House Passes Bailout Bill on Second Try
U.S. House of Representatives lawmakers wary of growing signs of the nation’s economic distress voted Friday in favor of a $700 billion Wall Street rescue package, sending the biggest government intervention in the financial markets since the Great Depression to President George W. Bush for his signature.
The 263-171 vote was a reversal from Monday, when House lawmakers shocked investors and their own leaders by voting against a more narrow version of the plan to buy up distressed assets from financial institutions. That vote sent financial markets tumbling and forced the Bush administration and congressional leadership to scramble and salvage the rescue plan.
The result: a $700 billion bailout for financial firms combined with $152 billion in unrelated tax breaks and broader tools for federal regulators to deal with the growing economic crisis. The Senate passed the bill with a strong, bipartisan tally of 74-25 Wednesday evening.
Apparently, the compelling need to save us from the fecklessness of our political class and the incompetence of our investor class was insufficient by itself to induce the former to bail out the latter using our money without $152 billion dollars worth of pot sweeteners that otherwise wouldn’t have had a prayer of passing on their own merits. That’s a net outflow in payments and lost receipts to the tune of $852 billion, for those needing help with the math.
Congressional leaders no doubt made a pact to keep the dollar figure below $1 trillion for appearances’ sake.
We should be ashamed to face our children, what with the burdens we leave them.
[...] 3, 2008 Exhibit “A” Posted by grouchy under Uncategorized Thanks to Lex for his take (how else could you take it?) on what was supposed to take us out of this mess that [...]
Senator McCain voted for this monstrosity.
Would President McCain veto this pork-laden bill when it crossed his desk?
Is it too late to swap Gov Palin to the top of the ticket and put Sen McCain on a par with Sen Biden?
Yup, that’s what I figured.
The last line that you wrote sir, is now especially true.
¿Quis custodiet ipsos custodes?
My post also referred to Lex’s last written line in his current entry.
Would it be asking a whole lot to ask you to look what was already in the bill the Senate attached the rescue plan to?
The one that had already passed the Senate, 92-3?
The one that, among other things, adjusted the Alternative Minimum Tax (yes, just for another year) and removed the 39 cent excise tax on 30 cent arrows that Congress had managed to impose through sheer stupidity and carelessness?
If it happened to be around $150 nillion dollars, wouldn’t that make you look silly?
Yeah, best not look.
I would think that quoting any number of nillion dollars would make a man feel silly.
But I’d probably find a way to sound less like a self-important jerk while pointing it out. Is all.
Lex:
A “sweetner” is Congress speak for a bribe. They are addicted to pork. Pork? That’s Congress-speak for pay off.
Please, God, make a disease, both terminal and painful, that only infects politicians and lawyers. I will accept running sores. . . . Ya listenin?
Maybe tonight it’s 4 fingers of Jack Daniels?
Welcome to National Socialist America.
http://www.youtube.com/watch?v=eCunBErZZJE&eurl=http://americandigest.org/
I’m feeling a little better now. I think I’d follow her, , , , , yeah, , , , pretty much anywhere.
I am declaring Shenanigans on all old people in retribution for this monstrosity.
You’ve been warned.
Amen to Lex’s final sentence.
At least us olde pharts will probably not survive to see the havoc we have left our children, and to feel their justified wrath.
Now, we have bailed out homeowners, bankers, auto makers, and arrow makers, we are about to solve the Kalifornication mess, with New York circling around for another bite on the Big Apple.
All because people spend beyond their means.
Now, to whom can we turn when it is discovered that our Nation has incurred debts far beyond all ability to pay them, and people will no longer take freshly printed paper at face value?
Those a$$hole politicians at all levels had best get focused on CUTTING SPENDING and CUTTING PROGRAMS, before it is too late.
Not adding more porking, pandering vote buying crapola.
Shame? Shame? Surely you jest. We’re talking about a class of people who have no shame.
My heart aches for our children on this one. For MY children. This is not the legacy I wished to leave them.
Given the little tricycle motor is only 1, I do not fear that she will inherit this burden. I fully expect the system to collapse long before she’s of an age to pay taxes. Mainly because my mother, the start of the baby boomers, is retiring soon. She’s paid into Social Security, she votes, and she’s drawing on a (pick a number, nobody seems to know for sure) 4 trillion dollar unfunded mandate.
And there’s a few million more going to be joining her ranks, and they’ll live a long time to come.
This bail-out is peanuts compared to the ponzi scheme that is Social Security.
– Max
A few quotes & questions re the title of this post:
Acts 4:12: “And there is salvation in no one else; for there is no other name under heaven that has been given among men by which we must be saved…”
2 Tim 4:3 “For the time will come when they will not endure sound doctrine; but wanting to have their ears tickled, they will accumulate for themselves teachers in accordance to their own desires…”
Mat 24:24 “For false Christs and false prophets will arise and will show great signs and wonders, so as to mislead, if possible, even the elect…”
Is this what you’re implying, Lex?
Our hope is built on nothing less, Obama’s name and fecklessness?
Yup, one of the reasons I’ll not quit drinking (STFU, Liver). I want to be numb when they come for me.