by Frank James
Here's the Economic Emergency Stabilization Act of 2008, the financial rescue proposal which a lot of people heretofore were calling the Wall Street bailout bill.
It's the bill the Senate is debating at this moment and which the chamber is due to vote on later tonight.
What started as Treasury Secretary Henry Paulson Jr.'s three-page proposal has now morphed into a 451-page monster with unrelated tax-extender or tax-increase and energy legislation.







Comments
Mr. James wrote: "What started as Treasury Secretary Henry Paulson Jr.'s three-page proposal has now morphed into a 451-page monster with unrelated tax-extender or tax-increase and energy legislation."
This is precisely the reason why the American public is skeptical of the bailout plan and why voters don't trust Congress.
Posted by: Ryan | October 1, 2008 5:27 PM
These people can't do a simple job without filling it with pork, excuse me, tax extenders. Anybody got any lipstick?
Posted by: vla | October 1, 2008 7:04 PM
Speaker Pelosi is blaming the GOP for failure to pass the bailout for the robber baron Democrats. She gave the “OK” for 5 committee chairs and allowed a dozen or more Democrats up for reelection to vote against the bill to scam their constituents back home into believing they voted against a stinking bailout that harms the hardworking taxpayers.
The Congressional Black, Progressive and Hispanic Caucus’ plus 94 other Democrats voted against the robber baron bailout because $500 million to ACORN and $200 million to La Raza was stripped from the bill and the Progressives wanted to nationalize the failed institutions. The Speaker conveniently leaves these turncoats out of the equation.
I believe the Speaker is speaking in forked tongues. We know John McCain co-sponsored the Reform Act S-190 in 2005 that would have prevented this very situation from happening. Barney Frank, chair of finance, Chris Dodd, chair of banking, John Kerry, Barack Obama, Senator Nancy Pelosi and the other Democrats receiving political donations from Fannie Mae and Freddie Mac blocked it.
“We the People…” have well known experts in business, economics, taxes, banking, finance and law who could be selected to form a committee. The committee should be comprised of an equal number of members from each political discipline with no political or investment connections who can save the economy and the taxpayers.
This is the link to “Directive 51” that gives authority to the President to declare “Martial Law” to recover from a national emergency. It should stop the hemorrhaging on Wall Street and Main Street until the correct formula is applied by experts and not by politicians.
http://www.whitehouse.gov/news/releases/2007/05/20070509-12.html
Posted by: FromTheTop | October 1, 2008 7:14 PM
O, my. O, my goodness.
Did the Bill get longer than 3 pages?
Does it have that indemnification provision for Paulson, for his cost of defense in any suit or criminal prosecution that may be brought against him, and in addition indemnifying his "blind trust" for any losses it has sustained whilst he has been doing hero work as SecTreas??
Plus, a pro forma setting forth the language of the Presidential pardon he expects Georgie Boy to issue to him come Jan.19, 09?
Posted by: ornery | October 1, 2008 8:04 PM
The Talking Heads had it right..."Same as it ever was..."
I like to eat pork, but not this kind!
http://www.boppoll.com
Posted by: Same as it ever was! | October 2, 2008 4:42 AM
Typical Congressional pork Bill and where are the Republicans who say they stand against this?
When will we as Americans put an end to this blatant "in your face" attitude from our elected officials that are meant only to bolster their bank accounts at our expense?
I say let the darn market take the hit. If the burn goes deep enough to the fat cats and their "in my pocket" Congressmen, maybe, just maybe they'll think twice about scamming the taxpayer with their Marxist programs.
I say let the ones who created this take the hit. NO BAILOUT!
Michael in Michigan
Posted by: Michael | October 2, 2008 10:05 AM