Posted on 10/01/2008 5:34:06 PM PDT by Canticle_of_Deborah
The Senate hopes to revive Treasury’s $700 billion financial rescue plan Wednesday night by packaging it together with more than $100 billion in popular tax breaks as well as aid to rural schools important to House Republicans.
To calm voters fearful of bank failures, the $100,000 cap on federal insurance for deposits would also be raised to $250,000—a concession backed by both parties but also aimed at community banks who can be helpful in building small town support for the larger bill.
With each permutation, the bill has steadily grown in size. Treasury’s initial plan was about three pages long. The House version, which failed, stretched to 110. The Senate substitute now runs over 450 pages. And tucked away in the tax provisions is a landmark health care provision demanding that insurance companies provide coverage for mental health treatment—such as hospitalization—on parity with physical illnesses.
Really a bill onto itself, the mental health parity measure has been a bipartisan priority for top lawmakers in both chambers but has stalled because of disagreements again over how to pay for its estimated $3.8 billion five-year cost. In the current climate, that seems to be no longer a stumbling block, and if the Treasury plan becomes law, it will also.
(Excerpt) Read more at politico.com ...
If the problem is too much spending, why are increased spending requirements hidden in this rescue bill?
I am not a financial expert but this whole thing is beginning to look like a crisis manufactured for political (read socialist) gain.
Crazy Harry dropped that one and then his spokespeople denied it.
Yeah, Reid opened his yap. If jack'rats like he and Schumer had been around during WWII they would have been imprisoned, or worse. Ethics be d****ed.
I hope McCain goes the floor of the senate and rails against these added earmarks.
This is beyond the pale.
I am not a financial expert but this whole thing is beginning to look like a crisis manufactured for political (read socialist) gain”
Dodd is all over this. So is Frank and Pelosi. So you know they are corrupt, and this is big gains for socialism. Democrats declared all out war against the Middle Class with this bill
NOT A DIME!
How much more of this BS is hidden in there? CBMA! (CLean Bill My bacside)
I totally agree....I know more think this is a "crisis" than I believe in the tooth fairy. I don't believe anything this yahoos say about any of this any more, including President Bush.
They are trying to use scare tactics to get their way here. And this Senate bill is 100 times worse than the house bill was and still leave on person in complete control of our financial system with millions in pork added on.
Well you are right. The fact that this bill is coming to resemble a Christmas tree, with all the ornaments hanging off it, tells the tale. Plus, remember how Henry Paulson allegedly told Pelosi that "tomorrow morning would be too late, we have to meet tonight?" That was a good week ago, and now the einsteins of the Congress are going to take a couple days off to observe a Jewish holiday, and maybe reconvene on Friday. What bullshit.
The economic issue would be easily solved by a few strategic changes in the law and regulatory framework-- so say reasonable economists. The real "crisis" is a political one, a massive power grab by the left.
The financial problem of thousands of deadbeat mortgages when housing prices have fallen is real.
The extent, and more important the timing of this crisis is certainly manufactured for maximum gain for the liberals. Depressions or imminent depressions are excellent news for the Democrats.
If this bailout were to include underwriting requirements as far as income/down payments/location for future mortgages, the idea would certainly have merit. But the liberals are loading up the plan with socialism as they are almost its hoping to fail so they can blame it on the Republicans.
but W H E N did they write this? I thought they were out yesterday for the Jewish holiday-was this “new” bill in their desk drawer?
No thanks. Let em all rot.
I’m all for upping the FDIC insurance-but I oppose
any “bailout”
take a deep breath... let’s see where this goes...
How can they add $100 b in tax breaks when taxes are already going to cover the initial $700 b? Oooohh, we’ll just take from those who have it and give it to those too lazy to earn it. The robin hood plan... Communism at It’s finest... With more than half the country supporting it because of the panic That’s been created over failing financial institutions, help awaken the sheeple, tell them who’s really paying for this bill. Send text messages, emails, bring it up on your favorite talk radio program, we shouldn’t be taxed on what we make, tax us on what we spend in excess, i’m saving for my son’s future, to give him an education, don’t let them tax my son’s tuition money! I earn every cent i make and should not be punished because i have earned more than someone else.
It was in Chri Dodd’s hard drive for months no doubt. This is the Liberals October Surprise
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