Tuesday, October 14, 2008
Monday, October 13, 2008
Gary woman creates domestic violence database
Indiana domestic abuse database aims to savepost-trib.com1 min ago - A Gary, Indiana woman has compiled the names of convicted domestic abusers into a searchable database at theweakervessel.org, in hopes of keeping other victims from experiencing the nightmare.
read more | digg story
read more | digg story
Friday, October 10, 2008
Palin's unethical behaivor should stunt negative GOP campaign
ANCHORAGE, Alaska - A legislative committee investigating Alaska Gov. Sarah Palin has found she abused her authority in firing the state's public safety commissioner, which is against Alaska state law. Early Friday, campaign officials tried to spin the debacle, playing the blame game.
Who will they blame now? Is Palin a GOP liability?
Read more
Who will they blame now? Is Palin a GOP liability?
Read more
A Buckley endorses Barack Obama
(CNN) — No, hell has not frozen over, but a Buckley is backing a Democrat for president.
Christopher Buckley, the son of the late conservative icon William F. Buckley, said Friday he's decided to back Barack Obama's White House bid, the first time in his life he will vote Democrat.
Read more
Christopher Buckley, the son of the late conservative icon William F. Buckley, said Friday he's decided to back Barack Obama's White House bid, the first time in his life he will vote Democrat.
Read more
Obama opens 5-point lead on McCain
By John Whitesides, Political Correspondent WASHINGTON (Reuters) - Democrat Barack Obama has opened a 5-point lead over Republican rival John McCain in the White House race and expanded his support among women voters, according to a Reuters/C-SPAN/Z...
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Thursday, October 9, 2008
Barack Obama buying network airtime
(CNN) – Barack Obama is buying 30 minutes of airtime on the major television networks just days before the presidential election, the Obama campaign confirms.
Read more
Read more
County in Illinois is suspending foreclosure evictions
"These mortgage companies only see pieces of paper, not people, and don't care who's in the building," the sheriff said. "They simply want their money and don't care who gets hurt along the way ... On top of it all, they want taxpayers to fund their investigative work for them. We're not going to do their jobs for them anymore... It stops today."
read more | digg story
read more | digg story
Wednesday, October 8, 2008
Why are parents permanently dropping-off their kids in Nebraska?
New NE law for safe haven ends up being used for frustrated parents to legally abandon their teenagers.Do you see what I mean when I say that it is important to have legal-minded people crafting laws in this nation? It is hard enough for them to do it!However, that is besides the point here. Maybe someone should examine why frustrated parents of teens are so willing to give away their children.Seriously. The point isn't that the law is intended to only protect infants. The point that children who are old enough to know they are being abandoned are just that. What is going on with America's parents? Who can help them without said parents being jailed?
read more | digg story
read more | digg story
CNN: Fact check on employer-provided health benefits on point
The Statement
At a presidential debate Tuesday, Oct. 7, in Nashville, Tennessee, Democratic presidential candidate Sen. Barack Obama criticized the health-care plan of Republican opponent Sen. John McCain. "In fact, just today, business organizations like the United States Chamber of Commerce, which generally are pretty supportive of Republicans, said that this would lead to the unraveling of the employer-based health care system," Obama said.
Read more
At a presidential debate Tuesday, Oct. 7, in Nashville, Tennessee, Democratic presidential candidate Sen. Barack Obama criticized the health-care plan of Republican opponent Sen. John McCain. "In fact, just today, business organizations like the United States Chamber of Commerce, which generally are pretty supportive of Republicans, said that this would lead to the unraveling of the employer-based health care system," Obama said.
Read more
Barack Obama speaks to Indianapolis--prepared text
*"Best Comment Ever!" found on CNN.com by "Chris" October 8th, 2008 12:51 pm ET
"I hope Indiana turns blue this year…or at least Obama challenges enough that McCain has to use up more resources there…"
THAT ONE '08
Remarks of Senator Barack Obama—as prepared for delivery
Indianapolis, Indiana
Wednesday, October 08, 2008
We meet today at a moment of great uncertainty for America. Yesterday, we saw another significant drop in the stock market as the anxiety about this financial crisis grew worse. Overnight, the same thing happened with markets around the world. And this morning, the Federal Reserve took swift action together with other nations to stem what is now a full-blown global financial crisis. I support that action, as I’ve said before that this is a global problem and it needs to be solved through a global effort. I hope this global response continues as leaders of major financial institutions and representatives from nations around the world gather in Washington soon.
We are facing a very serious challenge, and all of us – all of us – have a stake in its solution. Because the credit markets are frozen right now, there’s a ripple effect throughout our economy. Businesses large and small are finding it impossible to get loans, which means they can’t buy new equipment or make payroll. Auto plants that have been around for decades are closing their doors and laying off workers who’ve never known another job in their entire life. And we have already lost three-quarters of a million jobs just this year.
Here in Indianapolis and all across America, you’re seeing your hours get cut or realizing that you can’t pay every bill that’s sitting on the kitchen counter. It’s harder to make the mortgage or fill up your gas tank and some people don’t even know whether they’ll be able to keep the electricity on at the end of the month. The money you’ve been putting away for your retirement or your kids’ college education is disappearing faster than you can count. The dream that so many generations have fought for feels like it’s slowly slipping away.
But I’m here today to tell you that there are better days ahead. I know these are tough times. I know that many of you are anxious about the future. But this isn’t a time for fear or panic. This is a time for resolve and leadership. I know that we can steer ourselves out of this crisis. Because that’s who we are. Because this is the United States of America. This is a nation that has faced down war and depression; great challenges and great threats. And at each and every moment, we have risen to meet these challenges – not as Democrats, not as Republicans, but as Americans. With resolve. With confidence. With that fundamental belief that here in America, our destiny is not written for us, but by us. That’s who we are, and that’s the country we need to be right now.
America still has the most talented, most productive workers of any country on Earth who work two jobs or three jobs and take the last bus home at night because they want something more for their children. We’re still the home to innovation and technology, colleges and universities that are the envy of the world. Some of the biggest ideas in history have come from our small businesses and our research facilities. It won’t be easy, but there’s no reason we can’t steer ourselves out of this crisis and make this century another American century. Of course we can.
But I also know this. It will take a new direction. It will take new leadership in Washington. It will take a real change in the policies and politics of the last eight years.
And that’s why the decision you make in twenty-seven days is so important. That’s why this is no ordinary election – because this is no ordinary moment for America.
In last night’s debate, John McCain and I each had the chance to make the case for change – to talk about what we would do differently from the last eight years when it comes to lifting our middle-class, growing our economy, and restoring our prosperity. But all we heard from Senator McCain was more of the same Bush economics that led us to this point.
Take health care. We were both asked whether we believed that health care should finally be the right of every American. I believe it should. But Senator McCain didn’t say that. And when you look at his radical health care plan, you can see why.
He talks about giving every family a $5,000 credit to buy health care, but he didn’t mention last night that he’ll also tax your benefits for the first time in history. It’s an old Washington bait and switch. He gives you a tax credit with one hand, but raises your taxes with the other. And he didn’t mention that the average health care plan costs $12,000 in the first place.
Senator McCain didn’t tell us about the studies that say his plan would cause 20 million Americans to lose their health insurance, or how the Chamber of Commerce said it would be a disaster for businesses, or how it would de-regulate the insurance industry so that they don’t have to cover things like mammograms, or vaccinations, or maternity care. He thinks we won’t notice these things.
Well, I’ve got news for John McCain: we notice, we know better, and we’re not going to let him get away with it.
This issue is personal for me. My mother died of ovarian cancer at the age of 53, and I’ll never forget how she spent the final months of her life lying in a hospital bed, fighting with her insurance company because they claimed that her cancer was a pre-existing condition and didn’t want to pay for treatment. If I am President, I will make sure those insurance companies can never do that again.
My health care plan will ensure that insurance companies can’t discriminate against those who are sick and need care most. If you have health insurance, the only thing that will change under my plan is the amount you pay in premiums. That will be less. And if you don’t have health insurance, you’ll be able to get the same kind of health insurance that Members of Congress get for themselves. We’ll invest in preventative care and new technology to finally lower the cost of health care for families, businesses, and the entire economy. That’s the change we need, and that’s the choice you face in this election.
Even as so many Americans are worried about their medical bills or keeping their jobs or staying in their homes, Senator McCain’s campaign announced last week that they plan to “turn the page” on the discussion about our economy and spend the final weeks of this election attacking me instead. His campaign actually said, and I quote, “if we keep talking about the economy, we’re going to lose.”
Well I’ve got news for John McCain. This isn’t about losing a campaign – this is about Americans who are losing their jobs, and their homes, and their life savings. I can take four more weeks of John McCain’s attacks, but America can’t take four more years of John McCain’s George Bush policies. We can’t afford four more years of the economic theory that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else. We can’t afford more four years of John McCain’s call for less regulation so that no one in Washington is watching anyone on Wall Street. We’ve seen where that’s led us and we’re not going back.
It is time to turn the page on eight years of economic policies that put Wall Street before Main Street but ended up hurting both. We need policies that grow our economy from the bottom-up, so that every American, everywhere has the chance to get ahead. Not just corporate CEOs, but their secretaries too. Not just the person who owns the factory, but the men and women who work on its floor. Because if we’ve learned anything from this economic crisis, it’s that we’re all connected; we’re all in this together; and we will rise or fall as one nation – as one people.
The rescue plan that passed Congress last week isn’t the end of what we’ll do to strengthen this economy, it’s only the beginning. Now we need to pass a rescue plan for the middle-class that will provide every family immediate relief to cope with rising food and gas prices, save one million jobs by rebuilding our schools and roads, and help states and cities avoid budget cuts and tax increases. And we should extend expiring unemployment benefits to those Americans who’ve lost their jobs and can’t find new ones. I’ve been fighting for this plan for months. My opponent has said nothing. And that is the choice in this election.
You’ve heard a lot about taxes in this campaign. Well here’s the truth – John McCain and I are both offering tax cuts. The difference is, he wants to give the average Fortune 500 CEO a $700,000 tax cut but nothing at all to over 100 million Americans.
I’ll give a middle-class tax cut to 95% of all workers. And if you make less than $250,000 a year, you won’t see your taxes increase one single dime – not your payroll taxes, not your income taxes, not your capital gains taxes – nothing. Because in an economy like this, the last thing we should do is raise taxes on the middle-class.
My opponent wants to give $200 million in tax cuts to the biggest corporations in America. I will eliminate capital gains taxes for the small businesses and the start-ups that will create the high-wage, high-tech jobs of tomorrow.
John McCain wants to give tax breaks to the corporations that ship our jobs overseas. If I am President, I will end those tax breaks and give them to companies that create good jobs in the United States of America. That is the choice in this election.
Senator McCain’s first reaction to this economic crisis was to say that “the fundamentals of our economy are strong.” Well I don’t know about you, but where I come from there’s nothing more fundamental than a job – not just because it provides a paycheck, because it provides a sense of dignity. And if we want to turn this economy around and lead the world in the 21st century, we have to create the high-wage jobs of tomorrow right here in America.
If I am President, I will invest $15 billion a year in renewable sources of energy to create five million new, green jobs over the next decade – jobs that pay well and can’t be outsourced; jobs building solar panels and wind turbines and fuel-efficient cars; jobs that will help us end our dependence on oil from Middle East dictators.
I’ll also put two million more Americans to work rebuilding our crumbling roads, schools, and bridges – because it is time to build an American infrastructure for the 21st century.
And we’ll give every child, everywhere the skills and the knowledge they need to compete with any worker, anywhere in the world. I will not allow countries to out-teach us today so they can out-compete us tomorrow. It is time to provide every American with a world-class education. That means investing in early childhood education. That means recruiting an army of new teachers, and paying them better, and giving them more support in exchange for higher standards and more accountability. And it means making a deal with every American who has the drive and the will but not the money to go to college: if you commit to serving your country after you graduate, we will make sure you can afford your tuition. You invest in America, America will invest in you, and together we will move this country forward.
Finally, I will take on the corruption in Washington and on Wall Street to make sure a crisis like this can never, ever happen again. I’ll put in place the common-sense regulations and rules of the road I’ve been calling for since March – rules that will keep our market free, fair, and honest; rules that will restore accountability and responsibility in our corporate boardrooms.
And just as we demand accountability on Wall Street, I will also demand it in Washington. That’s why I’m not going to stand here and simply tell you what I’m going to spend, I’m going to tell you how we’re going to save when I am President.
I’ll do what you do in your own family budgets and make sure we’re spending money wisely. I will go through the entire federal budget, page by page, line by line, and eliminate programs that don’t work and aren’t needed. We’ll start by ending a war in Iraq that’s costing $10 billion a month while the Iraqi government sits on a $79 billion surplus. And we’ll save billions more by cutting waste, improving management, and strengthening oversight.
These are the changes and reforms we need. A new era of responsibility and accountability on Wall Street and in Washington. Common-sense regulations to prevent a crisis like this from ever happening again. Investments in the technology and innovation that will restore prosperity and lead to new jobs and a new economy for the 21st century. Bottom-up growth that gives every American a fair shot at the American dream.
I won’t pretend this will be easy or come without cost. We will all need to sacrifice and we will all need to pull our weight because now more than ever, we are all in this together. What this crisis has taught us is that at the end of the day, there is no real separation between Main Street and Wall Street. There is only the road we’re traveling on as Americans – and we will rise or fall on that journey as one nation; as one people.
This country and the dream it represents are being tested in a way that we haven’t seen in nearly a century. And future generations will judge ours by how we respond to this test. Will they say that this was a time when America lost its way and its purpose? When we allowed our own petty differences and broken politics to plunge this country into a dark and painful recession?
Or will they say that this was another one of those moments when America overcame? When we battled back from adversity by recognizing that common stake that we have in each other’s success?
This is one of those moments. I realize you’re cynical and fed up with politics. I understand that you’re disappointed and even angry with your leaders. You have every right to be. But despite all of this, I ask of you what’s been asked of the American people in times of trial and turmoil throughout our history. I ask you to believe – to believe in yourselves, in each other, and in the future we can build together.
Together, we cannot fail. Not now. Not when we have a crisis to solve and an economy to save. Not when there are so many Americans without jobs and without homes. Not when there are families who can’t afford to see a doctor, or send their child to college, or pay their bills at the end of the month. Not when there is a generation that is counting on us to give them the same opportunities and the same chances that we had for ourselves.
We can do this. Americans have done this before. Some of us had grandparents or parents who said maybe I can't go to college but my child can; maybe I can't have my own business but my child can. I may have to rent, but maybe my children will have a home they can call their own. I may not have a lot of money but maybe my child will run for Senate. I might live in a small village but maybe someday my son can be president of the United States of America.
Now it falls to us. Together, we cannot fail. And I need you to make it happen. If you want the next four years looking like the last eight, then I am not your candidate. But if you want real change – if you want an economy that rewards work, and that works for Main Street and Wall Street; if you want tax relief for the middle class and millions of new jobs; if you want health care you can afford and education that helps your kids compete; then I ask you to knock on some doors, make some calls, talk to your neighbors, and give me your vote on November 4th. And if you do, I promise you – we will win Indiana, we will win this election, and then you and I – together – will change this country and change this world. Thank you, God bless you, and may God bless America.
###
*"Best Comment Ever" is my personal designation to really good comments found on the Web.
"I hope Indiana turns blue this year…or at least Obama challenges enough that McCain has to use up more resources there…"
THAT ONE '08
Remarks of Senator Barack Obama—as prepared for delivery
Indianapolis, Indiana
Wednesday, October 08, 2008
We meet today at a moment of great uncertainty for America. Yesterday, we saw another significant drop in the stock market as the anxiety about this financial crisis grew worse. Overnight, the same thing happened with markets around the world. And this morning, the Federal Reserve took swift action together with other nations to stem what is now a full-blown global financial crisis. I support that action, as I’ve said before that this is a global problem and it needs to be solved through a global effort. I hope this global response continues as leaders of major financial institutions and representatives from nations around the world gather in Washington soon.
We are facing a very serious challenge, and all of us – all of us – have a stake in its solution. Because the credit markets are frozen right now, there’s a ripple effect throughout our economy. Businesses large and small are finding it impossible to get loans, which means they can’t buy new equipment or make payroll. Auto plants that have been around for decades are closing their doors and laying off workers who’ve never known another job in their entire life. And we have already lost three-quarters of a million jobs just this year.
Here in Indianapolis and all across America, you’re seeing your hours get cut or realizing that you can’t pay every bill that’s sitting on the kitchen counter. It’s harder to make the mortgage or fill up your gas tank and some people don’t even know whether they’ll be able to keep the electricity on at the end of the month. The money you’ve been putting away for your retirement or your kids’ college education is disappearing faster than you can count. The dream that so many generations have fought for feels like it’s slowly slipping away.
But I’m here today to tell you that there are better days ahead. I know these are tough times. I know that many of you are anxious about the future. But this isn’t a time for fear or panic. This is a time for resolve and leadership. I know that we can steer ourselves out of this crisis. Because that’s who we are. Because this is the United States of America. This is a nation that has faced down war and depression; great challenges and great threats. And at each and every moment, we have risen to meet these challenges – not as Democrats, not as Republicans, but as Americans. With resolve. With confidence. With that fundamental belief that here in America, our destiny is not written for us, but by us. That’s who we are, and that’s the country we need to be right now.
America still has the most talented, most productive workers of any country on Earth who work two jobs or three jobs and take the last bus home at night because they want something more for their children. We’re still the home to innovation and technology, colleges and universities that are the envy of the world. Some of the biggest ideas in history have come from our small businesses and our research facilities. It won’t be easy, but there’s no reason we can’t steer ourselves out of this crisis and make this century another American century. Of course we can.
But I also know this. It will take a new direction. It will take new leadership in Washington. It will take a real change in the policies and politics of the last eight years.
And that’s why the decision you make in twenty-seven days is so important. That’s why this is no ordinary election – because this is no ordinary moment for America.
In last night’s debate, John McCain and I each had the chance to make the case for change – to talk about what we would do differently from the last eight years when it comes to lifting our middle-class, growing our economy, and restoring our prosperity. But all we heard from Senator McCain was more of the same Bush economics that led us to this point.
Take health care. We were both asked whether we believed that health care should finally be the right of every American. I believe it should. But Senator McCain didn’t say that. And when you look at his radical health care plan, you can see why.
He talks about giving every family a $5,000 credit to buy health care, but he didn’t mention last night that he’ll also tax your benefits for the first time in history. It’s an old Washington bait and switch. He gives you a tax credit with one hand, but raises your taxes with the other. And he didn’t mention that the average health care plan costs $12,000 in the first place.
Senator McCain didn’t tell us about the studies that say his plan would cause 20 million Americans to lose their health insurance, or how the Chamber of Commerce said it would be a disaster for businesses, or how it would de-regulate the insurance industry so that they don’t have to cover things like mammograms, or vaccinations, or maternity care. He thinks we won’t notice these things.
Well, I’ve got news for John McCain: we notice, we know better, and we’re not going to let him get away with it.
This issue is personal for me. My mother died of ovarian cancer at the age of 53, and I’ll never forget how she spent the final months of her life lying in a hospital bed, fighting with her insurance company because they claimed that her cancer was a pre-existing condition and didn’t want to pay for treatment. If I am President, I will make sure those insurance companies can never do that again.
My health care plan will ensure that insurance companies can’t discriminate against those who are sick and need care most. If you have health insurance, the only thing that will change under my plan is the amount you pay in premiums. That will be less. And if you don’t have health insurance, you’ll be able to get the same kind of health insurance that Members of Congress get for themselves. We’ll invest in preventative care and new technology to finally lower the cost of health care for families, businesses, and the entire economy. That’s the change we need, and that’s the choice you face in this election.
Even as so many Americans are worried about their medical bills or keeping their jobs or staying in their homes, Senator McCain’s campaign announced last week that they plan to “turn the page” on the discussion about our economy and spend the final weeks of this election attacking me instead. His campaign actually said, and I quote, “if we keep talking about the economy, we’re going to lose.”
Well I’ve got news for John McCain. This isn’t about losing a campaign – this is about Americans who are losing their jobs, and their homes, and their life savings. I can take four more weeks of John McCain’s attacks, but America can’t take four more years of John McCain’s George Bush policies. We can’t afford four more years of the economic theory that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else. We can’t afford more four years of John McCain’s call for less regulation so that no one in Washington is watching anyone on Wall Street. We’ve seen where that’s led us and we’re not going back.
It is time to turn the page on eight years of economic policies that put Wall Street before Main Street but ended up hurting both. We need policies that grow our economy from the bottom-up, so that every American, everywhere has the chance to get ahead. Not just corporate CEOs, but their secretaries too. Not just the person who owns the factory, but the men and women who work on its floor. Because if we’ve learned anything from this economic crisis, it’s that we’re all connected; we’re all in this together; and we will rise or fall as one nation – as one people.
The rescue plan that passed Congress last week isn’t the end of what we’ll do to strengthen this economy, it’s only the beginning. Now we need to pass a rescue plan for the middle-class that will provide every family immediate relief to cope with rising food and gas prices, save one million jobs by rebuilding our schools and roads, and help states and cities avoid budget cuts and tax increases. And we should extend expiring unemployment benefits to those Americans who’ve lost their jobs and can’t find new ones. I’ve been fighting for this plan for months. My opponent has said nothing. And that is the choice in this election.
You’ve heard a lot about taxes in this campaign. Well here’s the truth – John McCain and I are both offering tax cuts. The difference is, he wants to give the average Fortune 500 CEO a $700,000 tax cut but nothing at all to over 100 million Americans.
I’ll give a middle-class tax cut to 95% of all workers. And if you make less than $250,000 a year, you won’t see your taxes increase one single dime – not your payroll taxes, not your income taxes, not your capital gains taxes – nothing. Because in an economy like this, the last thing we should do is raise taxes on the middle-class.
My opponent wants to give $200 million in tax cuts to the biggest corporations in America. I will eliminate capital gains taxes for the small businesses and the start-ups that will create the high-wage, high-tech jobs of tomorrow.
John McCain wants to give tax breaks to the corporations that ship our jobs overseas. If I am President, I will end those tax breaks and give them to companies that create good jobs in the United States of America. That is the choice in this election.
Senator McCain’s first reaction to this economic crisis was to say that “the fundamentals of our economy are strong.” Well I don’t know about you, but where I come from there’s nothing more fundamental than a job – not just because it provides a paycheck, because it provides a sense of dignity. And if we want to turn this economy around and lead the world in the 21st century, we have to create the high-wage jobs of tomorrow right here in America.
If I am President, I will invest $15 billion a year in renewable sources of energy to create five million new, green jobs over the next decade – jobs that pay well and can’t be outsourced; jobs building solar panels and wind turbines and fuel-efficient cars; jobs that will help us end our dependence on oil from Middle East dictators.
I’ll also put two million more Americans to work rebuilding our crumbling roads, schools, and bridges – because it is time to build an American infrastructure for the 21st century.
And we’ll give every child, everywhere the skills and the knowledge they need to compete with any worker, anywhere in the world. I will not allow countries to out-teach us today so they can out-compete us tomorrow. It is time to provide every American with a world-class education. That means investing in early childhood education. That means recruiting an army of new teachers, and paying them better, and giving them more support in exchange for higher standards and more accountability. And it means making a deal with every American who has the drive and the will but not the money to go to college: if you commit to serving your country after you graduate, we will make sure you can afford your tuition. You invest in America, America will invest in you, and together we will move this country forward.
Finally, I will take on the corruption in Washington and on Wall Street to make sure a crisis like this can never, ever happen again. I’ll put in place the common-sense regulations and rules of the road I’ve been calling for since March – rules that will keep our market free, fair, and honest; rules that will restore accountability and responsibility in our corporate boardrooms.
And just as we demand accountability on Wall Street, I will also demand it in Washington. That’s why I’m not going to stand here and simply tell you what I’m going to spend, I’m going to tell you how we’re going to save when I am President.
I’ll do what you do in your own family budgets and make sure we’re spending money wisely. I will go through the entire federal budget, page by page, line by line, and eliminate programs that don’t work and aren’t needed. We’ll start by ending a war in Iraq that’s costing $10 billion a month while the Iraqi government sits on a $79 billion surplus. And we’ll save billions more by cutting waste, improving management, and strengthening oversight.
These are the changes and reforms we need. A new era of responsibility and accountability on Wall Street and in Washington. Common-sense regulations to prevent a crisis like this from ever happening again. Investments in the technology and innovation that will restore prosperity and lead to new jobs and a new economy for the 21st century. Bottom-up growth that gives every American a fair shot at the American dream.
I won’t pretend this will be easy or come without cost. We will all need to sacrifice and we will all need to pull our weight because now more than ever, we are all in this together. What this crisis has taught us is that at the end of the day, there is no real separation between Main Street and Wall Street. There is only the road we’re traveling on as Americans – and we will rise or fall on that journey as one nation; as one people.
This country and the dream it represents are being tested in a way that we haven’t seen in nearly a century. And future generations will judge ours by how we respond to this test. Will they say that this was a time when America lost its way and its purpose? When we allowed our own petty differences and broken politics to plunge this country into a dark and painful recession?
Or will they say that this was another one of those moments when America overcame? When we battled back from adversity by recognizing that common stake that we have in each other’s success?
This is one of those moments. I realize you’re cynical and fed up with politics. I understand that you’re disappointed and even angry with your leaders. You have every right to be. But despite all of this, I ask of you what’s been asked of the American people in times of trial and turmoil throughout our history. I ask you to believe – to believe in yourselves, in each other, and in the future we can build together.
Together, we cannot fail. Not now. Not when we have a crisis to solve and an economy to save. Not when there are so many Americans without jobs and without homes. Not when there are families who can’t afford to see a doctor, or send their child to college, or pay their bills at the end of the month. Not when there is a generation that is counting on us to give them the same opportunities and the same chances that we had for ourselves.
We can do this. Americans have done this before. Some of us had grandparents or parents who said maybe I can't go to college but my child can; maybe I can't have my own business but my child can. I may have to rent, but maybe my children will have a home they can call their own. I may not have a lot of money but maybe my child will run for Senate. I might live in a small village but maybe someday my son can be president of the United States of America.
Now it falls to us. Together, we cannot fail. And I need you to make it happen. If you want the next four years looking like the last eight, then I am not your candidate. But if you want real change – if you want an economy that rewards work, and that works for Main Street and Wall Street; if you want tax relief for the middle class and millions of new jobs; if you want health care you can afford and education that helps your kids compete; then I ask you to knock on some doors, make some calls, talk to your neighbors, and give me your vote on November 4th. And if you do, I promise you – we will win Indiana, we will win this election, and then you and I – together – will change this country and change this world. Thank you, God bless you, and may God bless America.
###
*"Best Comment Ever" is my personal designation to really good comments found on the Web.
Lawmakers steamed over ritzy AIG retreat after bailout
Days after it got a federal bailout, American International Group Inc. spent $440,000 on a posh California retreat for its executives, complete with spa treatments, banquets and golf outings, according to lawmakers investigating the company's meltdown.
read more | digg story
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Tuesday, October 7, 2008
McCain linked to private group in Iran-Contra case
GOP presidential nominee John McCain has past connections to a private group that supplied aid to guerrillas seeking to overthrow the leftist government of Nicaragua in the Iran-Contra affair.
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Heirlooms, gold teeth --- desperate people sell it all
Low pay doesn't go very farDavid Goldmacher of Longwood listed his signed Denver Broncos helmet and Pachinko pinball machine to pay for his diabetes, heart and blood-pressure medication and medicine for his wife's injured back. Goldmacher, 42, lost his job as a state corrections officer in June. Although he was recently hired as a bus driver...
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Chinese counterfeit chips causing military hardware crashes
Over the past year, US citizens have become increasingly aware of the substandard consumer-level goods flowing out of China, but new reports indicate that the counterfeit products and dubious quality controls are not confined to the consumer sector.
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Monday, October 6, 2008
Why is McCain always trouncing on the little guy and picking his pocket?
Change is a government that doesn't let deregulated industry take advantage of the people. True that.
Sen. John McCain was involved with the Keating 5 and allows his running mate to accuse Sen. Barack Obama of "palling around with terrorists." A fellow board member and college professor held a coffee/meet and greet for him when he ran for Illinois State Senate. That is what really happened.
It seems McCain was closer to the fire than Obama. Obama was 8 when the Weathermen formed. John McCain was a grown man active in the Senate when he testified about his involvement in the Keating 5 Savings & Loan debacle (sound familiar?). If I were John and Sarah who is--wife to an anti-union, anti-American secessionist--I would keep my mouth shut! (before another skeleton fell out of it!)
Watch the video
Oh, and by the by, it will be a COLD DAY IN HELL before the American people allow McCain to tax their work site-provided health plan. What a lot of nerve. Imagine, you pay out of your check for the plan and then pay a tax in addition to that every time you get a check. Why is taking money out of an employee's check always the way to go for the Republicans? Imagine paying tax on a $12 to $19,000 health care plan. It costs enough just to insure the entire family. Work provided health care plans are expensive to the average person.
Guess what. John McCain wants to open the health care industry to more vigorous competition like his party did with banking. Can you believe this man? He really is out-of-touch.
What money will the everyday worker have to live on? Damn a $5,000 tax credit because that will go to the insurance company to pay on a $12-to-$19,000 individual health care plan. And you still have to pay the premiums. Why are McCain and Palin so eager to take money out of "Joe Six Pack's" paycheck? Don't they know how much he makes? I guess they want only for themselves to have nice things in this life. I guess we can wait or go without. That must be what it is: They think we should go without, while they have taxpayer-provided health care. McCain and Palin must think that they are better than "Joe Six Pack."
I agree with Obama, we can all have health care just as good as he has as a U.S. Senator.
Vote Obama.
Sen. John McCain was involved with the Keating 5 and allows his running mate to accuse Sen. Barack Obama of "palling around with terrorists." A fellow board member and college professor held a coffee/meet and greet for him when he ran for Illinois State Senate. That is what really happened.
It seems McCain was closer to the fire than Obama. Obama was 8 when the Weathermen formed. John McCain was a grown man active in the Senate when he testified about his involvement in the Keating 5 Savings & Loan debacle (sound familiar?). If I were John and Sarah who is--wife to an anti-union, anti-American secessionist--I would keep my mouth shut! (before another skeleton fell out of it!)
Watch the video
Oh, and by the by, it will be a COLD DAY IN HELL before the American people allow McCain to tax their work site-provided health plan. What a lot of nerve. Imagine, you pay out of your check for the plan and then pay a tax in addition to that every time you get a check. Why is taking money out of an employee's check always the way to go for the Republicans? Imagine paying tax on a $12 to $19,000 health care plan. It costs enough just to insure the entire family. Work provided health care plans are expensive to the average person.
Guess what. John McCain wants to open the health care industry to more vigorous competition like his party did with banking. Can you believe this man? He really is out-of-touch.
What money will the everyday worker have to live on? Damn a $5,000 tax credit because that will go to the insurance company to pay on a $12-to-$19,000 individual health care plan. And you still have to pay the premiums. Why are McCain and Palin so eager to take money out of "Joe Six Pack's" paycheck? Don't they know how much he makes? I guess they want only for themselves to have nice things in this life. I guess we can wait or go without. That must be what it is: They think we should go without, while they have taxpayer-provided health care. McCain and Palin must think that they are better than "Joe Six Pack."
I agree with Obama, we can all have health care just as good as he has as a U.S. Senator.
Vote Obama.
Gary Indiana, "ground zero" in '08 election
On Nov. 4, Gary, Ind., could end up as ground zero of the political universe. Indiana was the firewall state in the 2008 Democratic primary season. Hillary Clinton won that battle, but lost the war.
Read more
Read more
Sunday, October 5, 2008
Palin's words may come back to haunt her--and hurt McCain
By claiming that Democrat Barack Obama is "palling around with terrorists" and doesn't see the U.S. like other Americans, vice presidential candidate Sarah Palin targeted key goals for a faltering campaign. And though she may have scored a political hit each time, her attack was unsubstantiated and carried a racially tinged subtext that John McCain may come to regret.
"How low can McCain go? He's already lower than snake's belly.
McCain has been playing the race card through the whole campaign; so far it hasn't worked. HRC tried to play the race card, it didn't work for her either. Now that there is no doubt in anybody's mind that the US economy is in the toilet, teetering on the brink of a, gasp, DEPRESSION, most voters want to hear about solutions and not smears and lies.
Unfortunately for McCain (and the rest of us), McCain is running out of room to land his pathetic campaign that he has piloted without a flight plan. And, now he's running out of room to land it and fuel - quickly! I am predicting Mr. '894/899' will crash this one like he's crashed so many other expensive tax payer financed machines before. On the flight deck are all those rethugs running for Congress that are not smart enough to clear the deck. They will get burned. Fuck 'em!" --"Best comment ever!" by dBass 23 minutes ago on Digg.
read more | digg story
p.s. "Best comment ever!" is a designation I made up to highlight some of the web's best commentary on today's news.
"How low can McCain go? He's already lower than snake's belly.
McCain has been playing the race card through the whole campaign; so far it hasn't worked. HRC tried to play the race card, it didn't work for her either. Now that there is no doubt in anybody's mind that the US economy is in the toilet, teetering on the brink of a, gasp, DEPRESSION, most voters want to hear about solutions and not smears and lies.
Unfortunately for McCain (and the rest of us), McCain is running out of room to land his pathetic campaign that he has piloted without a flight plan. And, now he's running out of room to land it and fuel - quickly! I am predicting Mr. '894/899' will crash this one like he's crashed so many other expensive tax payer financed machines before. On the flight deck are all those rethugs running for Congress that are not smart enough to clear the deck. They will get burned. Fuck 'em!" --"Best comment ever!" by dBass 23 minutes ago on Digg.
read more | digg story
p.s. "Best comment ever!" is a designation I made up to highlight some of the web's best commentary on today's news.
GOP found purging thousands of eligible Democratic voters in 19 states
It is normal for states to periodically review lists of voters and remove any who have moved, died, or been convicted of felonies. However, with no national standards to control this process, it has become "chaotic," "riddled with inaccuracies," and "vulnerable to manipulation" for partisan purposes.
"So CBS News has noticed. Where the hell are the Democrats, and why aren't they raising holy hell about all of this stuff everywhere & seem to have no clue that they are in a War on Democracy being waged by their GOP opponents." "Best comment ever!" by Brad Friedman.
read more | digg story
"So CBS News has noticed. Where the hell are the Democrats, and why aren't they raising holy hell about all of this stuff everywhere & seem to have no clue that they are in a War on Democracy being waged by their GOP opponents." "Best comment ever!" by Brad Friedman.
read more | digg story
Saturday, October 4, 2008
Another Freddie Mac Lobbyist Now McCain Staffer
When mortgage giant Freddie Mac feared several years ago that Sen. John McCain was too outspoken on the issue of executive pay, it pinpointed a lobbyist known for his closeness to McCain and hired him to work with the senator
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Friday, October 3, 2008
Thursday, October 2, 2008
Gary residents talk about the rescue bill
Residents in Gary, chimed in on the rescue bill, the liquidity crisis and regulating Wall Street.
read more | digg story
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Wednesday, October 1, 2008
Gary, IN ponders veep picks
Residents of Gary, Indiana chime in on whether or not Alaska Gov. Sarah Palin is a good choice for rep. vp.
The question was, "what would you ask the dem. or rep.vp if given the chance?"
While it may seem strange that a bunch of residents from a democratic county like Lake, would care to chime in on a republican candidate pick, keep in mind that the president and vice-president positions govern all of America--not just the republican base.
And she's all over the news, every second of the day.
You'll notice how people tend to want a learned person to govern them nowadays.
Read the comments from others i Reporters
Senate bill passes, now comes the House vote
Calls from Sen. Barack Obama to, "step up to the plate," seem to resonate within the Senate
The federal intervention bill passed a Senate vote Wednesday night with a vote of 74-25 with Sens. Obama, Biden, McCain and Lugar (R-IN) in favor of it.
Seventy-four senators have voted to approve the Dodd amendment adding $100 billion. The bill now goes to the U.S. House of Representatives for a vote. The amendments were added to sweeten the pot, so to speak, so that Republican and apparently more conservative Democrat congressmen and women would approve the bill.
It was considered a "fine accomplishment for the senate," said the republican leader, Mitch McConnell, (R-KY).
In a web site statement dated September 23, Indiana Senator Evan Byah--once considered for a vice-presidential slot on what is now the Obama/Biden ticket--said he thinks the government should step in during a financial crisis.
“We have to act, but we also have to be willing to take the steps to make sure that this situation does not recur."
U.S. Representative Pete Visclosky (D-Merrillville, IN) said in a statement on his web site that he felt the crisis started with the repeal of the Glass-Steagall Act.
"This crisis is not an accident of nature. The stage was set for this crisis with the repeal of Glass-Steagall in 1999, but this crisis is not the result of a single error in policy. It is the direct result of years and years of deliberate and cynical exploitation by the captains of an unregulated industry..." he said.
Sen. Chris Dodd (D-Con.) Chairman of the Senate Committee on Banking, Housing and Urban Affairs, was thanked at length for his work on the legislation.
He in turn thanked his fellow senators and congressmen--like U.S. Rep. Barney Frank--who chairs the Financial Services Committee and who worked with him to fix the crisis.
"It's the most important thing we can do as a Congress(to restore the country's confidence and give a sense of hope). The economy won't blossom overnight. We have got a many, many difficult months ahead," he said.
Sen. Obama was right: Change is more than a campaign slogan!
The federal intervention bill passed a Senate vote Wednesday night with a vote of 74-25 with Sens. Obama, Biden, McCain and Lugar (R-IN) in favor of it.
Seventy-four senators have voted to approve the Dodd amendment adding $100 billion. The bill now goes to the U.S. House of Representatives for a vote. The amendments were added to sweeten the pot, so to speak, so that Republican and apparently more conservative Democrat congressmen and women would approve the bill.
It was considered a "fine accomplishment for the senate," said the republican leader, Mitch McConnell, (R-KY).
In a web site statement dated September 23, Indiana Senator Evan Byah--once considered for a vice-presidential slot on what is now the Obama/Biden ticket--said he thinks the government should step in during a financial crisis.
“We have to act, but we also have to be willing to take the steps to make sure that this situation does not recur."
U.S. Representative Pete Visclosky (D-Merrillville, IN) said in a statement on his web site that he felt the crisis started with the repeal of the Glass-Steagall Act.
"This crisis is not an accident of nature. The stage was set for this crisis with the repeal of Glass-Steagall in 1999, but this crisis is not the result of a single error in policy. It is the direct result of years and years of deliberate and cynical exploitation by the captains of an unregulated industry..." he said.
Sen. Chris Dodd (D-Con.) Chairman of the Senate Committee on Banking, Housing and Urban Affairs, was thanked at length for his work on the legislation.
He in turn thanked his fellow senators and congressmen--like U.S. Rep. Barney Frank--who chairs the Financial Services Committee and who worked with him to fix the crisis.
"It's the most important thing we can do as a Congress(to restore the country's confidence and give a sense of hope). The economy won't blossom overnight. We have got a many, many difficult months ahead," he said.
Sen. Obama was right: Change is more than a campaign slogan!
Sen. Barack Obama speaks out on Breast Cancer Awareness Month
Today, I'm proud to add my voice in support of Breast Cancer Awareness Month. For me, the fight against cancer is deeply personal. My mother died of ovarian cancer in the prime of her life. And at a time when she should have been focused on getting well, she was lying in a hospital bed arguing with her insurance company because they refused to cover her treatment.
For millions of Americans, my mother's story is all too familiar. That's why, as President, I will make the fight against cancer an urgent national priority by doubling federal cancer research funding. What's more, I'll enact health care reform that guarantees affordable coverage for every American who wants it, and we'll make sure that insurance companies can no longer discriminate against those who are sick and need care the most. Because screening saves lives, I'll require coverage of essential preventive services like mammograms in all federally supported health plans. And because breast cancer is the most commonly diagnosed cancer among African-American women and Latinas, we'll come together to address the root causes of health disparities by promoting prevention, strengthening public health, and implementing patient navigation programs.
This year, more than 200,000 women will be diagnosed with breast cancer. Millions more will love someone who is. This month, as we rededicate ourselves to finding a cure, we must also dedicate ourselves to making sure that everyone who is diagnosed with cancer gets the care, treatment, and support they need. Now is the time to commit ourselves to waging a war against cancer as aggressive as the war cancer wages against us.
For millions of Americans, my mother's story is all too familiar. That's why, as President, I will make the fight against cancer an urgent national priority by doubling federal cancer research funding. What's more, I'll enact health care reform that guarantees affordable coverage for every American who wants it, and we'll make sure that insurance companies can no longer discriminate against those who are sick and need care the most. Because screening saves lives, I'll require coverage of essential preventive services like mammograms in all federally supported health plans. And because breast cancer is the most commonly diagnosed cancer among African-American women and Latinas, we'll come together to address the root causes of health disparities by promoting prevention, strengthening public health, and implementing patient navigation programs.
This year, more than 200,000 women will be diagnosed with breast cancer. Millions more will love someone who is. This month, as we rededicate ourselves to finding a cure, we must also dedicate ourselves to making sure that everyone who is diagnosed with cancer gets the care, treatment, and support they need. Now is the time to commit ourselves to waging a war against cancer as aggressive as the war cancer wages against us.
Sen. Barack Obama speaks out on Domestic Violence Awareness Month
Today, I join all Americans in observing Domestic Violence Awareness Month. At a time when one in four women will experience domestic violence in her lifetime, it's more important than ever that we dedicate ourselves to working on behalf of the thousands of women who suffer in silence.
Too often, victims of domestic violence don't know where to turn, or have no one to turn to. And too often, a victim could be someone you love. That's why, as a State Senator, I led the fight in Illinois to pass one of the strongest employment protection laws in the nation, ensuring that victims of domestic violence could seek shelter or treatment without losing their jobs.That's why I introduced legislation in the U.S. Senate to provide $25 million a year to domestic violence prevention and victim support efforts. That's why I co-sponsored and helped reauthorize the Violence Against Women Act. And today, I am so proud to have Senator Joe Biden, the man who wrote that groundbreaking legislation that gave so many women a second chance at life, as my running mate in this campaign.
As President, I'll make these efforts a national priority. This month, and every month, we must fight to bring domestic violence out of the darkness of isolation and into the light of justice, especially for minority and immigrant women, and women in every community where it goes unreported far too often. We'll stop treating this as just a woman's issue, and start recognizing that when a woman is attacked, that abuse scars not only the victim, but her loved ones, sending currents of violence that ripple across our society. We need all hands on deck to address this – neighbors willing to report suspected crimes, families willing to help loved ones seek treatment, and community leaders willing to candidly discuss this issue in public and break the stigma that stops so many women from coming forward. Together, we'll make it clear that no woman ever struggles alone.
Too often, victims of domestic violence don't know where to turn, or have no one to turn to. And too often, a victim could be someone you love. That's why, as a State Senator, I led the fight in Illinois to pass one of the strongest employment protection laws in the nation, ensuring that victims of domestic violence could seek shelter or treatment without losing their jobs.That's why I introduced legislation in the U.S. Senate to provide $25 million a year to domestic violence prevention and victim support efforts. That's why I co-sponsored and helped reauthorize the Violence Against Women Act. And today, I am so proud to have Senator Joe Biden, the man who wrote that groundbreaking legislation that gave so many women a second chance at life, as my running mate in this campaign.
As President, I'll make these efforts a national priority. This month, and every month, we must fight to bring domestic violence out of the darkness of isolation and into the light of justice, especially for minority and immigrant women, and women in every community where it goes unreported far too often. We'll stop treating this as just a woman's issue, and start recognizing that when a woman is attacked, that abuse scars not only the victim, but her loved ones, sending currents of violence that ripple across our society. We need all hands on deck to address this – neighbors willing to report suspected crimes, families willing to help loved ones seek treatment, and community leaders willing to candidly discuss this issue in public and break the stigma that stops so many women from coming forward. Together, we'll make it clear that no woman ever struggles alone.
HuffPost's Real Time Election Trading Odds.
Trading Markets Swing to Obama! Bookmark this map! Updated hourly until election day.
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Obama Opens Up Big Leads In PA (+15), FL (+8), and OH (+8)
The latest polling from Quinnipac shows Barack Obama opening-up substantial leads in the swing states of Florida, Ohio, and Pennsylvania. The polls also show Sarah Palin's net approval rating dropping 27, 19, and 16 points, respectively. Is the race finally slipping away from John McCain?
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Tuesday, September 30, 2008
Senate to vote on rescue plan Wednesday
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
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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."
House Resolution 3997
As it stands house republicans have/had a handfull of hold-outs on the signing of this legislation.
I gleened this information from GOP.gov September 29, hoping to find out what exactly is the point or points of contention within the GOP.
bills being considered
H.R. 3997
H.R. 7201
S. 3598
S. 2840
S. 3296
S. 3597
H.R. 7175
S. 3536
S. 431
S. 3606
H.R. 7084
S. 2816
S. 3569
H.R. 6838
H.R. 5571
H.R. 6707
S. 2304
H.Res. 875
H.Res. 1429
H.R. 6460
bill
H.R. 3997 (vote due this afternoon)
Emergency Economic Stabilization Act of 2008
FLOOR SITUATION
H.R. 3997 is expected to be considered on the floor of the House on September 29, 2008.
This legislation is being considered on the floor under a closed rule. The rule:
Ø Provides for consideration of the Senate amendment to the House amendment to the Senate amendment to H.R. 3997.
Ø Makes in order a motion by the chairman of the Committee on Financial Services or his designee to concur in the Senate amendment to the House amendment with the amendment printed in the report of the Committee on Rules accompanying the resolution.
Ø Waives all points of order against the motion.
Ø Provides that the Senate amendment and the motion shall be considered as read.
Ø Provides three hours of debate on the motion equally divided and controlled by the chairman and ranking member of the Committee on Financial Services.
Ø Provides that during consideration of the motion to concur, notwithstanding the operation of the previous question, the Chair may postpone further consideration of such motion to a time designated by the Speaker.
BACKGROUND
On September 7, 2008, Secretary Henry Paulson announced that the U.S. Treasury in cooperation with the Federal Reserve would be taking over control of Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac own or guarantee $5.2 trillion of mortgages in the United States. As a secondary mortgage operator, Fannie and Freddie must have enough funds available to pay their investors, which include state and local governments, regional banks, and foreign governments.
Using the authority given to the Treasury when Congress passed the Housing and Economic Recovery Act (H.R. 3221) in July, the Secretary implemented a plan to try to increase stability in the housing and financial markets. The plan allows Treasury to enter into a Senior Preferred Stock Agreement with each of the GSEs, to purchase mortgage backed securities (MBS) from the GSEs on the open market, and the Federal Reserve Bank of New York act as a credit lending facility for the GSEs. The government takeover of Fannie and Freddie Mac was followed shortly thereafter by a government rescue of AIG, in which the U.S. provided a $85 billion loan.
On September 19, 2008, Secretary Paulson, Chairman of the Federal Reserve Ben Bernanke, and the Chairman of the Securities and Exchange Commission Christopher Cox announced that further action was needed to stabilize the markets and that they had begun talks for a comprehensive approach to relieving the stress on our nation’s financial institutions and markets. The following day the Administration submitted a $700 billion legislative proposal to Congress that would have given Treasury the authority to purchase distressed assets from these troubled financial institutions.
After days of bicameral, bipartisan negotiations, leaders from both parties reached a tentative agreement on the outline of the bill. The final text was available late in the day on Sunday, September 28, 2008.
SUMMARY
The purpose of this bill is to provide the Secretary of the Treasury with the authority to restore liquidity and stability to the American financial system. Important provisions of this legislation are described below.
Note: This bill does not include several contentious provisions due to successful Republican negotiation. The following items are not included in this legislation:
Ø “Say on pay” proxy access which would give unions a nonbinding shareholder vote on the boards of companies in which the Treasury Department buys a direct stake in assets.
Ø Affordable housing slush fund which would bankroll organizations like the Association of Community Organizations for Reform Now (ACORN)at taxpayer expense.
Ø “Cramdown” provisions allowing bankruptcy judges to reduce mortgage principal, thus fueling a bonanza for trial lawyers.
TITLE I – TROUBLED ASSETS RELIEF PROGRAM (TARP)
Purchase of Troubled Assets: The bill authorizes the creation of a troubled assets relief program within the Department of Treasury to purchase troubled asses from financial institutions. In carrying out this program, the Treasury must consult with the Federal Reserve Board of Governors, the Federal Reserve Bank of New York, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Office of Thrift Supervision, and the Secretary of Housing and Urban Development. The Treasury Secretary is required to establish guidelines and policies to carry out this program. This authority will terminate on December 31, 2009, but may be extended by the Secretary for another year upon certification to Congress.
Insurance of Troubled Assets: The bill requires the Treasury Department to establish an insurance program that guarantees against losses to mortgage-backed securities (MBS) issued or originated prior to March 18, 2008. The bill directs the Treasury to assess risk-based premiums on MBS to finance this insurance. The insurance program will sunset within 2 years.Holders of MBS must pay a premium to have a government guarantee, rather than be bought by Treasury. This plan will directly reduce the $700 billion dollar taxpayer liability. Every dollar used to insure assets reduces the need to spend taxpayer money to purchase MBS.
Financial Stability Oversight Board: The bill establishes the Financial Stability Oversight Board to review the authorities of this Act, make recommendations to the Secretary, and report on fraud to the Inspector General of the Treasury or the Attorney General. The Board will include the Chairman of the Federal Reserve, the Secretary of the Treasury, and the chairman of the Securities and Exchange Commission.
Reports: This legislation requires the Secretary to report to Congress on certain issues. These reports include the actions taken by the Secretary under the Act, a detailed financial statement, and a description of all transactions made for every $50 billion in assets purchased. The Secretary also will submit a report to Congress by April 30, 2009, on the current state of the financial markets.
Mark-to-Market: The bill restates the Securities and Exchange Commission’s (SEC) authority to suspend mark-to-market accounting regulations. The SEC must conduct a study on mark-to-market accounting standards and report to Congress with findings within 90 days.
Rights and Management: The Secretary may exercise authorities under this Act at any time. The legislation enables the Secretary to manage the assets and requires that profits from the sale of troubled assets to be used to pay down the national debt. The Secretary may determine the terms and conditions of the sale of these assets. The Federal Deposit Insurance Corporation (FDIC) is allowed to manage assets for residential mortgage loans and mortgage-backed securities.
Conflicts of Interest: The Secretary must issue regulations to manage or prohibit conflicts of interest in the administration of the program.
Foreclosures: The Secretary must implement a plan to mitigate foreclosures, and may use loan guarantees and credit enhancement to avoid foreclosures. Federal entities which hold mortgages and mortgage-backed securities must develop plans to minimize foreclosures. Such agencies will also work to encourage loan modifications, considering value to the taxpayer. Loan modifications cannot result in a loss to taxpayers.
Executive Compensation & Corporate Governance: In the event of total government takeovers there will be no “golden parachutes” or severance pay for company executives. For companies whose assets Treasury purchases at auction at a level over $300 million, there is a total ban on golden parachutes and a tax deduction limit on executive compensation above $500,000, for CEO, CFO, and the three next-highest paid officers.
Warrants: Under this provision, Treasury will receive non-voting warrants from companies participating in TARP. The bill establishes a de minimus asset threshold of $100 million for warrants. Warrants are certificates entitling the holder to buy securities at a specific price.
Market Transparency: The Secretary must disclose details of any transaction within two business days.
Graduated Purchase Authorization: This legislation immediately authorizes the Secretary to use up to $250 billion for TARP. An additional $100 billion is available to the Secretary if the President certifies to Congress that is necessary, and a final $350 billion is authorized if the President reports to Congress requesting the additional funding, unless Congress passes a joint resolution of disapproval (which will have fast track consideration). This authority will terminate on December 31, 2009, but may be extended by the Secretary for another year upon certification to Congress.
Oversight and Auditing: The Comptroller General will conduct ongoing review of TARP activities and report to Congress. An annual audit of TARP is required of the Comptroller General.
Judicial Review: The legislation bars injunctive or other forms of equitable relief against the Secretary regarding the purchase or sale of assets, the insurance of assets, and forfeiture mitigation efforts, unless meant to remedy a violation of the Constitution. Except as limited above, this bill provides for judicial review of the Secretary’s final actions and requires the challenger to prove that the Secretary’s actions were arbitrary, capricious, an abuse of discretion, or not in accordance with the law.
Special Inspector General: The bill creates a Special Inspector General for TARP who must report to Congress quarterly.
Public Debt Statutory Limit: The debt ceiling is raised from $10 trillion to $11.3 trillion.
Congressional Oversight: The bill establishes a Congressional bipartisan oversight commission, with members appointed evenly by the majority and minority. The panel will report to Congress every month on regulatory reform through January 20, 2009.
Recoupment of Funds: The President must submit a proposal to Congress within five years on how to recoup funds from the financial industry for any taxpayer losses.
TITLE II – BUDGET RELATED PROVISIONS
Information for Congressional Support Agencies: The Secretary must make available, upon request of congressional support agencies, all information used in connection with activities authorized by this legislation.
OMB Reports: The bill requires the Office of Management and Budget (OMB) to report to the President and Congress an estimate of the cost of the troubled assets and guarantees of the troubled assets, as well as the information used to derive the estimate within 60 days of the exercise of authority. After the first report, OMB must report this information semiannually to Congress and provide a detailed analysis of how the estimate has changed from the previous report.
CBO Reports: The bill requires the Congressional Budget Office (CBO) to submit an assessment of the OMB report to Congress within 45 days of receipt. The assessment must include the cost of the troubled assets and guarantees of the troubled assets, the information and valuation methods used to calculate such cost, and the impact on the deficit and the debt.
Analysis in the President’s Budget: The bill requires that the President to include analysis and estimates relating to the costs of the actions taken by the Secretary using any authority provided by this legislation as a part of each fiscal years Budget request.
TITLE III – TAX PROVISIONS
Gain or Loss from Sale or Exchange of Certain Preferred Stock: The bill allows for the gain or loss from the sale or exchange of preferred stock in Fannie Mae and Freddie Mac to be treated as ordinary income or loss. This provision helps local community banks across the country by allowing them to write off losses on Fannie and Freddie mortgage assets they hold.
Special Rules for Tax Treatment of Executive Compensation: Any company directly selling assets to Treasury would have its executive compensation subject to Treasury’s approval so long as Treasury has an equity stake in the company. The provision does not allow employers participating in the troubled assets relief program for any company selling at least $300 million of assets as part of the auction process to deduct executive remuneration that exceeds $500,000.
Exclusion of Income from Discharge of Qualified Principal Residence Indebtedness: The bill extends current law tax forgiveness on the cancellation of mortgage debt.
ADDITIONAL INFORMATION
According to a letter sent from OMB Director Jim Nussle to Republican Leader John Boehner on September 28, 2008, “the legislation authorizes a purchase program that allows the federal government to hold up to $700 billion in mortgages or mortgage-backed securities, and creates a program to allow federal guarantees as an alternative to direct purchases. The $700 billion figure is substantial, of course, but the size of the problem in our financial markets requires a commitment of this size. For several reasons, however, the impact on the taxpayer will be considerably less than $700 billion.” (Nussle Letter)
COST ESTIMATE
According to the Congressional Budget Office, “Although it is not currently possible to quantify the net budget impact given the lack of details about how the program would be implemented, CBO has concluded that enacting the bill would likely entail some net budget cost—which would, however, be substantially smaller than $700 billion.” (CBO Cost Estimate)
I gleened this information from GOP.gov September 29, hoping to find out what exactly is the point or points of contention within the GOP.
bills being considered
H.R. 3997
H.R. 7201
S. 3598
S. 2840
S. 3296
S. 3597
H.R. 7175
S. 3536
S. 431
S. 3606
H.R. 7084
S. 2816
S. 3569
H.R. 6838
H.R. 5571
H.R. 6707
S. 2304
H.Res. 875
H.Res. 1429
H.R. 6460
bill
H.R. 3997 (vote due this afternoon)
Emergency Economic Stabilization Act of 2008
FLOOR SITUATION
H.R. 3997 is expected to be considered on the floor of the House on September 29, 2008.
This legislation is being considered on the floor under a closed rule. The rule:
Ø Provides for consideration of the Senate amendment to the House amendment to the Senate amendment to H.R. 3997.
Ø Makes in order a motion by the chairman of the Committee on Financial Services or his designee to concur in the Senate amendment to the House amendment with the amendment printed in the report of the Committee on Rules accompanying the resolution.
Ø Waives all points of order against the motion.
Ø Provides that the Senate amendment and the motion shall be considered as read.
Ø Provides three hours of debate on the motion equally divided and controlled by the chairman and ranking member of the Committee on Financial Services.
Ø Provides that during consideration of the motion to concur, notwithstanding the operation of the previous question, the Chair may postpone further consideration of such motion to a time designated by the Speaker.
BACKGROUND
On September 7, 2008, Secretary Henry Paulson announced that the U.S. Treasury in cooperation with the Federal Reserve would be taking over control of Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac own or guarantee $5.2 trillion of mortgages in the United States. As a secondary mortgage operator, Fannie and Freddie must have enough funds available to pay their investors, which include state and local governments, regional banks, and foreign governments.
Using the authority given to the Treasury when Congress passed the Housing and Economic Recovery Act (H.R. 3221) in July, the Secretary implemented a plan to try to increase stability in the housing and financial markets. The plan allows Treasury to enter into a Senior Preferred Stock Agreement with each of the GSEs, to purchase mortgage backed securities (MBS) from the GSEs on the open market, and the Federal Reserve Bank of New York act as a credit lending facility for the GSEs. The government takeover of Fannie and Freddie Mac was followed shortly thereafter by a government rescue of AIG, in which the U.S. provided a $85 billion loan.
On September 19, 2008, Secretary Paulson, Chairman of the Federal Reserve Ben Bernanke, and the Chairman of the Securities and Exchange Commission Christopher Cox announced that further action was needed to stabilize the markets and that they had begun talks for a comprehensive approach to relieving the stress on our nation’s financial institutions and markets. The following day the Administration submitted a $700 billion legislative proposal to Congress that would have given Treasury the authority to purchase distressed assets from these troubled financial institutions.
After days of bicameral, bipartisan negotiations, leaders from both parties reached a tentative agreement on the outline of the bill. The final text was available late in the day on Sunday, September 28, 2008.
SUMMARY
The purpose of this bill is to provide the Secretary of the Treasury with the authority to restore liquidity and stability to the American financial system. Important provisions of this legislation are described below.
Note: This bill does not include several contentious provisions due to successful Republican negotiation. The following items are not included in this legislation:
Ø “Say on pay” proxy access which would give unions a nonbinding shareholder vote on the boards of companies in which the Treasury Department buys a direct stake in assets.
Ø Affordable housing slush fund which would bankroll organizations like the Association of Community Organizations for Reform Now (ACORN)at taxpayer expense.
Ø “Cramdown” provisions allowing bankruptcy judges to reduce mortgage principal, thus fueling a bonanza for trial lawyers.
TITLE I – TROUBLED ASSETS RELIEF PROGRAM (TARP)
Purchase of Troubled Assets: The bill authorizes the creation of a troubled assets relief program within the Department of Treasury to purchase troubled asses from financial institutions. In carrying out this program, the Treasury must consult with the Federal Reserve Board of Governors, the Federal Reserve Bank of New York, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Office of Thrift Supervision, and the Secretary of Housing and Urban Development. The Treasury Secretary is required to establish guidelines and policies to carry out this program. This authority will terminate on December 31, 2009, but may be extended by the Secretary for another year upon certification to Congress.
Insurance of Troubled Assets: The bill requires the Treasury Department to establish an insurance program that guarantees against losses to mortgage-backed securities (MBS) issued or originated prior to March 18, 2008. The bill directs the Treasury to assess risk-based premiums on MBS to finance this insurance. The insurance program will sunset within 2 years.Holders of MBS must pay a premium to have a government guarantee, rather than be bought by Treasury. This plan will directly reduce the $700 billion dollar taxpayer liability. Every dollar used to insure assets reduces the need to spend taxpayer money to purchase MBS.
Financial Stability Oversight Board: The bill establishes the Financial Stability Oversight Board to review the authorities of this Act, make recommendations to the Secretary, and report on fraud to the Inspector General of the Treasury or the Attorney General. The Board will include the Chairman of the Federal Reserve, the Secretary of the Treasury, and the chairman of the Securities and Exchange Commission.
Reports: This legislation requires the Secretary to report to Congress on certain issues. These reports include the actions taken by the Secretary under the Act, a detailed financial statement, and a description of all transactions made for every $50 billion in assets purchased. The Secretary also will submit a report to Congress by April 30, 2009, on the current state of the financial markets.
Mark-to-Market: The bill restates the Securities and Exchange Commission’s (SEC) authority to suspend mark-to-market accounting regulations. The SEC must conduct a study on mark-to-market accounting standards and report to Congress with findings within 90 days.
Rights and Management: The Secretary may exercise authorities under this Act at any time. The legislation enables the Secretary to manage the assets and requires that profits from the sale of troubled assets to be used to pay down the national debt. The Secretary may determine the terms and conditions of the sale of these assets. The Federal Deposit Insurance Corporation (FDIC) is allowed to manage assets for residential mortgage loans and mortgage-backed securities.
Conflicts of Interest: The Secretary must issue regulations to manage or prohibit conflicts of interest in the administration of the program.
Foreclosures: The Secretary must implement a plan to mitigate foreclosures, and may use loan guarantees and credit enhancement to avoid foreclosures. Federal entities which hold mortgages and mortgage-backed securities must develop plans to minimize foreclosures. Such agencies will also work to encourage loan modifications, considering value to the taxpayer. Loan modifications cannot result in a loss to taxpayers.
Executive Compensation & Corporate Governance: In the event of total government takeovers there will be no “golden parachutes” or severance pay for company executives. For companies whose assets Treasury purchases at auction at a level over $300 million, there is a total ban on golden parachutes and a tax deduction limit on executive compensation above $500,000, for CEO, CFO, and the three next-highest paid officers.
Warrants: Under this provision, Treasury will receive non-voting warrants from companies participating in TARP. The bill establishes a de minimus asset threshold of $100 million for warrants. Warrants are certificates entitling the holder to buy securities at a specific price.
Market Transparency: The Secretary must disclose details of any transaction within two business days.
Graduated Purchase Authorization: This legislation immediately authorizes the Secretary to use up to $250 billion for TARP. An additional $100 billion is available to the Secretary if the President certifies to Congress that is necessary, and a final $350 billion is authorized if the President reports to Congress requesting the additional funding, unless Congress passes a joint resolution of disapproval (which will have fast track consideration). This authority will terminate on December 31, 2009, but may be extended by the Secretary for another year upon certification to Congress.
Oversight and Auditing: The Comptroller General will conduct ongoing review of TARP activities and report to Congress. An annual audit of TARP is required of the Comptroller General.
Judicial Review: The legislation bars injunctive or other forms of equitable relief against the Secretary regarding the purchase or sale of assets, the insurance of assets, and forfeiture mitigation efforts, unless meant to remedy a violation of the Constitution. Except as limited above, this bill provides for judicial review of the Secretary’s final actions and requires the challenger to prove that the Secretary’s actions were arbitrary, capricious, an abuse of discretion, or not in accordance with the law.
Special Inspector General: The bill creates a Special Inspector General for TARP who must report to Congress quarterly.
Public Debt Statutory Limit: The debt ceiling is raised from $10 trillion to $11.3 trillion.
Congressional Oversight: The bill establishes a Congressional bipartisan oversight commission, with members appointed evenly by the majority and minority. The panel will report to Congress every month on regulatory reform through January 20, 2009.
Recoupment of Funds: The President must submit a proposal to Congress within five years on how to recoup funds from the financial industry for any taxpayer losses.
TITLE II – BUDGET RELATED PROVISIONS
Information for Congressional Support Agencies: The Secretary must make available, upon request of congressional support agencies, all information used in connection with activities authorized by this legislation.
OMB Reports: The bill requires the Office of Management and Budget (OMB) to report to the President and Congress an estimate of the cost of the troubled assets and guarantees of the troubled assets, as well as the information used to derive the estimate within 60 days of the exercise of authority. After the first report, OMB must report this information semiannually to Congress and provide a detailed analysis of how the estimate has changed from the previous report.
CBO Reports: The bill requires the Congressional Budget Office (CBO) to submit an assessment of the OMB report to Congress within 45 days of receipt. The assessment must include the cost of the troubled assets and guarantees of the troubled assets, the information and valuation methods used to calculate such cost, and the impact on the deficit and the debt.
Analysis in the President’s Budget: The bill requires that the President to include analysis and estimates relating to the costs of the actions taken by the Secretary using any authority provided by this legislation as a part of each fiscal years Budget request.
TITLE III – TAX PROVISIONS
Gain or Loss from Sale or Exchange of Certain Preferred Stock: The bill allows for the gain or loss from the sale or exchange of preferred stock in Fannie Mae and Freddie Mac to be treated as ordinary income or loss. This provision helps local community banks across the country by allowing them to write off losses on Fannie and Freddie mortgage assets they hold.
Special Rules for Tax Treatment of Executive Compensation: Any company directly selling assets to Treasury would have its executive compensation subject to Treasury’s approval so long as Treasury has an equity stake in the company. The provision does not allow employers participating in the troubled assets relief program for any company selling at least $300 million of assets as part of the auction process to deduct executive remuneration that exceeds $500,000.
Exclusion of Income from Discharge of Qualified Principal Residence Indebtedness: The bill extends current law tax forgiveness on the cancellation of mortgage debt.
ADDITIONAL INFORMATION
According to a letter sent from OMB Director Jim Nussle to Republican Leader John Boehner on September 28, 2008, “the legislation authorizes a purchase program that allows the federal government to hold up to $700 billion in mortgages or mortgage-backed securities, and creates a program to allow federal guarantees as an alternative to direct purchases. The $700 billion figure is substantial, of course, but the size of the problem in our financial markets requires a commitment of this size. For several reasons, however, the impact on the taxpayer will be considerably less than $700 billion.” (Nussle Letter)
COST ESTIMATE
According to the Congressional Budget Office, “Although it is not currently possible to quantify the net budget impact given the lack of details about how the program would be implemented, CBO has concluded that enacting the bill would likely entail some net budget cost—which would, however, be substantially smaller than $700 billion.” (CBO Cost Estimate)
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