President George W. Bush went out again this morning with another plea to Congress to pass this$700 billion rescue plan. He looked like a beaten man without any salesmanship skills. Perhaps if attacking Iran was on the agenda he would have put in more effort. He could've brought out a simple chart; never mind he would have to explain it.
Today, House Republicans are anxious to vote for the rescue bill if added provisions are included.
(1)They want a mark-to- market amendment…. This is a CPA term meaning, inputting actual value to the assets like futures market.
(2) The GOP wants the FDIC guarantee be increased from $100,000-$250,000 on you deposits. This is a Barack Obama proposal (John McCain gave him credit to this morning) on MSNBC's “Good morning Joe.”
The Liberal Democrats that did not vote for this bill wanted oversight with more teeth to punish the corrupt CEOs ,and bankruptcy protection for the taxpayers involved in this plan.
Why wasn't this compromised?
The House Republicans I saw on TV last night and this morning pretty much guarantee a bill will be passed Thursday. They saw the light yesterday after the market's 777 point drop, plus the $1.2 trillion capital value loss have brought them back to reality. The House Republicans are even admitting that it was never about Speaker Pelosi hurting their feelings with her partisan rhetoric yesterday.
House Speaker Nancy Pelosi brought in two thirds of her people to the table, but minority leader John Boehner could not even bring one third of his is on board. If it was giving tax breaks for tobacco companies many Republican lawbreakers would be in the hospital this morning with broken arms.
When Barney Frank is the go to guy on this rescue plan we are in a lot of trouble,because even thou he did some good work on this rescue plan ;he is not the most bipartisan individual in congress.
The pundits keep asking where is Barack Obama and John McCain on this issue, why aren't they in Washington taking charge? They are campaigning where they belong, the Democrats do not want sole ownership of this shaky plan 'so Obama is not needed for extra votes. On the other hand John McCain is not well liked by the House Republicans so he cannot twist any arms.
I am not blaming the House Republicans for the failure of this bill, just their leadership.
The lack of leadership is the number one reason yesterday's rescue plan failed.
(1) Initially the Treasury Secretary tried to cram down Congress's throat, a bill that said "Give me $700 billion and don't question my motives and trust me,"
(2) Because of Bush's poll numbers and lame-duck status; the president of the United States does not have any clout at all.
(3) House minority could only get 65 votes of the 100 he promised Nancy Pelosi....In the end he only needed to convince 12 more lawmakers.
This bill cannot wait until January 20, 2009.
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So true Vet I can't imagine a Senator with the gall to add that pork to the bill,especially since only 60 votes were needed that 14 senators over that....The special prosecutor will now investigate attorney gate...Condi Rice & John McCain have admitted we tortiured....Pakistan is shooting at our helicopters and Afghanistan general is pleading for more troops...All that is buried on page 37 of the NYT....I am watching "Air Taxi to the Dark Side" about a man we tortured for no reason at all and all the higher ups were involved but none will be tried or prosecute....100 million will tune in to watch an unqualifed person debate Joe Biden....Can you imagine her picking up the phone @ 3:00AM...aremd with the launched codes(thingy's) "I get back to ya,General"
October 2, 2008 at 11:21 a.m.I'm totally amazed about the pork that has been attached to the bill, one being giving India access to US nuclear know-how and materials....and wooden arrows??? WTH is that all about?
October 2, 2008 at 11:02 a.m.One other thing I've noticed on teevee is how quickly our minds are distracted: The Biden/Palin debate, the Steve Fosset remains and meanwhile our troops need more help in Afghanistan and nothing is being reported about that.
Both Obama and McCain voted for the bailout. Looks like we'll have to see if there are still any Statesmen left in the House.
October 2, 2008 at 12:16 a.m.Notice to all...Yesterday I changed my fonts (too large) then my blog was distorted....The only reason I deleted my blog
October 1, 2008 at 10 a.m.I have changed my opinion,at first I deleted posters that were unruly and I did not respect or like.
I will not delete any one's opinion on my blog anymore...I was wrong (IMO) to do it in the first place.
I think he explained what happened.
October 1, 2008 at 12:34 a.m.I love Mikey's blog.....it's okay to post a comment as long as you don't disagree with him. Disagree with him and your comment is gone.
September 30, 2008 at 7:52 p.m.Hello nothingamazesme
September 30, 2008 at 4:10 p.m.Bargain hunters are buying stocks.That is the reason the market is up right now IMO.....They are buying stock in the good compainies(the ones that have a good cash flow),and like you said in hopes of being bailed out....Good point,I wondered the same thing (testing the market) nah, they aren't that smart...lol
Something you stated makes some real sense here - maybe the market falling yesterday sent a signal. That makes me wonder if it (stock market)was pushed to end like that just so a bailout could be forced to happen? Makes you wonder. The market is looking a lot better today and they are reporting it is due to hopes of the bailout being passed. Pull the right strings and see what happens.
September 30, 2008 at 4:04 p.m.That's fine, Mike. I'll get back to ya!
September 30, 2008 at 3:41 p.m.I tried to change my font settings ,distorting my original blog...I had to delete the whole blog and comments...Sorry.
September 30, 2008 at 3:37 p.m.