IS the United States Senate going to approve the “bailout” bill House of Representatives just voted “no” on? A sharp rebuke of a Yahoo politics article.
** Please read the enclosed article posted on Yahoo just hours ago. **
Black ink = Main Stream Media original article.
Red ink = Americans, True Patriots and We the People….
WASHINGTON – In a bold bid to revive President Bush’s multibillion-dollar financial rescue plan, Senate leaders scheduled a vote for Wednesday night on a version of the bill that adds substantial tax cuts meant to appeal to Republicans when it reaches the House.
Why would the Senate take it upon itself to revive the Bush bailout? Do they not “get it”? The American people do NOT want a “bail out” a “rescue” or any other government regulation in the matter. Let the markets work themselves out.
The goal is to net at least 12 more House votes than the rescue proposal received Monday, when lawmakers rocked the political and financial worlds by rejecting it.
Utah Senator Bob Bennett said this, “We must act urgently so Americans will be able to collect their paychecks, operate their small businesses and get mortgages and student loans.” That’s Senate pigeon slang for – “We must keep American citizens in debt.”
The gambit is certain to anger some conservative House Democrats, who object to tax cuts that are not offset with spending cuts. But Senate strategists assume it will gain more House votes than it will lose.
Call your Senator and make sure he/she does NOT allow the bailout plan to pass. How about less government regulation AND both tax cuts and spending cuts?
If so, Congress would be poised to pass landmark legislation giving the government billions of dollars to buy deeply discounted mortgage-backed securities that are choking off credit and roiling the markets.
If passed, the American dollar will deteriorate even MORE rapidly.
The strategy is risky because some House members might see it as a high-handed move by senators. Senate passage of a bailout measure has seemed assured all along. The showdown is in the House, but now the Senate is trying to force the House’s hand.
If YOUR Senator votes for the “bail out”, give him/her a piece of your mind.
Sen. Charles Schumer, D-N.Y., called it “a brilliant move” that will “help pick up votes on both sides of the aisle.”
Brilliant is the Senate and Congress allowing the Federal Reserve private bank to get us into this mess in the first place.
House Speaker Nancy Pelosi’s reaction was much cooler. “The Senate has made a decision about how to proceed and what can pass that body,” the California Democrat said. “The Senate will vote tomorrow night, and the Congress will work its will.”
What makes Nancy Pelosi so sure?
The new approach, announced Tuesday night by Senate Majority Leader Harry Reid, D-Nev., and Minority Leader Mitch McConnell, R-Ky., would tack large and contentious tax measures to the bailout bill. Senate leaders figure the House will have to approve it because the tax cuts are too appealing to Republicans and the financial rescue plan will still seem essential to most Democrats.
“Tax cuts are too appealing.” These yahoo’s are incredible. The financial rescue plan is nothing more than BULL HONKEY CRAP.
The Senate approach uses big, game-changing amendments. House leaders earlier were considering the smallest possible tweaks to the bill in hopes of picking up 12 more votes.
“Tweak?” How do you tweak a financial system that doesn’t work? Question 1 – Why does our government choose to borrow money from private banks (The Federal Reserve) at interest when government could create all the interest free money it needs, itself?
The Senate bill would raise federal deposit insurance limits to $250,000 from $100,000, as called for presidential nominees Barack Obama and John McCain only hours earlier.
$100,000 – $250,000 – who cares when it gets inflated so bad that it’s virtually worthless anyway.
House Minority Leader John Boehner, R-Ohio, praised the move, but many Democrats had signaled approval as well.
John Boehner is on the chopping block.
McCain, Obama and Sen. Joe Biden of Delaware, the Democratic vice presidential nominee, signaled plans to return to Washington for the Wednesday night vote. If Obama and Biden vote for the measure, it would make it more difficult for Pelosi and other Democrats to reject or change the Senate measure.
Wonderful! The Republocrats continue the musical chairs.
The Senate measure will graft the bailout language to a tax bill it approved last week, on a 93-2 vote. It includes: a provision to prevent more than 20 million middle-class taxpayers from feeling the bite of the alternative minimum tax, $8 billion in tax relief for those hit by natural disasters in the Midwest, Texas and Louisiana and some $78 billion in renewable energy incentives and extensions of expiring tax breaks.
What exactly does that mean, “a provision to prevent more than 20 million middle class taxpayers from feeling the bite” ? When gas is $4 + , and grocery prices are skyrocketing…. GEEZ… we feel inflation. We feel market manipulation!
In a compromise worked out with Republicans, the bill does not pay for the AMT and disaster provisions but does have revenue offsets for part of the energy and extension measures.
That’s a compromise?
That wasn’t enough earlier this year for the House, which insisted that there be complete offsets for the energy and extension part of the package.
If that wasn’t enough earlier, why should it be enough now?
The Senate version also may include a measure to require health plans for 51 or more employees to give equal treatment to mental health or addiction if they cover such illnesses. The House and Senate have passed similar mental health parity measures, but none has gone to Bush for his signature.
Isn’t that between the insurance contract and the purchaser of that insurance contract?
The surprise move capped a day in which supporters of the imperiled economic rescue fought to bring it back to life, courting reluctant lawmakers with a variety of other sweeteners including the plan to reassure Americans their bank deposits are safe.
Bank deposits are safe. That’s funny. Fake money is never safe.
Wall Street, at least, regained hope. The Dow Jones industrials rose 485 points, one day after a record 778-point plunge following the House vote.
Puppets and puppeteers.
Amid Tuesday’s negotiations, Federal Deposit Insurance Corp. chairman Sheila Bair asked Congress for temporary authority to raise the limit on deposits by an unspecified amount. That could help ease a crisis of confidence in the banking system, Bair said.
The crisis of confidence is due to the fact that Americans are sick and tired of the status quo. Americans want peace, freedom and prosperity… without government intervention.
She said the overwhelming majority of banks remain sound but an increase in the cap would help ease a crisis of confidence in the banking system as well as encourage banks to begin more lending.
Ha Ha Ha! The overwhelming majority of banks remain sound. What a crock! Did she get that from WaMu?
Monday’s House vote was a stinging setback to leaders of both parties and to Bush. The administration’s proposal, still the heart of the legislation under consideration, would allow the government to buy bad mortgages and other deficient assets held by troubled financial institutions. If successful, advocates of the plan believe, that would help lift a major weight off the already sputtering national economy.
Let the markets sort themselves out. More intervention will lead to more tyranny!
Bush renewed his efforts to save the bailout plan Tuesday, speaking with McCain and Obama and making another statement from the White House. “Congress must act,” he declared.
The House DID act. They said, “NO”. Get it? “NO!”
Though stock prices rose, more attention was on credit markets. A key rate that banks charge each other shot higher, further evidence of a tightening of credit availability.
The rescue package was Topic A on the presidential campaign trail.
“The first thing I would do is say, ‘Let’s not call it a bailout. Let’s call it a rescue,’” McCain told CNN. He said, “Americans are frightened right now” and political leaders must give them an immediate solution and a longer-term approach to the problem.
Let’s call it a rescue? A rescue of whom Mr. McCain? And, here’s an even better question – why do we need a “rescue” in the first place?
Obama issued a statement saying that significantly increasing federal deposit insurance would help small businesses and make the U.S. banking system more secure as well as restore public confidence.
The statement reads, “Dear Americans, why don’t you trust us?”
So here’s the question: Should the Senate now “approve” the “Bail Out – Rescue” Bill?
[poll id="6"]
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