Senate passes sweetened $700B market bailout

[eatsmall]

Senate passes sweetened $700B market bailout (http://us.rd.yahoo.com/finance/finhome/topstories/apf;_ylt=Ai3l74e_7gcVP5nfrx0UrkS7YWsA/*http://biz.yahoo.com/ap/081001/financial_meltdown.html)

Not sure what's going to happen tomorrow. And after tomorrow what's going to happen.

[aiki14]

And futures are down on the news. Amazing. My guess is the house doesn't pass it.

[nickel_buck_fifty]

If we can only get this through the house the arrow manufactures will get a tax break.
Yes that correct, as in bows and arrows.

People wonder why we are in this position!

[kingfisher]

And futures are down on the news. Amazing. My guess is the house doesn't pass it.

Time will tell. Pro or Con

America has spoken. We the people have informed our Reps of what our votes are on this Rescue/Bailout. Lets see if our Reps vote as there constituents wish. If not, I suspect they will be removed next term.

Time will tell

[Horsefish]

Still, it's time for a single malt. We are in the intermission between the two halves of this political play. I expect that Friday's close will be very interesting if the House votes Friday morning.

PS, Do you think that the Capital Gains tax will be suspended?

[kingfisher]

Still, it's time for a single malt. We are in the intermission between the two halves of this political play. I expect that Friday's close will be very interesting if the House votes Friday morning.

PS, Do you think that the Capital Gains tax will be suspended?

NO

[Horsefish]

NO

LOL.....Actually, I hope they do. I've got a lot of wash sales that are going to come back and haunt me next April. Guess I better increase my estimated tax payment.

[JV_Picker]

PS, Do you think that the Capital Gains tax will be suspended?

Yesterday, I would have said no. With the Senate's vote this evening, all I can say is that (in the short term) anything is possible.

For me, my state's Senate delegation is on the chopping block this November (Yeah, I've got 700 billion reasons to do it).

The situation is soo..evil? Crappy? Short-sighted? (Pick a description & paste here.) Regardless of who is voted in for the next twenty years or so, taxes are going up.

All the big banks and investment houses have to do is to get up off their hind-parts, go through their portfolios' waste dumps, and auction and write off whatever isn't performing, thus becoming credit-worthy again. But nooo...it is apparently easier to have a few lobbyists scare Congress real good, and stick *me* with the bill!! :banghead:

The irony of the "credit crisis" is that ads on TV, on billboards, through the mail, and the internet are still touting credit lines for anyone from prime to sub-prime. And absolutely no-one's credit card transactions has been rejected because of funding problems at the bank (as a customer who has eschewed most greenbacks a long time ago, and an employee who accepts the transactions on a daily basis).

[madcowdisease]

The extension of the tax breaks is likely enought to get the twelve additional votes from Republicans to pass it in the house assuming everyone that voted for it previously still votes "yay".

Personally, I favor Peter DeFazio's (D-Oregon) proposal over the one currently in the Senate.

http://www.thenation.com/blogs/jstreet/366574/house_progressives_propose_bailout_alternative

I think they ommitted the one-quarter of one-percent tax on stock, options, and futures transactions that I hear is in this proposed legislation. I'd love to see an increase in the deposit on futures contracts as well but this will do if it is in lieu of the dollar crushing $700 billion package currently.

[kingfisher]

Hfish

You suspect you have part of it correct. You might adjust those estimated taxes for the years to come. Good call.

[cramerica1972]

Yesterday, I would have said no. With the Senate's vote this evening, all I can say is that (in the short term) anything is possible.

For me, my state's Senate delegation is on the chopping block this November (Yeah, I've got 700 billion reasons to do it).

The situation is soo..evil? Crappy? Short-sighted? (Pick a description & paste here.) Regardless of who is voted in for the next twenty years or so, taxes are going up.

All the big banks and investment houses have to do is to get up off their hind-parts, go through their portfolios' waste dumps, and auction and write off whatever isn't performing, thus becoming credit-worthy again. But nooo...it is apparently easier to have a few lobbyists scare Congress real good, and stick *me* with the bill!! :banghead:

The irony of the "credit crisis" is that ads on TV, on billboards, through the mail, and the internet are still touting credit lines for anyone from prime to sub-prime. And absolutely no-one's credit card transactions has been rejected because of funding problems at the bank (as a customer who has eschewed most greenbacks a long time ago, and an employee who accepts the transactions on a daily basis).suspending capital gains tax is nothing but free money to the rich,superich and megarich.

[freakscene]

The extension of the tax breaks is likely enought to get the twelve additional votes from Republicans to pass it in the house assuming everyone that voted for it previously still votes "yay".



it also has the potential of changinig some "d" votes to nay

i'll be back on the phone again with my congressman urging him to cast the proper "no" vote like he did a couple days ago

(if i can get through)

[freakscene]

what a great read


Maddening for Madisonians

http://www.spectator.org/dsp_article.asp?art_id=13983

Published 10/2/2008 12:08:30 AM

Oh, where to begin?

How does one construct an essay when one sees the national government rapidly turning this country into a nation with which one is just not familiar? I mean, this isn't America anymore.... Is it? Could it possibly be? Is this the nation with a limited government designed by James Madison and his brilliant cohorts?

At a Sept. 22 speech sponsored by Madison's Montpelier, George Will rightly condemned "our abandonment of the sense of balance and restraint and realism." He said that one of Madison's overriding purposes was to "prevent the fleeting passions from becoming law."

Will was speaking in general terms rather than about one particular issue. But what Washington lawmakers are doing with this immense Wall Street bailout fills Will's bill: It is an utter abandonment of balance and restraint and a capitulation to fleeting passions. It represents a massive aggregation of power by the federal government, and within the federal government by the Department of the Treasury. It is a massive interference in the market when far less massive interference might do the trick. It is a manifestation of sheer panic when calm and considered action -- fairly swift action, yes, but not precipitous -- is called for.


my favorite part

What the Senate leadership concocted was an atrocity, an utter derailment of the Madisonian tradition. It was the work of bullyboys, of two-bit legislative gangsters, not of statesmen. The House ought to stand up for its own prerogatives -- not for its own sake, but for the sake of the constitutional order and for the sake of fairness, accountability, and basic decency -- and shove the legislation right back down the Senate's throats.

Meanwhile, the presidential campaign is marred, on one side, by a radical and utterly unaccomplished leftist ideologue joined by a serial plagiarist and exaggerator, and on the other side by a man temperamentally unsuited to the presidency joined by a running mate of high character but embarrassingly low familiarity with national affairs of state.

Yes, this is bad. Actually, awful.


THE GOOD NEWS -- ....................

read the good news for yourself, if you want