The Senate is poised to pass a revised Wall Street bailout bill tonight, but amendments to the controversial measure may raise the anger of some House Democrats and imperil its chances of approval in the House for the second time this week.
Sens. John McCain and Barack Obama will leave the presidential campaign trail and return to Washington in time to vote on the Senate version of the Wall Street bailout, or economic recovery package.
Senate Majority Leader Harry Reid, D-Nev., pressed for passage, with the alarming news that one of the country's premier insurance companies was about to go bankrupt if the crisis was not quickly resolved.
"We don't have a lot of leeway on time," Reid told reporters in the Capitol. "One of the individuals in the caucus today talked about a major insurance company -- a major insurance company -- one with a name that everyone knows that's on the verge of going bankrupt. That's what this is all about."
He did not identify the insurance company, and later in the day Reid spokesman Jim Manley said the senator was speaking broadly and not referring to anything specific.
"Senator Reid is not personally aware of any particular company being on the verge of bankruptcy," Manley wrote in an e-mail to ABCNews.com. "Rather, his comments were meant to refer to the conditions in the financial sector generally. He regrets any confusion his comments may have caused."
-----
Reid is incredibly irresponsible. He flat out said he knew of a company on the verge of bankruptcy - then his aid said that isn't what he meant.
I call bullshit. It's irresponsible statements like this that cause a lot of the problems we are seeing today.
Posted: Thu Oct 02, 2008 10:43 am Post Subject:
...and just to throw in my 2 cents about these poli-tics...
Two Saturdays ago, it totaled just three pages _ the White House's request for $700 billion to rescue tottering financial institutions by buying their devalued mortgage-related assets.
After an intense weekend of negotiations, the draft of the bailout legislation before Congress had swelled to 42 pages.
The following Friday, after almost a week of marathon talks between Treasury Secretary Henry Paulson and key lawmakers in both parties, the working version was up to 102 pages. It went down to defeat Monday in the House, mostly at the hands of Republicans.
Once the Senate was finished adding sweeteners Wednesday to entice reluctant House Republicans to change their minds and vote for the bailout, the bill heading for passage had grown to 451 pages.
It was unclear whether it would expand still more as House leaders hunted for the votes needed to clear the bill.
This is why people are so angry with Gubment. Nobody even knows what's in that bill and all four jackasstericks (Obama, McCain, Biden and of course Prez Bush himself) will sign off on yet another useless piece of legislation we don't need.
I hope the house kills this thing again but that's not likely.
Now let me see if I got this right.
The USA gubment has spent every dime of tax revenue it has collected this year. To make up for the short fall the USA gubment borrows money. If borrowed money doesn't cover its out of control spending then the USA gubment simply prints the money.
So where is the USA gubment going to get $700,000,000,000 billion dollars to buy non-performing mortgages/properties?
Where?
Most Americans are the modern day equivalent of indentured servants because of their debt and the government wants to keep it that way.
From Wiki:
An indentured servant is a form of debt bondage worker. The laborer is under contract of an employer for some period of time, usually three to seven years, in exchange for their transportation, food, drink, clothing, lodging and other necessities.
Posted: Thu Oct 02, 2008 11:34 am Post Subject:
This bailout issue is causing enough sensation in the political scenario. Its taking different color with different leader. I think the common people are only concerned about the affects of such huge grand that the government is forwarding towards the sinking businesses.
Posted: Thu Oct 02, 2008 11:40 am Post Subject:
Sounds to me like he was talking about A particular company...wonder who????
Posted: Thu Oct 02, 2008 12:25 pm Post Subject:
From what I understand AIG sold a boat load of private mortgage insurance on these sub-prime loans that sank that side of the AIG boat.
Hey Lori, how 'bout McCain't and how he's NOT going to sign any legislation as Prez with earmarks then votes FOR the biggest pig with lipstick in the history of the USA Gubment!?
If McCain was really a so-called maverick he would have voted NO to the new Wall St. welfare sham being shoved down our throats.
One day probably sooner rather than later Americans will realized that the fiat monetary system is nothing more than paper backed by the full faith and credit of the USA gubment printing presses.
Hot stock tip:
Invest in green ink!
Posted: Thu Oct 02, 2008 01:14 pm Post Subject:
Hey Lori, how 'bout McCain't and how he's NOT going to sign any legislation as Prez with earmarks then votes FOR the biggest pig with lipstick in the history of the USA Gubment!?
:roll: I tell ya' they all about make me sick... :roll:Posted: Thu Oct 02, 2008 01:54 pm Post Subject:
Uncle Ben to the rescue!!!
Add your comment