Posted on 09/30/2008 8:08:08 PM PDT by Fred
The package before the Senate will be similar to the House version, with these additions, the New York Times reported in its online edition:
* The higher limit for insured bank deposits sought by the Federal Deposit Insurance Corp., which asked to raise the cap to $250,000 from $100,000, to quell opposition by individual and small-business depositors.
* Tax breaks for businesses and alternative energy, part of a package that has been caught in a stalemate in the House of Representatives. The Senate version of the gridlocked tax legislation would cost more than $100 billion and extend and expand many individual and business tax breaks, including tax credits for the production and use of renewable energy sources, like solar energy and wind power, the Times said. It would also extend the business tax credit for research and development, expand the child tax credit, protect millions of families from the alternative minimum tax and provide tax relief to victims of recent floods, tornadoes and severe storms, according to the Times..
Senate Majority Leader Harry Reid, D-Nev., said details of the proposal wouldn't be available until Wednesday, the Times reported.
If the Senate approves the package, it would go to the House, which doesn't reconvene until noon Eastern on Thursday.
The House's rejection triggered an historic, 777-point drop for the Dow Jones Industrial Average. The Senate development comes after members of both houses went back to the drawing board Tuesday in an effort to craft a new version of rescue package for the financial markets.
(Excerpt) Read more at marketwatch.com ...
Check out this section of the bill;
The Secretary shall coordinate, as appropriate, with foreign financial authorities and central banks to work toward the establishment of similar programs by such authorities and central banks. To the extent that such foreign financial authorities or banks hold troubled assets as a result of extending financing to financial institutions that have failed or defaulted on such financing, such troubled assets qualify for purchase under section 101.
This means we’ll be buying the bad loans of FOREIGNERS, not just us.
On Kudlow tonight it was revealed Paulson would not support it and Bush would veto it if it had in it a provision to stop the above from happening! Who do they represent, us Americans or some set of globalist masters?
I always thought that the rumors of globalism was tinfoil-hat material but what was tinfoil yesterday seems to be breaking news today!
We HAVE to stop this, or we’re dead as a country.
LQ
I much prefer to see Gingrich's proposal given some consideration (although it looks like the SEC is sort of addressing a part of it now). It seems that it would offer the market the tools the get out of this while not dumping 'toxic debt' on the taxpayers - the companies would have to deal with it, and setting up the market for better long-term performance by addressing our corporate tax rates, putting us on a more level global playing field.
Tax breaks and tax credits are not “costs”! They are incentives for people to spend their own money.
Tax “rebates” to people who don’t pay taxes are costs. Tax credits are not!
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The president and the press insist the economy can’t live without a bailout. That is a stinking pantload! You do bad business, allow yourself to get caught up in the hype of sub-prime mortgages, and guess what? You crash and burn!! What happened is exactly what should’ve happened.
They don’t deserve $700 billion, they deserve jail if anything. I don’t care if the goobermint was pressuring them or not. Business sense should’ve steered them right. They threw common sense to the wind and got burned. I’ve got no sympathy!
Your local bank hasn't heard from 9% Nancy that there is a credit crunch.
Sure sounds like it. The Senate version of the House bailout bill is another draconian bureaucratic monstrosity.
They are using a loophole- http://money.cnn.com/2008/09/30/news/economy/bailout_tuesday/index.htm?cnn=yes
“Because the bill must originate in the House, the Senate is attaching the rescue plan to a bill that deals with renewable energy tax incentives. This would allow the Senate to vote before the House.”
I don’t have the answer. Thank God I’m not a politician. All I know is Government caused the problem and now government has to fix it.
Hmmm, I thought the credit was all dried up in this “economic crisis”. I was offered a credit card when I made a $6 purchase at Target this weekend. Same goes for JC Penney when I bought a shirt. I’m not seeing an impact on easy credit. The retail stores can’t give away them cards fast enough.
Work-out not Bail-out
Eliminates the Credit Crisis: Suspends Capital Gains Tax to immediately free up huge volumes of capital
Eliminates the MBS drivers behind the Credit Crisis:
· Requires Industry-funded Insurance for Mortgage-Backed Securities (MBS) that guarantees losses to attract Private MBS Buyers
Eliminates the MBS drivers behind the Credit Crisis:
· Requires Industry-funded Insurance for Mortgage-Backed Securities (MBS) that guarantees losses to attract Private MBS Buyers
· Suspends Mark-to-Market Accounting that effectively froze MBS assets from being sold and multiplied capital requirements for Banks
· Provides Loss Write-offs for MBS Sellers to price them at market and incur the losses needed to pull capital from their MBS assets now
· Requires all future MBS to meet full regulatory requirements and provide complete, transparent documentation for assessment of risk and value
Eliminates the Crisis Perpetrators behind Bad Mortgages and MBS Problems:
· Privatizes Fannie and Freddie GSEs to eliminate the sources of the problem and prevent Congressional kick-back schemes
· Refocuses the Fed from short-term economic growth that drove economic boom-and-busts, to long-term price stability that controls inflation and sustains the dollar
· Prosecutes Corruption and Constrain Compensation for Industry-Executive Perpetrators
Link:
http://mikepence.house.gov/UploadedFiles/RSC_Economic_Rescue_092908.pdf
The Senate version includes a provision to mandate mental health care coverage on a parity with physical health!
Once again, the politicians are covering themselves.
Followed by a historic 483 point run up today!!!!!!
The bill failed because it had too much crap in it ... so they add more crap to get it to pass !!
(Helloo ...) anybody listening up there? Did it ever occur to you to remove stuff from the bill to get it to pass, rather than just adding more stuff ??
... yeah ... I know ... it's a dumb question.
With so much new money in the system this year, inflation will be on our heels in no time.
If this pace of government spending keeps up, it won’t matter where anyone puts their money.
They can put their 400k under the mattress, when they take it out in few years it will only buy a pack of gum.
If your credit is good, you will be able to get credit.
Stop talking nonsense.
No, Gov't CAN'T fix it, it needs to get out of the way and let the MARKET fix it.
And you think this bill is just about 700 billion and that’s it. No additional oversight of government into capitalisms gears? This is a tool, pelosi and reid have the levers. They want influence over evil wall st....and your main street....and everything in-between. You’re fooling yourself if you think this will:
a.) change ANYTHING in regards to medium to long term market reaction
b.) bring stability to “MAIN street”
c.) be the end of US tax-payer pack animal extorsion
Who came up with this ‘main street’ garbage term anyway in regards to this mess? It’s annoying!
That is a leftist lie that has been disproved over and over again. Reducing taxes INCREASES tax revenues.
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