Senate Bailout Vote Starting Now
I'm hearing 70-30 in favor. The need 60.
By the way, while I'm waiting for the vote I want to rant a bit. I think this FDIC insurance raise and the tax sweeteners are nothing but a political fig leaf to give senators cover to vote for a bill that is still terribly problematic
It is still $700 billion package that hands over a troubling amount of power to the current, and all future Treasury Secretaries to buy distressed assets from both for-profit and non-profit financial institutions. To the Republicans voting for this bill, tell me, how much do you like the idea of that when someone like Barack Obama is appointing people to Treasury?
Secondly, it still forces taxpayers to bailout not only domestic banks, but FOREIGN banks with toxic assets. This is a GLOBAL bailout, folks. Third, it is a rushed option of first resort, not last resort. The Asians and the Swedes did a better job dealing with their, very similar, economic crises in the 90's than we're doing now. We should take a look at their models before we start declaring ATM's won't have money and the garbage won't get picked up to scare people into supporting this thing. Yeah, I'm looking at you Judd Gregg.
And worst of all, it doesn't present real reform. It props up banks who need to be purged from the market and expands Freddie Mac and Fannie Mae. These institutions are the source of the problem and need to be shut down, not given a taxpayer lifeline.
But hey, squishy senators are going to vote for it because it has a one-year patch on the AMT and because, um, it'll give some money for wooden arrows for children and wool research.
Yes. I'm bitter. Give me a Bible and a gun. I could put both to good use right now.