Day After Day, Alone on the Hill
EmailThere is a general consensus that the Emergency Economic Stabilization Act — which lawmakers are now imploring the media to stop calling a "Wall Street bailout bill" — will pass the Senate, so the hurdle remains in the House.
So what can be done to win over a dozen lawmakers (from the 195 Democrats and 133 Republicans who voted against it) to support the bill, if the legislation is re-introduced when the House reconvenes Thursday?
That is easier said than done.
Keep in mind the delicate balance here — to try to win over Democrats, for example, one could add the provision to allow judges to re-negotiate mortgages. But then even more Republicans would defect.
The challenge is to add provisions that will only add to the 205 who voted for the bill, and not subtract.
In meetings and discussions among Democratic and Republican leaders and staffers in the House today, there are three provisions being discussed to add to the bill:
1) Raising the limit from $100,000 to $250,000 per person per bank of savings guaranteed by the US government through the FDIC.
What does this do? It provides lawmakers with cover, a la: "I voted for the bill only to protect the savings of my constituents, and to prevent runs on the bank."
2) Fixing "Mark to Market." The U.S. Securities and Exchange Commission is talking to the Financial Accounting Standards Board to discuss revising the "fair value" or "mark-to-market" accounting rules, which critics say forces banks to take huge write-downs on the value of assets by assessing their worth based on would fetch in a current market transaction. Could Congress urge the SEC to do this? Or codify a new SEC rule change?
3) Adding an extension of unemployment benefits. Coincidentally, new jobs numbers are due out on Friday morning. What if the jobs numbers are bad? Would some members be inclined to vote for this bill if the vote on the Emergency Ecoænomic Stabilization Act came immediately after the numbers are released?
House leaders are still hoping to have another vote on this bill Thursday.
- jpt
CPAC: Romney Struggles to Convince Voters 
Obama Backs Off Birth Control Battle?
Nix the unemployment benefits, socialism doesn’t work. the other two would do just fine.
Posted by: dfbaskwill | September 30, 2008, 7:05 pm 7:05 pm
Is anyone at the helm? Giving away America—the FEC breakdown of the Obama campaign has identified a staggering amount 222.7 million coming from contributions of $200 or less. And only 39.6 million of that amount comes from donors that the Obama campaign has identified. This is the largest pool of unidentified money that has ever flooded into the US system. Is the FEC investigating the huge amount of money that has no public reporting? I guess just like our economic crisis, the answer is no. Is there corruption at hand, the answer who knows? There seems to be no one at the helm anymore. So here you have Obama, who by the way has a legal suit pending regarding his birth and his duel nationality, that the “media” does not want to touch and Obama’s lawyers stalling and delaying the court system. A another filing was made on September 29, 2008 because Obama and his campaign refuse to submit the evidence to the court system, which of course would end any ridiculous suit immediately. Obama comes up from no where, and has criminal friends, and friends that “hate” America and you just have to wonder what is happening to America—no one is paying attention.
Posted by: Ann | September 30, 2008, 7:06 pm 7:06 pm
No to the Bailout or whatever you want to call it. Even 162 economists from universities around the country say no to the Bailout including from Harvard.
Just say NO!
Posted by: lm | September 30, 2008, 7:12 pm 7:12 pm
Hey chicken littles: The market went up today. The sky is not falling!
Don’t panic! We don’t need to give 700 Billion to the people who caused this mess!
Posted by: lm | September 30, 2008, 7:14 pm 7:14 pm
I think they should give the money to the people who owe the banks so they can make the payments that are owed, and thereby save themselves from losing their homes, and save the banks at the same time.
Posted by: Ronda Dare | September 30, 2008, 7:16 pm 7:16 pm
Did anyone bailout the Dot.Coms? No!
We don’t need this bailout. Paulson wants the bailout to give out big year end bonuses to the very people who caused this mess.
Just say no!
Posted by: lm | September 30, 2008, 7:17 pm 7:17 pm
The people on the street who were aginst the bail out are still against the bail out. We can call the bail out by another name or claim that the stock market recovery is the result of “the market” “knowing” a bill is on the way. All of that does not wash.
This all begins to look like the liberation theology view of the market from the main stream media. As it becomes clear that Obama advisor Franklin Raines is at the heart of the Fannie Mae collapse and he was fined for his efforts there, this is not going to play well either.
Posted by: lately | September 30, 2008, 7:19 pm 7:19 pm
Ann, oh,yes, we’re paying attention. I’m one of the small doners to the Obama campaign — the first time I’ve ever donated money to a political campaign. The only time I ever voted for a Republican presidential candidate was the first time I was able to vote in a general election. I voted to Eisenhower because I didn’t know enough about Adlai Stevenson to vote for him. Those small donations of #200 or less have come from more than million of us who’ve squeezed what ever we could from our tight budgets because we believe the promise of change Obama our nation needs can best be brought to fruition by Obama.
Posted by: ANidel | September 30, 2008, 7:19 pm 7:19 pm
Hey RIGHTIES, Hey LEFTIES,
The House Progressive Caucus and I’m sure some no voting Republicans both have ideas for making Wall Street pay for their own damn mess.
LETS DECLARE A TRUCE LONG ENOUGH TO GET THE MOAB CANNED BY CO-SPONSERING A BILL THAT MAKES WALL STREET CLEAN UP THEIR OWN CRAP SANDWICH. Then, we can go back to trickle down vs. ground up capitalism once that nonsense is dead.
Apologies for yelling, but many here don’t hear so good.
Posted by: Leonard Peltier | September 30, 2008, 7:22 pm 7:22 pm
Why is no one talking about the SEC’s repeal of the short-sale uptick Rule, and also the SEC’s failure to enforce the naked short-sale Rule?
Posted by: Stephen Gianelli | September 30, 2008, 7:22 pm 7:22 pm
I am kind of surprised that there are not more voices saying the market went up today when it was clear there was no bail out. The American market went up, because all of the other markets went down. THe other markets around the world went down because it was clear we are not going to bail them out.
Remember a lot of this paper is being held by foreign institutions. I would like to see the break out on that. I wonder how much of this is being held by arab banks?
Posted by: lately | September 30, 2008, 7:23 pm 7:23 pm
“the FEC breakdown of the Obama campaign has identified a staggering amount 222.7 million coming from contributions of $200 or less. And only 39.6 million of that amount comes from donors that the Obama campaign has identified. This is the largest pool of unidentified money that has ever flooded into the US system. Is the FEC investigating the huge amount of money that has no public reporting? ”
Yet another made up controversy from right wingers at Newsmax!
Of course they fail to report that McCain has had to return over $7.5M in shady donations to Obama’s $1.5M
Posted by: Ryan C | September 30, 2008, 7:32 pm 7:32 pm
Wait just a minutes,
8% of the population controls 85% of the wealth, then it is the 8% that is trying to get the taxpayers to bailout the banks that was screwing the people with adjustable and sub-prime loans.
They are pulling our strings by stopping the flow of money.
We are the fools on the end of the string.
They want it when they have played us for fools and lost.
Posted by: Underdog | September 30, 2008, 7:34 pm 7:34 pm
Porr Ann. It’s not a sinister thing when donors give small amounts – I’m one of them. It’s a good thing. It’s called democracy. But there is a great big story out there waiting to be discovered: where in the heck is Phil Gramm and his lovely deregulating wife? Phil Gramm paved the way for deregulation the credit default swaps that have ruined Wall Street, apointed his wife in chargem then became head of the McCain campaign and his chief economic advisor, then said that the economic crisis was mental… and then disappeared into UBS and started to advise the even richer and famous. How come we haven’t heard from my favorite jackal this week? Or last week?
Posted by: mara | September 30, 2008, 7:41 pm 7:41 pm
And if Steve Doocy believes it, it must be true. So much for my call for truce.
And while I’m at it, Concerned_in_OH,
it’s not “wallah’, it’s “voila” a French word meaning “there you go”.
Posted by: Leonard Peltier | September 30, 2008, 7:45 pm 7:45 pm
Stanley Kurtz having gotten zero traction on his Annenberg crap has moved to another line of slime all dutifully carried by FoxNews and in particular Doocy who seems to be the idiot conduit for the whackiest rw garbage.
You might remember Doocy as the guy who 1st reported the discredited Insight article stating Obama is a Muslim.
Posted by: Ryan C | September 30, 2008, 7:46 pm 7:46 pm
This is getting sooooo booorrring.
Could we please get on to the next election crisis? I mean, this one has had the spin cycle for almost a week. Surely it’s dried out by now.
I do miss Monica Lewinsky.
Posted by: len | September 30, 2008, 7:48 pm 7:48 pm
len,
I’m sure gramps won’t disappoint you, there is still a month left.
Posted by: Leonard Peltier | September 30, 2008, 7:51 pm 7:51 pm
“Did anyone bailout the Dot.Coms? No!”
That’s because an economy doesn’t depends on internet companies with wacky ideas, like buying pet food though the internet.
If there is not confidence in the financial system the economy will come to a standstill. All the countries around us, Japan, Britain, Germany, Netherlands, Belgium, France are bailing out their banks to restore confidence.
And no, they are no socialist. Most of these countries are at the moment ruled by a conservative party.
Posted by: CLabs | September 30, 2008, 7:57 pm 7:57 pm
Leonard Peltier:
re: it’s not “wallah’, it’s “voila”
weren’t Wallah and Voila 2 of bin Laden’s chief henchmen who conspired with Saddam to attack America using WMD’s?
Mission Accomplished
Posted by: Rex | September 30, 2008, 8:02 pm 8:02 pm
It’s unethical to use this crisis for political gain and is a poor example of leadership.
Posted by: independent | September 30, 2008, 8:03 pm 8:03 pm
“It’s unethical to use this crisis for political gain and is a poor example of leadership.”
Yes, I agree with you completely. You should go to a town hall meeting and tell McCain he should stop doing that.
Posted by: CLabs | September 30, 2008, 8:05 pm 8:05 pm
I thought all money bills had to begin in the House. How in the world is this money bill going to get its start in the Senate? Is there something I’m missing here?
Posted by: sunshine voter | September 30, 2008, 8:11 pm 8:11 pm
Another part of Couric’s interview with Palin appeared. The simple question is: What newspapers does Palin read. Here’s the transcript;
COURIC: And when it comes to establishing your world view, I was curious, what newspapers and magazines did you regularly read before you were tapped for this — to stay informed and to understand the world?
PALIN: I’ve read most of them again with a great appreciation for the press, for the media —
COURIC: But what ones specifically? I’m curious.
PALIN: Um, all of them, any of them that have been in front of me over all these years.
COURIC: Can you name any of them?
PALIN: I have a vast variety of sources where we get our news.
Amazing stuff.
Posted by: mint | September 30, 2008, 8:11 pm 8:11 pm
“Drop corporate tax rates (even Sweden’s corporate tax rate is 1/3rd less than ours).
Put a 2 year moratorium on capital gains taxes.
Then wallah, no more bailout needed. Let the speculators and people who over bought houses go back to renting.
”
No, you are misrepresenting the facts.
Swedish taxes are one of the highest in Europe. Still they are doing very good, not a lot of unemployment, companies that are competing globally. Erickson, IKEA, SAAB, ABBA are all Swedish.
And surprise, surprise… Sweden is governed by the socialist party since ages.
Posted by: CLabs | September 30, 2008, 8:15 pm 8:15 pm
Ah, Jake. Why don’t you call ‘em what you want to call ‘em? OK, you won’t? I will for you…FOOLS ON THE HILL…
Halli Casser-Jayne
Posted by: Halli Casser-Jayne | September 30, 2008, 8:15 pm 8:15 pm
According to Palin, being gay is a choice people make. Here’s what she had to say about it:
“As for homosexuality, I am not going to judge Americans and the decisions that they make in their adult personal relationships, I have one, one of my absolute best friends for the last thirty years who happens to be gay and I love her dearly, and she is not my gay friend she is my one of my best friends who happens to have made a choice that isn’t a choice that I have made. ”
Sarah Palin is a dangerous politician.
Posted by: huckleberry | September 30, 2008, 8:17 pm 8:17 pm
It is a misconception that the problem is that people are not paying the banks back on mortgages. There is alot of that, yes, but that is not what is causing the credit crisis. The problem is that the securities that were originally backed by mortgages are selling less than the mortgage payback value because not only forclosures, but the sharp decline in the housing market, specifically in real estate prices. Alot of the source was originally real estate speculation (like Fannie Mae and Freddy Mac). This is very similar to the bursting of a speculative bubble in a third world country, at which point capital pulls out (goes on strike). That great sucking sound you hear on Wall Street is the US becoming a third world country because ideological purists demolished the firewalls we built after it happened the last time.
Posted by: Mike | September 30, 2008, 8:20 pm 8:20 pm
How are you going to make money dropping corporate taxes when 2/3 of corporations don’t pay any?
Posted by: Mike | September 30, 2008, 8:25 pm 8:25 pm
That great sucking sound you hear on Wall Street is the US becoming a third world country
Good post Mike. I wonder if we will ever see just one of these leaders step up to the plate, explain what happened and why and take some responsibility for this mess. I certainly hope that people will take off their team jerseys…just one time and get rid of some of these scoundrels.
Posted by: david | September 30, 2008, 8:32 pm 8:32 pm
1) The reason the Dow went up today was Wall Street’s ANTICIPATION of a bail out package being passed.
2) Concerned in Ohio — Quit quoting Tom DeLay and his ideological capital gains moratorium gimmick.
Posted by: Blue in Michigan | September 30, 2008, 8:39 pm 8:39 pm
huckleberry,
Think Palin’s gay issues are ugly see mccains:
McCain On Gay Rights: No Marriage, No Adoptions, No HIV/AIDS Prevention Plans
“HIV/AIDS Prevention is a waste of money” John McCain.
Posted by: Alex Independent. | September 30, 2008, 8:41 pm 8:41 pm
So, is PP still scrubbing the blog of dissenting (read:conservative) posts?
Posted by: turtle | September 30, 2008, 8:48 pm 8:48 pm
I see that a few people are using this blog to bash Palin – off the topic of the bail out conspiracy failing.
I guess they are bashing Palin to keep people off the topic that Franklin Raines on Obama’s election committee is largely responsible for the Fannie Mae melt down that is ausing all of the financial system bankruptcies.
I have no problem with Obama, Franklin Raines, and Rev Wright following their libration theology attack on the US financial systems – as long as we talk about it out in the open.
Look at the video sources for the bail out scams and you can find all of the people involved ranting that what they are doing is right – and taking down our financial systems.
Posted by: lately | September 30, 2008, 8:50 pm 8:50 pm
Opps,
I just found this link,
why would a guy who made 38 million go to a job paying only 175,000.
make you want to say HMMMMMMMMM..
He signed off on 13 billion in cash to be sent to Iraq and it dissappeared..
Now watch that 700 billion dissapear.
He should be a magician..
I want to go to school at the class of Paulson Univ.
Posted by: Underdog | September 30, 2008, 8:54 pm 8:54 pm
Just do a search on Sec. of Treasury Paulson personal wealth.
Posted by: Underdog | September 30, 2008, 8:57 pm 8:57 pm
It is Odd,
Paulson is worth 700 Million,
and he asking for 700 Billion from taxpayers.
Posted by: Underdog | September 30, 2008, 8:58 pm 8:58 pm
The Senate will vote on bailout on Wednesday. Democrat leaders are going to saves us whether we like it or not. Many Senate Republicans will support the bailout.
Posted by: independent | September 30, 2008, 9:04 pm 9:04 pm
WOMAN ARE THE NUMBER ONE GROUP NOW BEING INFECTED WITH HIV/AIDS ???
NOW NOT NO
Posted by: Alex Independent. | September 30, 2008, 9:05 pm 9:05 pm
Pretty sure your numbers on who voted against the bill are wrong, by 100 democrats or so.
95 dems voted no, not 195.
Please correct your post.
Posted by: tomboy | September 30, 2008, 9:12 pm 9:12 pm
In 2004 (the most recent year for which data are available), HIV infection was
the leading cause of death for black women (including African American women) aged 25–34 years.
the 3rd leading cause of death for black women aged 35–44 years.
the 4th leading cause of death for black women aged 45–54 years.
the 4th leading cause of death for Hispanic women aged 35–44 years.
Posted by: Alex Independent. | September 30, 2008, 9:18 pm 9:18 pm
In the same year, HIV infection was the 5th leading cause of death among all women aged 35–44 years
and the 6th leading cause of death among all women aged 25–34 years. The only diseases causing more deaths of women were cancer and heart disease
All from the CDC!
Posted by: Alex Independent. | September 30, 2008, 9:19 pm 9:19 pm
Increasing the FDIC limit will help banks with their capital positions which should help them extend credit if they are so inclined.
Posted by: Stevereno | September 30, 2008, 9:21 pm 9:21 pm
Concerned in OH
Burden greatest isnt what im talking about C in OH
Im talking new infections not numbers living with!
Posted by: Alex Independent. | September 30, 2008, 9:22 pm 9:22 pm
Concerned Democrat
Where your link to 2006 data ? whats it say ?
Posted by: Alex Independent. | September 30, 2008, 9:31 pm 9:31 pm
“You won’t believe where that $700-billion bailout figure came from” (LA Times):
“It’s not based on any particular data point,” a Treasury spokeswoman told Forbes.com Tuesday. “We just wanted to choose a really large number.”
Posted by: Belle Starr | September 30, 2008, 9:37 pm 9:37 pm
Barack Hussien Obama
Wright
Rezko
Farrakhan
William Ayers
Black Phanther
Malcolm X
ACORN
They are the same kind or type of people.
It is up to you now to decide what is best for our country.
“Birds of the same feathers flock together.”
“Tell me your friends are, and I tell you who you are.”
What a scary thought ahead for our country…
Think people… think…
Posted by: Kikz | September 30, 2008, 9:56 pm 9:56 pm
Concerned in OH
How does this blog have a thing to do with AIDS,, What you might want to know is whether the future AIDS case will have any health CARE.. under a McCain Admin.
Otherwise I think that the AIDS issue is moot.
Poor people loosing their homes without a job, loosing their health care,, go to the CDC and ask them to pay your BILLS
Posted by: Underdog | September 30, 2008, 10:01 pm 10:01 pm
Understandably this is a complex bill. However, the failure of the initial version reveals the incompetence, ineffectiveness, and idiocy of Ms. Pelosi. How did she ever get to this place?
For the sake of fellow Americans she should be forced out of this job. I am sure her very presence in the National TV takes away a few votes from Mr. Obama. And when she opens her mouth more votes are drained.
One columnist mentioned that she brought this vote to the floor with the view “Heads I win, tails you lose”. But I doubt she is that smart. She has no ability to garner votes for or against any measure she brings to the floor. She was so against the drilling vote, but after it was brought to the floor the measure passed.
I have never seen a totally inadequate and idiotic politician at this high level. Why are the democrats tolerating her?
Posted by: Onlooker | September 30, 2008, 10:13 pm 10:13 pm
My suggestion is to get rid of Fannie Mae and Freddie Mac. They should be phased out.
Second, we should be investigating the Democrats who got us into this mess. Top of the list: Chris Dodd and Barney Frank. But let’s face it, Obama is no. #2 on the list of those receiving money from Fannie Mae/Freddie Mac.
Posted by: Debbie Syms | September 30, 2008, 10:35 pm 10:35 pm
Debbie: add Franklin Raines. He had to pay fines for his misstating of Fannie Mae books. Raines is on Obama’s campaign committee.
Posted by: lately | September 30, 2008, 10:42 pm 10:42 pm
I like the title–in fact the whole Beatles song is a good metaphor for the situation.
nice one Jake.
Posted by: Danny | September 30, 2008, 10:54 pm 10:54 pm
I simply don’t understand why Republicans would be against judges renegotiating mortgage terms so that people can remain in their homes.
I just don’t get it. It seems so cruel. There are many hard-working Americans who could afford to pay their mortgages if they could negotiate a lower interest rate.
Posted by: cincyr | September 30, 2008, 11:20 pm 11:20 pm
Jake Tapper, your numbers ae wrong. You’ve got way too many democrat “no votes.”
Posted by: Billy | September 30, 2008, 11:29 pm 11:29 pm
Ann 7:06:23…There has been a little stir here. Tony Rezko has started to talk. He’s due to be sentenced 3 days before the election. Maybe prison doesn’t look so good afterall.
Posted by: RL in Illinois | October 1, 2008, 12:13 am 12:13 am
By Cliff Kincaid Monday, September 29, 2008
With one socialist “bailout” bill apparently on the way to passage by Congress, two more are pending―both of them sponsored by Senator Barack Obama. One is the Jubilee Act, which would cancel as much as $75 billion worth of Third World debt, and the other is the Global Poverty Act, which would cost an estimated $845 billion. Total potential cost: $920 billion.
Posted by: Walter | October 1, 2008, 12:33 am 12:33 am
” Raines is on Obama’s campaign committee.”
This myth is already debunked a few times, still McCain is repeating it.
The Obama campaign only called him a few times.
Posted by: CLabs | October 1, 2008, 3:45 am 3:45 am
Concerned in OH sez:
The only reason it was added in was because it would create a new market for trial lawyers.
—————————————–
Why do Republicans hate lawyers? Oh wait, they like corporate lawyers, it’s just constitutional lawyers they can’t stand.
Posted by: Leonard Peltier | October 1, 2008, 6:25 am 6:25 am
Ironic that McCain now sees the wisdome of Obama’s suggestion to expand FDIC protection to $250,000. When it went from $40,000 to $100,000 over twenty years ago, McCain opposed it, claiming that it had something to do with the S&L meltdown.
Remember that meltdown…guys named Keating and Bush…influence peddling…
Five U.S. Senators urging regulators to “back off”…vacations in the Bahamas and rides on private jets.
Posted by: Brooklyn Democrat | October 1, 2008, 6:56 am 6:56 am