Wednesday, October 1, 2008

Senate Back dooring the Bailout Bill


The Senate is set to vote later today on the new “rescue plan/bailout bill” (or whatever one wants to call it). This thing is a doozy.

Despite assurance by New York Senator Chuck Schumer that it wouldn’t be “christmas tree’d” (adding all kinds of unrelated things to pretty it up) that’s exactly what looks to be happening.

This bill, which has to be attached to a current energy bill for procedural reasons - in this case an alternative energy measure - not only includes increases in caps on FDIC insurance, but also other stalled measures such as tax break extenders, patches to the AMT and tax credits for those impacted by natural disasters.

There is also discussion in the House about their new/changed bill, which may include a $1,000 stimulus check for those under specific incomes. Remember that the Senate’s stimulus plan failed last week, but looks like it may be reborn.

The “bailout bill” may end up passing this week, but it’s going to look less like a financial guarantee package and more like a “what old, stalled legislation can I stuff into the bill” bill.

Total bill is now 406 pages. Will add more detail later.

At its heart the Bill remains the same — a plan to allow the US Government to spend $700 billion to buy up the financial sector's toxic, mortgage related assets

The Senate is trying to back door the same bailout bill that those courageous House members defeated!

Call your Senator and say ," NO BAILOUT, WORKOUT ONLY

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