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Thursday, October 2, 2008

Senate defies the people votes to bail them out

From the AP:

House members are getting another chance to vote on a financial bailout bill that has infuriated millions of voters after the Senate added tax cuts and other sweeteners and passed it handily. ...Senators advanced the much-criticized measure in a 74-25 vote late Wednesday, sending it to the other side of the Capitol for a showdown vote expected Friday. The move was calculated to win over enough dissenting House members to get the bill through and reverse Monday's stunning defeat in the H ouse. Party leaders there planned to press rank-and-file members Thursday for the dozen converts they believe they need....Meantime, the head of the Federal Deposit Insurance Corporation, urged people to remain calm...."I think overall the banking system remains very sound so that's why I think it's so important for everybody to keep their head," commission Chairman Sheila Bair said on C-SPAN. "What I don't want is to see otherwise healthy institutions start to get into trouble just because of liquidity pressure ... Wall Street should be taking their cue from Main Street right now. Main Street deposits are staying there.".........The bailout package was never in danger in the Senate. Senators instead played catalysts for the House, adding tax provisions popular with the left and right in a bid that House leaders hope — but cannot guarantee — will persuade enough of the House rank-and-file to switch from "nay" to "aye" on a highly contentious bill a month before Election Day....They were especially targeting the 133 House Republicans who voted against the package....California's David Dreier said Thursday morning that "I hated" the initial version of the bill but that he plans to vote for it this time around...."I was very concerned with the proposal that came forward that would have allowed golden parachutes to go forward," said Dreier, a Republican. But he said he likes the new version because "it puts into place growth-oriented tax cuts."

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