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Monday, September 29, 2008

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."

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