Brokeresurection
October 1, 2008 8:28 PM Subscribe
The plan goes through and the US taxpayer is on the hook for $700 billion. Tax breaks for the middle class and an infinite credit line from the Treasury for the FDIC, provision of $8 billion for disaster relief and an increase in FDIC insurance from $100,000 to $250,000. It passed 74-25.
This post was deleted for the following reason: Open thread on congressional bailout hooah. -- cortex
Even with all of the earmarked oddities in the latter pages (exemptions for wooden toy arrows?), it passed ... the Senate.
The House is liable to go absolutely apoplectic again, because someone will surely get their feelings hurt between now and Friday.
posted by grabbingsand at 8:36 PM on October 1, 2008
The House is liable to go absolutely apoplectic again, because someone will surely get their feelings hurt between now and Friday.
posted by grabbingsand at 8:36 PM on October 1, 2008
Yeah, the Senate is the section of Congress with the (arguably) cooler heads. They have longer term limits (6 years, as opposed to 2 years in the House) and are therefore (theoretically) more resistant to temporary whims and general political asshattery.
posted by Cool Papa Bell at 8:37 PM on October 1, 2008
posted by Cool Papa Bell at 8:37 PM on October 1, 2008
Everyone knew it was going to pass the senate. What was interesting (to me) was that they tacked the energy bill onto the bailout bill.
Anyway, this post is totally wrong and should probably be deleted.
posted by delmoi at 8:41 PM on October 1, 2008
Anyway, this post is totally wrong and should probably be deleted.
posted by delmoi at 8:41 PM on October 1, 2008
Also the "tax breaks" are not actually for the middle class really. They are adjustments to the AMT (Alternative minimum tax), so the very top end of the "middle class" get breaks, people earning over $100k. And lots of corporate tax breaks, which will reduce government revenues by about $150 billion over a couple years (I'm not sure how many).
The republican fixation on tax cuts is really bizarre, I mean they were proposing that capital gains tax reductions should be put in place for people buying these "toxic" assets. But if no one is going to make money on this stuff, then the tax cuts wouldn't do a damn thing at all.
posted by delmoi at 8:45 PM on October 1, 2008
The republican fixation on tax cuts is really bizarre, I mean they were proposing that capital gains tax reductions should be put in place for people buying these "toxic" assets. But if no one is going to make money on this stuff, then the tax cuts wouldn't do a damn thing at all.
posted by delmoi at 8:45 PM on October 1, 2008
Huh? Nothing has been passed. It has to get through the Senate and the House, and only the Senate has voted so far.
posted by secret about box at 8:53 PM on October 1, 2008
posted by secret about box at 8:53 PM on October 1, 2008
I wonder how many of the 25 nay votes were from the 33 senators up for re-election next month.
posted by netbros at 8:56 PM on October 1, 2008
posted by netbros at 8:56 PM on October 1, 2008
Got through the first 25 pages this afternoon, not impressed. Looked like 421 page of TBD and PTNL and TK.
Should I be medicated? Drunk? WTF.
posted by Lesser Shrew at 8:59 PM on October 1, 2008
Should I be medicated? Drunk? WTF.
posted by Lesser Shrew at 8:59 PM on October 1, 2008
Please watch this helpful instructional video.
posted by raysmj at 9:00 PM on October 1, 2008 [3 favorites]
posted by raysmj at 9:00 PM on October 1, 2008 [3 favorites]
And the general weakness -- lack of overwhelming strength -- of the Senate vote makes it harder to pass in the House.
(exemptions for wooden toy arrows?)
It's my understanding that revenue-related bills have to originate in the House, so the Senate tacked this stuff onto a convenient house-originated bill.
It was HR-1424 that became the donor bill for the Senate to tack on the Emergency Economic Stabilization Act amendment.
posted by troy at 9:04 PM on October 1, 2008
(exemptions for wooden toy arrows?)
It's my understanding that revenue-related bills have to originate in the House, so the Senate tacked this stuff onto a convenient house-originated bill.
It was HR-1424 that became the donor bill for the Senate to tack on the Emergency Economic Stabilization Act amendment.
posted by troy at 9:04 PM on October 1, 2008
The republican fixation on tax cuts is really bizarre
They like big cuts and they cannot lie
There's no way to deny
That when a bill comes through with an itty bitty rate
And rounds out their estate...
posted by weston at 9:08 PM on October 1, 2008 [4 favorites]
They like big cuts and they cannot lie
There's no way to deny
That when a bill comes through with an itty bitty rate
And rounds out their estate...
posted by weston at 9:08 PM on October 1, 2008 [4 favorites]
No offense, but what were the AMT revisions, exactly? That fucking thing is a pain in my ass.
posted by docpops at 9:12 PM on October 1, 2008
posted by docpops at 9:12 PM on October 1, 2008
Here's the roll call.
I was watching C-SPAN and noticed my senator, Ben Nelson, change his vote from "nay" to "aye" after he was sure it would pass. My friends call him Douchebag McGee.
posted by Sfving at 9:17 PM on October 1, 2008
I was watching C-SPAN and noticed my senator, Ben Nelson, change his vote from "nay" to "aye" after he was sure it would pass. My friends call him Douchebag McGee.
posted by Sfving at 9:17 PM on October 1, 2008
NAYs ---25
Allard (R-CO)
Barrasso (R-WY)
Brownback (R-KS)
Bunning (R-KY)
Cantwell (D-WA)
Cochran (R-MS)
Crapo (R-ID)
DeMint (R-SC)
Dole (R-NC)
Dorgan (D-ND)
Enzi (R-WY)
Feingold (D-WI)
Inhofe (R-OK)
Johnson (D-SD)
Landrieu (D-LA)
Nelson (D-FL)
Roberts (R-KS)
Sanders (I-VT)
Sessions (R-AL)
Shelby (R-AL)
Stabenow (D-MI)
Tester (D-MT)
Vitter (R-LA)
Wicker (R-MS)
Wyden (D-OR)
Allard is retiring. Barrasso, Cochran, Dole, Enzi, Inhofe, Johnson, Landrieu, Roberts, Sessions, Wicker are running for re-election. So 10 nays among the 30 Senators running for re-election, a somewhat higher rate than the 15 out of 69 for Senators not running this year.
posted by lukemeister at 9:20 PM on October 1, 2008
Allard (R-CO)
Barrasso (R-WY)
Brownback (R-KS)
Bunning (R-KY)
Cantwell (D-WA)
Cochran (R-MS)
Crapo (R-ID)
DeMint (R-SC)
Dole (R-NC)
Dorgan (D-ND)
Enzi (R-WY)
Feingold (D-WI)
Inhofe (R-OK)
Johnson (D-SD)
Landrieu (D-LA)
Nelson (D-FL)
Roberts (R-KS)
Sanders (I-VT)
Sessions (R-AL)
Shelby (R-AL)
Stabenow (D-MI)
Tester (D-MT)
Vitter (R-LA)
Wicker (R-MS)
Wyden (D-OR)
Allard is retiring. Barrasso, Cochran, Dole, Enzi, Inhofe, Johnson, Landrieu, Roberts, Sessions, Wicker are running for re-election. So 10 nays among the 30 Senators running for re-election, a somewhat higher rate than the 15 out of 69 for Senators not running this year.
posted by lukemeister at 9:20 PM on October 1, 2008
*wall street exec* "Sweet that mean I can buy that new porsche this weekend!"
posted by axltea at 9:20 PM on October 1, 2008
posted by axltea at 9:20 PM on October 1, 2008
Crapo (R-ID)
what? is that real? must have had a rough childhood
posted by axltea at 9:22 PM on October 1, 2008
what? is that real? must have had a rough childhood
posted by axltea at 9:22 PM on October 1, 2008
Damn, what stupid asshats! So it sounds like time to dump dollars.
posted by jeffburdges at 9:22 PM on October 1, 2008
posted by jeffburdges at 9:22 PM on October 1, 2008
I know that this is robbery. But since I fear the House will pass it. Can anyone tell me what it will do to the value of the dollar? Should I convert my money into Euros tomorrow?
posted by Mr_Zero at 9:22 PM on October 1, 2008
posted by Mr_Zero at 9:22 PM on October 1, 2008
It was HR-1424 that became the donor bill for the Senate to tack on the Emergency Economic Stabilization Act amendment.
Good, when I saw that this bill was called the Paul Wellstone Mental Health and Addiction Equity Act of 2008, I wondered whether this some sort of editorial comment.
posted by lukemeister at 9:22 PM on October 1, 2008
Good, when I saw that this bill was called the Paul Wellstone Mental Health and Addiction Equity Act of 2008, I wondered whether this some sort of editorial comment.
posted by lukemeister at 9:22 PM on October 1, 2008
Crapo (R-ID)
what? is that real? must have had a rough childhood
Yeah, I think he and his neighboring Senator Barrasso commiserate during slow moments on the floor.
posted by lukemeister at 9:25 PM on October 1, 2008
what? is that real? must have had a rough childhood
Yeah, I think he and his neighboring Senator Barrasso commiserate during slow moments on the floor.
posted by lukemeister at 9:25 PM on October 1, 2008
When does the house vote again?
posted by jeffburdges at 9:26 PM on October 1, 2008
posted by jeffburdges at 9:26 PM on October 1, 2008
Senator Crapo. That sounds like something the janitors find on the Senate floor after all the Senators have left for the night.
posted by jamstigator at 9:27 PM on October 1, 2008
posted by jamstigator at 9:27 PM on October 1, 2008
I know that this is robbery. But since I fear the House will pass it. Can anyone tell me what it will do to the value of the dollar? Should I convert my money into Euros tomorrow?
I'm currently moving profits from short positions in the market to Swedish Krona and Australian dollars.
posted by Rafaelloello at 9:29 PM on October 1, 2008
I'm currently moving profits from short positions in the market to Swedish Krona and Australian dollars.
posted by Rafaelloello at 9:29 PM on October 1, 2008
I'm currently moving profits from short positions in the market to Swedish Krona and Australian dollars.
Seriously? Is that something my broker can do for me?
posted by Mr_Zero at 9:31 PM on October 1, 2008
Seriously? Is that something my broker can do for me?
posted by Mr_Zero at 9:31 PM on October 1, 2008
When does the house vote again?
Friday. By the way, if you want to make money off this, buy shares in American financial companies. You know, the ones getting that $700 billion? Duh.
posted by delmoi at 9:32 PM on October 1, 2008
Friday. By the way, if you want to make money off this, buy shares in American financial companies. You know, the ones getting that $700 billion? Duh.
posted by delmoi at 9:32 PM on October 1, 2008
Can anyone tell me what it will do to the value of the dollar? Should I convert my money into Euros tomorrow?
Hmm, well you should convert out of dollars if you like to sell high. But also, you should maybe convert to yen, not euros. (However, please note that I know nothing. I just search google news for "dollar" from time to time.)
posted by salvia at 9:35 PM on October 1, 2008
Hmm, well you should convert out of dollars if you like to sell high. But also, you should maybe convert to yen, not euros. (However, please note that I know nothing. I just search google news for "dollar" from time to time.)
posted by salvia at 9:35 PM on October 1, 2008
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posted by pmurray63 at 8:30 PM on October 1, 2008