Read the Senate bailout bill here

By Michelle Malkin  •  October 1, 2008 10:17 AM

Thanks to the Senate Conservatives Fund for posting the 451-page bailout behemoth here.

Crap sandwich redux.

Call your Senator: 202-224-3121.

***

A few of the earmarks stuffed in the bill:

- Film and Television Productions (Sec. 502)
- Wooden Arrows designed for use by children (Sec. 503)
- 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)

Tax earmark “extenders” in the bailout bill.
- Virgin Island and Puerto Rican Rum (Section 308)
- American Samoa (Sec. 309)
- Mine Rescue Teams (Sec. 310)
- Mine Safety Equipment (Sec. 311)
- Domestic Production Activities in Puerto Rico (Sec. 312)
- Indian Tribes (Sec. 314, 315)
- Railroads (Sec. 316)
- Auto Racing Tracks (317)
- District of Columbia (Sec. 322)
- Wool Research (Sec. 325)

***

Since Congress is having trouble receiving e-mails, I’ll be adding a bunch of your e-mails here.

Reader Bryan writes:

The bailout is just mopping the floor and even replacing some flooring after a leak; it does not fix the leak. The only way to fix the leak is to either abolish the Community Reinvestment Act or at least repeal the idiotic interpretation and expansion of the act under the Clinton administration (Janet Reno), whereby financial institutions were/are strong-armed into creating loans for people who can’t afford them. Why will no one talk about this? We might as well keep the mop handy, because we’ll need it again.

Amen to that.

Reader Charon Z:

Banks are still lending, this is an easy and clear chart to send our retarded Senators and Reps who of course aren’t interested in really bailing anyone except their friends on wall street out. Oh, by the way I went and talked to my small local well managed bank yesterday. They are still loaning on cars, houses, and commercial property. We are having a small boom here in small town Texas.

(Link)

Yes, there is a “bad” credit crisis. If you have “bad” credit you can no longer get a loan, you may go bankrupt, that is how the system is supposed to work. It is called capitalism. So, far the system seems to be working like it is supposed to. You make bad choices you get punished. So what is it our feckless government saviors are going to fix again? Or did I mishear and they mean the fix is in.

Reader meow:

Congress be damned, the fed is printing of $630 billion just because they can. Our government is no longer accountable to the American people

Reader Steve in Virginia:

Just emailed Sen Warner. I vote and donate GOP. Told him if he voted for any bailout bill that had Dodd’s fingerprints anywhere on it, I’d vote for his Democrat challenger the next election cycle.

Reader Gene:

Just thought I’d pass along my thoughts on the Big Bailout and what looks to be Son of Big Bailout. The dire warnings of economic meltdown that are being used to ram this thru remind me of “The Ticks’ Argument”.

Dog: ” Mr. Tick, why do you have your head buried in my flesh?”
Tick: “I’m saving your life.”
Dog: “I don’t understand, can you explain?”
Tick: “By sucking your blood, I encourage your system to create new blood, thereby improving your health.”
Dog: ” Oh, ok. Thanks”

Well, this dog ain’t buyin it. Time to scratch.

Gene

Reader Ronald (quoting Ed Morrissey):

I can’t get through to my Senators Alexander and Corker. If any of you see them tell them they can shove it where the sun don’t shine! If you think this was badly worded, you should see the unedited text I wrote!

I love the auto racing tracks [earmark] in particular. I can see the headlines now: “Global financial markets melt down, NASCAR, Caribbean rum hardest hit”. As many people have said now, I’d be more inclined to take this crisis seriously if people on the Hill didn’t use it to butter up their favored constituencies.

The Senate will vote at around 7:35 PM tonight on this bill. I’d expect an easier passage, thanks to provisions to expand FDIC insurance and an added authority to suspend mark-to-market rules that may make some of the rest of this bill unnecessary. Senate leadership isn’t taking any chances; they’ve added this as an amendment to a bill containing some legislation sought by both liberals and conservatives, making it difficult to oppose from any direction.

Posted in: Subprime crisis

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Trackbacks

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Comments


  1. #478587
    On October 1st, 2008 at 1:32 pm, Right_Wired said:

    You want to know something scary?

    Go read the Declaration of Independence:

    http://www.ushistory.org/Declaration/document/index.htm

    And then think about how appropriate and timely it is today as it was 232 years ago.

    When in the Course of human events it becomes necessary for one people to dissolve the political bands which have connected them with another and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature’s God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.

    We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. — That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, — That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn that mankind are more disposed to suffer, while evils are sufferable than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security. — Such has been the patient sufferance of these Colonies; and such is now the necessity which constrains them to alter their former Systems of Government. The history of the present King of Great Britain is a history of repeated injuries and usurpations, all having in direct object the establishment of an absolute Tyranny over these States. To prove this, let Facts be submitted to a candid world.

  2. #478591
    On October 1st, 2008 at 1:33 pm, Right_Wired said:

    sorry, meant to bold this part:


    That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.

  3. #478619
    On October 1st, 2008 at 1:43 pm, right4life said:

    it is the Right of the People to alter or to abolish it, and to institute new Government

    thats happening right now…we’re becoming a socialist state. and mccain would only be a little slower than obama…

  4. #478640
    On October 1st, 2008 at 1:48 pm, ITookTheRedPill said:

    On October 1st, 2008 at 10:32 am, Salt said:

    Sen. McCain has said that he will take a strong stance against earmarks if he is president.

    I’d like to see him make that stance now.

    REFORM THIS, McCAIN!

    McCain is a flat out liar if he votes in favor of this earmark-laden monstrosity after all his talk of “reform”.

    The idea of a government bailout in which we’d entrust $700 billion to one man without Congressional oversight or accountability is absurd. My party or not, that is insanity and I believe unconstitutional.

    -Mike Huckabee

  5. #478721
    On October 1st, 2008 at 2:11 pm, WarEagle82 said:

    Well, I don’t always agree with Huck but he is dead-on on this matter. It is insanity and it is unconstitutional. The Dems and GOP have stated a coup d’etat and they have usurped the government of the people.

  6. #478733
    On October 1st, 2008 at 2:14 pm, ITookTheRedPill said:

    On October 1st, 2008 at 10:43 am, Baltimore Jack said:

    Where’s the next Reagan? McCain sure ain’t it. That’s what you get when the MSM picks your nominee.

    I voted for the next Reagan in my state’s primary. Did you?

    Remember how the NY Times endorsed McCain?

    They did that because they were afraid of another Republican candidate who is the “Reagan Republican”.

  7. #478736
    On October 1st, 2008 at 2:15 pm, WarEagle82 said:

    It is funny how “anti-porkers” are always against the “next pork laden bill” but must support the current one.

    Pork is pork and it is killing the nation and it needs to stop with this bill. Stop PORK HERE! Stop PORK NOW! Kill the Bailout!

  8. #478741
    On October 1st, 2008 at 2:17 pm, Veretax said:

    Someone Get Ron Paul or Bob Barr warmed up….. If McCain won’t vote against this… Then I will vote against him

  9. #478748
    On October 1st, 2008 at 2:18 pm, WarEagle82 said:

    Vote for Chuck Baldwin of the Constitution Party. I don’t agree with everything they support but they want a return to limited government committed to rule of law and the Constitution.

    On October 1st, 2008 at 2:17 pm, Veretax said:
    Someone Get Ron Paul or Bob Barr warmed up….. If McCain won’t vote against this… Then I will vote against him

  10. #478783
    On October 1st, 2008 at 2:35 pm, 7thson said:

    You can hide a lot in 451 pages of legalese. Does anyone know if the offshore drilling ban is stashed away in there somewhere? That would be the twist of the knife that is ready to stab us in the back.

  11. #478786
    On October 1st, 2008 at 2:36 pm, Boomer said:

    I’m a little grumpy today after working a very long day yesterday to close-out the Mountain Home AFB FY08 Budget so please excuse me if I go on a rant. Although I will try to keep my old flight line language out of any and all comments to comply with our lovely hostesses house rules and not to offend the lovely ladies of this site and/or lgm and his troll brethren.

    After digesting as much of this 451 flaming crap sandwich currently sitting in the Senate chamber as I can stand I attempted to call my two Senators from Idaho. Neither one’s office had the intestinal fortitude to pick-up the phone and my only conclusion is their staffers are hiding under their desks afraid to talk to the very people that pay their salaries. I also called the local state offices in Boise and only Senator Crapo’s staff had the guts to pick-up the phone. When I requested the Senator’s stance on the bailout bill I was directed to view his website, which gave me a sinking feeling, but remain civil and polite and request that he do what was right and vote against this pork laden violation of the US Constitution. I also described the laundry list of pork our lovely hostess provided as ammunition. My gut instinct tells me both of this lying crapweasels will be voting for this piece of crap legislation. I am also interested in the time of day they will be voting on this, but after all thieves do their best work in the dead of night.

    Tonight will be the night that the Republic dies and we become indentured servants to Czar Paulson of the Treasury who will be able to dole out billions with little or no accountability to bailout his buddies in Wall Street. After all Queen Pelosi has enough votes in the House for Democrats to shove this bloated bill down everyone’s throats by the end of the week. Mrs. Boomer and I will show up at the polls on Nov 4th to fire every incumbent on our ballot, not sure if we can hold our noses enough to vote for the grumpy old man even though we would love to see Governor Palin the lead candidate on the GOP ticket in this race. Our future investment portfolio is going to consist of weapons, ammunition, outdoor gear, and durable food products.

    Thanks again Michelle for giving us the 411 on this POS legislation and providing a forum for many disgusted future slaves of the US Treasury a place to vent. It’s time to start running some errands in town.

  12. #478795
    On October 1st, 2008 at 2:38 pm, ITookTheRedPill said:

    On October 1st, 2008 at 12:49 pm, Sergeant Tim said:
    The Senate bailout bill includes:

    “Nearly $42 billion in tax increases over ten years on oil and gas production, unemployment insurance, and investment income.”

    Isn’t that special? The Democratic Socialists couldn’t get the offshore drilling and oil shale bans extended, so instead they want $43 BILLION in tax increases!

    The Communists are REALLY afraid of how strong our nation will be if we start accessing the abundant oil we have (over 3 times as much oil as Saudi Arabia).

    We should be celebrating Energy Freedom Day today, and instead we are being forced to fight off the MOAB.

  13. #478821
    On October 1st, 2008 at 2:47 pm, tommad said:

    I sent the following to all my congress-critters:

    “This is an agonizingly complex situation to understand, let alone to try to fix. But here are some things I would do if I had the power to do them.

    1. Increase FDIC insurance on per person/per accounts to $500,000 from $100,000.
    2. Increase SIPC insurance on per person/per accounts to $1,000,000 from $500,000.
    3. Re-institute the “up-tick” rule on short selling.
    4. Provide and guarantee transparency of all Credit Default Swaps.
    5. Provide and guarantee transparency of all short positions.
    6. Modify the “mark-to-market” so that businesses are able to make long term investments without going out of business.
    7. Help Sheila Bair, chairwoman of the FDIC, consolidate as many banking institutions as possible. We don’t need 25,000 banks in this country when most European countries have 4-5 banks each.
    8. Instead of the Federal Reserve making $200 million “available” each day, allow the Federal Reserve to USE the $200 million to actually BUY something.”

    Number 7 will no doubt be rejected out of hand, but if a common citizen can think of ways to avoid repeating the same problems over and over..why can’t they?

  14. #478858
    On October 1st, 2008 at 3:03 pm, Papa Louie said:

    We should tell our Representives to look at The Common Sense Fix put out by Dave Ramsey.

  15. #478863
    On October 1st, 2008 at 3:06 pm, Mark said:

    I’m sorry… call Chuckie and Hillary to vote against the bailout?

    Sounds something remeniscant of doing something into the wind….

  16. #478871
    On October 1st, 2008 at 3:10 pm, ITookTheRedPill said:

    Constitution for the United States of America
    Article I – The Legislative Branch
    Section 7 – Revenue Bills, Legislative Process, Presidential Veto

    All bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other Bills.

    But those Senate Amendments have to be to a Revenue bill that originated in the House and passed there. The Bailout bill Failed in the House!

    Mr Putin was especially critical of Congress’s rejection of a $700 billion bank bailout

    Yeah, Vladimir wasn’t happy when the House rejected the bailout.
    So now he’s trying to use his lackeys in the Senate to get the job done,
    US Constitution be damned!

    Any Senator who votes for this is violating their Oath of Office:

    I do solemnly swear (or affirm) that I will support and defend the Constitution of the United States against all enemies, foreign and domestic; that I will bear true faith and allegiance to the same; that I take this obligation freely, without any mental reservation or purpose of evasion; and that I will well and faithfully discharge the duties of the office on which I am about to enter: So help me God.

    And any Senator who knowingly violates the Constitution must be held to account by Section 3 of the 14th Amemdment:

    No person shall be a Senator or Representative in Congress, or elector of President and Vice-President, or hold any office, civil or military, under the United States, or under any State, who, having previously taken an oath, as a member of Congress, or as an officer of the United States, or as a member of any State legislature, or as an executive or judicial officer of any State, to support the Constitution of the United States, shall have engaged in insurrection or rebellion against the same, or given aid or comfort to the enemies thereof. But Congress may by a vote of two-thirds of each House, remove such disability.

  17. #478876
    On October 1st, 2008 at 3:12 pm, 7thson said:

    Mark said:
    I’m sorry… call Chuckie and Hillary to vote against the bailout?

    Our Kalifornia senators, Botoxer and Frankenstein, are on board the socialization express too.

    Actually, if this thing is as bad as we all think, Hillary just might be smart enough to vote against it if she is looking for another run in 2012.

  18. #478885
    On October 1st, 2008 at 3:16 pm, Veretax said:

    Btw, does anyone know how you pronounce this week’s debate moderator’s name?

    Gwen Ifil? Is that like E-Full? (Evil) or Eye-fool?

  19. #478934
    On October 1st, 2008 at 3:34 pm, NJ-Aviator said:

    Here’s an interesting thing I noticed. The NYTimes opinion pieces (of crap) almost always have 90% cheering sections in their comments.

    Thomas Friedman wrote an article blaming republicans for torpedoing the bill and moaning about how frightened he is, more so than on Sept 11th.

    Well, I started to look through the comments and close to half seem to disagree with Friedman, the bailout or both.

    So even the Liberal watering-hole is repleat with disdain for this bill. What that tells me is that it might even fail to pass tonight. The distrust of Washington is that great.

    We’ll just have to see what happens, but I think this is a barometer for tonight’s vote.

    NYT Friedman article comments

  20. #478978
    On October 1st, 2008 at 3:58 pm, WarEagle82 said:

    Go to this link and see if you can get an email through to your Congressmember and Senators. It is one-touch and you can add your own sentiments!

    http://capwiz.com/perotcharts/home/

  21. #478997
    On October 1st, 2008 at 4:06 pm, Veretax said:
  22. #479001
    On October 1st, 2008 at 4:08 pm, WarEagle82 said:

    I just sent this to my Congressman and Senators via the link I posted above. It should get to them in spite of their efforts to avoid and ignore us.

    You can customize the message as I did below.

    I am a citizen of this nation and a resident of the Commonwealth of Virginia. As such, I demand that you vote against the pending legislation regarding “financial rescue” or “bailout” measures. These bills are pork-laden mockeries of the principles this nation was founded upon.

    None of these bills are remotely constitutional. Neither the House nor Senate bill is necessary. There are common-sense proposals to deal with these problems that require no bailout or rescue involving hundreds of billions of tax dollars.

    Supporting these unconstitutional measures is an abrogation of your oath of office. Do the right thing for the people of this nation and the Commonwealth of Virginia and oppose these measures.

    I suggest you edit out the default text listed below:

    – Their default message is listed below –

    On Thursday the House of Representatives is planning to consider a revised version of the $700 billion Wall Street Bailout Plan. Before voting on this measure, I, as your voting constituent, encourage you to review The Main Street Rescue Plan set forth at http://www.perotcharts.com/mainstreet, a plan which has been prepared in collaboration with noted economist Dr. Pat Choate and many others. The cost to the American taxpayers is little or nothing at all. This plan can be implemented immediately.

    Millions of Americans like me are deeply concerned about providing federal money for a Wall Street bailout when legitimate and viable alternatives are available for a small fraction of the cost to taxpayers when compared to the plan currently under discussion.

    The American public demands Congress take action, but the approved plan must be economically sensible. The current plan for the government to buy questionable mortgage backed securities is unsound, and the potential risk to taxpayers is enormous. We, the taxpayers, will support any member of Congress who stands up for taxpayers by resisting any attempt to add billions to the national debt.

  23. #479419
    On October 1st, 2008 at 7:12 pm, e.koenig said:

    Sen Bob bennett (R-UT) on fox…just shut up and take it you ignorant peasants.

    the rest of this post is edited for the sake of the respectful family atmosphere here….i’m off to ace to finish this obscenity laced incoherent rant.

  24. #479539
    On October 1st, 2008 at 8:20 pm, Send_Me said:

    Want to vote for change? Vote “None of the Above” and pick someone who’s grounded in principle. McCain’s about worthless on this issue. Obama is hiding *looks behind the couch* somewhere, offering no original thought on the matter. Why do we feel stuck on the need to pick from one of these two failing political parties whose majority of members have lost any capacity for original thought? Heck, based upon the issues alone, I’m quite tempted to vote for Alan Keyes.

  25. #479570
    On October 1st, 2008 at 8:33 pm, Meloff said:

    Michelle,
    Okay, I’m like at the end of this comment stream, but I just had to write and say that after I got home this afternoon, I wrote and faxed personalized letters to all 49 Republican Senators, reminding them that they work for their constituency. And their constituency is saying NO NO NO!!

    Then, I emailed my senators, Dole and Burr, and by then I’d read your blog and so I included the info that you’d found out.

    WPTF 680 AM is reporting the Dole will be voting “No” and Burr will be voting “Yes.” If Burr votes “Yes”, I will actively campaign against him when he is up for re-election, and I will remind him why at every opportunity.

    I want to THANK YOU for all the digging you have done. There is no way I could have plowed through that behemoth and come up with that info.

    I’m off to pop popcorn and sit and watch the vote with the family.

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