Posts Tagged ‘bailout’

Obama’s Schadenfreude; Heather Higgins: Townhall.com Columnist

// February 24th, 2009 // No Comments » // POLITICAL ARENA

Great column by Heater Higgins of Townhall.com today. Everyone should read Obama Schadenfreude

The seeming indifference of this Administration to the steady and precipitous decline of the market since President Obama’s election should surprise no one. One has only to look at the President’s past to gauge the prism through which he sees the present… and the future.

Many on Wall Street and Main Street voted for Obama hoping that he would be bipartisan, above politics, and, for many, rein in spending and deficits. They thought his left-wing associations and votes were purely the artifact of necessity and political ambition. When the credit and liquidity crunch hit, they thought Obama would be smart enough to fix it (which presumes, of course, that it can be “fixed”).But this was a triumph of hope over observation. We have elected a president who has no real business or investment experience. His only notable for-profit venture was selling his book; as a law professor, community organizer, and legislator, he operated in redistributionist worlds where wealth, garnered from contributions or taxes, is received and redistributed. In those spheres there’s a seemingly bottomless well of funds, but unlike the for-profit world there can be a disjunction between your customers and your funding. At a non-profit, revenue comes from cajoling funders (who care about students or community residents, but who are not themselves the users of the non-profit’s services); in government, revenue is derived by forcing taxpayers – many of whom are not that legislator’s voters – to pay more.

Read the full article…

I Want America To Succeed; Not Obama

// January 26th, 2009 // 5 Comments » // POLITICAL ARENA

Unimpressed and  discouraged. That about sums up my feelings after witnessing the first few days of the Obama presidency. Before I explain why, allow me to first answer a question that has been appearing in my reader emails. The question is…you guessed it, “Don’t you want Obama to succeed?” This question has been used by many liberals in order to trip weak conservatives and republicans. Let me make this clear. I WANT AMERICA TO SUCCEED! If America’s future and success means that Obama must fail then so be it. If Obama is allowed to succeed in pushing his liberal agenda in key areas then America will fail. I’ve heard many so-called conservatives express their desire for Obama to succeed, yet Obama’s agenda is the opposite of their supposed beliefs. These weak-minded conservatives have no doubt given their principles up for popularity. They are eager to be accepted by the mainstream media and elite. As for this conservative, I care not if Obama succeeds or fails, but rather if America succeeds or fails. I do not believe our success is wrapped up in one man. Our success is in the hands of the people. Only we can save ourselves, not government. We the people with the help of God can do anything we set our minds to.

That said, you can understand why I am unimpressed and discouraged about the first few days of the Obama presidency. One of his first acts was to enact a pay freeze for senior White House staff. WHAT? They just started? Were they supposed to get a raise after their first day? Come on! How stupid does the administration think we are. This no doubt was a political stunt. I’m for pay freezes across the board for his administration, WHEN IT’S ACTUALLY TIME FOR A RAISE! If Obama really wants to make a statement he should enact a pay freeze or even a pay cut for all of Congress. Oh, I forgot, Congress already voted to give themselves a raise.

Here’s another good one. In an attempt to bring ethics back into government Obama barred officials of his administration from lobbying their former colleagues for the duration of his term. Obama barred former lobbyists from working for agencies they had lobbied within the past two years and required them to recuse themselves from issues they had handled during that time. I’m all for it. Too bad Obama isn’t even enforcing his own policy. William Lynn, who Obama named to become deputy defense secretary has become the exception to the rule. Lynn lobbied for Raytheon Co., a defense contractor, as recently as 2008. When asked about this breach of the new policy White House spokesman Robert Gibbs responded, “Even the toughest rules require reasonable exceptions.” In other words, business as usual. So much for “Change”.

I have never felt so discouraged about the future of America as I did when Obama announced that Guantanamo would be closed within one year. Was I discouraged because I think Gitmo should remain open? No doubt, however, what I found most discouraging was the fact that Obama made it known that he had no idea where to put these terrorists. During the signing ceremony Obama turned to White House Council, Greg Craig and asked if their was a seperate executive order as to how they are going to dispose of the detainees. The answer? We are setting up a process. First concern, Why is Obama signing an executive order if he doesn’t know what’s in it? He wouldn’t have asked the question if he knew what was in the order. Second concern, how do you anounce that you are closing Gitmo without first having a plan as to what you are doing with the terrorists. I prefer to call them terrorists as opposed to detainees. Very discouraging. Let’s just sign executive orders without thinking through the logistics of them. It’s bad enough that these terrorists are going to return to the battlefield so they can fight an administration that has a pre-9/11 mentality, but for the President to sign an executive order without first having a plan of execution. Unacceptable.

Obama also continues to push this huge economic “stimulus” plan. He plans to spend his way out of our current economic crisis. What amazes me is the seeming hypocritical situation Obama has put himself in. During the campaign he pledged to go through the budget line by line and cut programs that don’t work and get rid of wasteful spending. Why is this bill full of wasteful spending? Why don’t we cut taxes for not only all working American, but also businesses. Let’s put capital gains taxes on hold as well. Obama doesn’t have the answer. We will be living in an America like never before. Nationalized banks and health care to boot.

Obama ended the week showing his true colors when it comes to abortion. Obama restored US funding for family planning clinics abroad that give advice on or carry out abortions. That’s right. your tax dollars hard at work. Anyone who calls themselves a Christian should beg God for forgiveness if they voted for Obama.

This is only the beginning. Don’t send me emails saying, “Give Obama a chance.” I won’t sit here and keep my mouth shut in order to appease the liberals in America. If Obama does something right, I’ll take note, but when he is wrong I will take note as well.

Auto Stall Out

// December 12th, 2008 // No Comments » // Video

Republicans Get It Right; Auto Bailout Fails

// December 12th, 2008 // 2 Comments » // ECONOMY

There will be no bailout for the Big Three automakers thanks to the Republicans. IT’S ABOUT TIME! Finally, someone had enough sense to say NO! Since the $750 billion dollar bailout (which has in my opinion failed) companies across America want a handout as well.

It’s okay to let a company fail. That’s what leads to better companies. If you continue to give money to these companies so they can float by and not correct their mistakes you are only encouraging failure. If I under perform at my workplace I don’t get a raise for the poor performance. I get shown the door.

These bailouts are making our country weak and it’s people dependant on the government rather than self-determination and will.  We don’t need a car czar, we need responsible CEO’s. We don’t need hybrid cars, we need less CAFE standards. We don’t need more government, WE NEED LESS.

Will the stock market react poorly? Yes, it’ll be bad. We will rebound though! These bailout addicts forget that this is America. We are at our best when the outlook is bleak.

Do I feel bad if people lose their jobs. Yes, but I don’t think it will be as bad as you may think. The bailout didn’t pass today, but it will be voted on again after the New Year. If it comes to it Bush may make good on his promise of using the TARP funds if the bailout doesn’t pass.

Senate Passes Bailout Plan With Sweeteners; How Did Your Senator Vote?

// October 2nd, 2008 // 2 Comments » // ECONOMY, Featured Articles, POLITICAL ARENA

The Senate passed the Bailout Bill Wednesday with “sweeteners” in order to appease both parties. The said sweeteners are as follows:
FDIC - Increase, from $100,000 to $250,000, the limit on federal bank deposit insurance. The limit would revert to $100,000 at the end of 2009 unless extended by Congress.

ENERGY – Legislation providing business tax breaks for production of and investment in industries promoting clean energy such as solar, wind and biodiesel.

DISASTER RELIEF – Grant tax relief for victims of natural disasters in the Midwest, such as flooding, tornadoes and other severe weather events.

TAX BREAKS – A one-year fix to the Alternative Minimum Tax that will exempt 20 million Americans from paying higher income taxes. In recent years the AMT has required a “patch” to help more and more middle class taxpayers avoid paying a tax that was never intended to include them. This year the patch is costing $64 billion, for example. Extend until end of 2009 the deduction for state and local general sales taxes.

EDUCATION AID - Extend individual tax breaks, including deductions for higher education costs and teachers’ personal expenses, until 2009.

RURAL AREAS – Extend through 2011 a program that funds rural schools and local governments that have low property-tax bases because they lie within or are adjacent to federal lands.

HEALTH CARE – Require group health plans that include mental health or addiction treatment to provide coverage for those conditions that is equitable to other medical coverage.

The House will most likely vote on the Bailout Bill this Friday and it is unclear if they will get the votes needed to pass the plan. Interesting enough the bill was only 12 votes short from passing earlier in the week. Twelve Democrats from Barney Frank’s committee voted against the bill. Perhaps Barney can convince his own committee to vote yes before blaming the Republicans for everything that doesn’t go his way.

How did your Senator Vote Wednesday? Here is the Roll Call:

Akaka, Daniel K. D-Hi. Yes
Alexander, Lamar R-Tenn. Yes
Allard, Wayne R-Colo. No
Barrasso, John R-Wyo. No
Baucus, Max D-Mont. Yes
Bayh, Evan D-Ind. Yes
Bennett, Robert F. R-Utah Yes
Biden, Joseph R., Jr. D-Del. Yes
Bingaman, Jeff D-N.M. Yes
Bond, Christopher S. R-Mo. Yes
Boxer, Barbara D-Calif. Yes
Brown, Sherrod D-Ohio Yes
Brownback, Sam R-Kan. No
Bunning, Jim R-Ken. No
Burr, Richard R-N.C. Yes
Byrd, Robert C. D-W.V. Yes
Cantwell, Maria D-Wash. No
Cardin, Benjamin L. D-Md. Yes
Carper, Thomas R. D-Del. Yes
Casey, Robert P., Jr. D-Pa. Yes
Chambliss, Saxby R-Ga. Yes
Clinton, Hillary Rodham D-N.Y. Yes
Coburn, Tom R-Okla. Yes
Cochran, Thad R-Miss. No
Coleman, Norm R-Minn. Yes
Collins, Susan M. R-Maine Yes
Conrad, Kent D-N.D. Yes
Corker, Bob R-Tenn. Yes
Cornyn, John R-Texas Yes
Craig, Larry E. R-Idaho Yes
Crapo, Mike R-Idaho Yes
DeMint, Jim R-S.C. Yes
Dodd, Christopher J. D-Conn. Yes
Dole, Elizabeth R-N.C. No
Domenici, Pete V. R-N.M. Yes
Dorgan, Byron L. D-N.D. No
Durbin, Richard D-Ill. Yes
Ensign, John R-Nev. Yes
Enzi, Michael B. R-Wyo. No
Feingold, Russell D. D-Wis. No
Feinstein, Dianne D-Calif. Yes
Graham, Lindsey R-S.C. Yes
Grassley, Chuck R-Iowa Yes
Gregg, Judd R-N.H. Yes
Hagel, Chuck R-Neb. Yes
Harkin, Tom D-Iowa Yes
Hatch, Orrin G. R-Utah Yes
Hutchison, Kay Bailey R-Texas Yes
Inhofe, James M. R-Okla. No
Inouye, Daniel K. D-Hi. Yes
Isakson, Johnny R-Ga. Yes
Johnson, Tim D-S.D. No
Kennedy, Edward M. D-Mass. NA
Kerry, John F. D-Mass. Yes
Klobuchar, Amy D-Minn. Yes
Kohl, Herb D-Wis. Yes
Kyl, Jon R-Ariz. Yes
Landrieu, Mary L. D-La. No
Lautenberg, Frank R. D-N.J. Yes
Leahy, Patrick J. D-Vt. Yes
Levin, Carl D-Minn. Yes
Lieberman, Joseph I-Conn. Yes
Lincoln, Blanche L. D-Ark. Yes
Lugar, Richard G. R-Ind. Yes
Martinez, Mel R-Fla. Yes
McCain, John R – Ariz. Yes
McCaskill, Claire D – Mo. Yes
McConnell, Mitch R – Ky. Yes
Menendez, Robert D – NJ Yes
Mikulski, Barbara A. D – Md. Yes
Murkowski, Lisa R – Alas. Yes
Murray, Patty D – Wash. Yes
Nelson, Bill D – Fla.L No
Nelson, E. Benjamin D – Neb. Yes
Obama, Barack D – Ill. Yes
Pryor, Mark L. D – Ark Yes
Reed, Jack D – RI Yes
Reid, Harry D – Nev. Yes
Roberts, Pat R – Kan. No
Rockefeller, John D., IV D – WV Yes
Salazar, Ken D – Colo. Yes
Sanders, Bernard I – Vt. No
Schumer, Charles E. D – NY Yes
Sessions, Jeff R – Ala. No
Shelby, Richard C. R – Ala. No
Smith, Gordon H. R – Ore. Yes
Snowe, Olympia J. R – Maine Yes
Specter, Arlen R – Penn. Yes
Stabenow, Debbie D – Mich. No
Stevens, Ted R – Ak. Yes
Sununu, John E. R – NH Yes
Tester, Jon D – Mont. No
Thune, John R – SD Yes
Vitter, David R – La. No
Voinovich, George V. R – Ohio Yes
Warner, John R – Va. Yes
Webb, Jim D – Va. Yes
Whitehouse, Sheldon D – RI Yes
Wicker, Roger F. R – Miss. No
Wyden, Ron D – Ore No

MonkeyCrash is Your Source For Conservative Opinion

Mortgage Crisis Solution: Motivate Homeowners Like Sales Reps

// October 1st, 2008 // No Comments » // ECONOMY

Mortgage Crisis Solution: Motivate Homeowners Like Sales Reps

Posted By, Allyn Paul

I’ve been convinced that with the current state of the economy, the government needs to act as a charity and give out $700 billion. I just don’t think investment bankers should be the recipients. The charity should go to homeowners, and they should have to “do” something to get it! They should earn it.

In my middle-class, middle-manager mind, the solution is simple: if we could get homeowners to pay their mortgages on time, we’d be out of this crisis in a matter of months. It will not be a quick fix, but it will be a rewarding one.

At my office, when my sales force is lagging for the month, I create a contest to motivate them. More often than not, money is the “hot button” that motivates, and I’ve learned to push that button early and often. So let’s pretend that everyone in the US with a mortgage is a “sales rep” and congress is the “sales manager.”

How can we motivate our reps to not only perform, but excel? Incentivize them!

Basic Incentive Plan

For Anyone with a Mortgage on their Primary Residence: Run an incentive plan for 6 months (November 1, 2008-May 2009) stating, “anyone who makes their mortgage payment on time every month during that period will be sent a check from the government for $8,000 in June 2009.”

This is for anyone with a mortgage: on time, late or whatever.

Acceleration Bonus For Over-Achievers

For Those Behind On Their Payments: If your mortgage is already behind at the start of November 2008, you are not required to catch up to be eligible for the basic incentive above. You just have to make 6 monthly mortgage payments on time during the contest, but instead of the $8,000 being sent directly to you at the end, the money will be sent to your mortgage company on your behalf to cover arrearage and late fees. (anything left over is sent to you)

However, if during the 6 month period you not only make your monthly payments on time but work extra hard and “catch up” or “become current” on what you were behind, you will get an additional $2,000 for each month you were able to become current on. (3 month maximum)

For Those Who Are Making Payments On Time As Agreed Already: If your mortgage is current at the start of November 1, 2008 your incentive is to get ahead! You will be paid $2,000 for every 1.5% of the principle mortgage amount you send in over and above your monthly payment during the 6 months! (4.5% maximum)

Just like any good sales incentive, if at the end of the contest the manager sees it is making clear headway towards the bottom line, it can be extended for another period of time. Sometimes you may also adjust the contest to focus on another area or need.

Congress or the IRS would also need to put some stops in place. For example, anyone participating in the plan would need to register and have their credit run so as to thwart those who would run out and advance credit cards in order to catch up their debts. We don’t want to rob Peter in order to pay Paul. I am sure there are other fail-safes that could be added.

The root of this idea is to teach us all a lesson while stimulating the economy. You see, I don’t believe that the majority of people who are behind on their mortgages are that way because they have to be. I wonder how many people who are over their heads with mortgage debt still have cable television, a flat screen HDTV and a family cell phone plan with unlimited data package?

How many of them are eating fast food for lunch everyday and drinking beers and Vodka on the weekends? So what if they lose their house; they’ll just go find an apartment and stock it up with that same HDTV, internet cell phone, beer and vodka.

On the flip side, you have the honest and hard-working folks out there who do keep their bills current and still afford the finer things in life. They live within their means. The extra money they earn will surely find its way back into the economy in the form of spending, whether on luxury items or lifestyle upgrades; ie: economic stimulation.

Don’t get me wrong, I understand there are people in real trouble in this country. But the truth is most have just not been motivated properly to make their house payments. There truly is no incentive for them to do so, negative or positive.

A sales rep once said to me, “You catch more flies with honey than with vinegar, so motivate us with positives instead of negatives.”

He was right.

So all you lawyers in Congress need to start thinking like middle managers. What can you do to turn around the country’s “sales numbers?” Is it better to inject money into big company coffers, or put it in the hands of the employees/people?

We elected you, and will be voting again soon. Just beware: swallowing vinegar may cause vomiting. So are we gonna get the honey or what?

Allyn Paul is a big company middle manager. He lives within his means; simply.

His blog, Life and Lawns, offers lawn care tips and advice.

Video: Democrats Defend Fannie Mae and Freddie Mac in 2004

// September 30th, 2008 // No Comments » // ECONOMY

After Pelosi’s speech I decided to post this You Tube video showing Democrats attacking Republicans who called for regulation of Fannie and Freddie back in 2004. The Democrats in this video, one of which is Barney Frank, claim that Fannie and Freddie are sound! This is why we are in this economic mess today.

MonkeyCrash is Your Source For Conservative Opinion

Transcript: Pelosi’s Speech Moments Before Bailout Bill Fails

// September 30th, 2008 // 3 Comments » // ECONOMY, Featured Articles

Text of a speech given by Speaker Nancy Pelosi moments before the Bailout Bill was voted down.

Madam speaker, when was the last time anyone ever asked you for $700 billion? It’s a staggering figure. And many questions have arisen from that request. And we have been hearing, I think, a very informed debate on all sides — of — of this issue here today. I’m proud of the debate.

$700 billion. A staggering number. But only a part of the cost of the failed Bush economic policies to our country. Policies that were built on budget recklessness. When President Bush took office, he inherited President Clinton’s surpluses — four years in a row, budget surpluses, on a trajectory of $5.6 trillion in surplus. And with his reckless economic policies, within two years, he had turned that around.

And now eight years later, the foundation of that fiscal irresponsibility, combined with an anything goes economic policy, has taken us to where we are today. They claim to be free market advocates, when it’s really an anything goes mentality. No regulation, no supervision, no discipline. And if you fail, you will have a golden parachute, and the taxpayer will bail you out.

Those days are over. The party is over in that respect. Democrats believe in a free market. We know that it can create jobs, it can create wealth, it can create many good things in our economy. But in this case, in its unbridled form, as encouraged, supported, by the Republicans — some in the Republican Party, not all — it has created not jobs, not capital, it has created chaos.

And it is that chaos that the secretary of the Treasury and the chairman of the Fed came to see us just about a week and a half ago — seems like an eternity, doesn’t it, so much has happened, the news was so bad. They described a very, very dismal situation. A dismal situation describing the state of our economy, the fragility of our financial institutions and the instability of our markets, our equity markets, our credit markets, our bond market.

And here we were listening to people who knew of what they spoke. Secretary of the Treasury brings long credentials and knowledge of the markets. More fearful, though, to me, more scary, was the statement — were the statements of Chairman Bernanke [Ben S. Bernanke, chairman of the Federal Reserve], because Chairman Bernanke is probably one of the foremost authorities in America on the subject of the Great Depression. I don’t know what was so great about the Depression, but that’s the name they give it. And we heard the secretary and the chairman tell us that this was a once in a hundred year phenomenon, this fiscal crisis was so drastic. Certainly once in 50 years, probably once in a hundred years.

And how did it sneak up on us? So silently, almost on little cat feet. That they would come in on that day — and they didn’t actually ask for the money, that much money that night. It took two days until we saw the legislation that they were proposing to help calm the markets. And it was on that day that we learned of a $700 billion request.

But it wasn’t just the money that was alarming. It was the nature of the legislation. It gave the secretary of the Treasury czar-like powers, unlimited powers, latitude to do all kinds of things and specifically prohibited judicial review or review of any other federal administrative agency to review their actions.

Another aspect of it that was alarming is it gave the secretary the power to use any money that came back from these infusions of cash to be used at the discretion of the secretary. Not to reduce the deficit, not to go into the general funds so that we could afford other priorities. To be used at the discretion of the secretary. It was shocking. Working together in a bipartisan way, we were able to make major improvements on that proposal, even though its fundamental basis was almost arrogant and insulting.

The American people responded almost immediately. Overwhelmingly, they said they know that something needs to be done. Say 78 percent of the American people said Congress must act. Fifty-eight-some percent said, but not to accept the Bush proposal. And so here we are today, a week later and a couple of days later, coming to the floor with a product — not a bill that I would have written, one that has major disappointments with me, beginning with the fact that it does not have bankruptcy in this bill — and we will continue to persist and work to achieve that.

It’s interesting, though, to me that when they describe this, the magnitude of the challenge and the precipice that we were on and how we had to act quickly and we had to act boldly and we had to act now, that it never occurred to them that the consequences of this market were being felt well in advance by the American people. And unemployment is up, and therefore we need unemployment insurance. That jobs are lacking, and therefore we need a stimulus package. So how can on the one hand could this be so urgent at the moment, and yet so unnecessary for us to address the effects of this poor economy in the households of America across our country?

We’ll come back to that in a moment. Working together, we put together some standards — and I am really proud of what Barney Frank did in this regard. The first night, that night, that Thursday night, when we got the very, very dismal news, he immediately said, if we’re going to do this — and Spencer Bachus was a part of this as well — in terms of if we’re going to do this, we must have equity for the American people. We’re putting up $700 billion, we want the American people to get some of the upside. So equity, fairness for the American people.

Secondly, if they were describing the root of the problem as the mortgage-backed securities, Barney insisted that we would have forbearance on foreclosure. If we’re now going to own that paper, that we would then have forbearance to help responsible homeowners stay in their home.

In addition to that, we have to have strong, strong oversight. We didn’t even have to see the $700 billion or the full extent of their bill to know that we needed equity and upside for the taxpayer, forbearance for the homeowner, oversight of the government on what they were doing, and something that the American people understand full well, an end to the golden parachutes and the — a — review and reform of the compensation for C.E.O.’s.

Let’s get this straight. We have a situation where on Wall Street people are flying high, they are making unconscionable amounts of money. They make a lot of money, they privatize the gain, the minute things go tough, they nationalize the risk. They get a golden parachute as they drive their firm into the ground, and the American people have to pick up the tab. Something is very, very wrong with this picture.

So just on first blush, that Thursday night, we made it clear, meeting much resistance on the part of the administration, that those four things, equity, forbearance, oversight, and reform of compensation. Overriding all of this is a protection of the taxpayer. We need to stabilize the markets. In doing so, we need to protect the taxpayers.

And that’s why I’m so glad that this bill contains a suggestion made by Mr. Tanner [Representative John Tanner, Democrat of Tennessee] that if at the end of the day, say in five years, when we can take a review of the success or whatever of this initiative, that if there is a shortfall and we don’t get our whole $700 billion back that we have invested, that there will be an initiative to have the financial institutions that benefited from this program to make up that shortfall.

But not one penny of this should be carried by the American people. People asked, and Mr. Spratt [Representative John M. Spratt Jr., Democrat of South Carolina] spoke with great knowledge and eloquence on the budget and aspects of the budget. $700 billion, what is the impact, what is the opportunity cost for our country of the investments that we would want to make?

O.K., now we have it in place where the taxpayer is going to be made whole and that was very important for us. But why on the drop of a hat can they ask us for $700 billion, and we couldn’t get any support from the administration on a stimulus package that would also help grow the economy?

People tell me all over the world that the biggest emerging market, economic market in the world, is rebuilding the infrastructure of America. Roads, bridges, waterways, water systems in addition to waterways. The grid, broadband, schools, housing, certain schools. We are trillions of dollars in deficit there.

We know what we need to do to do it in a fiscally sound way, in a fiscally sound way that creates good-paying jobs in America immediately. Brings money into the treasury by doing so, and again does all of this in an all-American way. Good-paying jobs here in America.

We can’t get the time of day for 25, $35 billion for that, which we know guarantees jobs, et cetera, but $700 billion. So make no mistake, when this Congress adjourns today to observe Rosh Hashanah and have members go home for a bit, we are doing so at the call of the chair. Because this subject is not over, this discussion about how we save our economy.

And we must insulate Main Street from Wall Street. And as Congresswoman Waters [Representative Maxine Waters, Democrat of California] said, Martin Luther King Drive, in my district Martin Luther King Drive, and Cedar Chavez Road and all of the manifestations of community and small businesses in our community. We must insulate them from that. And so we have difficult choices, and so many of the things that were said on both sides of this issue in terms of its criticisms of the bill we have and the bill that we had at first, and the very size of this, I share. You want to go home, so I’m not going to list all of my concerns that I have with it.

But it just comes down to one simple thing. They have described a precipice. We are on the brink of doing something that might pull us back from that precipice. I think we have a responsibility. We have worked in a bipartisan way. I want to acknowledge Mr. Blunt and Mr. Boehner, the work that we have done together, trying to find as much common ground as possible on this.

But we insisted the taxpayer be covered. We all insisted that we have a party-is-over message to Wall Street. And we insisted that, that taxpayers at risk must recover — that any risk must be recovered. I told you that already. So, my colleagues, let’s recognize that this Congressional — this legislation is not the end of the line.

Mr. Waxman [Representative Henry A. Waxman, Democrat of California] will be having vigorous oversight this week, hearings this week on regulatory reform and other aspects of it. I hope you will pursue fraud and mismanagement and the rest. Mr. Frank and his committee will continue to pursue other avenues that we can stabilize the markets and protect the taxpayer. For too long, this government, in eight years, has followed a right-wing ideology of anything goes, no supervision, no discipline, no regulation.

Again, all of us are believers in free markets, but we have to do it right. Now, let me again acknowledge the extraordinary leadership of Mr. Frank. He has been an exceptional leader in the Congress, but never has his knowledge and his experience and his judgment been more needed than now. And I thank you, Mr. Frank, for your exceptional leadership, Mr. Chairman.

I also — so many people worked on this, but I also want to acknowledge the distinguished chair of our caucus, Mr. Emanuel. His knowledge of the markets, the respect he commands on those subjects, and his boundless energy on the subjects served us well in these negotiations. But this, this is a bipartisan initiative that we are bringing to the floor. We have to have a bipartisan vote on this. That is the only message that will send a message of confidence to the markets.

So I hope that — I know that we will be able to live up to our side of the bargain. I hope the Republicans will, too.

But my colleagues, as you go home and see your families and observe the holiday and the rest, don’t get settled in too far, because as long as the American — this challenge is there for the American people, the threat of losing their jobs, the credit, their credit, their jobs, their savings, their retirement, the opportunity for them to send their children to college.

As long as in the households of America, this crisis is being felt very immediately and being addressed at a different level, we must come back, and we will come back as soon and as often as it is necessary to make the change that is necessary. And before long we will have a new Congress, a new president of the United States, and we will be able to take our country in a new direction.

MonkeyCrash is Your Source For Conservative Opinion

Video: O’Reilly and John Kerry Square Off Over Bailout Bust

// September 30th, 2008 // No Comments » // ECONOMY, Featured Articles

The more I see of Bill O’Reilly the more I like. This is a great interview/debate about who caused the economic crisis and why the bailout bill failed. After watching this video I thanked God that Kerry didn’t win in 2004. This is a must see!

MonkeyCrash is your Source For Conservative Opinion

Democrats Couldn’t Sell Bailout Bill To Their Own Party, Still Blame Republicans

// September 30th, 2008 // No Comments » // ECONOMY, Featured Articles

The Democrats are blaming the Republicans for the failure of the bailout bill, but perhaps they could have done a better job of selling the bill to their own party. Over 90 democrats voted against the bill.

Here is the voting record:

DEMOCRATS

YEA

Ala. – Cramer, Davis

Ariz. – Berry, Ross, Snyder

Calif. – Berman, Capps, Cardoza, Costa, Davis, Eshoo, Farr, Harmon, Honda, Lofgren, Matsui, McNerney, Miller (G.), Pelosi, Richardson, Speier, Taushcer, Waters, Waxman, CO-DeGette, Perlmutter

Conn. – DeLauro, Laron, Murphy, FL-Boyd, Brown, Hastings, Klein, Mahoney, Meek, Wasserman, Schultz, Wexler

Ga. – Bishop, Marshall

Ill. – Bean, Davis, Emanuel, Foster, Gutierrez, Hare, Schakowsky

Ind. – Donnelly, Ellsworth

Iowa – Boswell, Loebsack

Kan. – Moore

La. – Melancon

Maine – Allen

Md. – Hoyer, Ruppersberger, Sarbanes, Van Hollen

Mass.- Capuano, Frank, Markey, McGovern, Neal, Oliver, Tsongas

Mich. – Dingell, Kildee, Levin, MN-Ellison, McCollum, Oberstar

Mo.- Carnahan, Skelton

N.J. – Andrews, Holt, Pallone, Sires

N.Y. – Ackerman, Arcuri, Bishop, Clarke, Crowley, Engel, Hall, Higgins, Israel, Lowey, Maloney, McCarthy, McNulty, Meeks, Nadler, Rangel, Slaughter, Towns, Velazquez, Weiner

N.C. – Etheridge, Miller, Price, Watt

N.D. – Pomeroy

Ohio – Ryan, Space, Wilson

Okla. – Boren

Ore. – Hooley

Pa. – Brady, Doyle, Fattah, Kanjorksi, Murphy (P.), Murtha, Schwartz, Sestak

R.I. – Kennedy, Langevin

S.C. – Clyburn, Spratt

Tenn. – Cohen, Cooper, Gordon, Tanner

Texas – Edwards, Gonzalez, Hinojosa, Johnson, Reyes

Va. – Boucher, Moran

Wash. – Baird, Dicks, Larsen, McDermott, Smith

W.Va – Mollohan, Rahall

Wis. – Baldwin, Kind, Moore, Obey,

 

DEMOCRATS

NAY

Ariz. – Giffords, Grijalva, Mitchell, Paster,

Calif – Baca, Becerra, Filner, Zee, Napolitano, Roybal (Allard), Sanchez (Linda), Sanchez (Loretta), Schiff, Sherman, Solis, Stark, Thompson, Watson, Woolsey

Colo. – Salazar, Udall

Conn. – Courtney

Fla. – Caster

Ga. – Barrow, Johnson, Lewis, Scott,

Hawaii – Abercrombie, Hirono

Ill. – Costello, Jackson, Lipinski, Rush

Ind. – Carson, Hill, Visclosky

Iowa – Braley

Kan. – Boyda

Ky. – Chandler, Yarmuth

La. – Cazayoux, Jefferson

Maine – Michaud

Md. – Cummings, Edwards

Mass. – Delahunt, Lynch, Tierney

Mich. – Coyners, Kilpatrick, Stupak

Minn. – Peterson, Walz

Miss. – Childers, Taylor, Thompson

Mo. – Clay, Cleaver

Nev. – Berkley

N.H. – Hodes, Shea-Porter

N.J. – Pascrell, Payne, Rothman

N.M. – Udall

N.Y. – Gillibrand, Hinchey, Serrano

N.C. – Butterfield, McIntyre, Shuler

Ohio – Kaptur, Kucinich, Sutten

Ore. – Blumenauer, DeFazio, Wu

Pa. – Altmire, Carney, Holden

S.D. – Hurseth, Sandlin

Tenn. – Davis, Lincoln

Texas – Cuellar, Doggett, Green (Al), Green (Gene), Jackson (Lee), Lampson, Ortiz, Rodriguez

Utah – Matheson

Vt.- Welch

Va. – Scott

Wash. – Inslee

Wis. – Kagen

 

REPUBLICANS

YEA

Ala. – Bachus, Bonner, Everett, Rogers

Ariz. – Boozman

Calif. – Bono (Mack), Valvert, Campbell, Dreier, Herger, Lewis, Lungren, McKeon, Miller (G), Radanovich

Colo. – Tancredo

Conn. – Shays

Del. – Castle

Fla. – Crenshaw, Putnam, Weldon

Idaho – Simpson

Ill. – Krik, LaHood

Ind. – Souder

Ky. – Lewis, Rogers

La. – McCrery

Md. – Gilchrest

Mich. – Camp, Ehlers, Upton

Minn. – Kline

Miss. – Pickering

Mo. – Blunt, Emerson

Nev. – Porter

N.J. – Ferguson, Saxton

N.M. – Wilson

N.Y. – Fossella, King, McHugh, Reynolds, Walsh

Ohio – Boehner, Hobson, Pryce, Regula

Okla. – Cole

Ore. – Walden

Pa. – Peterson

S.C. – Brown, Inglis, Wilson

Texas – Brady, Granger, Sessions, Smith

Utah – Cannon

Va – Cantor, Davis, Wolf

Wis.- Ryan

Wyo. – Cubin

 

REPUBLICANS

NAY

Ala – Aderhold

Alaska – Young

Ariz. – Flake, Franks, Renzi, Shadegg

Calif. – Bilbray, Doolittle, Gallegly, Hunter, Issa, McCarthy, Nunes, Rohrabacher, Royce

Colo. – Lamborn, Musgrave

Fla. – Bilirakis, Brown-Waite, Ginny, Buchanan, Diaz-Balart (L), Diaz-Balart (M), Feeney, Keller, Mack, Mica, Miller, Ros-Lehtinen, Stearns, Young

Georgia – Brown, Deal, Gingrey, Kingsten, Linder, Price, Westmoreland

Idaho – Sali

Ill. – Biggert, Johnson, Manzullo, Raskam, Shimkus

Ind. – Burton, Buyer, Pence

Iowa – King, Latham

Kan. – Moran, Tiahrt

Ky. – Davis, Whitfield

La. – Alexander, Bustany, Scalise

Md. – Bartlett

Mich. – Hoekstra, Knollenberg, McCotter, Miller, Rogers, Walberg

Minn. – Bachmann, Ramstad

Mo. – Akin, Graves, Hulshof

Mont. – Mehberg

Neb. – Portenberrym, Smith, Terry

Nev. – Heller

N.J. – Frelinghuysen, Garrett, LoBiondo, Smith

N.M. – Pearce

N.Y. – Kuhl

N.C. – Coble, Foxx, Hayes, Jones, McHenry, Myrick

Ohio – Chabot, Jordan, LaTourette, Latta, Schmidt, Tiberi, Turner

Olka. – Fallin, Lucas, Sullivan

Pa. – Dent, English, Gerlach, Murphy, Pitts, Platts, Shuster

S.C. – Barrett

Tenn. – Blackburn, Davis, Duncan, Wamp

Texas – Barton, Burgess, Carter, Conway, Culberson, Gohmert, Hall, Hensarling, Johnson (S), Marchant, McCaul, Neugbauer, Paul, Poe, Thornberry

Utah – Bishop

Va. – Drake, Forbes, Goode, Goodlatte, Wittman

Wa. – Hastings, McMorris, Rodgers, Reighert

W.Va. – Capito

Wisc. – Petri, Sensenbrenner

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