Senate Speeches on Bailout Bill
Submitted by
CalculatedRisk on Wed, 10/01/2008 - 10:49am (127 comments)
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Hard to get more boring than the House, but the Senate somehow manages.
Second
Infinite Patience
Sounds like you CR. I sure as hell don't have it!
Just wondering whether there is anybody here that thinks passing this bill will turn out to be a good thing for the economy.
I know how it's going to prevent collapse, blah blah blah, but is there any reason to believe it will avoid an eventual collapse of the dollar and the U.S. Treasury.
I am omnipotent. Is that close enough to infinite patience?
I hate seeing my government in action.
OK, I did like seeing the bill, live, defeated in the House, and it was made even more fun by watching the CNBC commentators almost cry.
But other than that, I prefer not to watch their usually misinformed ramblings.
This bill will be a good thing for the NWO which we are told by reliable souces doesn't exist.
It doesn't avoid anything. It's a power/money grab by Paulson and co. financed by everyone who actually pays taxes.
Read the bill. It's a complete joke.
But other than that, I prefer not to watch their usually misinformed ramblings.
Hank Paulson's Mom
For God's sake, support your son, woman.
They say sausages and legislation are two things you DO NOT want to see made
As long as we're waiting...
YouTube - The REAL Sarah Palin!
Comrade Scared Shitless wrote:
I know how it's going to prevent collapse, blah blah blah, but is there any reason to believe it will avoid an eventual collapse of the dollar and the U.S. Treasury.
No there is no reason to believe we will avoid the inevitable but it will give Barney Frank and Dodd cover and it will give me time to get what is left of my money out ot the country
)
Only one third of the upper chamber is up for re-election this year. I can't wait to see the vote differences between the 33 and the 66.
CA, NV, AZ, UT, FL, WA. NY, PA, OH have no races.
They say sausages and legislation are two things you DO NOT want to see made
PDX Renter
Is Barney Frank a sausage or a hot dog?
Please read squirrel recipes. They are more relevant now.
"For God's sake, support your son, woman."
Hank's a good boy, I just prefer that if he's going to use $700B (or more) of taxpayer money, that he doesn't just "gift" it to whatever institutions he deems fit. He has said that capitalizing the financial institutions comes first, and taxpayer protections come second. The current bill is full of loopholes in order to fulfill that mission.
Henry Sr. and I raised him better than that. I think that those friends of his at Goldman Sachs changed him. I never did like those boys...
It is all about tugging on heart strings now, not the fundamentals of the bill.
Is Barney Frank a sausage or a hot dog?
Elvis
Must_remember_this_is_a_PG_ blog.
OT (if there is such a thing now):
Has anybody here had any luck buying physical gold or silver? Lower spot prices notwithstanding, the physical market seems bare as old Mother Hubbard's cupboard.
Trichet supposedly wants an internationally controlled cashless society. The 'cashless' will be the masses of pauperized debt insolvent consumers.
This 'system' can't afford to have a middle class! It's haves and have nots. We'll have to become want nots.
THEY will hafta repossess the STUFF.
It is all about tugging on heart strings now, not the fundamentals of the bill.
Ministry of Truth
Has it ever been about the fundamentals with the current administration?
We won't say how Barney makes doughnuts.
Ot-CarMax to cut more than 600 jobs...
ticker...
3 Chevy dealers closed in bay area last night alone..
my dealer clients are so scared, I'm about to buy a videocamera, go down to a couple dealerships, film the horror, depair, screaming and shock.
Then see if I can sell it to some studio..need a title
Big Egos, little cash
Scary Dealer
One dealer to live...
Take the overpriced STUFF back. BIG DEAL! You know this PLAY might backfire.
MN Senator Coleman intends to vote for the bailout, press release here:
http://coleman.senate.gov/public/
"In a time of crisis, leadership and statesmanship are essential. I intend to vote in favor of the bipartisan financial stabilization package."
Norm, I'm fiscally conservative and tend to vote Republican. You just lost my vote in November. And you are running against freakin' Al Franken ! Sad.
Comrades,
I make sausage. Trust me it's prettier than this.
May need to make a squirrel sausage recipe.
Nostrovia,
Then see if I can sell it to some studio..need a title
Big Egos, little cash
Scary Dealer
One dealer to live...
cd
The Night of the Living Dead
The word "shaft" really ought to appear more often in this bill, IMO.
"In a time of crisis, leadership and statesmanship are essential."
So are rational, reasonable choices and decisions.
I need about 100 wooden arrow shafts right now.
SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN WOODEN ARROWS DESIGNED FOR USE BY CHILDREN.
Well, thank God. We are saved.
"For God's sake, support your son, woman."
One last thing, Hank's boss, what's that guys name, Mr. Bush, let's have less of him on TV talking up the "No Banker Left Behind" bill. The things he says about it seem so silly. I'll be glad when Hank gets another job.
Wow, somebody is in the pocket of the very large and very corrupt children's bow and arrow and accessories lobby.
Comrade Misean,
Did I ever tell you we have a quasi-pet squirrel? He's been coming to our patio for nuts for 7 years now, and for the last 5 has entertained our shepherd. We even named him. I can appreciate the recipe jokes, but it'd be a hard day indeed when I'd ever partake myself.
What can we do? The vote is going to be 99-1.
anyone recommend a good entry price for DBE?
I'll say that again "huh?"...
If this thing gets pased, DOW up 500 and within 2 years we will have the greatest depression ever!
No question. US money is just paper play money to these people. They have no concept of value.
Oh well, stock up on it, we can use that and the phone book for toilet paper.
Good O'Niell rant:
Oct. 1 (Bloomberg) -- Former U.S. Treasury Secretary Paul O'Neill said the $700 billion bank-rescue proposal under negotiation in Washington is crazy,'' with potentiallyawful'' consequences for the world's largest economy.
Paulson Bank Rescue Proposal Is `Crazy,' O'Neill Says (Update1) - Bloomberg.com
I hate politics. Take a crappy bill sponsored by the Banking & Wall Street lobbyists, and then vote on it.
Not enough "YEA" votes?
Add a enough Christmas tree ornaments to buy out a handful of NO votes until passage is assured.
Be sure to tell the sheeple how you saved America whether they know it or not.
Okay, pitchforks for the citizens and arrows for the children then.
Senator Johnny thinks we are are going to some big money buying this trash. Maybe Johnny can personally insure some of it if he gets a share of the profits?
Does anybody think that we have some sort of agreement in place with China & Japan, to continue buying our treasuries, so the dollar doesn't collapse?
News item.
Buffett buys 3 billion perpetual preferred stock from GE. Good deal.
Wooden shafts.
Apt.
I want to be the first to buy subsidized wooden arrows.
Wow, what happened to "at least 24 hours for citizens to review and consider the bill"?
I know; that was the People's House, not the Senate.
Thank God deficits don't matter.
I'm thinking of loading up on GLD calls short term. If the bailout passes, PMs should soar from incipient hyperinflation. OTOH, if the bailout fails, PMs should jump due to the expected instability. Thoughts?
ew post
If this bill passes it will be great. I can't even begin to imagine how it will stimulate the economy. I fully expect sales of wooden arrows around the U.S. to skyrocket, single-handedly rescuing retailers from certain recession at Christmas.
Everybody has to give Hank and George and the Congress props. Pure Genius.
I like the arrow shaft provision (other than its obvious pun value) in that it will not sink the economy.
Senator Wyden (D-Or) appears to be the originator of the bill in the Senate.
S. 3055 [110th]: A bill to amend the Internal Revenue Code of 1986 to modify the rate of the excise tax on certain... (GovTrack.us)
I don't know what is scarier....the state of the U.S. economy and Govt, or the fact that on the entire planet, there isn't anyplace much better....hence the argument for the strengthening dollar.
No where to run.
I believe early evening votes are the best time to vote. You can then get home or go out and eat dinner at a reasonable time.
Comrade Bear,
Is there any reason to be worried about Gold?
It seems to me to be a no-brainer, but I'm not sure what to expect anymore from these so-called "leaders" and what they have planned next.
Scary when socialist Bernie Sanders is one of the few friends of the US taxpayer. I just called his office and he is NOT voting for this garbage.
Can we pass a bill where congress must learn free market economics 101 taught by Ron Paul. We are screwed esp. now that AAA GE is borrowing money at 10%. 10% is the new risk free private rate.
WHAT IS THIS COUNTRY????
There is ONE company that is probably the market leader in a product category that uses those wooden shafts, and this big company will help bankroll the senator who gets them this exemption. It's just another stupid earmark!!!
This is the opportunity for a political revolution! Someone's gotta run this through the media. Earmarks have existed forever but THIS BILL is the opportunity to pounce on this Bulls*** !!
Anyone know if there are carryback provisions for the homebuilders that are getting snuck into this bill? I think it was this past summer that they were trying to get those loss provisions passed on something else but failed.
Now that they are protecting the arrows from taxes, this would seem an opportune time to put the carrybacks back in. I can't find any indication that they are included though.
Call these Senators -
Bailout' 'No' Senators
Senator Bunning: 202-224-4343 (voice)
'Bailout' 'Unsure' Senators
Senator Casey : 202-224-6324 (voice)
Senator Grassley: 202-224-3744 (voice)
Senator Milkulski: 202-224-4654 (voice)
Senator Inouye : 202-224-3934 (voice)
'Bailout' 'Yes' Senators
Senator Burr: 202-224-3154 (voice)
Senator Nelson: 202-224-5274 (voice)
Comrades,
This bill needs the word hoopajoop in every sentence.
Comrade Bear,
Yeah, had same when I was a kid.
Nostrovia,
At least it now explicitly includes us getting the shaft.
She heard the taxpayers loud and clear and is voting yes?
This is just like the story of the Scorpion and the Frog
And legislators wonder why we hate them so much.
http://www.staginternational.net/archery1.html
tis nobler in the mind to suffer the slings and arrows of outrageous fortune
Damn you lama, I almost made it with my "I knew we'd get the shaft from this bill".
Mikulski just on floor, says she's voting Yes.
Is Barney Frank a sausage or a hot dog?
don't know, but he probably "uses" both
maybe this?
Rose City Archery
When Mish finds out who it is, someone on capitol hill getting an arrow up their kuchi
O'neil, Mish, Roubini, Jim Rogers, Krugman.
All of them line up with the bow and arrow. Sentors, please stand up with an apple on your heads.
Gary,
Sorry, I should get back to work now anyway.
Comrade TJ,
what about dgp-double long gold..
any thoughts..been watching it today and it's moving like a yo yo..closer now to low though..
Also: not a recomendation but I've been playing SIL a little at it's low price...They are about 100% on the largest silver mine in the world plus just got results back on a test core drilling on partner mine and it looks rich....
problem is in bolivia and hedges...
cheers...
Can someone please show me where the Senate bill authorizes mark-to-market, and where this same provision was NOT in the House bill?
alba, sec 132 Authorization to suspend mark-to-market accounting
Senator Barbara Boxer is still undecided. Her office number in DC is 202-224-3553.
As we say in California, Have a Nice Day!
So many shafts being sold in this bill.
Congress.org - Get informed, get involved - it's not too late!
And in both cases, the House and Senate appeared to have ammended this new legislation to unrelated bills already introduced in 2007. The House bill available to the public excluded the initial part of the bill, whereas the Senate bill on wsj includes old crap from the 2007 version.
Also, start calling your House reps again -
Congress.org - Get informed, get involved
mykillk,
I see that in both versions, with the exact same text , starting on the exact same page, pg88.
alba writes:
Can someone please show me where the Senate bill authorizes mark-to-market, and where this same provision was NOT in the House bill?
alba | 10.01.08 - 3:39 pm | #
18 SEC. 132. AUTHORITY TO SUSPEND MARK-TO-MARKET AC19
COUNTING.
20 (a) AUTHORITY.The Securities and Exchange Commission shall have the authority under the securities laws
(as such term is defined in section 3(a)(47) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(47)) to suspend, by rule, regulation, or order, the application of Statement Number of the Financial AccountingStandards Board for any issuer (as such term is defined
in section 3(a)(8) of such Act) or with respect to any class or category of transaction if the Commission determines that is necessary or appropriate in the public interest and
is consistent with the protection of investors.
(b) SAVINGS PROVISION.Nothing in subsection (a) shall be construed to restrict or limit any authority of the
Securities and Exchange Commission under securities laws as in effect on the date of enactment of this Act.
Sorry (in advance) for those of you who pay taxes in the US
P.S : Sorry also for your children, their children, and the children of their children...
Are these melamine-laced shafts from China, by any chance?
BubbleBobble,
Same response: that is what I see in the House Bill on the same page.
I've been hearing all day long, and on CR, that M2M makes a difference. IF it were in the original bill, Reps would have voted for it. It appears to me that it was there.
So again, since we get a new toaster (FDIC changes nobody is against) in the new version, everybody's now cool with it!?!?
Alba--they hijacked pre-existing bills because that allowed them to avoid a lot of parliamentary maneuvers that could have slowed down the bill had it been a new bill.
There are 35 seats up (because of special elections in MS and WY). Only about a dozen are remotely competitive.
Expect an 80-20 or so vote.
mykillk writes:
alba, sec 132 Authorization to suspend mark-to-market accounting
Just what we need less certianty...go figure
Andrew,
That is my point. Talk about wood shafts and child tax credits are provisions of the HR 1442, but NOT the current ammendment being voted on.
I tried to get through to Boxer. Mailbox is full, no one will answer the phone in person. You just get hung up in the loop.
Nice.
Two days ago, it was your duty as an American to contact your representative. And now, its just a joke to talk about non-entities in the PREVIOUS bill, or to feel your stand was worth the new toaster.
emailed boxer through congress.org yet again
no bailout, please (though I fear it is too late - the people are weak, and they have turtled under as expected)
If Congress doesn't answer, call state/local officials and tell them to talk up -they will. Your local dem / gop party reps will do the same. They do not want to lose your votes.
The Democratic Party -big map with local offices
same map thing with gop:
RNC: Republican National Committee | GOP
On an early Paulson thread, somebody jokingly had Bush making an argument for the plan: 1) Something must be done; 2) This bill is something; 3) Therefore we must pass this bill.
It was funny at the time; but frighteningly, I have heard a number of commentators on radio and TV make essentially this same argument: that they really don't have any idea about what this particular bill contains or will do, but something needs to pass, so Congress must pass this bill STAT.
I was saddened to have comedy reappear so quickly in the guise of reasoned argument, when I am already in waiting for its final, upcoming appearance as tragedy.
Shafted again-->
Someone needs an exemption from the shaft.
If you look farther down that section of tax breaks, there's also a break for Exxon on the Valdez settlement.
Jeez. It seems more like something to sabotage the bill than a real proposal.
it allows the latex shaft. nice...
what about the bow...strap or no strap?
it really does figure... everything is synthetic these days
correction: Senate Bill HR 1424
U.S. Senate: Legislation & Records Home > Active Legislation
Meanwhile, back in Old Europe..
"France plans to propose a $300 billion plan to bail out European banks on Saturday"
So, why wouldn't US politicians now decide to play a game of chicken here; no vote on the US giveaway until they see how much the Europeans are giving away?
Why is the Senate voting first this time? This seems unusual to me....are there precedents? Seems to me they want to really put the screw to the House
Senator Boxer's office phone numbers:
Washington D.C.(202) 224-3553
San Francisco (415) 403-0100
Los Angeles (213) 894-5000
Sacramento (916) 448-2787
San Diego (619) 239-3884
Fresno (559) 497-5109
San Bernardino (909) 888-8525
"I've shot a arrow from my house and killed a Moose".........1st Dude Todd Palin "FUCKIN A.....Mmmmmmm Mooseburgers"
Methinks this shaft description hides the true benefactors of the bill, the corn dog industry.
That wooden arrows thing is a pisstake, right?
Don't have time to read the thread, but let's not call it the bailout bill, let's call it the little wooden arrow bill.
Straight down deep into our hearts.
This is an important question, I'd much appreciate an answer: The Senate is using H.R. 1424 as a vehicle for the bailout bill. Since this bill already passed the House, doesn't that mean the Senate can basically pass the bailout bill by themselves?
in case anyone cares, here is my email to Congressman Van Hollen..
"Though I know as a part of the Democratic leadership you will for for the Paulson bailout, I would still urge you to vote against it.
Just so you know, I am a Wharton MBA, a CFA, and have been in the investment management business for 21 years.
This is a bad idea in very many ways. On the surface, it is the same people who refused to see this coming over the past two years who now tell you to trust them, they know what they are doing. It's a load of crap.
Here's what you should do: you represent one of the smartest constituencies in the country. Get 5 or 10 constituents who actually really understand what needs to be done, sit down in a room for 2 hours, and hear what they say.
The market is like a screaming child who wants some candy before dinner. You should ignore it, take your time, and figure out what is best.
Don't get me wrong, there are NO GOOD ANSWERS other than time and a lot of pain. And there will be consequences for years to come. But this plan will make it worse than it has to be."
As an NPR listener said, perhaps an important modidification would have been to change the 700 bil. to 698... it seems the number 7 is bad luck for this bill (DJIA drop was 777 on Monday)
Hmmm, interesting! This provision explains everything!
mykillk,
If senate passes the House bill, it goes to conference committee to address differences between original house bill and current senate bill. The conference committee compromise, which can add and subtract items that were not in either version, is what will get the final vote in both chambers.
Remember REAL ID--shot down in both houses, added in an appropriations conference bill (IIRC) by a staffer, and got passed by the back door.
Fraud Guy: I see. So the Bill will definitely have another vote in the House? So sounds the Senate passes this "amendment" and is presented to the House tomorrow for a full vote
Well, we had a republic for 2 days.
mykillk:
It has to go to conference committee first, though they may only do a pro forma one, or they may go through a full blown rewrite with what they really want there.
the house on fire analogy is flawed...
if you live in a shack, your neighbor live's in a castle, never shares 'the wealth' parties non-stop, live's large, etc...
your probably not inclined to help put out the fire.
lawyeriz, all you need to know is that you were duped into thinking there was a Republic for 2 days.
CR,
I heard the arrow thing came for the Central Planning Committee which reports to Paulson. They said it was essential to stabilize the world markets.
Infinite patience--anyone who can read through Tanta's missives should have no problem.
All the earmarks in the bill just go to show how FOCUSED lawmakers are on the task at hand.
Hey, just heard the same story about the wooden shafts on NPR's Marketplace... CR, congrats on getting the scoop!
Native American's get all the benefits.
Comrade Probert wrote:
"There is ONE company that is probably the market leader in a product category that uses those wooden shafts, and this big company will help bankroll the senator who gets them this exemption. It's just another stupid earmark!!!"
Isn't it the telltale sign of an absolute decline of our country? Even when auto sales decline by 30%+ (!!!), manufacturing sector contract, credit is so tight that businesses can't even roll over CP to finance their day-to-day operations, that the BASTARDS in Congress have to be bought with tax cuts goodies to pass a (awful but now necessary) bill that almost everyone considers crucial, if only to calm the credit markets for a while??
And don't get me started on the value of this plan. It sucks to no end, ignore basic principles and previous history of how to rescue a financial sector going bust. It IS a giveaway, no matter the amount of spin and BS thrown at it.
If you link to the full text at public markup:
PublicMarkup.org - Senate Emergency Economic Stabilization Act of 2008
not only to you get clean, fast loading HTML instead of slow and crash-prone PDF,
You get to add your comments to the bill and, hopefully -- a big hope, I grant -- improve it!
I believe "festooned" is the word you're looking for here...
That was for some tool congressman from Oregon....
What about the WOOL STUDY....!!!???
Boxer voted YES and is up for
re-election in 2010.....she's done!!!!
That was supposed to read
POLITICAL VOMIT BILL!!!!!