McCain, Obama help pass bailout in Senate
Senators John McCain and Barack Obama put aside partisan divisions tonight to help the Senate approve its version of the $700 billion economic bailout package.
The bill passed by a wide margin of 74-25.
Senators made the bill more palatable than the version the House of Representatives rejected Monday by adding several provisions, including tax breaks.
Another measure added to the bill, one endorsed earlier this week by both McCain and Obama, called for an increase in the amount of bank deposits covered by the Federal Deposit Insurance Corporation from $100,000 to $250,000.
The only senator who did not vote for the bill was Edward M. Kennedy (D-Mass.), who has been largely vacant from the Senate after being diagnosed with cancer earlier this year.
Obama's vice presidential candidate, Senator Joe Biden (D-Del.), also voted for the measure, as did John F. Kerry, Kennedy's Bay State counterpart in the Senate.
Among New England senators, only Bernie Sanders, an independent from Vermont, voted against the bailout. Click here for the full roll call.
The bill now heads to the House, where it is expected to be taken up as early as Friday.
Read more about the bill's passage here.
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I do not like this,i think that the government should let privet business buy these
bad loans and let them make the profit that they say we the tax payers can make.
Why should we trust any thing that is told to us when one day they say it is fine then they say the world is coming to a stop if we do not come up with 700,000,000,000 Now!, I say Bull! I didn't go out and buy a house to make a buck!
I had to build my house with my bare hands and pay as i went. I lost my first house in the 80's when it was 21 percent interest and had to pay the IRS 13,000.00 in penalties and interest on a 4.000.00 tax bill.no one helped me.
Isnt it obvious to anyone yet? McBama and Ocain are the same?
More than one financial expert says this is a horrible bill. Let the markets do what they will do and settle. This entire mess let s the American taxpayer know that Washington is in the tank with these financial institutions. I could not believe Boyd and Obama had the nerve to point the finger at the Republicans for Fanny and Freddie when they both are two of the top four who benefitied from the illegal activities. OK so we bail out 700billion of bad paper because some special interest groups felt every man, woman, child and dog had a civil right to a house and car and a credit card. So, now what?
For decades Congressional Republicans and Democrats have financed their deficit spending with legislation that promoted lenient credit and hamstrung regulatory agencies to encourage consumer borrowing in order to produce economic expansion.
By lowering creditworthiness standards, Congress fueled the dot-com securities and sub-prime mortgage market scams that flourished as a result of irrationally exuberant consumers and hamstrung regulators.
The public needs protection from its own self-delusional acceptance of Congressional promises that you can get something for nothing.
When pork-barrel politics, re-election wins and redirecting blame are the measures of success in Congress, Americans cannot rely on a Congress bankrupt of money, ideas, and scruples to find solutions for America's wealth and leadership meltdown.
It's time to end Congress' abuse of power and to constitutionally limit Congressional terms to a cumulative total for both houses of eighteen (18) years.
...this was sent to me by a creative mind that is a single parent struggling not to go into foreclosure. I thought that it had its merits so I'm passing it on; If nothing it would give the big money people that put us in this mess something to PONDER; while we the average citizen can only wonder WHY? Perhaps it's time to take back OUR AMERICA!!!
.To All My Friends Who Think "Outside the Box"....
I'm against the $85,000,000,000.00 bailout of AIG.
Instead, I'm in favor of giving $85,000,000,000 to America in a We Deserve It Dividend.
To make the math simple, let's assume there are 200,000,000 bonafide U.S. Citizens 18+.
Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up..
So divide 200 million adults 18+ into $85 billon that equals $425,000.00.
My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend.
Of course, it would NOT be tax free. So let's assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 in taxes. That sends $25,500,000,0 00 right back to Uncle Sam.
But it means that every adult 18+ has $297,500.00 in their pocket. A Husband and wife has $595,000.00.
What would you do with $297,500.00 to $595,000.00 in your family?
Pay off your mortgage - housing crisis solved.
Repay college loans - what a great boost to new grads
Put away money for college - it'll be there
Save in a bank - create money to loan to entrepreneurs.
Buy a new car - create jobs
Invest in the market - capital drives growth
Pay for your parent's medical insurance - health care improves
Enable Deadbeat Dads to come clean - or else
Reset the Welfare and Medicare/Medicaid Systems to weed out the fraud.
Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back, as well as those that lost everything in Louisiana, Mississippi and Texas after the hurricanes. And of course, for those serving in our Armed Forces.
If we're going to re-distribute wealth let's really do it...instead of trickling out a puny $1000.00 ( "vote buy" ) economic incentive that is being proposed by one of our candidates for President.
If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+!
As for AIG - liquidate it.
Sell off its parts.
Let American General go back to being American General. Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.
Here's my rationale. We deserve it and AIG doesn't.
Sure it's a crazy idea but it is extremely LOGICAL!
How do you spell Economic Boom? Talk about an American moral booster! This plan is about all Americans and is not based on race, gender, or socio-economic status.
I trust my fellow adult Americans to know how to use the $85 Billion We Deserve It Dividend more than I do the geniuses at AIG or in Washington DC.
And remember, The Family plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.
Ahhh...I feel so much better getting that off my chest.
Kindest personal regards, A Creative Guy & Citizen.
Perhaps a few more creative minds in Washington and a few managers who can manage would serve the American people from getting into such dire
Positions. Make your vote count in placing some new blood in Congress.
Time to turn over the controlling party politicians and elect those that
Can act in the interest of all Americans. Thought this is a creative
Idea to help Americans.
Kay, check your math, you have too many zeros
Do th' math = it's only $425.