Bailout Watch: PASSES 74-25

The No’s are:

Allard, Barrasso, Brownback, Bunning, Cantwell, Cochran, Crapo, DeMint, Dole, Dorgan, Enzi, Feingold, Inhofe, Johnson, Landrieu, Nelson, Roberts, Sanders, Sessions, Shelby, Stabenow, Tester, Vitter, Wicker, Wyden

9:19pm: 74-25 The bill passes. They needed 60.

9:16pm: 17 No’s and I think it is over. CSPAN is reporting 45-18 so I might be one off.

9:15pm: 16 No’s; Biden Yes; Coburn Yes

9:14pm: 12 No; Thune Yes, Warner and Webb Yes.

9:13pm: 10 No’s Nelson No; Obama Yes

9:12pm: 6 no’s McCain votes Yes.

9:11pm: 5 no’s; Inhofe no.

9:10pm: 4 no’s Feldgold votes no.

9:09pm: Two no’s Brownback was the first one to say no.

9:07pm: Roll Call! They will vote from their chairs or desks.

9:00pm: Not that he has a vote but the Governator from Cal(e)fornia has told Congress to pass the bailout.

8:57pm: Bathroom-loving Sen. Larry Craig (R-ID) and Sen. Gordon Smith (R-OR) for it.

8:55pm: Senators Pat Roberts and Sam Brownback (R-KA)x2 both are against the bailout.

8:19pm: Texas Democratic Rep. Lloyd Doggett says his vote has changed from “no” to “heck no,” while another Texas Democrat who voted against the bailout two days ago was Rep. Henry Cuellar and he was reconsidering.

8:14pm: Former and current President Bush whipping boy Senator Mel Martinez  (R-FL) says yes and urges his fellows to do so.

8:06pm: Senator Dole (R-NC) will vote against the bill. She says the proposal is “a government takeover of our economy with no protection for taxpayers.”

8:03pm: Senator Murray (D-WA) supports the bill and says that Washington State benefits somewhere from $350 million to $500 million for these tax breaks. Not that its $700 billion nor will stave off the deficit. 7:55pm: Senator Kyl (R-AZ) expects passage of bailout and says he is getting less calls of opposition:

“Kyl said the FDIC provision, the tax provisions and the U.S. Securities & Exchange Commission easing of the “mark to market” accounting rule will push the bill through the Senate and improve its chances in the U.S. House, where the bailout plan failed Monday. Kyl said he is getting fewer calls in opposition to the measure. The bailout faces public distrust with voter worried it will help out Wall Street and the rich. Kyl said the bailout is needed to stave off frozen credit rivers which would have severe economic impact.”

7:41pm: Senate tells us more about the bill:

“One big change is the introduction of a 10-year, $150.5 billion package of tax proposals, including measures to ease the bite of the so-called alternative minimum tax and research-and-development tax credits coveted by high-tech companies and drug makers. Another provision added by the Senate would require most employers and health insurers to put mental health problems on par with physical illnesses, including coverage for hospital stays and doctor visits as well as co-payments and deductibles. The legislation has been in the works for the past decade, and the Senate and House have passed similar measures. But the two chambers haven’t cleared one version to send to President Bush.”

6:51pm: Bailout is headed for Senate Win, and House foes are weakening.

“House GOP opposition appeared to be easing after the Senate added $100 billion in tax breaks for businesses and the middle class, plus a provision Republicans advocated to raise, from $100,000 to $250,000, the cap on federal deposit insurance. They were also cheering a decision Tuesday by the Securities and Exchange Commission to ease rules that force companies to devalue assets on their balance sheets to reflect the price they can get on the market.”

6:47pm: Shelby and Sessions are against it.

“Sen. Jeff Sessions said he’ll vote against the $700 billion bailout of the financial industry tonight because it was cobbled together too quickly without enough public input and leaves too many questions unanswered.”

6:01pm: Obama again says he will vote for it and urges his fellow Senators to do so too. He has also gotten a seven point boost for his “leading.” 5:57pm: The bailout continues to grow and here is the figure of tax breaks. I guess it could be worse but at least tax breaks will hopefully increase investments but from what I understand they are tax breaks that have not much to do with banks. We need tax breaks and deregulation’s that increase peoples investments in bank. This is so the banks can buy up the bad assets of other banks.

“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.”

4:31pm: Chris Bond says it would pass with or without tax breaks.

“I think the bill will pass, even if it was in its same form,” said Christopher Bond, a Republican House member from Connecticut, forecasting 50 more votes for the measure.”

4:01pm: The vote may not come until 9pm.

“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, which came to the floor Thursday afternoon, runs over 450 pages. The Senate vote may not come until 9 p.m.”

3:12pm: Senate Leaders “Optimistic,” so I guess it will pass the Senate.

“I’m optimistic we’re going to have a significant bipartisan victory,” Senate Republican leader Mitch McConnell said Wednesday, hours before the chamber was expected to vote on the package. A Senate vote is expected Wednesday night; House leaders began planning a Friday vote.”

3:00pm: McCain and Obama are rallying in support of this bill and are headed back to Washington. This is what McCain had to say:

“It took Congress a while, and there were costs to these delays, but they have awakened to the danger,” McCain told an audience in Independence, Missouri. “And today, with the unity that this crisis demands, Congress will once again work to restore confidence and stability to the American economy.”

2:12pm: They have modified the bill to include tax breaks and an unlimited loan fund for the FDIC. This is the same thing they did for the “fiscal stimulus” plan passed. Even though the fiscal stimulus was a Keynesian act that has been disproven to work. The Democrats got the Republicans to support it by giving businesses tax breaks.

Published in: on October 1, 2008 at 9:30 pm  Comments (1)  
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  1. I wouldn’t be surprised if the recent overhaul of bankruptcy legislation was designed for this economic situation; it turns human debtors into indentured servants. And that is necessary for the following reason:

    The ’sssssss’ we are noticing with this credit crunch is just the leak before the big burst. This credit bubble has been inflated by a logorithmic base 10 scale of dollar creation.
    The practice of using 90% of ‘real’ wealth for lending that can then be invested and re-deposited for recycling again and again for more and more credit probably has the same effect of simply printing more money. The difference between those two ways of creating wealth is that creating money by credit inflation redistributes wealth for the benefit of financiers. And printed money is real; not fake.

    This credit bubble burst should, then, be creating a shortage of money. And the cure may be as simple as the government printing more money. The only problem with that scheme is that there would not be another bubble to burst to correct for over-inflation. Printed dollars don’t evaporate away like the ones the financiers are trying to sell taxpayers now.

    And that is why those who have engineered this bubble need those new draconian bankruptcy laws. Only wage earners can turn this fake money into real wealth. And that is why the Bush administration and other supporters of the great bailout plan are adamantly against giving bankruptcy judges the right to restructure debt according to who is most responsible for making bad loans.

    Bryant Arms

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