Posted on 10/05/2008 3:08:03 PM PDT by Maelstorm
U.S. Sen. Richard Durbin, a Springfield Democrat, voted for the financial bailout plan, although earlier Wednesday he compared it to a root canal.
The reworked version the Senate approved is a “much better, bipartisan rescue bill,” Durbin said after the vote.
“Now we need to look to real reform to make sure this never happens again,” Durbin said in a statement. “I look forward to working with the next administration to reform the regulation of the financial services industry while ensuring that we are doing everything in our power to help keep American families in their homes.”
Durbin, the Senate’s majority whip, was quoted in the online magazine Politico as saying Senate Democratic leaders “felt we had to move forward for the good of the country” and vote on the bailout before the House.
The Senate added a package of tax extenders that might cost Democratic votes in the House, but Durbin said he received a positive response from House Republican leaders when he told them of the new plan.
“I don’t know how to balance the equation in terms of what [votes] we may lose on the Democratic side,” Durbin told Politico.
“Hopefully my Democratic colleagues will realize what we realized. This is a root canal,” he said. “We don’t like to face it, but we have to. We have got to get this done and hope that it works.”
Durbin’s Republican opponent, Steve Sauerberg of Willowbrook, said he would have voted against the plan.
“While the federal government can and should play a role in ending this crisis, its role should be a limited one,” Sauerberg said in a statement. “The bottom line is that a trillion-dollar blank check written on the backs of today’s taxpayers — and future generations of taxpayers — is simply too much.”
He called for “free-market solutions” to the economic crisis.
Specifically Sauerberg recommended a temporary repeal of the capital gains tax; an end to “mark-to-market” accounting; an acceleration of depreciation; reinstituting the “uptick rule”; a cut in the corporate tax rate; and an increase in FDIC insurance limits.
He called for “free-market solutions” to the economic crisis.
Do you want more moderate and liberal Senators or more that stand up for the tax payer? Its your choice people.
Help Dr. Sauerberg close this race.
Now we need to look to real reform to make sure this never happens again, Dickie Durbin sez
Durbin and his band of criminals are bought and sold and are beholden to the major financiers of the “Obama grooming campaign” These A##es in congress and the senate are quick with there recomendations and comments on the very financial crisis they are involved with. WE ARE NOT AS STUPID AS YOU THINK. WE LONG FOR THE DAY YOU ARE PUT ON TRIAL FOR TREASON!
Yep the people aren’t as stupid as they think. What we need is to call these guys out for their treasonous actions. In a better less gentle time some of these guys would be drug into the streets.
I will assume that Dick TurdBin expects a Hussein victory. He sure as hell hasn't worked with the current administration to correct any problems.
What else would one expect from a follower toady like Durbin, but the oral defacation of the Deathocrat Party Line?
If it weren’t for the Dimbecile Deathocrats, thers’d never been a need to vote for, or against, what would have been a non-existant “Bailout the race/class bribing Rats” bill.
Why is siding with Bush a horrendous thing in the context of a debate but not so when doling out hundreds of billions of dollars in corporate welfare?
This is the most important point to make. Durbin is saying 'we had to do this' but Sauerberg is saying 'there is a better way'.
That's very effective and positive.
If you are upset about the bailout, vote against your incumbent Democrat like Durbin, and you will be getting a more free-market solution.
This could pick up a few votes for Dr. Saurberg, but Turban Durbin will be back for another term.
How will reducing Durbin's margin of victory get me a more free-market solution.
Maelstorm is right that I don't want "more moderate and liberal Senators", and that's why I will vote AGAINST Dr. Steve Sauerberg. I don't want a Senator who is willing to confirm judges to the left of Darth Bader Ginsburg, or who hires a radical Bush-hating gay activist as his campaign spokesman, as Sauerberg has done. Freepers complain about moderate squishes like Norm Coleman and Lamar Alexander, but they look like Jesse Helms next to Sauerberg.
Clintonfatigued is correct that Sauerberg is extremely unlikely to "win". Voting him won' get rid of Durbin. By voting for him, all conservatives are doing is sending a message to the ILGOP that it's acceptable to run more anti-life, anti-gun, and gay friendly "moderates" and that the conservative base will shut up and rubber stamp those choices. That's what happened when freepers voted for Judy Barr Topinka (she didn't come close to "winning" but she got enough GOP votes to ensure her people are still in charge of the party)
Bottom line: If you're pro-life, pro-family, and/or pro-gun, you need to support Chad Koppie for Senate ( www.koppieforsenate.com ) and let the Topinka wing of the party know that RINOs aren't acceptable. Chad will stand up for OUR values. And not to worry, he's just as anti-bailout and pro-troops as GOP candidates are.
Hey, Billy, you want Lamar! you can have him. He’s done zilch for the TN GOP and handed the Senate seat to Al Gore on a silver platter back in 1984. From internet taxation to his disregarding his constituents in voting for the rape of taxpayers with that bailout, he’s absolutely useless.
That day will come only if you first realize that the democrats worked in tandem with Wall Street firms...banking, insurance, and other buisness concerns,...to set into motion an IRREVERSABLE destruction of the financial system through unlocking a monster so destructive, yet etherial, that most highly informed people, even freepers, do not understand. I speak of the dissolution of the repeal in 1995 of the Glass-Steagall act which reconstituted Investment Banks to move their assets into securities, unsecure. By that I mean, there was no capital to back up the investments. The leveraged 50:1 and secured those positions with pieces of paper called derivitives or default swaps. Those pieces of paper,..insurance without being called insurance, were supposed to buy risk, such that the investing bank could not loose on their investment (gamble). But there was nothing to back up those promises, and so, Indymac, Countrywide, BearStearns, Nothern Rock, Lehmans, AIG, Fannie/Freddie,...all extremely leveraged,....were taken down in a blink of an eye because the leaders of these companies had deluded themselves into thinking they had insurance, when , in their hearts, they knew they had no insurance. Yet, they let the good times roll on your childrens' future. They did not give a damn about their futures. So, the leadership bailed out with millions. They knew when the ship started to leak, there was nothing to stop it going down. Our economy is not going to adequetly deal with 65 trillion in default swaps with 700 billion. Congress does not believe that, the President does not believe that, Paulson knows it is not true, Bernanke knows our economy is going to hit so hard that it will have to be completely reshaped completely.
This is the hearts desire of many on the far left who seek a New World Order. They need an exegency to produce enough pathos to convince 300 million Americans that it must be done. Obama will probably preside over this series of events. Many players are responsible. Sure poor people wanted low interest loans. But Originators went out and compelled them to take such loans, knowing full well they were incapable of paying the loan off. Greeenspan is largely responsible for lowering interest rates so that these Originators could go after those finders fees. Those mortgage backed assets (toxic though they be) could not possibly have been declared normal in any sense, but no one was looking for 8 - 10 years. But those on Wall Street played with numbers so huge that should there be a recession or even a downturn of sorts, it would creat such a vortex of destruction as to take down the economy and financial system.
Out of the ashes of the firestorm soon to be visited upon retirees, savers, hard working Americans trying to do the right thing, students trying to get educated....the heartland of America, will come times hard enough to rival the Great Depression. This will come, not with a largely agrarian society which was mostly self-sufficient, during a time of population density of 340 million ( counting illegals) which is 98% urban and clueless how a steak gets in the supermarket cooler under celephane. It comes at a time when subsistance wages have created a nation of state dependency. How will they react in the next few months to year as things they are 'entitled to' are not available?
We are about to enter a period of national savagery, the likes of which we have never known in America. There is no stopping what has been unleashed upon an unsuspecting population. The next large bank to fail, possibly City, will recommense the cascade of corporate destructions. It is said that GE sold a huge block of derivities. If so, GE will probably not survive.
The Congress was given information from Paulson and Bernanke, that drained the blood from their faces. They know very well what is coming. They know it cannot be stopped and they are terrified. Folks, kiss whatever savings you ever amassed and your retirement savings good-by-cruel world.
It did not have to happen. It should not have been allowed to happen.
TREASON, you say. Yes, these political creatures are treasonous, but those on Wall Street who have studied these matters, know instinctively what would be a predictable outcome and they still did not sound the warning bell to the people....for that they have a greater responsiblility. What the financial community did in bringing on this destruction is, and should be charged with, a CRIME AGAINST HUMANITY. They should be tried with such, and found guilty and punished in a manner consistent with the crime committed. Warren Buffet called the Derivitives, Weapons of Mass Economic Destruction.....and so it is. If you do not understand this now, you will over the next 6 - 12 months.
If a foreign enemy had committed this economic aggression against the U.S. we would have gone to WAR with them. The traitors are in our midst. They sound like us. We know them. But these monsters are no less responsible for indeterminable human mysery, so they can prosper. Our masters simpy did not care. I wonder if we will respond with ignorance induced indifference, or will we revist Concord Bridge. British tyrany in the 1700's was no worse than what is to come.
I didn't compare plaid shirt Lamar to a reliable conservative. I merely said that the moderate squish Lamar SEEMS like Jesse Helms COMPARED to the uber-RINO Steve "I'm not Dick Durbin" Sauerberg. This isn't a reflection of Lamar being a good conservative, just a reflection on how BAD Sauerberg is.
Plaid shirt Lamar "goes thur the motions" of putting on a dog and pony show for conservatives every election. Sauerberg won't even do that. He just gets his "Dick Durbin is bad" talking points from the RNC, talks about Durbin endlessly, and leaves his surrogates to go around lying to voters and pretending Sauerberg stands for conservative values.
Basically you got a guy like Lamar who makes an effort 70% of the time (a D grade if he was taking a school test), compared to a guy like Sauerberg making an effort to sound conservative, maybe, 40% of the time (probably grounds for being put a class for "special" people if conservatism was like school). Neither one of them are "good" guys I want. Lamar is mediocre, and Sauerberg is just a pathetic joke that Durbin will steamroller.
Please fieldmarshaldj, don't read more into my post than what is written!
I agree with everything Bill said about Sauerberg. The majority of Illinois Republicans should have known that they shouldn’t support Dr. Sauerberg because the IL GOP has a record of supporting the wrong candidates. Before the 2006 governor election, many party leaders endorsed then-Treasurer Topinka. She won the primary, and, in the general election, she won about 38% of the vote. In 2004, after Jack Ryan resigned from the U.S. Senate race, the IL GOP State Central Committee chose Alan Keyes, to be the nominee. In the general election, he received 27%. Before the 2002 U.S. Senate primary, many party leaders endorsed St. Rep. Durkin. He won the primary, and, in the general election, he received 38%. Last Dec., as soon as IL GOP Chairman McKenna and the State Central Committee endorsed Sauerberg, the republican primary voters should have known that they should support a different candidate.
In Dec. 2008, IL Republicans should plan for the 2010 elections and ensure that they support conservatives for the U.S. Senate and governor races.
This guarantees it will get a lot worse.
The govt. will set up a mechanism whereby people can not only renegotiate the terms of their mortgage, but also reduce the amount of principal owed. What bank will want to make loans under these conditions?
Add to this mess a bambi admn. that raises taxes on business's and promotes trade barriers and the flight of capital from this country will be even greater. The bail out will prolong the recession we are going into and bambi may make it even worse.
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