The "bailout" (yes, bailout is in the title, not federal intervention) package adds new provisions - including raising the FDIC insurance cap. Democratic sources told CNN that they expect bipartisan support. The Senate plans to vote on the $700 billion bank rescue plan Wednesday evening - two days after the House failed to pass it.The bill adds new provisions - including raising the FDIC insurance cap from $100,000 to $250,000
read more | digg story
Tuesday, September 30, 2008
Can the African-American community put Barack Obama over the top?
Michelle Obama during an interview Tuesday on the Michael Baisden Show, said an increase of 2.5 percentage points could win Barack Obama the election.
She asked everyone to ask people they know if they are registered to vote--mom, dad, uncle and cousin.
Realizing it is sometimes harder to motivate your own family, Michelle asked us to think of ourselves as a community and not as an individual. She said don't let small differences hold us back.
VoteforChange.com is an excellent way to find out if you are still registered to vote, how to vote early--which is promoted by the Obama campaign--and register or re-register to vote in your state, to put Barack over the top.
It is my suggestion that anyone who cares should take this and subsequent weekends, to volunteer at their local Barack Obama for President campaign office. It's not so bad! You meet new people and have a reason to walk around and talk to people in your community. You'll be surprised at what you learn and you'll be helping Barack win the election.
Let's turn Red states Blue, turn Blue states Bluer. Vote for Barack, vote for Change.
She asked everyone to ask people they know if they are registered to vote--mom, dad, uncle and cousin.
Realizing it is sometimes harder to motivate your own family, Michelle asked us to think of ourselves as a community and not as an individual. She said don't let small differences hold us back.
VoteforChange.com is an excellent way to find out if you are still registered to vote, how to vote early--which is promoted by the Obama campaign--and register or re-register to vote in your state, to put Barack over the top.
It is my suggestion that anyone who cares should take this and subsequent weekends, to volunteer at their local Barack Obama for President campaign office. It's not so bad! You meet new people and have a reason to walk around and talk to people in your community. You'll be surprised at what you learn and you'll be helping Barack win the election.
Let's turn Red states Blue, turn Blue states Bluer. Vote for Barack, vote for Change.
Nose cutting, face spiting, foot shooting: Obama's way is better
Imadeamesss.com-The House's failure to pass a $700 billion financial intervention bill Monday not only held back billions for Wall Street, but also was a major blow to Sen. John McCain's presidential campaign, according to a report by CNN.com.
It said McCain raised the stakes for himself when he suspended his campaign and raced off to Capital Hill with the bill ultimately failing--effectively shooting himself in the foot twice.
Equally as unhelpful is the idea that Speaker of the House, Nancy Pelosi (D-San Fransisco) is to be blamed.
Seriously?
As pointed out by Presidential Candidate Barack Obama--who is seen as a stabilizing force voters can depend on during the turbulence created by the economy and McCain--Washington politics as usually is more likely the culprit.
Excerpts from Obama's campaign speech Tuesday in Nevada points out more of the truth.
"Over one trillion dollars of wealth was lost by the time the markets closed on Monday. And it was not just the wealth of a few CEOs or Wall Street executives. The 401Ks and retirement accounts that millions count on for their family’s future are now smaller. The state pension funds of teachers and government employees lost billions upon billions of dollars. Hardworking Americans who invested their nest egg to watch it grow are now watching it disappear.
But while the decline of the stock market is devastating, the consequences of the credit crisis that caused it will be even worse if we do not act and act immediately.
Because of the housing crisis, we are now in a very dangerous situation where financial institutions across this country are afraid to lend money. If all that meant was the failure of a few big banks on Wall Street, it would be one thing.
But that’s not what it means. What it means is that if we do not act, it will be harder for you to get a mortgage for your home or the loans you need to buy a car or send your children to college. What it means is that businesses won’t be able to get the loans they need to open new factories, or hire more workers, or make payroll for the workers they have. What it means is that thousands of businesses could close. Millions of jobs could be lost. A long and painful recession could follow.
Let me be perfectly clear. The fact that we are in this mess is an outrage. It’s an outrage because we did not get here by accident. This was not a normal part of the business cycle. This was not the actions of a few bad apples.
This financial crisis is a direct result of the greed and irresponsibility that has dominated Washington and Wall Street for years. It’s the result of speculators who gamed the system, regulators who looked the other way, and lobbyists who bought their way into our government. It’s the result of an economic philosophy that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else; a philosophy that views even the most common-sense regulations as unwise and unnecessary. And this economic catastrophe is the final verdict on this failed philosophy – a philosophy that we cannot afford to continue."
Obama spoke to a crowd at University of Nevada, Reno laying out a point-by point plan on how he'd shore up America's economy and how House Resolution 3997 can help.
"All of us have a responsibility to solve this crisis. We'll punish the arsonist later but put the fire out for now," he said.
He was speaking to students at University of Nevada, Reno reminding them that what is done today by lawmakers can affect their future job market. However, intending to alleviate anxiety, he reminded them of America's resilience and recounted the improvements made to the bi-partisan bill, an example of his skills set.
Obama also said any profits from investing in mortgage backed securities will go to the taxpayer and to pay down the national debt. He said a fee structure will be instituted so that another rescue package will not be needed. He also pledged to modernize outdated financial regulations--a point he has been making since March.
"I spend most of my time in Washington being skeptical of this administration. Now is no different," he said.
But in spite of his skepticism, Obama spoke with President Bush Tuesday morning to discuss the economic bailout bill, according to CNN.
The two spoke about the need to push for a package that Congress can agree on.
Obama also raised his proposal to raise the amount of money the government insures in bank accounts from $100,000 to $250,000.
###
It said McCain raised the stakes for himself when he suspended his campaign and raced off to Capital Hill with the bill ultimately failing--effectively shooting himself in the foot twice.
Equally as unhelpful is the idea that Speaker of the House, Nancy Pelosi (D-San Fransisco) is to be blamed.
Seriously?
As pointed out by Presidential Candidate Barack Obama--who is seen as a stabilizing force voters can depend on during the turbulence created by the economy and McCain--Washington politics as usually is more likely the culprit.
Excerpts from Obama's campaign speech Tuesday in Nevada points out more of the truth.
"Over one trillion dollars of wealth was lost by the time the markets closed on Monday. And it was not just the wealth of a few CEOs or Wall Street executives. The 401Ks and retirement accounts that millions count on for their family’s future are now smaller. The state pension funds of teachers and government employees lost billions upon billions of dollars. Hardworking Americans who invested their nest egg to watch it grow are now watching it disappear.
But while the decline of the stock market is devastating, the consequences of the credit crisis that caused it will be even worse if we do not act and act immediately.
Because of the housing crisis, we are now in a very dangerous situation where financial institutions across this country are afraid to lend money. If all that meant was the failure of a few big banks on Wall Street, it would be one thing.
But that’s not what it means. What it means is that if we do not act, it will be harder for you to get a mortgage for your home or the loans you need to buy a car or send your children to college. What it means is that businesses won’t be able to get the loans they need to open new factories, or hire more workers, or make payroll for the workers they have. What it means is that thousands of businesses could close. Millions of jobs could be lost. A long and painful recession could follow.
Let me be perfectly clear. The fact that we are in this mess is an outrage. It’s an outrage because we did not get here by accident. This was not a normal part of the business cycle. This was not the actions of a few bad apples.
This financial crisis is a direct result of the greed and irresponsibility that has dominated Washington and Wall Street for years. It’s the result of speculators who gamed the system, regulators who looked the other way, and lobbyists who bought their way into our government. It’s the result of an economic philosophy that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else; a philosophy that views even the most common-sense regulations as unwise and unnecessary. And this economic catastrophe is the final verdict on this failed philosophy – a philosophy that we cannot afford to continue."
Obama spoke to a crowd at University of Nevada, Reno laying out a point-by point plan on how he'd shore up America's economy and how House Resolution 3997 can help.
"All of us have a responsibility to solve this crisis. We'll punish the arsonist later but put the fire out for now," he said.
He was speaking to students at University of Nevada, Reno reminding them that what is done today by lawmakers can affect their future job market. However, intending to alleviate anxiety, he reminded them of America's resilience and recounted the improvements made to the bi-partisan bill, an example of his skills set.
Obama also said any profits from investing in mortgage backed securities will go to the taxpayer and to pay down the national debt. He said a fee structure will be instituted so that another rescue package will not be needed. He also pledged to modernize outdated financial regulations--a point he has been making since March.
"I spend most of my time in Washington being skeptical of this administration. Now is no different," he said.
But in spite of his skepticism, Obama spoke with President Bush Tuesday morning to discuss the economic bailout bill, according to CNN.
The two spoke about the need to push for a package that Congress can agree on.
Obama also raised his proposal to raise the amount of money the government insures in bank accounts from $100,000 to $250,000.
###
Obama proposes lift in FDIC cap to help small businesses
Yesterday, within the course of a few hours, the failure to pass the economic rescue plan in Washington led to the single largest decline of the stock market in two decades.
While I, like others, am outraged that the reign of irresponsibility on Wall Street and in Washington has created the current crisis, I also know that continued inaction in the face of the gathering storm in our financial markets would be catastrophic for our economy and our families.
At this moment, when the jobs, retirement savings, and economic security of all Americans hang in the balance, it is imperative that all of us – Democrats and Republicans alike – come together to meet this crisis.
The bill rejected yesterday was a marked improvement over the original blank check proposed by the Bush Administration. It included restraints on CEO pay, protections for homeowners, strict oversight as to how the money is spent, and an assurance that taxpayers will recover their money once the economy recovers. Given the progress we have made, I believe we are unlikely to succeed if we start from scratch or reopen negotiations about the core elements of the agreement. But in order to pass this plan, we must do more.
One step we could take to potentially broaden support for the legislation and shore up our economy would be to expand federal deposit insurance for families and small businesses across America who have invested their money in our banks.
The majority of American families should rest assured that the deposits they have in our banks are safe. Thanks to measures put in place during the Great Depression, deposits of up to $100,000 are guaranteed by the federal government.
While that guarantee is more than adequate for most families, it is insufficient for many small businesses that maintain bank accounts to meet their payroll, buy their supplies, and invest in expanding and creating jobs. The current insurance limit of $100,000 was set 28 years ago and has not been adjusted for inflation.
That is why today, I am proposing that we also raise the FDIC limit to $250,000 as part of the economic rescue package – a step that would boost small businesses, make our banking system more secure, and help restore public confidence in our financial system.
I will be talking to leaders and members of Congress later today to offer this idea and urge them to act without delay to pass a rescue plan.
While I, like others, am outraged that the reign of irresponsibility on Wall Street and in Washington has created the current crisis, I also know that continued inaction in the face of the gathering storm in our financial markets would be catastrophic for our economy and our families.
At this moment, when the jobs, retirement savings, and economic security of all Americans hang in the balance, it is imperative that all of us – Democrats and Republicans alike – come together to meet this crisis.
The bill rejected yesterday was a marked improvement over the original blank check proposed by the Bush Administration. It included restraints on CEO pay, protections for homeowners, strict oversight as to how the money is spent, and an assurance that taxpayers will recover their money once the economy recovers. Given the progress we have made, I believe we are unlikely to succeed if we start from scratch or reopen negotiations about the core elements of the agreement. But in order to pass this plan, we must do more.
One step we could take to potentially broaden support for the legislation and shore up our economy would be to expand federal deposit insurance for families and small businesses across America who have invested their money in our banks.
The majority of American families should rest assured that the deposits they have in our banks are safe. Thanks to measures put in place during the Great Depression, deposits of up to $100,000 are guaranteed by the federal government.
While that guarantee is more than adequate for most families, it is insufficient for many small businesses that maintain bank accounts to meet their payroll, buy their supplies, and invest in expanding and creating jobs. The current insurance limit of $100,000 was set 28 years ago and has not been adjusted for inflation.
That is why today, I am proposing that we also raise the FDIC limit to $250,000 as part of the economic rescue package – a step that would boost small businesses, make our banking system more secure, and help restore public confidence in our financial system.
I will be talking to leaders and members of Congress later today to offer this idea and urge them to act without delay to pass a rescue plan.
Monday, September 29, 2008
OBAMA CAMPAIGN ALERT!
Pay attention Hoosiers (and all interested parties!)
Members of the Obama family will be at the Gary,Indiana Barack Obama for President Campaign Office, 201 E. 5th Ave., October 4, at 10 a.m. to kick-off a canvass effort.
Members of the Obama family will canvass with volunteers as well.
Feel free to bring your camera and please, BE FIRED UP!
LET'S TURN IT BLUE INDIANA!
West
Head east on 12/20 which is 5th Avenue, cross Broadway and look right for the Obama sign. The campaign office is across the street from the Fire Station.
East
Head west on 12/20 you will be on 4th Ave. Turn left at Broadway (where City Hall sits) and turn left at 12/20 (first signal) or 5th Avenue and look to the right for the campaign office sign.
Members of the Obama family will be at the Gary,Indiana Barack Obama for President Campaign Office, 201 E. 5th Ave., October 4, at 10 a.m. to kick-off a canvass effort.
Members of the Obama family will canvass with volunteers as well.
Feel free to bring your camera and please, BE FIRED UP!
LET'S TURN IT BLUE INDIANA!
West
Head east on 12/20 which is 5th Avenue, cross Broadway and look right for the Obama sign. The campaign office is across the street from the Fire Station.
East
Head west on 12/20 you will be on 4th Ave. Turn left at Broadway (where City Hall sits) and turn left at 12/20 (first signal) or 5th Avenue and look to the right for the campaign office sign.
Going back to the drawing table
Congress promised to "go back to the drawing table," as soon as possible to hammer out another deal.
Meanwhile, as of 2 p.m. CT the Dow sunk to -575.93 points.
Barack Obama, speaking from Colorado, said we shouldn't have gotten America into the financial crisis in the first place.
"We meet here at a time of great uncertainty."
Greed, is the cause, he said.
However, businesses need to make payroll.
"Get this done...step up to the plate," he called out to congress but there is no sign of a re-vote. Rosh Shoshana is upon us.
Barack said he would make sure after he is elected, that the American people would get their money back.
There was no immediate word from anyone working for John McCain.
Many blamed House Speaker Nancy Pelosi for not listening and not delivering votes. How in the hell can this be the house speaker's fault? She didn't vote for President Bush or anyone in his administration! This mess we are in is the direct fault of the American people who voted twice for President Bush. They must have liked what he was talking about. Do you like it now?Nothing personal, Mr. President but this situation is very scary, and I expected this bill to breeze through the House.
During the olden times in the Wild Wild West, those responsible would be dragged into the public square and hanged--charged with witchcraft, no doubt, but hanged.
But these aren't the olden times. These are new and modern times with a Wild West financial mentality. The only thing being killed is the American Economy and a little bit of our spirit along with it.
Meanwhile, as of 2 p.m. CT the Dow sunk to -575.93 points.
Barack Obama, speaking from Colorado, said we shouldn't have gotten America into the financial crisis in the first place.
"We meet here at a time of great uncertainty."
Greed, is the cause, he said.
However, businesses need to make payroll.
"Get this done...step up to the plate," he called out to congress but there is no sign of a re-vote. Rosh Shoshana is upon us.
Barack said he would make sure after he is elected, that the American people would get their money back.
There was no immediate word from anyone working for John McCain.
Many blamed House Speaker Nancy Pelosi for not listening and not delivering votes. How in the hell can this be the house speaker's fault? She didn't vote for President Bush or anyone in his administration! This mess we are in is the direct fault of the American people who voted twice for President Bush. They must have liked what he was talking about. Do you like it now?Nothing personal, Mr. President but this situation is very scary, and I expected this bill to breeze through the House.
During the olden times in the Wild Wild West, those responsible would be dragged into the public square and hanged--charged with witchcraft, no doubt, but hanged.
But these aren't the olden times. These are new and modern times with a Wild West financial mentality. The only thing being killed is the American Economy and a little bit of our spirit along with it.
Uggh! An "Imperfect bill" does not pass the House vote inspite of 3-hour general debate--Dow sinks 500 points
Imadeamesss.com--U.S. Rep. Keith Ellison (D-Minnesota) said he has a friend who tried to float a loan for her charter
school to meet payroll as she has done in the past. She could not do so. This action put everyone who
worked at the school in jeopardy of not having a job. These business scenarios are playing out all across America.
These scenarios are a part of the reason a rescue package is needed, some say. However, the wrong vote or the perceived
wrong vote will cost incumbents their seat on the Hill, newscasters said.
Spenser Bachus a Republican from Alabama said he will take the political risk and vote yes for the
legalisation. He received a round of healthy applause. Many other Republicans heard no such applause.
Many republicans are unwilling to sign on to the legislation.
Republican Congresswoman from Colorado, Marilyn Musgrave, said she doesn't want to vote for a
"bailout" for Wall Street.
Sixth district Minnesota Republican from St. Cloud Hugo, Michelle Bachman, said banks are prohibited
from making loans and that is "why we have a credit crisis."
Apparently, some Republicans are concerned about first tier creditors. In absence of fraud they want
FDIC insurance for them.
D-Illinois Rep. Rahm Emauel said during the 3-hour general debate that unregulated banks are the ones
going under. Banks that are regulated are not, he said.
House flipping a problem.
"Our job is not done until we address the recession on Main Street" he said.
They put out the fire he said but, the remaining days will be spent finding out who started the fire
and put the responsible arsonist in jail" he said.
Dennis Kucinich, D-Ohio, said the legislation will not keep people in their homes. He submitted to
record, expert witness testimony on this issue.
"This bill is about Wall Street."
Republican from Kansas, Rep. Todd Tiahrt said they were being rushed to act under an "artificial
deadline" said fear shouldn't guide decision.
New York Queens Dem. Rep. Gregory Meeks compared the Wall Street financial debacle to a drunk driver
that needs to be rescued.
Markets in the U.S. and world wide had been sliding downwards since their open.
"We have an imperfect product," Ohio Republican, John Boehner said and he doubts it has the votes to
pass. He urged people in the room to think about their friends who will lose jobs and retirees whose
money will dry up.
"This congress has to do its job. No one has come her for this Mud Sandwich. I didn't come here to
vote for bills like this."
He said a vote for the bill will separate boys from men and women from girls.
He urged them to look into their souls. He asked them, on both sides of the isle, to vote for the
imperfect bill. He drew a healthy round of applause.
Speaker of the House Nancy Pelosi (D-San Fransisco) said approving the legislation is a part of the
cost of the Bush failed economic policies. She said the Clinton administration's budget surplus
trajectory was eaten up in two years.
She also said the anything goes mentality is over.
"The party is over in that respect. (The present policies) didn't create jobs or capital but chaos."
She said Ben Bernake is the best known expert on the Great Depression and he said this fiscal crisis
is once in a 100 years.
"It sneaked up on us on little cat feet," she said.
But how?
She said they will continue to work towards that end
She talked about the wide ranging power the original draft held. She said working together in a bi-
partisan way is how they made improvements.
The American people responded almost immediately, she said. The legislation doesn't have bankruptcy
wording and that is disappointing to Pelosi. There is no stimulus package either, she said.
These are the standards they put together:
Fairness for American people
She said we have forbearance on for closure to help responsible homeowners stay int their home
Oversight of government
An end to the golden parachute compensation for CEOs
All of that was met with resistance from the administration, she said.
"This bill contains that, in five years on review of initiatives, if there is a shortfall of the $700
billion financial institutions will make up the shortfall not the taxpayers. The taxpayer will be made
whole," Pelosi said.
Still, she questions why no stimulus package.
"Rebuilding the infrastructure of America is important to people all over the world not just America,"
she said.
The $25-30 billion for energy jobs and infrastructure wasn't a Republican consideration.
Pelosi asked for a bi-partisan vote on it since it was a bi-partisan effort.
She said they must come back to readdress various issues, "so don't get settled in with how things are
now."
High interest rates on high-risk loans are more of the problem with the mortgage crisis. These people
weren't being irresponsible but punished for being poor.
People pay their bills when they have the money to do so. Or they may have been paying their bills on
time until a major illness or a job loss. These stories all over the news.
So were calls to re-finance and pull money out of homes.
Banking committee chairman, Barney Frank (D-MA) pleaded with his fellow congressmen and women not to
throw out House Resolution 3997. Frank closed out the debate with Steny Hoyer, D-Maryland Majority
Leader. He, too urged the House to pass the bill. A simple majority was needed.
It was defeated in the House, 205 for, 228 against.
(These numbers may be off by a vote or two, now--does it matter?)
There was no motion to revote, to my understanding.
Republicans overwhelmingly did not support the bill to the tune of 65 yea and nay 133 with one not
voting.
The Democrats voted the opposite with 140 yea and 95 nay--all of them voting. There are more democrats than republicans in the house, I believe the announcer said.
The Dow had dropped 500 points when I turned to CNBC. Is any member of congress watching the Dow plummet?News pundits were debating who did and did not deliver votes.
I became physically ill.
The votes needed to pass the bill: 218.
Maybe some of the votes will flip. Okay, they did not. I have to use the facilities.
H.R. 7175, an amendment improving the lending program was the next vote.
C-SPAN callers were upset and some were glad. One talked about what her grandma said about the Great Depression--peas porridge hot, peas porridge cold and in the pot nine days old.
"I don't want to eat peas porridge nine days old," she said. A caller said she wouldn't vote for a congressman who did not support the legislation. One woman caller said she was worried about a socialistic taint on our democracy and was against the bill.
She was glad, in her own little world, that businesses won't be able to get loans to make payroll. Hmmmm.
Then they voted on minting some commemorative coins celebrating the military.
I must point out that I used to be a reporter. Also, I now completely understand what Barack Obama means by "clarity in government."
school to meet payroll as she has done in the past. She could not do so. This action put everyone who
worked at the school in jeopardy of not having a job. These business scenarios are playing out all across America.
These scenarios are a part of the reason a rescue package is needed, some say. However, the wrong vote or the perceived
wrong vote will cost incumbents their seat on the Hill, newscasters said.
Spenser Bachus a Republican from Alabama said he will take the political risk and vote yes for the
legalisation. He received a round of healthy applause. Many other Republicans heard no such applause.
Many republicans are unwilling to sign on to the legislation.
Republican Congresswoman from Colorado, Marilyn Musgrave, said she doesn't want to vote for a
"bailout" for Wall Street.
Sixth district Minnesota Republican from St. Cloud Hugo, Michelle Bachman, said banks are prohibited
from making loans and that is "why we have a credit crisis."
Apparently, some Republicans are concerned about first tier creditors. In absence of fraud they want
FDIC insurance for them.
D-Illinois Rep. Rahm Emauel said during the 3-hour general debate that unregulated banks are the ones
going under. Banks that are regulated are not, he said.
House flipping a problem.
"Our job is not done until we address the recession on Main Street" he said.
They put out the fire he said but, the remaining days will be spent finding out who started the fire
and put the responsible arsonist in jail" he said.
Dennis Kucinich, D-Ohio, said the legislation will not keep people in their homes. He submitted to
record, expert witness testimony on this issue.
"This bill is about Wall Street."
Republican from Kansas, Rep. Todd Tiahrt said they were being rushed to act under an "artificial
deadline" said fear shouldn't guide decision.
New York Queens Dem. Rep. Gregory Meeks compared the Wall Street financial debacle to a drunk driver
that needs to be rescued.
Markets in the U.S. and world wide had been sliding downwards since their open.
"We have an imperfect product," Ohio Republican, John Boehner said and he doubts it has the votes to
pass. He urged people in the room to think about their friends who will lose jobs and retirees whose
money will dry up.
"This congress has to do its job. No one has come her for this Mud Sandwich. I didn't come here to
vote for bills like this."
He said a vote for the bill will separate boys from men and women from girls.
He urged them to look into their souls. He asked them, on both sides of the isle, to vote for the
imperfect bill. He drew a healthy round of applause.
Speaker of the House Nancy Pelosi (D-San Fransisco) said approving the legislation is a part of the
cost of the Bush failed economic policies. She said the Clinton administration's budget surplus
trajectory was eaten up in two years.
She also said the anything goes mentality is over.
"The party is over in that respect. (The present policies) didn't create jobs or capital but chaos."
She said Ben Bernake is the best known expert on the Great Depression and he said this fiscal crisis
is once in a 100 years.
"It sneaked up on us on little cat feet," she said.
But how?
She said they will continue to work towards that end
She talked about the wide ranging power the original draft held. She said working together in a bi-
partisan way is how they made improvements.
The American people responded almost immediately, she said. The legislation doesn't have bankruptcy
wording and that is disappointing to Pelosi. There is no stimulus package either, she said.
These are the standards they put together:
Fairness for American people
She said we have forbearance on for closure to help responsible homeowners stay int their home
Oversight of government
An end to the golden parachute compensation for CEOs
All of that was met with resistance from the administration, she said.
"This bill contains that, in five years on review of initiatives, if there is a shortfall of the $700
billion financial institutions will make up the shortfall not the taxpayers. The taxpayer will be made
whole," Pelosi said.
Still, she questions why no stimulus package.
"Rebuilding the infrastructure of America is important to people all over the world not just America,"
she said.
The $25-30 billion for energy jobs and infrastructure wasn't a Republican consideration.
Pelosi asked for a bi-partisan vote on it since it was a bi-partisan effort.
She said they must come back to readdress various issues, "so don't get settled in with how things are
now."
High interest rates on high-risk loans are more of the problem with the mortgage crisis. These people
weren't being irresponsible but punished for being poor.
People pay their bills when they have the money to do so. Or they may have been paying their bills on
time until a major illness or a job loss. These stories all over the news.
So were calls to re-finance and pull money out of homes.
Banking committee chairman, Barney Frank (D-MA) pleaded with his fellow congressmen and women not to
throw out House Resolution 3997. Frank closed out the debate with Steny Hoyer, D-Maryland Majority
Leader. He, too urged the House to pass the bill. A simple majority was needed.
It was defeated in the House, 205 for, 228 against.
(These numbers may be off by a vote or two, now--does it matter?)
There was no motion to revote, to my understanding.
Republicans overwhelmingly did not support the bill to the tune of 65 yea and nay 133 with one not
voting.
The Democrats voted the opposite with 140 yea and 95 nay--all of them voting. There are more democrats than republicans in the house, I believe the announcer said.
The Dow had dropped 500 points when I turned to CNBC. Is any member of congress watching the Dow plummet?News pundits were debating who did and did not deliver votes.
I became physically ill.
The votes needed to pass the bill: 218.
Maybe some of the votes will flip. Okay, they did not. I have to use the facilities.
H.R. 7175, an amendment improving the lending program was the next vote.
C-SPAN callers were upset and some were glad. One talked about what her grandma said about the Great Depression--peas porridge hot, peas porridge cold and in the pot nine days old.
"I don't want to eat peas porridge nine days old," she said. A caller said she wouldn't vote for a congressman who did not support the legislation. One woman caller said she was worried about a socialistic taint on our democracy and was against the bill.
She was glad, in her own little world, that businesses won't be able to get loans to make payroll. Hmmmm.
Then they voted on minting some commemorative coins celebrating the military.
I must point out that I used to be a reporter. Also, I now completely understand what Barack Obama means by "clarity in government."
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