves the $700 billion ($700,000,000,000.00),
the Federal reserve will simply print that amount,
and create it out of thin air. Dumping that much
"cash" into the economy cannot help but cause
hyper-inflation. I'm not an economist, but it is
an interest of mine, and I have heard too many REAL
economists as of late say that hyper-inflation, as
a result of the $700B, is a very real possibility.
Speaking for myself; As always, I'm hoping for the
best, preparing for the worst, and keeping a loaded
.38 under my pillow at night.
 

Laurie W (189)
Wednesday October 1, 2008, 6:55 pm
It's apparent that the list Cate is all businesses..if they don't get something settled it's going to be harder than hades to get loans to keep some of them in business which is why they are pushing for something/anything signed...now if it was a list of citzen's names I might not feel like it was business as usual..
 

RC deWinter (418)
Wednesday October 1, 2008, 7:09 pm
See here: Senate Gives Green Light to Bailout 74-25
 

MadMud Artist (414)
Thursday October 2, 2008, 6:24 am
Get ready peeps...THIS IS GONNA HURT!!!!
 

Carl C (14)
Thursday October 2, 2008, 7:30 am
here guys start faxing Ur house reps 2 free faxes per 24 hours from your home computer
http://faxzero.com/ ask them if the bill passes will we all be able to move back into our houses we got thrown out of? will w be able to find a job on Monday? and what about all the people that are under main street that have lost all? so keep calling and faxing e mailing....
 

Susan L (118)
Thursday October 2, 2008, 9:52 am
Noted with thanks.
 

Pamylle G (458)
Thursday October 2, 2008, 2:02 pm
Well, a gal always likes to lose a few pounds...good thing the starved look is "in". Easier for us to squeeze into tight places, too, like cars. Much better than cardboard boxes.
 

Denice G (45)
Thursday October 2, 2008, 3:15 pm
Thanks Cate. Noted with great disgust!!!!!!
 

Gayla S (50)
Thursday October 2, 2008, 4:31 pm
Thanks for the article. I've got an idea. Let's fire 'em all and start over with the American public putting intelligent people in the WH, congress and senate. Hmm, guess that leaves McCain and certainly Palin, out of this option.
 

Yvonne White (229)
Thursday October 2, 2008, 4:56 pm
Since this is ALL DONE With Mirrors anyway (we can't pay for war, but Somehow they still start them!), why NOT go ahead & tack on a few MORE Trillion & give US what WE NEED NOW - like single-payer Healthcare that Will SAVE US Money & Real JOBS that pay above minimum wage, etc????
 

Jani N (32)
Thursday October 2, 2008, 7:04 pm
Thank you, just too angry to comment right now. noted and more action taken.
 

Deborah N (37)
Thursday October 2, 2008, 11:11 pm
President Bush, following the Senate vote, said the bill was central to the "financial security" of the nation. "The American people expect - and our economy demands - that the House pass this good bill this week and send it to my desk." WHERE does he live.. the American People EXPECT & this is a GOOD Bill ???? Where is he getting this from.. WE THE AMERICAN PEOPLE SAY NO TO THIS ... again he is deaf ,dum & very much blind... I really wished someone would actually listen to what the AMERICAN PEOPLE SAY.... before its too late... think he must not be in with the times... him & McCain belong together.. must be Alzheimers disease...
 

RC deWinter (418)
Friday October 3, 2008, 8:45 am
Here is a list of the add-ons:

New Tax earmarks in Bailout bill:

- Film and Television Productions (Sec. 502)
- Wooden Arrows designed for use by children (Sec. 503)
- 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)

Tax earmark “extenders” in the bailout bill:

- Virgin Island and Puerto Rican Rum (Section 308)
- American Samoa (Sec. 309)
- Mine Rescue Teams (Sec. 310)
- Mine Safety Equipment (Sec. 311)
- Domestic Production Activities in Puerto Rico (Sec. 312)
- Indian Tribes (Sec. 314, 315)
- Railroads (Sec. 316)
- Auto Racing Tracks (317)
- District of Columbia (Sec. 322)
- Wool Research (Sec. 325)
 

Tom Barnes (2)
Friday October 3, 2008, 4:05 pm
Little Shadow, What was you rsource for this info? Would like to add it to my archives.
 

RC deWinter (418)
Saturday October 4, 2008, 5:52 am
That came from Motley Fool, Tom...
 
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