Economic Rescue Package Vote Set For Tomorrow

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But this time it’s in the Senate.

Why is that important? Because they’ll vote overwhelmingly in favor of it and force the House Republicans into a situation where they are literally the last ones in line to stop the rescue.

From Wash Post:

Leaders of the Senate, where most members have indicated support for the bailout plan, said they would seek a vote on a revised rescue package Wednesday night.

The bill is expected include three provisions aimed at winning over House Republicans: a one-year increase in Federal Deposit Insurance Corporation caps for bank and credit-union accounts, extensions of numerous business tax breaks that have expired, and a fix to the “alternative minimum tax” for individual taxpayers.

Honestly, I wish they would have gone this route in the first place, but beggars can’t be choosers.

Meanwhile, in Europe…

  • mdgeorge

    heh, I thought you wrote “bloggers can’t be choosers” :)

  • NVMojo

    I wish they’d consider the DeFazio “No Bail Out” plan, make Wall Street earn the money it needs:

  • Mikeb302000

    How about that Marcy Kaptur?

  • BenG


    This ‘rescue’ plan (as if changing the name will change the results) is just getting more difficult to swallow. Every time another expert offers their theory to avert this crisis we have to guess what their interests are, who they’re speaking for, do they have practical experience or only book smarts, and finally what’s their political bias???

    Add to that the stress a Congressman has to represent their constituency, and this must be a tough sell – not to mention running for re-election. So what’s a poor lawmaker to do? How about stayin on top of this stuff in a reasonable, honest way and not gettin in this no win situation to begin with?

    Well, since that’ll never happen, what do we do now? The more I hear about the Senate proposal with all the new add-ons, the more I don’t like it. As important as it is to get something done, it seems more important to do the RIGHT THING! Because every thing the politicians do have unintended consequences in the markets. The ship is sinking, the Fed is bailing water as desperately as it can, our leadership is CLUELESS, as the ordinary person sees it. Good time to buy some stocks – great time to buy a house! Any mortgages out there to be had? This is exactly why you always need to have cash on the ready.