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October 3, 2008

House passes bailout plan

The House of Representatives voted 263-171 today to pass the Senate’s version of the $700 billion bailout bill, a plan some evangelicals told me they cautiously support.

The House voted against the plan on Monday, creating a steep decline in the markets. The Senate sweetened the deal, adding $150 billion in tax breaks and increased Federal Deposit Insurance Corporation coverage from $100,000 to $250,000. The bill would also bill would curb executive pay, provide relief from the Alternative Minimum Tax for another year, and set up oversight committees.

Update: President Bush signed the bailout bill.

Comments

It is really sad that this bill got through the house and senate. It is a good demonstration that Washington loves to add pork to sweeten a dangerous and foolish plan. Now I, because of their vote, have to bail out these investment bankers because they flirted too much with the market.

They should have just set up a donation fund and those people who wanted to bail out wall street could donate their own money. But with this bill, they are forcing me to give money to those who were too risky and now have to pay the penalty.

It is like my brother said: "It is like me going to the casino, taking on way more risk than I can afford and then asking people throughout the country to give me some money via the government. After I lose $20 million on slot machines." It just foolishness all around. This is just another plan to increase the size of the government at the cost of the American people. I am truly disappointed.

Yes, Wall Streeters are full of greed and hubris, overleveraging and overvaluing. But they could not have gotten us here by themselves. It was LBJ spinning Fannie Mae and Freddie Mac off federal balance sheet (this is exactly what sent the Enron executives to prison). It was Alan Greenspan's easy monetary policy, creating a technology bubble and then a housing bubble. It was Secretary of HUD Andrew Cuomo, pushing Fannie & Freddie to make loans to borrowers who did not need to prove income or provide downpayment. And it was the government chartered ratings agencies charged with credit oversight, who rated junk as AAA. We could not have come to these straits without the leadership of government.

Adam Smith, Karl Marx and Milton Friedman are all turning in their graves. One with grimace, another a smile, and the third with a frown for his shortsighted heirs.

Great video http://www.youtube.com/watch?v=mYnfhFlS6U8 it really gets to the point. Don't let the lines keep you away it's your future. Besides most states because of the expected high voter turn out everyone can vote absentee. You don't even have to leave you house the there is no excuse.

Does this get to the heart of what went wrong? http://asbojesus.wordpress.com/2008/10/03/562/

Palin is only doing what is best, she thinks, for the campaign. I have more of a problem with John McCain. His family is involved in liquor distribution. Am I the only one who sees this? Cindy McCain's family business is like the 8th largest beer distributor in the US. We need to rethink where peoples values really are. I don't think McCain's values represent my values. Plus, he divorced his first wife. Does Sarah Palin actually speak in tongues or not? I would like to know.