Senate to Revive Bailout Bill Tonight
As predicted earlier this week, the failed bankers and their government enablers won’t take “no” for an answer. Even though the Bailout Bill was soundly defeated by the House on Monday, the Senate still plans to vote on the bill tonight.
How is this even possible?
In circumvention of normal procedures, the Senate merged the Bailout Bill with another bill that deals with completely unrelated matters: renewable energy tax incentives and a mental health parity provision for health insurance companies (!). If the new hodgepodge version is approved by the Senate, the bill would then be sent back to the House for a final vote.
According to the Campaign for Liberty, the following Senators are considered key votes. Please take a moment to call these Senators and urge them to cast their vote against the Bailout Bill. And please, call your two U.S. Senators and urge them to vote “no” as well.
Elizabeth Dole (NC)
* D.C.: Phone: (202) 224-6342 Fax: (202) 224-1100
* Raleigh: Phone: (919) 856-4630 Fax: (919) 856-4053
Norm Coleman (MN)
* D.C.: Phone: (202) 224-5641 Fax: (202) 224-1152
* St. Paul: Phone: (651) 645-0323 Fax: (651) 645-3110
Roger Wicker (MS)
* D.C.: Phone: (202) 224-6253 Fax: (202) 228-0378
* Jackson: Phone: (601) 965-4644 Fax: (601) 965-4007
Gordon Smith (OR)
* D.C.: Phone: (202) 224-3753 Fax: (202) 228-3997
* Portland: Phone: (503) 326-3386 Fax: (503) 326-2900
Lyndsey Graham (SC)
* D.C.: Phone: (202) 224-5972 Fax: (202) 224-3808
* Greenville: Phone: (864) 250-1417 Fax: (864) 250-4322
Ted Stevens (AK)
* D.C.: Phone: (202) 224-3004 Fax: (202) 224-2354
* Anchorage: Phone: (907) 271-5915 Fax: (907) 258-9305
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JP Morgan is the Fed, Goldman Sachs is the Treasury Dept. There is a reason that Goldman Sachs never loses money and why Warren Buffet invested in it. JP Morgan gets Bear Stearns, Washington Mutual, the government contract for the Bank of Iraq. It’s not a level playing field right now. Ron Paul is dead on with his comments, but perhaps could word this stuff better. Housing prices are low… so the government solution is inflation.
Inflation raises prices, and hence housing prices. That was the deal with the tax cut earlier this year (printing money, hoping people would spend it on their mortgage). That is what is happening now (printing money and giving it to banks). Sure prices go up, but wages don’t (especially when GDP is manipulated and ignoring CPI - 1.1% used in GDP calc vs 5.5% CPI). So people make lower wages(no adjustment for inflation), costs go up(inflation), and this is supposed to help people pay off mortgages and fix the problem? Looks like a recipe for disaster to me.
If printing money, or inflation, was the answer, Argentina would be the richest country in the world. In this case, the medicine is worse than the disease.
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[...] so the Senate is busily putting lipstick on a pig and plans to vote on it Wed. [...]
Please correct me if I’m wrong but doesn’t a bill have to be passed by congress before it can move on to the senate ? I believe so.
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I have contacted my Senators and Congresswoman. What next? Is there any more pressure we can place on them?
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I called all the switchboard #s and every one (except for ted stevens) was busy. They’re being overrun by calls.
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What does one say when calling up? Please humor my incompetence (rather inexperience I should think), what should I say when I call? Just “don’t vote for the bailout” and hang-up?
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No BAILOUT!!
I will never vote for someone who supports this bailout or any version of it. This bailout will ruin the dollar and cause even more problems, more debt, etc. Why give more money to people who CLEARLY are not capable of handing the responsibility? Let the market reset its self, which is already happening. If no one can get a college loan, the the outrageous college price will go DOWN!! Just like the forest has to burn to renew its self, so does the economy!!
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Please RON Paul!!! Please make this stop! I’ve been phoning congressman all day, and emailing every chance I get. How is this possible that anyone would even think of doing this bailout. Its a sad time to be American. It’s beyond socialism!
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I really like what Ralph Nader had to say about this. You can catch it here: http://www.ireport.com/docs/DOC-100273
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An industry professional speaks out:
> Today, I’d like to address two items:
>
> Misplaced Blame?
>
> The story I hear far too often in the Mainstream Media is:
> “Too many people think the Emergency Economic
> Stabilization program is a bail-out of Wall Street, but it
> is not.” Yesterday, Sen. John Kerry joined that chorus.
> Well, I’m here to say, “Yes it is!”
>
> I think it is a travesty that bought-and-paid-for
> politicians to continue to peddle the status quo to the
> American taxpayer under the guise of free capital markets.
> Our markets are anything but free.
>
> First of all, the term ‘Wall Street’ represents the
> central banks and the private sector banks that own the
> central banks. These banks represent the financial system.
> Whether we like it or not, the power group I refer to as
> Humungous Bank & Broker does control more than the
> credit market; they also control the debt market, the equity
> market and the international currency market. Please
> understand that the credit system is not the capital market.
> There is a world of difference.
>
> So capital markets are not free. You see that now that the
> credit ring has broken. The public has every right – in
> fact a duty – to try to stop HB&B and the central
> banks from staying in control.
>
> The public now clearly sees that these financial
> intermediaries, ie HB&B, took control of the capital
> market system many years ago in order to exploit it, and
> have now gotten the whole system into near failure. Of
> course we are all impacted.
>
> Through imprudent action particularly since 2001, HB&B
> set the world on a course that would ultimately cause the
> crash of capital markets, despite their increased levels of
> intervention, and now they have gone to the US taxpayer via
> the legislature begging for money to relieve their stress
> and for continued control of the markets.
>
> My position is clear: I detest the latter, but recognize
> the importance of passing appropriate legislation that
> addresses the former.
>
> Yes, the central banks and private sector banks are
> desperate for the money bail-out so that they can stay in
> control. This present situation is all about power and
> control over the owners of capital.
>
> The public is furious. They are by far the largest owner of
> capital. They are the people who created that capital
> through improving the land, working their labor, paying
> taxes and fighting wars to protect it. They have always been
> desirous of free capital markets, and have always resented
> being told they have that privilege. They now see an
> opportunity to break that control.
>
> At this point, the public sees we are all losers.
> Rightfully so, the public is now in open revolt. They are
> putting the blame of the right people. Wall Street is to
> blame. They also know their elected representatives have
> until now been playing the game for Wall Street, and they
> are demanding that link to be broken.
>
> Leadership needed
>
> As a Free Market Patriot, I believe there are four basic
> steps that need to be taken to fix the system, which will
> take time to be legislated, and should be:
>
>
> 1. Make it illegal for government or central banks to
> trade in real property, including gold and other
> commodities. Enter into a G-20 General Agreement on
> Currencies 2008 where all gold must be sold to the private
> sector within a couple years, with a balancing of currency
> rates now and a re-balancing after all gold has been
> disposed of by the G-20.
> 2. Eliminate all conflicts of interest in the public
> and private sectors. Decision makers need to wear one hat
> – a bank needs to be a bank, a dealer a dealer, a broker a
> broker, an insurer an insurer, etc. Legislators need to
> represent only the people who elected them to office.
> Clients who trade on a cash basis need to have an
> independent depository of securities, which protects their
> holdings and their private information, rather than the
> present depository which is owned by the banks and
> broker-dealers.
> 3. Self-regulatory organizations, politicized
> government regulators and quasi public-private organizations
> and need to be terminated. Legislators need to re-organize
> the SEC and the Fed. The Fed should be completely privatized
> under international law, made to be governments’ banker by
> way of being the bankers’ banker. Some governments will
> choose to be their own banker, which they could do if they
> were to balance their budgets and stay out of debt. In the
> US, the SEC needs to be established as an independent
> regulator of both financial services and capital markets,
> with a structure similar to the Federal judiciary in the US.
> 4. To solve the immediate crisis, all political and
> Wall Street influence must be removed from the credit market
> crisis management process. Urgently needed is an independent
> Resolution Trust Company 2 put under the management of
> respected, non-conflicted people.
>
> The public now see that politics and special interests are
> rapidly destroying the wealth of Americans and threatening
> to push the world into an economic depression. That concern
> is obvious in the US from plunging public polls regarding
> President, Congress and Wall Street, now at historic lows.
>
> We all have seen the enemy; it is us and the institutions
> and organizations that have evolved from us. At this
> important point in our lives, what are we going to do to
> help ourselves bring about the social equity that is being
> kept from us? The public says plenty! The US public did
> speak up to force the defeat of the streamlined Paulson Bill
> in the House. That’s the first step. I laid out the next
> steps here.
>
> Do I think my Plan has a chance? It has about as much
> chance as Dr. Ron Paul being elected President, which is to
> say zero. My Plan would get right to the core of the
> problem, but special interests that control the Congress
> would defeat it.
>
> Many of you are irate and sent e-mails to your elected
> representatives. Consequently the amended Paulson Plan was
> defeated. Now there are a couple changes in it to try to get
> it passed.
>
> Politicians are telling you they have heard your cries and
> have taken action. If so, how many of you were demanding
> that Wall Street be stopped and how many of you were asking
> for (i) tax breaks, which of course only shifts the present
> problems to future generations, and (ii) increases in FDIC
> insurance, which of course is self-insurance?
>
> I’ll bet a dollar to a penny that for every 100 furious
> e-mails received by your elected representatives this past
> week, there were 99 that wanted Wall Street stopped and put
> under control, and maybe three that wanted the new
> amendments to a Plan that was already defeated.
>
> So, the question is, will you stop Wall Street, and vote
> against people like, for example John Kerry who has been all
> over the air-waves pandering for Fidelity and other Wall
> Street interests that work from Boston, and who control
> Kerry? I hope so, but that’s your call.
>
> The most fundamental question you need to ask your elected
> representative is whether their core values are (i) to serve
> and protect you and not Wall Street, (ii) whether they
> believe in free capital markets and the social equity that
> would result, and (iii) whether they will vote for smaller
> government and changes to the basic regulatory structure as
> opposed to increasing regulation.
>
> Call me a skeptic, but I think that if you do get an
> answer, it will not be one that addresses your needs.
>
> Now I see that the Senate will approve the Bill tonight and
> the House of Representatives will vote on Friday. Guess why
> Friday and when on Friday. The Administration and Senate and
> House Democrats are worried that the next Bill will also get
> rejected, and they need the weekend to solve a new and worse
> crisis. Hence the vote will take place after the European
> markets are closed for the week. If the vote looks close in
> the afternoon, I expect the vote to take place after the NY
> close.
>
> I am hoping that sufficient numbers of members of the House
> on both sides of the aisle understand what I am saying here,
> and defeat the Wall Street bail-out. Spend the weekend to
> introduce a Bill that will immediately establish an
> independent Resolution Trust Company 2, under the management
> of respected, non-conflicted people.
>
> America is at a crossroads. The Bill that passes must
> terminate the power over capital markets by those who can
> print money. Full stop.”
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BANKRUPTCY is the solution!
I have read 2 key articles about this Bailout. Maybe is the only solution we have. I hope it will be useful.
http://edition.cnn.com/2008/POLITICS/09/29/miron.bailout/index.html
http://larouchepac.com/news/2008/09/27/larouche-there-plan-b.html
Regards,
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To clarify my last commentary: NO BAILOUT !!
Bailout => Hyperinflation => Economic euthanasia !!
The only good SOLUTION to treat this crunch seems to use the Plan B of Lyndon LaRouche (see link above).
He proposes a 3-step solution, using the Bankruptcy laws to protect the Real Economy and taxpayers.
1.Home-owners and Bank Protection Act (HBPA).
2.Establish a two-tiered credit system to reanimate the real economy (creating jobs and infrastructures).
3.Creating a new international financial system involving Russia, China and India, Brazil, France… and the others.
Regards,
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McCain @ Obama voted yes fro the bailout. If you want change, write in Ron Paul on election day.
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I am confused. Isn’t our government supposed to be representative?
Many Senators offices were flooded with calls, faxes, and e-mails saying no to the bailout and it happened anyway. Senator Feinstein of CA voted yes without a blink.
Were there thousands of supporters I did not know about? Does the Senate claim omniscience when it comes to these matters?
If taking action does nothing what can we do?
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Hi,
I understand your motivation. Change is needed but it needs conditions. That people deserve it. Enough people deserve it, they can stand up manipulation. Otherwise you implement something artificaly like democracy into Iraq or Afganistan.
Fight for change, that is needed but are you sure you want to eat that bitter dust that will rest after coming meltdowns coming from manipulations previous politics bankers or mens behind curtain. Do you want to be swallowed by coming downturs? Economy will colaps not later then in 3 - 4 years and in 10 years you can be on the edge of civil war. Be prepared for tough times. You can not react fast enough to start radical change. Men behind curtain choose US as tool that will help them push their goals. They will push people one agains other as they do it with nations for long time.
Recomends LET THE MIGHTY FALL… http://forums.canadiancontent.net/alternate-theories/76470-galactic-federation-light-have-you.html
and as presidental candidate you should be aware of this even it is not true
http://forums.canadiancontent.net/alternate-theories/76470-galactic-federation-light-have-you.html
or
http://www.overunity.com/index.php?topic=5462.0;topicseen
Best Luck
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