bailout bill vote

jimed14

xavier mcdaniel wrote:

I haven't been following the specifications of the bill, but was this an ameneded version where the democrats put in provisions that would prompt the Republicans to vote against it?

Or did it contain a lot of the original things put in by President Bush and the republicans just didn't agree with him?

there were a lot of additional provisions put in (the ones Obama and McCain were talking about), but, from what I've heard this "CEOs cannot get golden parachutes" provision was weaker than a house made of balsa wood ... supposedly, it didn't limit their bonuses at all, meaning, it could be circumvented.

Keiran

jimed14 wrote:

there were a lot of additional provisions put in (the ones Obama and McCain were talking about), but, from what I've heard this "CEOs cannot get golden parachutes" provision was weaker than a house made of balsa wood ... supposedly, it didn't limit their bonuses at all, meaning, it could be circumvented.

The "golden parachute" provision was a joke from everything I've read. It's also important to remember that the entire House of Reps is up for re-election in November. This vote will more than likely be the defining moment for most of the members with their constituents.

jimed14

Keiran wrote:

The "golden parachute" provision was a joke from everything I've read. It's also important to remember that the entire House of Reps is up for re-election in November. This vote will more than likely be the defining moment for most of the members with their constituents.

true, there is a HUGE population of americans that don't have 401ks ... don't have money in stocks ... they could not care less if the market goes down ...

I just hope the ability to borrow doesn't become too difficult ... because it's going to hurt a lot of small businesses.

xavier mcdaniel

jimed14 wrote:

there were a lot of additional provisions put in (the ones Obama and McCain were talking about), but, from what I've heard this "CEOs cannot get golden parachutes" provision was weaker than a house made of balsa wood ... supposedly, it didn't limit their bonuses at all, meaning, it could be circumvented.

Well if a provision is weaker and didn't limit their bonuses, then you have to be skeptical of any of these people getting anything done.

anyway here comes the republican response.

digster

Just making sure...the Senate has not even voted for this bill...because Obama and McCain both pledged that they would be back for the vote. So none of them has had to stick their claims to a vote yet?

teskeinc

digster wrote:

Just making sure...the Senate has not even voted for this bill...because Obama and McCain both pledged that they would be back for the vote. So none of them has had to stick their claims to a vote yet?

had to pass the house first.

digster

teskeinc wrote:

had to pass the house first.

Yep. Got it.

You've got to love any press conference like this, Dems or Repubs...

"This is completely bipartisan, we are working in a complete bipartisan matter...except for the part where the failure of everything is entirely Pelosi and the Democrats' fault."

SoonForgotten2

Does anyone know what Pelosi's speech was all about?

g under p

The blame game has already started.

Peace

jimed14

I mean, let's be honest ... Paulsen deserves an ENORMOUS part of the blame if anyone is to blame for this not passing.

You can't walk up to congressional hearings with a 3 page proposal to spend $700B and have a clause in there that state "oh, no questioning me on how I manage this plan either" ....

it was doomed from that moment ... there was no way to tell the public that this was needed and it was actually GOOD for them .. it was the mother of all uphill battles ....

again, I'll be honest ... I'm still not convinced, either way, if this was good or bad.

digster

These people are all going back to get re-elected. They've got to put the blame on anyone but themselves.

Keiran

jimed14 wrote:

true, there is a HUGE population of americans that don't have 401ks ... don't have money in stocks ... they could not care less if the market goes down ...

I just hope the ability to borrow doesn't become too difficult ... because it's going to hurt a lot of small businesses.

Both very true statements. We only hear about industry giants but small business are vital to the health of our nation. I found this information about small businesses on the web site http://usinfo.state.gov/products/pubs/oecon/chap4.htm


* Fully 99 percent of all independent enterprises in the country employ fewer than 500 people.
* These small enterprises account for 52 percent of all U.S. workers, according to the U.S. Small Business Administration (SBA).
* Some 19.6 million Americans work for companies employing fewer than 20 workers, 18.4 million work for firms employing between 20 and 99 workers, and 14.6 million work for firms with 100 to 499 workers.

Bailout plan or not - anyone who escapes the effects of this economy is going to be a very fortunate individual.

g under p

My main problem with all of this is that in 2 years 2010 we'll right back where we are now. Except they'll need over a trillion dollars to come even close to bailing out the system. The entire system of banking needs to be change, someone needs to have some guts like FDR to change this backward or this doomed to fail system.

peace

jimed14

SoonForgotten2 wrote:

Does anyone know what Pelosi's speech was all about?

I guess she went on a rant about how this was all the republican's fault to begin with, and that they should vote for this as she didn't want the repulicans to create the mess, then the democrats have to take all the heat passing this bill ...

everyone is waiting for her speech to come out though

Keiran

jimed14 wrote:

I mean, let's be honest ... Paulsen deserves an ENORMOUS part of the blame if anyone is to blame for this not passing.

You can't walk up to congressional hearings with a 3 page proposal to spend $700B and have a clause in there that state "oh, no questioning me on how I manage this plan either" ....

it was doomed from that moment ... there was no way to tell the public that this was needed and it was actually GOOD for them .. it was the mother of all uphill battles ....

again, I'll be honest ... I'm still not convinced, either way, if this was good or bad.

Henry Merritt "Hank" Paulson Jr. - there's a whole 'nother discussion!!!!! I have made an earnest effort to learn about this dilemma we are facing and I too am not convinced if the failure to pass this bill was good or bad.

I'm also convinced that there are literally a handful of people in this country, maybe four or five at the most, that truly understand the principles of banking, borrowing, lending and the legalities that determine the fate of us all. And NONE of them are in Congress!!!

jbalicki10

This whole mess is a damn if you do and damn if you don't....


If you pass the bailout, your giving a green light for stupidity for banks to give out loans to anyone. Plus those execs get paid... Not to mention my taxes...

If you reject the bailout, good luck getting a decent loan for a home or business. The banks won't lend you any money even if your credit is good. This could cause a severe recession for EVERYONE.

I don't know which is worse...

Strangest Tribe

g under p wrote:

My main problem with all of this is that in 2 years 2010 we'll right back where we are now. Except they'll need over a trillion dollars to come even close to bailing out the system. The entire system of banking needs to be change, someone needs to have some guts like FDR to change this backward or this doomed to fail system.

peace

some say 6 months or less and your $ bill is worth less than the paper it's printed on. Get ready for a $400 loaf of bread.

yoke

I think this is Pelosi's speech


http://www.breitbart.tv/html/184803.html

digster

I'm trying to understand what she possibly could have said that was so bad...I mean, who would change their vote based solely on the fact that the Speaker bitched about Bush? I mean, this isn't a schoolyard fight where you move somewhere else if somebody teases you. I have no idea what the hell is wrong with our Congress, and I am shocked by how often a legislative body can behave like a small child.

Keiran

I have a feeling that the bailout will eventually pass. The rich will get richer and the rest of us will pay for them to do so.

In terms of compensation, we will get to keep our homes and financing will be available for those who need a new car etc.

The same problems will continue to exist under a mask of complacency and lies, and the problem will be passed on to the next generation.

It doesn't even sound like the "experts" are convinced this problem has a fix. I guess you shore it up with a few extra nails and boards, cross your fingers and forward we go.

Bleh - I'm depressed!!!

/digs through dirty laundry in search of my Vedder for President t-shirt