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 ...
Whoever wrote these kids songs or fairy tales when we were young was a genius....
This whole thing reminds me of the Old Lady Who Swallowed a Fly. Or it should read....There was a great Republic who swallowed some Socialism and than tried to throw some greenbacks to catch the socialism. Substitute Marxism for a fly and Barney Frank for the spider.
There was an old lady who swallowed a fly. (ACORN and leftist special interest group who think that home ownership is a constitutional right)
I dunno why she swallowed that fly,
Perhaps she’ll die.
There was an old lady who swallowed a spider,( (Fannie Mae and Freddie Mac and lax lending standards)
That wriggled and jiggled and wiggled inside her.
She swallowed the spider to catch the fly.
But I dunno why she swallowed that fly -
Perhaps she’ll die.
There was an old lady who swallowed a bird; (Wall Street firms who will buy the loans that FNMA and FHLMC won’t buy because the Gubmint forced lenders to make the loans)
How absurd, to swallow a bird!
She swallowed the bird to catch the spider
That wriggled and jiggled and wiggled inside her.
She swallowed the spider to catch the fly.
But I dunno why she swallowed that fly -
Perhaps she’ll die
There was an old lady who swallowed a cat. (Bailout bill)
Imagine that, she swallowed a cat.
She swallowed the cat to catch the bird ...
She swallowed the bird to catch the spider
That wriggled and jiggled and wiggled inside her.
She swallowed the spider to catch the fly.
But I dunno why she swallowed that fly
Perhaps she’ll die
I know an old lady who swallowed a horse... (an even bigger bailout bill).
I’m not going to sugarcoat this carrot for the horse.
This is really bad.
Internal Socialism will do what the Nazis, Japs, USSR couldn’t do to America.
Destroy us.
I’m ashamed for for having to recuse myself from the discussion because of a conflict of interest.
A few hours ago I met with an 84 year old man who is a WWII vet. He told me some good stories about his service in the pacific. It’s a different world now. Not for the better.
He jumped out of the way of a kamikaze pilot.
The biggest problem now for Americans is childhood obesity and how big of a house you can buy with no money down.
Good night.
I've been on both sides of that research and completely understand what you're saying.
I should be and I am ashamed of myself FWIW.
No it just makes you human. My first reaction was to support this bail out. The great thing about this forum is all the different views get expressed and additional information is presented. Changing your opinion as more information comes to light is not bad it reveals discernment.
Why more people don't see this is driving me nuts. Freedom to win, freedom to lose have been such positives in our country. These principals are now being replaced with nationalizing loses. The next phase will be what is done to gains, of course it will be in the name of fairness.
Where does he say that he changed his mind?
He is only justifying his cowardice.
Why are you patting him on the head?
Yep. Well said.
This is another case where I have to recuse myself from the discussion. There are laws against me commenting on stuff like this.
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