Liveblogging Crap Sandwich 2.0: The House bailout debate; Update: SWALLOWED, 263-171
Scroll down for updates…11:44am Eastern Flip-flop count = 2 3 4 (R’s: Wamp, Biggert, Coble, Barrett) 5 (D: Edwards) 18 (see below for full list as of 12:29pm Eastern)…and make sure you scroll down for Maxine Waters’ remarks bragging about the unprecedented loan modification and mortgage-meddling provisions in this crap sandwich: “We’re in charge!”…exactly how we got into this mess in the first place…We’re Screwed…current YEA count is 223…1:07pm Eastern. Call for recorded vote…1:26pm Eastern…applause on the floor as they secure the votes…263-171…
Here we are again. I hope you’ve been dialing your congressional reps. The gun is at our heads. This is it. The vote is expected at 12:30pm Eastern. (Update: First, the email system crashes. Now, you can’t get through the House phone system: “All circuits are busy.”)
10:45am Eastern. First up on the floor: Race card-hustling corruptocrat Charlie Rangel, who embodies so much of why we are where we are today.
He just said “We have a gun to our head.”
No, we have a gun to our head — and you are going to pull it.
10:50am Eastern. House GOP whip Roy Blunt is heralding all the add-ons and bribes and sugar on top of Crap Sandwich 2.0.
You will eat it and you will not complain!
Blunt’s championing the “transparency” in the bill.
How about being transparent and telling us who requested each of the earmarks piled onto this behemoth?
Let’s have it.
10:56am Eastern. Oh, no. It’s crazy Pete Stark. But he’s saying some sane things. “Is there a crisis? There is, but not for the average American who has been working, paying his bills. No crisis for responsible community banks. There’s a rush to judgment.” Slips in some anti-war ranting. But otherwise, spot out.
11:00am Eastern. GOP Rep. Howard Coble will swallow CS2.0. So will Democrat Rep. Richard Neal and GOP Rep. Dave Camp. And Democrat Rep. John Tanner. Tanner complains about how the Senate handled the package. But he’s going to vote for it, anyway.
GOP Rep. Devin Nunes is my new hero. He says the American people do not accept the threat that there are only two choices: Pass the bill or face a depression. There are other alternatives.
Nunes assails the House for reacting to panic. Why do we need to give $700 billion to one man? If Paulson wants to run a hedge fund, go back to Wall Street? I urge a no vote.
YES! I’m going to try and get his prepared remarks.
Here’s his website and statement. He’s posted this:
A group of Republican lawmakers re-iterated their opposition to the Paulson bailout plan in a letter to Congressional leaders today.
“We hope that you will join us on behalf of the American taxpayer in sending the Treasury Secretary a strong message that his unfair $700 billion bailout plan is a non-starter with the American people,” said the lawmakers.
In place of the $700 billion Wall Street bailout, the lawmakers are seeking reforms that protect the American taxpayer while shoring up our nation’s financial institutions. A core part of the alternative plan would enable the Federal Reserve to spend up to $250 billion using a preferred equity with warrants arrangement. Many provisions of the current package would also be retained, including an increase in FDIC insurance.
11:13am Eastern. Ugh. GOP Rep. Zach Wamp is in full Chicken Little. Announces he’s a flip-flopper, but iit’s an act of patriotism. More cost of doing nothing is worse than doing something rhetoric. “Things are really bad! We don’t have a choice!”
Henny Penny Democrat John Lewis: “We must do something! We must do something!”
Democrat Ron King for the bill: “They’re holding a gun to our head.” But he’s going to help pull it. Praises the transparency.
I repeat: Let’s have transparent naming of who stuffed each and every earmark in the bill.
11:21am Eastern. Democrat Rep. Brad Sherman is on the floor. I can’t possibly describe the problems with this bill in one minute. They’ve added special tax breaks for those who import arrows and rum. This is the pork-laden, earmark-laden Wall Street bill. Will buy toxic assets here and Riyadh and Beijing. It is a bill that provides for an oversight board that critiques but cannot stop anything.
Vote no now and stay here and write a better bill.
RIGHT ON. Let’s see more House Republicans saying this.
Sigh: GOP Rep. Jim McCrery defends tying the bailout to the tax extenders.
Goosey Loosey Democrat Rep. Joe Crowley: “We don’t have time” to deliberate!
11:25am Eastern. Barney Frank is on the floor. He’s going to colloquy with fence-sitters. He’s pushing the foreclosure prevention measures and mortgage meddling provisions.
This is very important, people. As I mentioned in my dissection of the Senate CS2.0:
ection 110 is the Democrat-backed “Assistance to homeowners” plan — driven by one of the bill’s key stated goals of “preserving homeownership.”
GENERAL.—To the extent that the Federal property manager holds, owns, or controls mortgages, mortgage backed securities, and other assets ecured by residential real estate, including multifamily housing, the Federal property manager shall implement a plan that seeks to maximize assistance for homeowners and use its authority to encourage the servicers of the underlying mortgages, and considering net present value to the taxpayer, to take advantage of the HOPE for Homeowners Program under section 257 of the National Housing Act or other available programs to minimize foreclosures.
(2) MODIFICATIONS.—In the case of a residential mortgage loan, modifications made under paragraph (1) may include—
(A) reduction in interest rates;
(B) reduction of loan principal; and
(C) other similar modifications.
Yes, in the quest to “preserve homeownership” at all costs, it appears the government will be determining the value of homes directly in the marketplace — not only reducing interest rates but also loan principal.
Reader Robert calls attention to another micro-meddling section:
SEC. 124. HOPE FOR HOMEOWNERS AMENDMENTS. Section 257 of the National Housing Act (12 U.S.C. 1715z-23) is amended—
(1) in subsection (e)—
(A) in paragraph (1)(B), by inserting before ‘‘a ratio’’ the following: ‘‘, or thereafter is likely to have, due to the terms of the mortgage being reset,’’;
(B) in paragraph (2)(B), by inserting before the period at the end ‘‘(or such higher percentage as the Board determines, in the discretion of the Board)’’;
(C) in paragraph (4)(A)—
(i) in the first sentence, by inserting after ‘‘insured loan’’ the following: ‘‘and
any payments made under this paragraph,’’; and(ii) by adding at the end the following: ‘‘Such actions may include making payments, which shall be accepted as payment in full of all indebtedness under the eligible mortgage, to any holder of an ex6
isting subordinate mortgage, in lieu of any future appreciation payments authorized under subparagraph (B).’’Robert asks: “Is this about renegotiating mortgage rates of existing mortgages? Did I just get screwed for paying a point to lock in 5% fixed rate when my %^&*# neighbor went with no points adjustable rate? How the hell is this fair? I want his new rate and MY POINT BACK!”
11:30am Eastern. GOP Rep. Gresham Barrett plays Cockey Lockey. “We have to act! We have to act now!” He will swallow CS2.0. He’s a flipper.
So will GOP Rep. Tom Cole.
11:33am Eastern. Democrat Rep. Zoe Lofgren is reading Arnold Schwarnegger’s $7 billion loan demand letter.
The sky is falling! The sky is falling!
Lofgren says that California will fall apart unless the bailout passes.
Prediction: If CS2.0 passes, California will still come begging for a bailout.
GOP Rep. Jeb Hensarling opposes the bill. House conservatives have worked hard on alternatives. There are improvements, but I still have many fears. No one knows if this will work. No one knows the true amount of liability. I fear this is more of a bailout than a workout. It rewards bad behavior and punishes the good. How can we have capitalism on the way up and socialism on the way down? If we lose the ability to fail, we will lose the ability to succeed. How can government bail out some and not others? Slippery slope to socialism. I will vote again no. There is a better way.
THANK YOU!
Here’s his full statement:
“I come to the floor with an odd combination of resignation, relief, doubt, hope, and fear. I was surprised when the House version failed on Monday – and I will be even more surprised if the Senate version fails today. Thus, I am resigned. But with that resignation also comes some measure of relief that at least some plan to deal with the national crisis at hand.
“As I and other House conservatives have said from the beginning – inaction is not an option. The crisis on Wall Street is inflicting Main Street, even as we speak. There is panic in our credit markets, which are freezing up. They need calm and they need capital. As much as it pains our principles, most House conservatives conclude that some temporary form of the full faith and credit of the United States is necessary to address the crisis. We understand without action, many of our fellow citizens may find themselves laid off from their jobs, unable to refinance their homes, or perhaps find their credit card limits curtailed as they attempt to buy food or medicine.
“House conservatives worked tirelessly to put forth a number of different plans, ideas and legislation to remedy the crisis. On their behalf, I take great pride in the role that we played and the role our Republican House Leadership played in improving the legislation before us. Thanks to our efforts, there is greater accountability in this legislation. The insurance workout model of Mr. Eric Cantor and Mr. Paul Ryan now has an opportunity to work. Executives of troubled firms seeking money from taxpayers will have their compensation limited. There is greater opportunity for taxpayer upside, mark-to-market rules are now in revision, and FDIC limits have been increased. These are all Republican improvements that we sought to achieve. Not only do I want to thank House conservatives, I want to acknowledge and thank many of my Democrat colleagues with whom we found common ground on a number of these issues and with whom we were able to work in concert.
“Let me now speak to my hopes and fears. No one truly knows if this plan will work. We all hope it does. No one knows the true amount of taxpayer exposure. Treasury could spend $700 billion in no time flat and come right back to Congress for $700 billion more. Some believe the taxpayer will actually make money in the deal and I hope that proves true. But history as my guide, I have strong fears it will not. And at what point do we finally bailout the American taxpayer from the unconscionable burden he or she faces from out of control Washington spending?
“I fear that the legislation before us still remains more of a bailout than a work out. I fear it undermines the ethic of personal responsibility. I fear that it rewards bad behavior and punishes good. But my greatest fear is that it changes the role of the federal government in our free market economy, which despite its current problems, remains the envy of the world. How can we have capitalism on the way up and socialism on the way down? If we lose our ability to fail will we not in turn lose our ability to succeed? If Congress bails out some firms and sectors, how can it say no to others?
“We must be very careful as we address this financial crisis to ensure that any short-term gain does not come at the cost of even greater long-term pain – that being the slippery slope to socialism. The thought of my children growing up in America with less freedom and less opportunity is a long-term pain I cannot bear. Therefore, I will again vote ‘no’ on this legislation. And as I told my colleagues before the last vote, when I cast my ‘no’ vote, I will cast it with some doubt.
“Some conservatives will support this legislation because they feel it is the last opportunity to address the crisis. They may be right. Some conservatives will support this legislation because they view it as the lesser of two evils. They may be right. Principled conservatives may conclude differently than me, and I respect each and every one of them. We have all struggled to do our duty and cast the vote we believe to be right. If by chance this legislation fails, House conservatives stand ready to immediately offer alternatives and negotiate a workable, bipartisan solution. If it passes, we stand ready to help make it work and pray that our hopes are realized and our fears are not.
“Our fight for freedom and opportunity continues.”
Frank snarks that Bush will lead us down the road to socialism.
Well, yeah, he has. It’s no laughing matter, Barney.
11:39am Eastern. GOP Rep. Judy Biggert is on the floor. She voted no on Monday. She says there are still many changes she would like to see. “It’s not the best package…but it can move through in time…the clock is ticking…the time for seeking better options has run out.” She officially announces her flip-flop.
Flip-flop count is now at two: Zach Wamp and Judy Biggert.
Democrat David Scott supports giving Paulson “efficient tools” to purchase toxic assets and prevent foreclosures at all costs. Supports the bill.
Frank adds that he is “working with Paulson” on additional mortgage-meddling authority. These are ongoing negotiations.
We are so screwed.
11:46am Eastern. GOP Rep. Scott Garrett staunchly opposes the bill. So much has been added to get the votes, he notes, it will pass. Garrett warns of ignoring underlying problems. Assails propping up failing enterprises. The social costs are far, far greater than the $700 billion they talk about today.
THANK YOU, Rep. Garrett!
More Chicken Little rhetoric from Democrat Rep. John Dingell, whose automaker constituents are swimming in their $25 billion bailout: “Inaction is not an option!” Dingell again asks Frank, as he did on Monday, if the bill covers auto loans. Yes, it still does. Oh, crikey. Dingell is asking if the Federal Reserve would bailout automakers even more. Frank says yes.
11:51am Eastern. Democrat Rep. Gary Miller: “We can’t do nothing.” He needs to talk to his fellow Calif. Democrat Brad Sherman.
A reader e-mails that the flip-flop count is 3 — Coble’s a flipper, too.
11:54am Eastern. GOP Rep. Chris Shays says the majority of his constituents oppose it, but he’ll support it again. Screw the constituents!
11:58am Eastern. Staunch fiscal conservative GOP Rep. Mike Pence is on the floor. “This we should not do. I urge my colleagues to join me in opposing this bill.”
Thank you, Rep. Pence.
12noon. GOP Rep. Paul Ryan is in full Chicken Little mode. Fear! Fear! This bill will shorten a recession. “Doing nothing is the worst thing we could do!”
Where is my airsickness bag?
Rep. Steve LaTourette had been rumored to be a prospective flipper. No, he’s not! He lambastes the larding up of the bill. Re. the rum earmark: “I guess we have the piratve vote now.” Says shame on the collaborators.
Frank snarks that McCain is one of those people.
Yeah, we know.
GOP Rep. Joe Barton rises against CS2.0. Good. He puts things in perspective: Auto loan rate and LIBOR rates are at what they were a year ago. Fundamentally, we have to address the American economy. “This is not the bill to address the problems…Vote no.”
12:11pm Eastern. Dem Rep. Donna Edwards asks Frank if the $700 billion will be used to prevent foreclosures. Absolutely. Frank says Paulson accepts Frank’s demands.
Oh, crikey.
Edwards is a Democrat flipper.
Flip-flop count: 5.
12:17pm Eastern. I don’t think I’ve ever agreed with Democrat Marcy Kaptur, but I have now: Blasts the rush and says: “Vote for a real deal, not a fast deal.”
GOP Rep. Ginny Brown-Waite still against. Good. “The American people hated this bill at $700 billion. They despise it now at $850 billion.”
12:20pm Eastern. Ron Paul is on the floor blasting more debt, more appropriations, more spending, more credit in the market. That is what caused the problem. Ron Paul is right. There I said it.
12:23pm Eastern. Airsickness bag overflowing. Maxine Waters is touting the mortgage-meddling and loan modification: “We’re in charge!” “We own them now!” “We will provide loan guarantees.”
Current official flip-flop count update (thanks to Andy Roth and Wesley Denton for added names):
Democrats
Shelley Berkley (NV-01)
Emanuel Cleaver (MO-05)
John Lewis (GA-05)
Hilda Solis (CA-32)
Donna Edwards (MD-04)
Jesse Jackson Jr. (IL-02)
Bill Pascrell (NJ-08)
Republican
Gresham Barrett (SC-03)
Howard Coble (NC-06)
Jim Gerlach (PA-06)
Tim Murphy (PA-18)
Jim Ramstad (MN-03)
Ileana Ros-Lehtinen (FL-18)
John Shadegg (AZ-03)
Lee Terry (NE-02)
Patrick Tiberi (OH-12)
Zach Wamp (TN-03)
Judy Biggert (IL-13)
That’s 223 YEA votes.
GOP Rep. Spencer Bachus opposes [SUPPORTS] the bill. I do believe I heard him say he’s voting for it because he doesn’t want to risk a decline towards socialism.
What the…?!?!?
Democrat. Rep. James Clyburn supports. GOP Rep. Chip Pickering comes to the floor. This is his last vote. I came when communism in the Soviet Union collapsed.
He’s going to vote for the free-market system…by voting FOR this monstrosity.
What the…?!?!?!
Dem Majority Leader Steny Hoyer is droning on, citing anecdotal credit crunch stories, drone, drone, drone. He’s citing the Australian PM to justify voting for CS2.0. Blah blah blah. He gets an ovation. Which is surprising to me. I thought he must have lulled everyone to sleep.
12:51pm Eastern. Well, look who’s up. It’s the original Crap Sandwich Swallower himself, John Boehner.
He says he prays to God so he will feel better about his vote. “In God We Trust.” “Because we’re gonna need his help.”
If he just did the right thing, he wouldn’t have to pray to make his soul feel better.
Gad.
12:57pm Eastern. Nancy Pelosi. Ugh. Now, she’s Arnold Schwarzenegger’s best friend. She cites other governors crying “Catastrophe.”
Great. After this bailout passes, as I observed earlier this morning, they’ll all be lining up for more.
Let’s she if she starts snarling like she did on Monday.
1:00pm Eastern. She’s all about the bipartisanship now. Praising Spencer Bachus.
“The party is over.”
No. For every bailout beggar, the party has only just begun.
She exults over the mental health parity add-on.
Speaking of add-ons: GREEN ALERT: MSM Ignores Hidden Carbon Tax Provisions in Paulson’s Bailout 2.0
Pelosi is railing against regulators as the cause of the problem.
The Big Lie: “We hope it will pay for itself, but if it doesn’t, the fees will be there to cover it.”
Heaping load of you-know-what.
She gets an ovation.
1:07pm Eastern. All time for debate has expired.
1:22pm Eastern. There’s an outburst of applause on the floor as the YEA count reaches 222, 223…
1:27pm Eastern. Oh, gross. They swallowed the Crap Sandwich and they’re applauding themselves.
263-171.
I’ll get a roll call vote up when it’s available.
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the fix is in. this doesn’t deal with the problem, just papers it over.
one of these days the chickens ARE going to come home to roost, and throwing money at it won’t work.
Plug the leak then bailout the sinking ship.
God help us as these “elected” people are sure not our representatives. I read a great line in a book this weekend. If God was in the election process, He would give us better choices.
Thank you for live blogging Michelle…
AMEN Soap
8:02am PT
Dave Camp in favor of crap 2.0
(R-MI)
I think the key word here is what is enforceable and unenforceable? The Language in this Bill is designed to stick it to the American Tax Payer. The Good Guys want to block and Vote it down. We need a plan B if this thing is going through they need to water it down enough so it wounds us but NOT mortally.
No one is supporting this Bill, The Media is in the Tank. The Public hates it. Should I start cutting and pasting all the loan offers, credit cards, house car student loans, foreclosures for sale ect.. coming into my email box? Tell the Banks that Credit has dried UP. Who is zooming Who?
Rangel just played the ‘For the Children card.’
What happens if this thing is passed and no improvement in the market place? Each and every one of these politicians will pull a Barney Frank and deny they had anything to do with this…
It is amazing to me that these idiots continue to be elected.
John Tanner (D-TN) speaking about the poor handling of bill (amendment) in Senate (bundling with a ‘must-pass’ bill) – he is mad about that.
Speaking ambiguously about bill – sugar coating his approval for it (apparently).
8:05am PT
Pinch the loaf already. And then let us follow the money trails:
Trail One— to all the AIG fools and dupes of AIG who are going bust;
Trail Two—all of the money flying out of our pockets faster than the bats that fly out of Barney Frank’s mouth as he lies about this boondoggle.
(R-CA) Devin Nunes talking down the bill.
Faults 2 polar ‘options’ in handling problem. Faults time table being forced.
Suggests administrative and other changes to help deal with the problem.
Questions giving 700$ billion to one man to decide what to do with it.
Speaking of privatizing gains/socializing losses.
8:07 am PT
Once again they Government is going to pass a “do something” bill that will do nothing but burden the honest taxpaying citizens of our great nation.
(D-OR) Blumenauer speaking about large unpaid deficit spending; hasn’t seen more diametrically opposed opinions in House.
Ignores plight of 6+ mil homeowners facing foreclosure. Same benefit not given to poor vs. very wealth, etc.
8:09am PT
I called my rep (Bilirakis – R) yesterday and today. Reminded the staffers that I’m all set to vote no on his next month if he votes yes today. Poor Gus must be getting sick of hearing from me – I’ve sent him a slew of emails and calls since the GOP stayed on the House floor talking about energy. (And he even wrote back to me!)
Delahunt is sticking to his NO vote…Saints be Praised! He must have hit his head TWICE!!!
oops – vote no on HIM
Tennessee Caved. He hates it but he’ll sign it.
“We don’t have a month…”
Guess he didn’t see the market is up today.
(R-TN) Zach Wamp speaking (grudgingly) in favor of new bill. Voted against earlier bill. Costs of inaction is greater than passing this flawed bill, etc.
“I don’t like this at all”. etc.
“Congress has to act”.
8:11am PT
Tennessee Caved. He hates it but he’ll sign it.
“We don’t have a month…”
Guess he didn’t see the market is up today.
oops, posted twice, sorry.
(D-GA) Lewis speaking in favor.
8:12am PT
Is anyone keeping track of who is switching votes from No to Yes?
A running Tally might be nice.
Don’t worry – Barack Obama’s tax cut for the middle class will make everything all right.
Trouble is, after the taxes on small business and large corporations goes into effect, middle America is going to need all of their tax savings to pay for the higher cost of goods and services that will result. It will be even worse for those who lose their jobs over Obama’s economic plans.
I am pretty screwed when it comes to my Rep (Baird WA-3). He voted for it the first go around and I am sure he will the second (I contacted his office and they gave me the song and dance that it is for the good of the nation garbage). Baird is not worried about re-election due to the top two primary system in WA. He is facing off against another D that also would be voting for the bill so he is covered (the R and a PaulBot spilt the Republican vote in the primary knocking each other out of the general).
(R-TX) Brady speaking in favor. Doesn’t like bill. Situation makes himself and votes angry. ‘I’ve talked to voters that have seen their life savings go down in the last 2 weeks’, etc. This is not my solution.
8:15am PT
The Government doesn’t OWE American Citizens a house. This is why Sarah Palin hit a home run when she uttered these words last night. Personal Responsibility.
I don’t believe communist or socialist country’s provide their Citizens with Free Houses? In Fact, when China had a development going on, they turned the poor out of their homes, and bulldozed them. The poor had no recourse, China is a Communist Country they own everything.
No, actually they do NOT have to act and the hubris they display in assuming that without their action to “save” us all the world will end is stomach turning.
(D – WI )Ron Kind – ‘We are in the granddaddy of all jams. They are holding a guy to our heads to deal with this problem. Unless we take action today, ‘ . Time is of the essence, etc.
8:17am PT
Calld Richard Neal’s local office. Before I could get out the reason for my opposition I was asked what town I was calling from and then given a curt “thank-you”.
Pascrell (D-NJ) Speaking in favor.
“Monday I voted no. Since then, we’ve improved the bill. There is some junk in this bill. To help the American people I am now supporting this financial package.”
8:19am PT
Where’s Blinkie?
My Republican representatives in the House and Senate caved…. sucks to be me today…. but I’ll get my revenge, trust me.
(D-CA) Sherman speaking – 8:20am PT
(He’s a strong opponent BTW). To speak for 1 minute.
“I can’t possibly describe the problems with bill”. Tax breaks for bow-arrows, importers of rum, etc. “Pork-laden, tax bailout bill”.
Criticizing asset transfers, executive salaries, etc.
8:21am PT
Crowley (D-NY) speaking in favor. Defending bill. “It’s not just for NYC. It’s more about our country. It’s about 401k plans”, etc.
“It’s not just the US, it’s the entire world. I would like more time…” We simply do not have the time, we have to do the right thing”, etc.
8:24am PT
Our own government let this situation arise (nay, they recklessly promoted it) and now they tell us WE have no choice but to cough up.
It sounds like BLACKMAIL to me.
When in the course of human events…
Hurry and pass this bill before people realize the free market is fixing itself!!!!!
Don’t know if ya’ll heard the news this morning but Wachovia is merging with Well’s Fargo…at $7 a share for stock holders. The gov forced sale to citigroup was 94 cents a share plus the FDIC was going to pay a lot of the debt.
The FDIC will pay no debt under the new deal.
(D-MA) Frank speaking 8:24am PT.
Mentions reserving time to discuss bill with other Reps. (Lots of filler speak – go figure…) – for those that need clarification of such issues as regarding foreclosure, etc.
“Financial services committee has done such wonderful work”, etc.
8:26am PT
Cowards. All of them.
I notice that our 6th-Distrcit Rep. Don Cazayoux (D-LA), who voted against it is conspicuously absent from these discussions. He’ll probably (be allowed) vote “no”, but it’s merely political cover since he’s a temp guy up for re-election.
I have a dem rep who voted no on Monday. I haven’t heard how he’s voting today but I did email his office. If he wants to keep his job for the next two years, he better vote no because while a small part of his district is democrat, the rest is Republican and we can vote his sorry butt out! Are you listening Carney?
Barrett (R-SC) speaking in favor.
Speaking about ‘solving problems for America’; citing supposed improvements in new bill. etc. “No matter what we do, there’s still tough times out there”.
“Do I still have concerns about this bill? Yes”. etc.
“We have to act now”. “If we don’t solve these problems, American will fail”.
“It’s about leadership”.
“I will vote yes”.
8:28am PT
(D-VA) Moran speaking about and to Frank about details of bill.
8:29am PT.
Frank responding 8:30am PT
China’s attempts at Social Engineering. Why Communism and Socialism doesn’t work. There is more at stake here, the idea that the American’s who pay Taxes should keep people in their houses who should never have been put in those houses in the first place is called re distribution of wealth…Socialism. This is a Social Engineering Experiment by the Democrats gone very very Bad. Our Government doesn’t OWE any citizen a House especially if they can’t afford the house in the first place. PERSONAL RESPONSIBILITY. Sarah Palin made a big hit with those two words last night. I have not heard the Democrats uttering those words?
Communist China’s treatment of their poor.
http://www.atimes.com/atimes/China/EH29Ad01.html
(R-OK) Cole speaking in favor.
(Citing consequences of not acting)
8:31am PT.
(D-CA) Lofgren speaking – speaking about trouble of State (CA) getting financing, blah, blah, etc. (She sounds like she is setting up to support it). “CA the 8th largest economy in the world will not be able to meet payroll…”
8:33 am PT.
(R-TX) Hensarling (a STRONG opponent of plan) speaking about nature of problem.
“I have many fears about the legislating before us”.
“The Treasury could go right through the $ and be right back for more”.
“I believe it rewards bad behavior and punishes good behavior”. “Capitalism on the way up, and socialism on the way down”. “We must be very careful as we address this problem…”
“I vote with no”…
8:36am PT
So still no movement by Pelosi or her Whipping Boy to get Dems to vote yes on this Bill? They want to see Republicans eat it?
Eat this Nancy….
All us poor idiots watchin’ must be corn-fused.
The gall of this guy.
(D-GA) Marshall speaking – “the right thing to do is to pass this bill as imperfect as it is”….
“Americans need to understand, is that we’re gonna get through this, ” etc.
8:37am PT
No doubt with your help also Barney….
If CA gets bailed out, might as well bail out NJ. Our crappy politicians have driven our State to bankruptcy too!
(R-IL) Biggert speaking about process between Monday – today. “In the last few days we’ve made more progress. There still are many changes I’d like to see”.
(Dancing around her support of the bill).
Now, saying she supports bill.
8:40am PT
I can’t believe Frank actually had the nerve to accuse Bush of making America socialist!!
If that’s not the Pot calling the kettle black, nothing is.
(D-OH) Kucinich submitting materials in opposition to bill.
8:40am PT
It’s obvious this is gonna pass. I can’t watch this train wreck anymore.
Have a nice weekend all.
(I have to work)
If we were in a crisis and this bill was the only answer it would have been passed unanimously 2 weeks ago. The more I think about this so called ‘emergency’ the more I think the situation stinks.
The dems could pass it themselves now, but they just want to get as many GOP voting ‘Yes’ as possible, then use that vote against them. If the GOP goes along with this crap they deserve their continually dwindling minority status in Congress.
It might not be productive, but I say do nothing and let the market fix this Government created problem. Recessions are part of the cycle. The financial aristocracy of this country are crashing and burning and I am content to sit back and let them even if it hurts.
(D-GA) Scott speaking – about number of foreclosures, talking about giving Treasury Sec. tools to deal with problem, (supporting bill), etc.
8:41am PT
Exchange with Frank – 8:42am PT – about dealing with foreclosures, etc. role of FDIC, etc. scope of purchasing by Treasury Sec is ‘virtually unlimited’, etc.
…Back to Scott. Scott thanks Frank, etc.
8:43am PT
Garrett (R-NJ) Speaking – “I will not be supporting this bill. I realize this bill will pass, because it has the votes to pass….”, etc. “If you don’t tackle the underlying problems, we’ll be right back here dealing with these same problems, etc”
(He is strongly opposing the bill)
8:45am PT
Hey you!, Yeah You! Your congressman sucks. Don’t vote for him/her. And Yes, I’m talking to YOU!
Rob,
No you have not been screwed this is just 4play.
Your neighbors tax assessment under that scenario will also be lowered.
ponder that….
FDIC needs to be under criminal investigation.
( D-MI) Dingell speaking – praising improvements in new bill. Inaction is not an option. Commends Frank, engages Frank in exchange –
8:47am PT
Frank responds – re: question about Auto industry.
Dingell re: Fed Reserve authority and consumer loans; (funds for car loans?)
Frank: “Absolutely”
Dingell: resumes
8:48 am PT
I think we should all get our own personal bailout. Give every citizen $100,000. Economy will go through the roof for much less than 700,000,000 dollars.
Translation….
“Jump off the ledge now…. we’ll worry about hitting the bottom later.”
(R-CA) Miller speaking – “I have not seen anything like this. Small businesses are starting to hurt now. Lines of credit dramatically reduced.”
“This bill, is not perfect”. etc.
(Supporting bill)
8:50am PT
mookie
I don’t want a bailout I want them out of my pocket!!! why aren’t you happy today?
(D – CO ) Perlmutter speaking – talking about Federal agencies what administer programs that provide credit to small business… Asking Frank about scope of authority for TS to adminster funds to those agencies…
8:52am PT
Why?
(R-CT) Shays speaking – speaking of importance of this bill, now sounding as if he’ll now support it.
Talking about economic indicators in the news, etc. Mentions voter feedback, other ways to address the problem, etc.
“This bill is for Main St”. etc.
8:53am PT
Sorry – gotta run folks. Maybe someone else can step in and pick up the ball at this point.
*Have a good weekend* 8:57am PT
phred good point!
from debate last night when bidet claimed small biz folks don’t make more than 125K ( he said 250k but that is for couples ) perhaps bidet should hang out in the contractor section of his home depot he claims to hang in, instead of the curly bulb manmade gorebull warming idjot section.
Exactly. This is a Dem plan, from start to finish. Secretary Paulson is a Democratic Socialist who fooled President Bush into believing he’s a Republican. The Dems have and will continue to blame this on Bush & Paulson, and claim that the bailout had “bipartisan support”.
Problem created by Democratic Socialists.
Problem made worse by Democratic Socialists.
Problem turned into a “crisis” by Democratic Socialists.
Gun held to our Republic’s head by Democratic Socialists.
…and Republicans stupid enough to help pull the trigger.
Did he really say it that way? That’s a double negative, so really he’s saying we should do nothing.
Actually, I agree with Michelle…
We are SOOOOOOO screwed!
(A) reduction in interest rates;
(B) reduction of loan principal; and
(C) other similar modifications.
Soooo, basically I am a freakin idiot. I actually bought a cheap starter home that I knew I could make the payments on even in rough times.
Now were going to lower rates and principals for people who cannot make the payments????? WTF???
What about vacation homes & rental properties?
Cloward-Piven Strategy of Orchestrated Crisis
I’m sorry.. but that line just creeped me out. I was thinking.. “what’s he doing down on the floor?”
eeewwwwwwww……
I read that a few days ago and haven’t slept much since I read it.
It is a MUST read for everyone on this blog and HotAir. Please take the time to read it!
Cloward-Piven Strategy of Orchestrated Crisis
Wait a minute, I thought they were talking about the
theftBailout? Are we back on the Drilling here?Thanks for watching Michelle. I just can’t bear to go through it again.
Roscoe Bartlett (R) MD office just now: “he will oppose it” – I know he’s not listed as a potential flip flopper but at he is re-confirming his oppostition.
It’s called REPARATIONS.
The proletariat (including illegal aliens and “descendants of slaves”) will get free houses, paid for by the Bourgeoisie.
Michelle, your prediction that California will come beggin is dead on no matter what and I bet it will be for more than 7 billion my guess is 15 billion. After it passes Ahhnold and company (you know who) will add so many goodies it will sicken all of us….
then look for other states to follow, this bill is creating a bigger monster that willl not be stopped.
I was just kidding. But hey, if they’re going to throw all this money around…
/SARC
There. fixed it for ya.
And we all know how well public housing works, don’t we?
Freaking houses are selling here in Michigan for $1.00, which I am actually ok with. Free market and all… But I’ll bet the Fed will start buying all those up for $150,000 each.
From Paulson’s gambling buddies.
We are so screwed.
ITookTheRedPill, have you seen the OTHER Burning Down the House video? Open your eyes: Bush is very much part of the problem – and he’s fleecing America on his way out the door. (He’s been pro-big business as a tool for his agenda. Many Repubs mistake that for pro-capitalism, but make no mistakes – even socialists like big business: it’s much easier to control a few large companies than a free market.)
http://www.youtube.com/watch?v=vLUbb2DUYGk
I contacted my congressman and both my senators but I live in New York, so I never had much hope.
On the political front, that’s becoming pretty much a constant.
My poor daughters and grandchildren. I’ll be OK but they will be the ones that will pay.
Mr. President,
I expect you to be a man of your word.
If you sign this bill, you are a liar.
This only delays things. The bills will come due. You can not borrow your way out of debt. It just doesn’t work that way.
I assure you, ITookTheRedPill, he’s a man of his word:
http://www.youtube.com/watch?v=vLUbb2DUYGk
I’m surprised by Marcy Kaptur’s impassioned plea for sanity. And grateful. Not much good comes out of her district.
We citizens are too stupid to use our financial resources as we see fit, didn’t you know?? We need these corrupt, gutless Washington shills to spoon feed us and wipe our bums, because We the People are incompetent and dumber than dirt.
I’ve had enough, and I’m not stupid enough to let phony fear override real judgment, like these wizards in the House apparently are. At this stage of the game, I’m so disgusted that I think all of these freakin flip-flopping wanks can just go to hell.
This is a CHINESE FIRE DRILL….start running in all directions folks!!
You say you want a revolution…? Why yes, I do. Seems pretty simple to me:
Cut taxes
Cut spending
Kill our enemies
Kick out the illegals
When banks don’t lend to poor credit risks they’re called racists and heartless. When they do lend to poor credit risks they’re called predatory lenders. Either way the people who borrowed the loans get the label the left seeks: “victim”. That’s how the game’s played.
Third party? Overthrow? Tax revolt? Suggestions.
As much as they are mocked and hated by some (and loved by others), two Republican Presidential candidates understand what’s going on and would fight on our side:
Mike Huckabee and Ron Paul
Both McCain and Obama/Biden are part of the problem.
If we vote McCain/Palin, maybe we get President Palin, maybe we don’t.
But a vote against McCain (a third-party vote) is a vote for Obama.
How can we revoke the nomination from McCain, or get him to step down voluntarily?
Ron Paul is actually making sense.
Maisy, This is not a drill….it’s a Chinese Cluster F___.
Democratic Socialism 101.
Our government is now controlled by a combination of Democratic Socialists and “useful idiots”.
I hold Maxine Waters partially responsible for this….save home owners my ass…loan modifications my ass…