Wednesday, October 1, 2008

Senate approves bailout

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The Senate will begin debate within minutes on their attempt to revive the bailout bill rejected by the House. They have released the bill text this morning, and the Senate Conservatives Fund website has it for public perusal. The new version has no allocations going to the Housing Trust Fund, which the Dodd version originally did, so ACORN will get no money from the bailout.
However, the Senate did add a few winners to this new version:
New Tax earmarks in Bailout bill
- Film and Television Productions (Sec. 502)
- Wooden Arrows designed for use by children (Sec. 503)
- 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)
Tax earmark “extenders” in the bailout bill.
- Virgin Island and Puerto Rican Rum (Section 308)
- American Samoa (Sec. 309)
- Mine Rescue Teams (Sec. 310)
- Mine Safety Equipment (Sec. 311)
- Domestic Production Activities in Puerto Rico (Sec. 312)
- Indian Tribes (Sec. 314, 315)
- Railroads (Sec. 316)
- Auto Racing Tracks (317)
- District of Columbia (Sec. 322)
- Wool Research (Sec. 325)

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










Bloomberg.com: U.S.
U.S. Senate Approves $8 Billion Highway Fund Bailout (Update2) By John Hughes. Sept. 10 (Bloomberg) -- The U.S. Senate approved an $8 billion bailout of a U.S. trust fund that ...
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WebCPA - Related Articles - Senate Approves Housing Bailout Bill
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Senate Approves Patriot Act -- GOPUSA
Senate Approves Patriot Act By Melanie Hunter CNSNews.com Senior Editor March 3, 2006 ... Reps from Washington State split on vote of bailout. Florida News... Who Will Take Florida
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WebCPA - Senate Approves Housing Bailout Bill
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Sweeping housing relief bill sent to Bush after approval by Senate ...
Critics call it a potentially costly bailout. ... The Senate, in a rare weekend session, overwhelmingly approved the measure, 72 to 13, a reflection of the election ...
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U.S. Senate approves bailout bill
The U.S. Senate approved a $700 billion (394 billion pound) bailout of the financial industry on Wednesday that political and financial leaders called crucial to averting economic catastrophe. The bill is aimed at reinvigorating worldwide credit ...
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Source: International Herald Tribune
NewsDateTime: 1 hour ago

U.S. Senate approves financial bailout plan
WASHINGTON, Oct. 1 (Xinhua) -- The U.S. Senate on Wednesday approved a revised bailout plan, which will authorize the U.S. government the largest financial intervention since the Great Depression. NEW YORK, Oct. 1 (Xinhua) -- Wall Street traded ...
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Source: Xinhua News Agency
NewsDateTime: 2 hours ago

Asian stocks fall after Senate approves bailout
HONG KONG (Reuters) - Asian stocks and the U.S. dollar reversed earlier gains while safe haven bids such as U.S. Treasuries rose even after the U.S. Senate approved a $700 billion (394 billion pound) bailout plan of the financial system. Japanese and ...
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Source: MSN UK News
NewsDateTime: 44 minutes ago

Senate approves bailout
Senate leaders hope the additions will help build support for the bailout bill, which suffered a stunning defeat in the US House of Representatives on Monday. -- PHOTO: AGENCE FRANCE-PRESSE WASHINGTON - THE US Senate on Wednesday approved a US$700 ...
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Source: Straits Times
NewsDateTime: 1 hour ago

US Senate approves modified bailout plan
The US Senate has approved a modified $US700 billion ($A887 billion) Wall Street bailout package by a vote of 74-25 amid a widening global crisis sparked by the collapse of the US housing market. The bill next moves to the House of Representatives ...
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Source: Skynews.com
NewsDateTime: 1 hour ago




The Senate is considering a revised version of a $700 billion plan that the House of Representatives rejected on Monday. Mr. Bush said another House vote is set for Friday morning. The new plan is said to include provisions to raise the limit on government insurance for bank deposits, and offer tax breaks for individuals and businesses. Senate Democratic leader Harry Reid told journalists he is confident the changed bill will attract votes from both parties. Republican Senate leader Mitch McConnell said Senate approval will make it easier to get the measure through the House. The revised plan is aimed at winning the support of different groups of lawmakers in the House of Representatives who voted against the original plan. Some objected to using taxpayers' money to buy bad investments from investment firms, and disliked government intrusion into business. Others opposed the plan because they saw it as a bailout of wealthy investors at the expense of ordinary people. The House of Representatives vote against the plan Monday triggered a $1 trillion sell-off on U.S. stock markets. Markets recovered most of the loss on Tuesday when investors thought Congress might work out a compromise and eventually pass a rescue plan.






Videos from YouTube
Title: NYC Wall St. Bailout Protest 25 September 2008
Categories: News,stock,street,bailout,protest,market,bush,nyc,wall,bank,

Published on: 9/27/2008 3:00:58 AM
Title: Karl Rove Reacts to the No Vote on the Bailout!
Categories: Nancy,Bailout,News,Pelosi,Fox,Rove,News,Gibson,Karl,John,House,

Published on: 9/29/2008 5:58:47 PM
Title: Congressman Ron Paul Schools Bernanke on the Bailout Plan
Categories: Price,Monetary,Wall,Bail,Constitutionality,News,Bailout,Ron,Bernanke,Street,Out,Authority,Debt,Fixing,Federal,Paul,Depression,

Published on: 9/24/2008 11:32:51 AM
Title: Let's Play "WALLSTREET BAILOUT" The Rules Are... Rep Kaptur
Categories: military,economy,congress,taxcuts,gitmo,habeas,News,congresswoman,relief,mama,bush,kaptur,iraq,cheney,bill,corpus,

Published on: 9/22/2008 8:03:52 PM
Title: Palin: Bailout is about healthcare!
Categories: News,bailout,couric,news,cbs,thinkprogres,healthcare,palin,

Published on: 9/25/2008 11:25:46 AM

Auto Sales Freefall across every brand

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U.S. auto sales are down for every single automaker across the board for September. It was Ford Motor Co.'s worst month of the year, with a 34 percent drop, while Chrysler LLC fell 33 percent and General Motors faired only relatively better with a 16 percent drop.


This will be the 11th straight monthly year-over-year decline - that's the longest string of down months since 14 straight negative months ended in December 1991, according to reports. High gas prices continue to slam large vehicle sales, with Hummer falling an incredible 54.8 percent. Remember that former XM CEO Nate Davis said earlier this year that SUVs, and "high-end cars" tend to have a higher OEM conversion rate for satellite radio. Ford's truck sales were down 39 percent, while car sales dropped 19 percent. Meanwhile, Chrysler's car sales declined 29 percent, and truck sales declined 34 percent. GM's light truck demand fell 19 percent in September, while car sales slid 10 percent. Audi faired the best with "only" a 5.4 percent drop in sales. Congrats to Audi.



Leaders in both parties, as well as private economic chiefs everywhere, said Congress must quickly approve some version of the measure to start loans flowing and stave off a potential national economic catastrophe.
The US Senate votes Wednesday on a revised 700-billion-dollar Wall Street bailout after the House of Representatives rejected the original package, sending shockwaves through global markets






Tata Will Get Near-Death Jaguar, Recovering Land Rover from Ford In U ...
... 2002 — $2,841 for every Jaguar sold. However, Jaguar tried to stop the sales freefall in ... among the highest in the U.S. auto ... Though Land Rover sales have edged higher, the brand ...
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NASCAR.COM - Future support from auto makers a blurry crystal ball ...
Every day, it seems the news from Detroit and Tokyo gets increasingly more pessimistic. Auto sales in the United States for June ... it's just the Big Three in freefall, Toyota sales ...
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Auto Nation CEO says gas prices will benefit Detroit - AutoblogGreen
... in the United States. Auto Nation showrooms around the country sell just about every brand of car offered here and Jackson is actually glad to see gas above $4 a gallon.
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Advance Auto Sales In Missouri - Car Financing
Charlotte Weddings Related advance auto sales in missouri ... The conventional wisdom is that the freefall we saw in ... Both states did well in nearly every category considered ...
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U.S. auto sales in July plunge 13 percent | The Detroit News | detnews ...
U.S. auto sales in July plunge 13 percent ... light trucks continued their freefall, with sales ... fight sagging vehicle sales; Auto sales likely to get worse; Asian brands outsell Big 3 in ...
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Auto Sales Free All across every brand



September 2008 - Posts
... crisis, we are now in a very dangerous situation where financial institutions across ... borrow, contractors don't get the remodeling work, equipment-makers lose sales, and ... Every Arizona House Republican voted against McCain's wishes; seven of the 11 ...
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Source: MSNBC Firstread
NewsDateTime: 9/30/2008

Stunned by Lack of Outrage, Not Outrageous Acts
To my knowledge, very few of these communal systems lasted, and most eventually ended in 'every man for himself'. I'd love ... So early in September of this year, my partner and I set out on a 15,000-mile road trip across Canada and the northern tier ...
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Source: Common Dreams
NewsDateTime: 9/27/2008




The Senate is considering a revised version of a $700 billion plan that the House of Representatives rejected on Monday. Mr. Bush said another House vote is set for Friday morning. The new plan is said to include provisions to raise the limit on government insurance for bank deposits, and offer tax breaks for individuals and businesses. Senate Democratic leader Harry Reid told journalists he is confident the changed bill will attract votes from both parties. Republican Senate leader Mitch McConnell said Senate approval will make it easier to get the measure through the House. The revised plan is aimed at winning the support of different groups of lawmakers in the House of Representatives who voted against the original plan. Some objected to using taxpayers' money to buy bad investments from investment firms, and disliked government intrusion into business. Others opposed the plan because they saw it as a bailout of wealthy investors at the expense of ordinary people. The House of Representatives vote against the plan Monday triggered a $1 trillion sell-off on U.S. stock markets. Markets recovered most of the loss on Tuesday when investors thought Congress might work out a compromise and eventually pass a rescue plan.






Videos from YouTube
Title: Money Minute: Auto Sales, Mortgage Help, Coffee
Categories: News,minute:,sales,coffee,auto,help,mortgage,

Published on: 10/1/2008 3:31:36 PM
Title: Car Sales
Categories: sales,Car,Audi,Autos,

Published on: 3/8/2007 8:45:57 AM
Title: Episode #19 Hayat Auto Sales
Categories: tire,cadillac,tv,nissan,volvo,kicker,cars,pontiac,chrysler,dodge,used,chevrolet,gmc,ford,Autos,

Published on: 8/30/2007 11:47:16 PM
Title: BBC Middle East Business Report: Car Sales
Categories: world,sales,report,business,east,land,jaguar,cars,dubai,middle,News,rover,bbc,news,ben,thompson,

Published on: 8/7/2008 12:48:54 PM
Title: Auto Sales Drop Double Digits
Categories: mason,gas,News,alternative,hybrids,cars,anthony,prices,

Published on: 7/1/2008 6:25:31 PM

Fannie Mae Eases Credit To Aid Mortgage Lending

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Title Fannie Mae Eases Credit To Aid Mortgage Lending published to cocoa-touch.

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an excerpt from a 1999 article in the New York Times by Steven Holmes titled Fannie Mae Eases Credit To Aid Mortgage Lending ...
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
… In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's. ''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.'



Leaders in both parties, as well as private economic chiefs everywhere, said Congress must quickly approve some version of the measure to start loans flowing and stave off a potential national economic catastrophe.
The US Senate votes Wednesday on a revised 700-billion-dollar Wall Street bailout after the House of Representatives rejected the original package, sending shockwaves through global markets






Fannie Mae Eases Credit To Aid Mortgage Lending - New York Times
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it ...
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patrick.net • View topic - Fannie Mae Eases Credit To Aid Mortgage ...
Fannie Mae Eases Credit To Aid Mortgage Lending. Moderators: danreller, Bobby80, Vicente, N Dr Lo R, HARM, gponto18, OiCu812, Sage, patNETfan, grywlfbg, richard112360 ...
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Bettnetlog
From *1999*: “Fannie Mae Eases Credit To Aid Mortgage Lending” http://is.gd/36Ux “Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing ...
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Blog Stats
Fannie Mae Eases Credit To Aid Mortgage Lending By STEVEN A. HOLMES . In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae ...
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Fannie Mae Mortgage Loans For Bad Credit - Interest Rate Controversy
But tax laws limit deductions when a vacation home also is used personally fannie mae eases credit to aid mortgage lending by expanding the type of loans that it will buy fannie ...
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Three Fundamental Economic Questions for Senator Obama
... of the Federal Reserve to “curb unfair, deceptive and predatory lending.” Ironically, it was the New York Times itself that lauded Fannie Mae’s easing of credit requirements in 1999 (see “Fannie Mae Eases Credit to Aid Mortgage Lending ...
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Source: Town Hall
NewsDateTime: 4 hours ago

Don’t point fingers — find a solution
Interestingly, in a Sept. 30, 1999 article headlined “Fannie Mae Eases Credit to Aid Mortgage Lending,” The New York Times notes, “Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the ...
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Source: Daily Iberian
NewsDateTime: 6 hours ago

New Forum Member
This article, Entitled "Fannie Mae Eases Credit To Aid Mortgage Lending" is a smoking gun and speaks for itself. The second article explains the cause for the current crisis. http://query.nytimes.com/gst/fullpage.html?res ...
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Source: Knox Pages
NewsDateTime: 13 hours ago

Bailout with 'sweeteners' heads toward Senate win
She blames the financial crisis on Bush when in fact there is tape of the democrats in a hearing in 2004 arguing that there is NO problem with Freddie Mac or Fannie Mae. Barney Frank was very blunt about that and his fellow democrat even said that ...
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Source: ksl.com
NewsDateTime: 1 hour ago

P.J. Gladnick's blog
Holmes starting with the title, "Fannie Mae Eases Credit To Aid Mortgage Lending,"  that you won't find in current editions of the New York Times (emphasis mine):  In a move that could help increase home ownership rates among minorities and low ...
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Source: News Busters
NewsDateTime: 9/27/2008




The Senate is considering a revised version of a $700 billion plan that the House of Representatives rejected on Monday. Mr. Bush said another House vote is set for Friday morning. The new plan is said to include provisions to raise the limit on government insurance for bank deposits, and offer tax breaks for individuals and businesses. Senate Democratic leader Harry Reid told journalists he is confident the changed bill will attract votes from both parties. Republican Senate leader Mitch McConnell said Senate approval will make it easier to get the measure through the House. The revised plan is aimed at winning the support of different groups of lawmakers in the House of Representatives who voted against the original plan. Some objected to using taxpayers' money to buy bad investments from investment firms, and disliked government intrusion into business. Others opposed the plan because they saw it as a bailout of wealthy investors at the expense of ordinary people. The House of Representatives vote against the plan Monday triggered a $1 trillion sell-off on U.S. stock markets. Markets recovered most of the loss on Tuesday when investors thought Congress might work out a compromise and eventually pass a rescue plan.






Videos from YouTube
Title: NYC Wall St. Bailout Protest 25 September 2008
Categories: News,stock,street,bailout,protest,market,bush,nyc,wall,bank,

Published on: 9/27/2008 3:00:58 AM
Title: Karl Rove Reacts to the No Vote on the Bailout!
Categories: Nancy,Bailout,News,Pelosi,Fox,Rove,News,Gibson,Karl,John,House,

Published on: 9/29/2008 5:58:47 PM
Title: Congressman Ron Paul Schools Bernanke on the Bailout Plan
Categories: Price,Monetary,Wall,Bail,Constitutionality,News,Bailout,Ron,Bernanke,Street,Out,Authority,Debt,Fixing,Federal,Paul,Depression,

Published on: 9/24/2008 11:32:51 AM
Title: Let's Play "WALLSTREET BAILOUT" The Rules Are... Rep Kaptur
Categories: military,economy,congress,taxcuts,gitmo,habeas,News,congresswoman,relief,mama,bush,kaptur,iraq,cheney,bill,corpus,

Published on: 9/22/2008 8:03:52 PM
Title: Palin: Bailout is about healthcare!
Categories: News,bailout,couric,news,cbs,thinkprogres,healthcare,palin,

Published on: 9/25/2008 11:25:46 AM

Economic Bailout Plan voting at 10 EST

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President George Bush says a government rescue plan for the U.S. financial system has been "improved" and he is confident it will pass the Senate Wednesday. Mr. Bush urged lawmakers to take the measure "very seriously" and to pass it to stabilize the financial system and keep Americans from losing more money.



Leaders in both parties, as well as private economic chiefs everywhere, said Congress must quickly approve some version of the measure to start loans flowing and stave off a potential national economic catastrophe.
The US Senate votes Wednesday on a revised 700-billion-dollar Wall Street bailout after the House of Representatives rejected the original package, sending shockwaves through global markets






Arianna Huffington: The Bailout Plan: Welcome to Economic Shock and ...
The Bailout Plan: Welcome to Economic Shock and Awe ... unfettered authority to execute the plan. Welcome to Economic ... voted republican in the past and plan on voting ...
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MyDD :: Americans Don't Favor the Bush Bailout
... will have approximately 10 weeks to present his new Economic Whatever plan. ... I hope for, and am voting for the ... This plan is crap, and only serves to bail out those firms that ...
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Deal on IMF voting formula likely in April | Markets | Bonds News ...
... to take an important step in giving emerging economic ... global financial institution by approving a new voting ... Lawmakers reject bailout plan; Buffett's "time bomb" goes off on ...
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Centre Co. Voting Machines Update
Do you agree with the defeat of the President's economic bailout plan? ... Centre Co. Voting Machines Update ... Monday, Jul 14, 2008 @05:24pm EST
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Jonathan Martin's Blog: McCain still not supporting administration's ...
... approaching 10 trillion!!!! American taxpayers cannot afford to bail out ... does understand economics and the gravity of the situation before us. His plan ... Sep 13 2008 - 7:10 AM EST
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Congress leaders optimistic on revived bailout
... Senate pushed toward passage Wednesday of a $700 billion financial industry bailout ... from both parties said they were hopeful that a new version of the rescue plan ... One House Republican who joined two-thirds of GOP lawmakers Monday in voting "no ...
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Source: Huffingtonpost.com
NewsDateTime: 6 hours ago

Polls: Obama Leads In Three Critical States
... stock market plunge as the House rejected a $700 billion financial bailout plan. ... and heightened confidence in the Illinois senator's ability to handle the economic ... his rival's trouble with working-class voters who question his liberal voting ...
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Source: Huffingtonpost.com
NewsDateTime: 6 hours ago

TARP, Baby!
They love him over there! ... P.S.: The failure of the bailout in the House today helps Obama, no? The longer economic ... makes at least one good point about the Paulson bailout plan : ... the political rhetoric, racial factors affected voting ...
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Source: Slate
NewsDateTime: 10/1/2008

Letters to the Editor (Sept. 30)
Join me in voting yes for 02-65 that will provide space for Dial-A-Bus and Meals on ... It's twin pillars of economic and religious fundamentalism have brought us to ruin ... VH's stimulus plan won't solve the problem either, but it will help ordinary ...
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Source: Corvallis Gazette-Times
NewsDateTime: 9/30/2008

Archives » September 2008
... afternoon on Capitol Hill of the Bush Administration's $700 billion plan to bailout ... The ad is largely substantive--a sober two-minute synopsis of Obama's economic plan ... And once the vote was under way and so few Republicans were voting aye ...
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Source: Newsweek Blog
NewsDateTime: 9/30/2008




The Senate is considering a revised version of a $700 billion plan that the House of Representatives rejected on Monday. Mr. Bush said another House vote is set for Friday morning. The new plan is said to include provisions to raise the limit on government insurance for bank deposits, and offer tax breaks for individuals and businesses. Senate Democratic leader Harry Reid told journalists he is confident the changed bill will attract votes from both parties. Republican Senate leader Mitch McConnell said Senate approval will make it easier to get the measure through the House. The revised plan is aimed at winning the support of different groups of lawmakers in the House of Representatives who voted against the original plan. Some objected to using taxpayers' money to buy bad investments from investment firms, and disliked government intrusion into business. Others opposed the plan because they saw it as a bailout of wealthy investors at the expense of ordinary people. The House of Representatives vote against the plan Monday triggered a $1 trillion sell-off on U.S. stock markets. Markets recovered most of the loss on Tuesday when investors thought Congress might work out a compromise and eventually pass a rescue plan.






Videos from YouTube
Title: NYC Wall St. Bailout Protest 25 September 2008
Categories: News,stock,street,bailout,protest,market,bush,nyc,wall,bank,

Published on: 9/27/2008 3:00:58 AM
Title: Karl Rove Reacts to the No Vote on the Bailout!
Categories: Nancy,Bailout,News,Pelosi,Fox,Rove,News,Gibson,Karl,John,House,

Published on: 9/29/2008 5:58:47 PM
Title: Congressman Ron Paul Schools Bernanke on the Bailout Plan
Categories: Price,Monetary,Wall,Bail,Constitutionality,News,Bailout,Ron,Bernanke,Street,Out,Authority,Debt,Fixing,Federal,Paul,Depression,

Published on: 9/24/2008 11:32:51 AM
Title: Let's Play "WALLSTREET BAILOUT" The Rules Are... Rep Kaptur
Categories: military,economy,congress,taxcuts,gitmo,habeas,News,congresswoman,relief,mama,bush,kaptur,iraq,cheney,bill,corpus,

Published on: 9/22/2008 8:03:52 PM
Title: Palin: Bailout is about healthcare!
Categories: News,bailout,couric,news,cbs,thinkprogres,healthcare,palin,

Published on: 9/25/2008 11:25:46 AM

Economic Bailout Plan

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Title Economic Bailout Plan published to cocoa-touch.

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After one spectacular failure, the $700 billion financial industry bailout found a second life Wednesday, speeding toward passage in the Senate and gaining ground in the House where conservative opposition seemed to soften.
Senators loaded the economic rescue bill with tax breaks and other sweeteners for the right and left, hoping to secure approval in the House by Friday, just days after lawmakers there stunningly rejected an earlier version and sent markets plunging around the globe. The measure has not caused the same uproar in the Senate, where both parties' presidential candidates, Republican John McCain and Democrat Barack Obama, were making rare appearances to vote their support. That would send the package back to the House, where passage would require a turnaround of 12 votes from Monday's 228-205 defeat.

Leaders in both parties, as well as private economic chiefs everywhere, said Congress must quickly approve some version of the measure to start loans flowing and stave off a potential national economic catastrophe.
The US Senate votes Wednesday on a revised 700-billion-dollar Wall Street bailout after the House of Representatives rejected the original package, sending shockwaves through global markets






Economic Bailout Plan Boosts Stocks
WASHINGTON | Struggling to calm a financial hurricane, the Bush administration on Friday laid out a radical bailout plan with a jawdropping price tag — a takeover of hundreds of ...
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Arianna Huffington: The Bailout Plan: Welcome to Economic Shock and ...
See if this sounds familiar: There is a gathering threat to the safety of the United States. We must take immediate action. Congress must quickly grant the President and the ...
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Economic bailout plan takes shape - Los Angeles Times
Federal regulators rolled out the first pieces of their sweeping plan to end the nation's financial crisis Friday, moving to insure up to $2 trillion in money market mutual funds ...
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Inside the Economic Rescue Plan: One Giant Bailout ...
The big news today was that the White House is pushing for a so-called ... The big news today was that the White House is pushing for a so-called “ Rescue Package ” for the ...
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Economic bailout plan takes shape
WASHINGTON -- Federal regulators rolled out the first pieces of their sweeping plan to end the nation's financial crisis Friday, moving to insure up to $2 trillion in money market ...
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Bailout with 'sweeteners' heads toward Senate win
AP correspondent Sagar Meghani (SAH'-gur meh-GAH'-nee) reports there's a surprise move on Capitol Hill to revive the economic recovery plan. Bailout heads for Senate win;
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Source: Kansas City Star
NewsDateTime: 21 minutes ago

Lending remains tight as clock ticks on bailout
Lending remains tight as clock ticks on bailout ... up to Monday's vote by the House _ which resulted in a rejection of the plan ... trimmed its fiscal 2009 sales outlook Wednesday, citing the "unsettled economic and ...
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Source: Washington Post
NewsDateTime: 28 minutes ago

RPT-TOPWRAP 11-U.S. Senate weighs bailout; Europeans split
... 35 of 100 Senators up for reelection on Nov. 4, politicians were fearful of voter backlash against a plan widely seen as a taxpayer bailout ... watch on interbank interest rates, a measure of credit liquidity that is vital to fueling global economic ...
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Source: Forbes
NewsDateTime: 43 minutes ago

Dollar Rallies vs. Euro Ahead of Bailout Vote
Optimism that U.S. lawmakers would eventually approve a $700 billion plan to stabilize the domestic financial ... Treasury to buy bad loans from banks to encourage fresh lending and boost economic growth. If the bailout package passes the Senate, as ...
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Source: CNBC
NewsDateTime: 1 hour ago

UPDATE 4-Toronto stocks weaken on oil ahead of bailout vote
TORONTO, Oct 1 (Reuters) - The Toronto Stock Exchange's main index ended lower on Wednesday, pressured by economic worries ... Bailout plan
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Source: Reuters
NewsDateTime: 35 minutes ago




Proponents say the government eventually could sell the devalued assets at a better price, reducing the program's final cost. As for House passage, there were worries that the tax breaks would cause some conservative-leaning Democrats who voted for the rescue Monday to abandon it because it would swell the federal deficit. "I'm concerned about that," said Rep. Steny H. Hoyer, D-Md., the majority leader. As revised by the Senate, the package would extend several tax breaks popular with businesses. It would keep the alternative minimum tax from hitting 20 million middle-income Americans, and provide $8 billion in tax relief for those hit by natural disasters in the Midwest, Texas and Louisiana. The bill would not point to offsetting spending cuts to pay for the AMT and disaster provisions, but it would have revenue offsets for part of the energy and extension measures. The failure to offset many of the tax cuts angered the House's band of "Blue Dog" Democrats. The increase in the deposit insurance cap was a bid to reassure individuals and businesses with accounts in banks and similar institutions. The Senate specializes in high-stakes legislating-by-enticement, and the long list of sweeteners it added was designed to attract votes from various constituencies. Tax cuts new and old are favorites for most House Republicans, the main target of intense lobbying to gain support for the measure. Help for rural schools was aimed mainly at lawmakers in the West, while disaster aid was a top priority for lawmakers from across the Midwest and South. Another addition, to extend the deductibility of state and local taxes for people in states without income taxes, helps Florida and Texas, among others. And there were plenty of obscure tax breaks to go around, like one for certain wooden arrows used by children, and another benefiting litigants in the 1989 Exxon Valdez oil spill. Senate leaders were expected to try adding another goodie before the final vote: extending a tax break for homeowners who do not itemize their tax returns. Raising the federal deposit insurance limit — along with the SEC's decision to ease accounting rules on valuing assets — helped House Republicans claim credit for some substantive changes. And with constituent feedback changing dramatically since Monday's spectacular House defeat and the corresponding market plunge, lawmakers' comfort level with the package increased markedly. Rep. John Shadegg of Arizona, a leading conservative who voted no on Monday, told CNN Wednesday he's "strongly leaning" toward voting for the plan. Asked if was ready to switch from no to yes, Rep. Steve LaTourette, R-Ohio, said: "Not yet, but it's getting there." Sen. John Thune, R-S.D., said Republicans "can argue now that there have been some steps taken that they recommended." Monday's stock market drop and other economic developments that followed the House vote, he said, have "changed the complexion, too, of what people's constituents are now saying. ... There's more of a recognition that we have to do something." Besides Obama and McCain, Democratic vice presidential nominee Joe Biden was voting on the Senate bill. Other provisions added by the Senate include a measure to require large companies' health plans to give equal treatment to mental health or addiction if they cover such illnesses. The House and Senate have passed similar "mental health parity" measures, but none has gone to Bush for his signature






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Title: NYC Wall St. Bailout Protest 25 September 2008
Categories: News,stock,street,bailout,protest,market,bush,nyc,wall,bank,

Published on: 9/27/2008 3:00:58 AM
Title: Karl Rove Reacts to the No Vote on the Bailout!
Categories: Nancy,Bailout,News,Pelosi,Fox,Rove,News,Gibson,Karl,John,House,

Published on: 9/29/2008 5:58:47 PM
Title: Congressman Ron Paul Schools Bernanke on the Bailout Plan
Categories: Price,Monetary,Wall,Bail,Constitutionality,News,Bailout,Ron,Bernanke,Street,Out,Authority,Debt,Fixing,Federal,Paul,Depression,

Published on: 9/24/2008 11:32:51 AM
Title: Let's Play "WALLSTREET BAILOUT" The Rules Are... Rep Kaptur
Categories: military,economy,congress,taxcuts,gitmo,habeas,News,congresswoman,relief,mama,bush,kaptur,iraq,cheney,bill,corpus,

Published on: 9/22/2008 8:03:52 PM
Title: Palin: Bailout is about healthcare!
Categories: News,bailout,couric,news,cbs,thinkprogres,healthcare,palin,

Published on: 9/25/2008 11:25:46 AM

Low auto sale, Tight credit, financial chaos

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Tight credit, economic worries and high gasoline prices combined to crush the sales of U.S. and foreign automakers alike last month, with Ford, Toyota, Chrysler and Nissan all posting drops of more than 30 percent.

Ford Motor Co.'s 34 percent decline marked its worst sales month this year, and the results across the industry are a strong indication that the financial turmoil that has swelled since mid-September is pushing the auto industry deeper into its trough. General Motors Corp., buoyed by its offer of employee pricing on most of its vehicles, saw U.S. sales drop a less severe 16 percent, boosting the automaker's market share to its best level all year. Dealers from many manufacturers said their customers are having an increasingly hard time qualifying for loans to buy autos, as banks have restricted lending because of widespread mortgage defaults that led to disruptions in the financial markets and the collapse of several banks. Plus, several automakers' finance arms have limited or discontinued leasing. Jim Farley, Ford's group vice president for marketing, said economic conditions have raised uncertainty among buyers. "Even if you have good credit, there's a reluctance to pull the trigger on a big ticket item," he said. Nissan Motor Co., which posted significant sales increases in July and August, saw its sales plunge 37 percent on double-digit drops in demand for nearly every one of its models. Chrysler LLC said its sales tumbled 33 percent, and Toyota Motor Corp.'s sales fell 32 percent. Honda Motor Co., one of the few automakers that had posted sales growth through August, reported a 24 percent drop. George Pipas, Ford's top sales analyst, said nearly all automakers saw "extremely weak" sales in the waning days of the month as the Wall Street crisis grew and Congress debated the government's $700 billion bailout of the financial industry. "It was tantamount, really, to a natural disaster," he said.
GM's market share grew to more than 28 percent in September because it experienced smaller sales drops than its competitors, said Mark LaNeve, the automaker's vice president of North American sales. The share did not come with the expense of incentives, which he said averaged only $100 per vehicle more than in August and were flat from July to August despite the monthlong employee pricing offer, LaNeve said. Incentive spending was reduced, he said, because GM did almost no leasing during the month. But even though it may have gained market share, LaNeve said the numbers were still down year-over-year. "A few years ago I'd have jumped out the window with these numbers, and we're on the 39th floor here," he said in a conference call from GM's downtown Detroit headquarters. If overall U.S. industry sales drop in September, it will be the 11th straight monthly decline when compared with the year-ago period. That would be the longest string of down months since 14 straight negative months ended in December 1991, according to Autodata Corp. The industrywide figures were unavailable until later Wednesday. Buyers continued to favor small fuel-efficient cars over trucks and sport utility vehicles. Ford's truck sales were down 39 percent, while car sales dropped 19 percent. The numbers do not include Ford's Volvo Cars unit. There were few bright spots in Ford-Lincoln-Mercury model lineup last month, with sales of all but three models far lower than the same month a year ago. Sales increased only on the Focus small car, up 5 percent; the Crown Victoria large sedan, up 3 percent; and the Lincoln Town Car, up 69 percent. Sales of F-series pickup trucks, Ford's top selling vehicle, were down almost 42 percent for the month. But Pipas said full-size pickup truck sales were better industrywide when compared with May levels, due largely to increased incentive spending. He also said residual values have improved on pickup trucks and SUVs since May, putting many customers in a better position to trade in vehicles.

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Taxpayers Shouldn’t Fund Wall Street’s Bailout
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Source: BusinessWeek
NewsDateTime: 9/30/2008

House Republicans Blame Pelosi’s Speech
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Source: Wall Street Journal
NewsDateTime: 9/29/2008

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Source: Los Angeles Times Blogs
NewsDateTime: 9/26/2008

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NewsDateTime: 9/26/2008

Obama's Big Race Speech.
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Source: Slate
NewsDateTime: 9/19/2008




Tax Breaks Sales of F-series pickup trucks, Ford's top selling vehicle, were down almost 42 percent for the month. But Pipas said full-size pickup truck sales were better industrywide when compared with May levels, due largely to increased incentive spending. He also said residual values have improved on pickup trucks and SUVs since May, putting many customers in a better position to trade in vehicles. Ford, like its U.S.-based competitors, has been trying to shift its factories and model lineup from trucks and SUVs to more efficient cars and crossover vehicles, while burning through billions of dollars in cash. The Dearborn-based automaker has mortgaged its assets to stay in business and, as of July, had burned through nearly $11 billion of its cash stockpile in the past year. GM has performed strongly overseas, but plummeting demand for its most profitable products in the U.S. has forced it to close factories and lay off workers, and it burned through $3.6 billion in cash in the second quarter alone. Light truck demand at GM fell 19 percent in September, as sales of the Trailblazer dropped 31 percent and demand for the Tahoe fell 52 percent. Sales of Chevrolet full-size pickups fared comparably better, edging down just 5.5 percent. GM's car sales slid 10 percent, as a 17 percent drop in Cobalt sales and combined declines of more than 30 percent for both Cadillac and Buick cars off set a 68 percent jump in Malibu sales and 17 percent increase in demand for its Impala. Nearly all of Chrysler's models posted sales declines. The few models to post gains included its Caravan and Town & Country minivans, which both posted 6 percent increases. Overall, Chrysler car sales fell 29 percent, while sales of light trucks dropped 34 percent. Ford shares fell 65 cents, or 12.5 percent, to close at $4.55, while GM shares closed unchanged at $9.45. Toyota's U.S. shares fell $1.90, or 2.2 percent, to close at $83.90, Honda's U.S. shares lost 51 cents, or 1.7 percent, to close at $29.60, and Nissan's shares dropped 51 cents, or 3.8 percent, to $13.08. The Associated Press reports unadjusted auto sales figures, calculating the percentage change in the total number of vehicles sold in one month compared with the same month a year earlier. Some automakers report percentages adjusted for sales days. There were 25 sales days last month, one less than in September 2007..






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Title: Crisis on Wall Street
Categories: USA,crisis,academic,economy,wws,lectures,uchannel,News,debt,finance,news,princeton,analysis,financial,

Published on: 9/25/2008 9:56:46 PM
Title: Pelosi on Bailout: Party is over for Wall Street
Categories: Senate,Golden,Wall,CEOs,Chris,Frank,Parachuttes,News,Bailout,Pelosi,Street,Barney,Bush,bill,Dodd,House,

Published on: 9/28/2008 5:40:35 PM
Title: Wall Street - Greed Is Good
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Published on: 11/9/2007 3:03:42 PM
Title: Let's Play "WALLSTREET BAILOUT" The Rules Are... Rep Kaptur
Categories: military,economy,congress,taxcuts,gitmo,habeas,News,congresswoman,relief,mama,bush,kaptur,iraq,cheney,bill,corpus,

Published on: 9/22/2008 8:03:52 PM
Title: Wall Street Meltdown
Categories: scales,richter,crisis,street,subprime,parody,wall,Comedy,meltdown,bubble,

Published on: 2/4/2008 4:35:26 PM

Senate Sets Bank-Rescue Vote, House will vote on Friday

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The Democratic and Republican leaders of the U.S. Senate predicted that a $700 billion financial-rescue package would win approval tonight and urged opponents in the House to drop their objections to the bill. ``There are a few people in the House who would rather we did this some other way,'' said Senate Majority Leader Harry Reid, a Nevada Democrat. ``We've tried other ways. We've got to get this done.'' Minority Leader Mitch McConnell, a Kentucky Republican, forecast ``victory'' and urged the House to take up the measure, which is designed to end a credit crunch and restore confidence in the nation's banking system.

The Senate will vote after 7:30 p.m., Washington time, on the legislation that links the rescue plan to an increase in bank-deposit-insurance limits and tax breaks. The House of Representatives will likely take action Friday, said Brendan Daly, a spokesman for House Speaker Nancy Pelosi. The House rejected a rescue plan two days ago, and revisions were made to attract the votes of Republicans. Those changes might have soured House Democrats, Reid said. House Majority Leader Steny Hoyer told MSNBC News that no Democrats who opposed the measure earlier this week have pledged to back it, and he's not aware that Republican support has increased either. ``We don't have any more Democrats at this hour,'' he said. The measure the Senate will take up tonight includes temporarily raising the limit on federal deposit insurance to $250,000 from $100,000. That increase was proposed by Republicans critical of the plan authorizing Treasury Secretary Henry Paulson to buy troubled debt from lenders.

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Senate Sets Bank-Rescue Vote, House May Act Friday (Update2)
Oct. 1 (Bloomberg) -- The Democratic and Republican leaders of the U.S. Senate predicted that a $700 billion financial-rescue package would win approval tonight and urged opponents in the House to drop their objections to the bill. ``There are a few ...
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Source: Bloomberg
NewsDateTime: 31 minutes ago

Europe scrambles for bailout as Senate vote looms
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Source: Reuters
NewsDateTime: 1 hour ago




Tax Breaks Also linked to the legislation is a two-year extension of tax breaks that will save individuals and corporations about $149 billion over the next decade, another move popular among House Republicans. Two-thirds of House Republicans and 40 percent of Democrats defeated the bailout plan on a 228-205 vote. President George W. Bush and Senate leaders vowed to revive the legislation. Hoyer said some Democrats, concerned about the widening federal deficit, may oppose the addition of the tax breaks without offsets such as spending cuts or tax increases. The Senate plan doesn't contain any offsets. ``I'm not particularly pleased with that addition myself, very frankly,'' he said in an earlier interview on ``The Today Show,'' acknowledging it is aimed at winning Senate passage. The provision may cause some Democratic defections, he said. Pressure Mounts The Senate is expected to pass the bill, with most Democrats and Republicans behind it. Pressure is also mounting on the House to go along. After a week-long torrent of calls and e-mails from angry voters opposing the rescue package, the tide turned after markets plunged on Sept. 29 in response to the House vote. ``Over $1 trillion worth of market value was wiped off the books by the stock market drop,'' said Senator Robert Bennett, a Utah Republican. ``It is ordinary people looking at ordinary pensions, with their ordinary Main Street kind of 401(k) plans, who lost that $1 trillion. And they lost it in a matter of minutes.'' Texas Republican Representative Joe Barton's office said constituent calls and e-mails swung to as much as 70 percent in favor of congressional action, after having been overwhelmingly against a taxpayer rescue of Wall Street. Barton, who voted against the measure in the House, said the changes made by the Senate won't alter his vote. The Same Bill ``The bill that they are going to send back is the same bill that I voted against two days ago,'' Barton said in an interview with Bloomberg Television. ``Why would I turn around and vote for it?'' He said he supported the tax and FDIC provisions in the measure, but added they won't do anything to solve the underlying credit crisis, and that failing to offset the tax cuts will add billions of dollars to the deficit. The Dow Jones Industrial Average's record 778-point nosedive two days ago ratcheted up pressure on Congress. The flood of e-mails to Capitol Hill swamped congressional computers, slowing communications and Internet access, said Kyle Anderson, a spokesman for the House Administration committee. On Google Inc.'s search engine, ``bailout vote'' and ``House vote'' were the fifth- and sixth-most-searched terms on Sept. 29. ``Roll call vote'' and ``who is my congressman?'' also made the top 50. Forcing Congress's Hand House Minority Whip Roy Blunt, the Republicans' chief vote counter, predicted that voters' economic worries would force Congress to act. ``The impact this could have on the markets will have a big impact on getting people back to wanting to work together to get this problem solved,'' Blunt said. House Republican leader John Boehner, who backed the House measure that failed, said he supports the Senate legislation. Other lawmakers say their constituents are still opposed, and they have no regrets about killing the plan that was presented to the House. ``One of the best votes of my career,'' said Representative Peter DeFazio, an Oregon Democrat. The bank-rescue package would give the Treasury secretary broad power to buy troubled assets, chiefly mortgage-backed securities, that are burdening investors and financial institutions. The Senate's final version of the legislation is still being drafted. Under the accord, announced on the Senate floor, Reid and McConnell must still agree on the language before a vote can take place. It will be offered as an amendment to a piece of House-passed legislation awaiting Senate action. Blue Dogs The tax package that's part of the legislation also includes $17 billion in tax credits for the development of solar, wind and other forms of renewable energy. It passed the Senate on a 93-2 vote last week and differs from a version the House also approved. The package would spare 24 million households from a $62 billion alternative-minimum tax that is due to take effect this year. Fiscally conservative House Democrats known as Blue Dogs opposed the Senate bill because it wasn't fully offset by new tax revenue. The House version of tax breaks was paid for. Senate leaders refused to consider the House bill, saying it would never pass in that chamber. The financial rescue measure won support from 24 of the Blue Dogs on Monday. To help restore confidence in the nation's lenders, FDIC Chairman Sheila Bair sought the temporary increase in the bank- deposit insurance limits. Under the measure, banks will not be required to pay additional premiums for the coverage, which expires in 2009. The FDIC change was endorsed by both Republican presidential nominee John McCain and Democratic rival Barack Obama. Both presidential candidates plan to return to Washington for tonight's vote, their aides said. GE Capital, another of the new segments, includes financial services including commercial finance and GE Money consumer finance. GE also controls NBC Universal, the media-entertainment powerhouse that includes NBC television and Universal Pictures.






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Title: NYC Wall St. Bailout Protest 25 September 2008
Categories: News,stock,street,bailout,protest,market,bush,nyc,wall,bank,

Published on: 9/27/2008 3:00:58 AM
Title: Karl Rove Reacts to the No Vote on the Bailout!
Categories: Nancy,Bailout,News,Pelosi,Fox,Rove,News,Gibson,Karl,John,House,

Published on: 9/29/2008 5:58:47 PM
Title: Congressman Ron Paul Schools Bernanke on the Bailout Plan
Categories: Price,Monetary,Wall,Bail,Constitutionality,News,Bailout,Ron,Bernanke,Street,Out,Authority,Debt,Fixing,Federal,Paul,Depression,

Published on: 9/24/2008 11:32:51 AM
Title: Let's Play "WALLSTREET BAILOUT" The Rules Are... Rep Kaptur
Categories: military,economy,congress,taxcuts,gitmo,habeas,News,congresswoman,relief,mama,bush,kaptur,iraq,cheney,bill,corpus,

Published on: 9/22/2008 8:03:52 PM
Title: Palin: Bailout is about healthcare!
Categories: News,bailout,couric,news,cbs,thinkprogres,healthcare,palin,

Published on: 9/25/2008 11:25:46 AM

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