Blogs » Politcs Plus » The House needs to step up to the plate.

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As expected the Senate overwhelmingly passed the unpopular bailout (rescue) plan 74-25. Getting this bill passed in the Senate was never in doubt even thou the Senators received, telephone calls from their constituents voicing their anger by a two to one ratio. The senate thought that doing nothing about the economic crisis was never an option. The Senate added incentives (sweeteners or pork) to entice House members.  They only need to change the minds of 12 House members,

The Senate added a clause that would increase the FDIC insurance from $100,000-$250,000..This measure will prevent bank overrun, keeping customers from withdrawing  an amount over $100,000, only to deposit it  across street in another back..  They added 150 million dollars in tax breaks for individuals and businesses. Did they overplay their hand?

Today House will look at this bill that has gone from being only three pages to this new version of 451 pages.  They are expected to vote on this version Friday.

Blue dog Democrats (conservatives) will oppose the new bill because of the adage of the tax cuts that are not paid for.  They think this new version will increase the current $500 billion deficit.   House Republicans should find this new proposal(tax cuts) more to their liking.  Remember only 12 new votes are needed.

A lot of people are angry, that it has come down to this (me included) ,but doing nothing is not an option.  Hopes, ideology, and playing the blame game will not loosen the credit market which is vital to our economy.  Wachovia Bank has already limited their college loans to $9.3 billion.  This will impact over 1000 colleges.  Car sales were down 12% across the country and the McDonald's corporation is not lending to their franchise owners. This is not about the fat cats on Wall Street; it's all about consumer confidence.  Our inaction has already shaken up the European markets.  If Congress does not pass this imperfect legislation; we will see panic, huge layoffs and a start to a deep depression. We have stalled long enough.

No doubt next president will face a faltering economy; therefore I think it would be appropriate to ask the candidates to name their possible Treasury Secretary, Fed and SEC chairpersons..  Perhaps that can be a debate question..

Speaking of Debates

  I don't think anything drastic will happen tonight in the Sarah Palin- Joe Biden debate; both camps will come away declaring victory.  Since I have seen Joe Biden debate many times, whatever he says or does would not surprise me.  On the other hand, I will look for clarity in Sarah Palin's answers, because in a sit-down debate format, nuance can get you through. Sarah Palin is a master in deflections; that's the reason she does poorly in interviews, an interviewer can ask a follow-up question. It will be fun to watch.