House and Senate pass bailout bill

Well the House and Senate finally voted to pass the abilout bill.

Is this version better than previous ones? How soon will it take effect? Will history see this as a good idea or a disaster?

IMHO, this is a worse version than the previous one, but it had to be passed. I hate it like poison, but I desperately need the buyer of my house to get the mortgage she’s been OK’d for, so I talked to everyone I could to call our congressman to vote in favor of it. He didn’t, even so.

First bill I’ve ever actively lobbied for, and in principle I think it’s a total piece of shit. Too many sweeteners. But I think it had to be done. There are too many people like me, who need credit to loosen up right now, or their lives will fall apart.

ETA: If I hadn’t had it hitting me so personally, I would have realized how urgent it was.

So I realize it’s bad as whole, but it benefits me so who cares?

I think you should have realized it was a risk you wouldn’t be able to sell your home when you bought it. But who cares about personal responsibility? Lets have the government throw OUR money at the problem to fix it.

Was the first version of this bill porked up as bad as this one is? How can McCain vote yes for this thing and then turn around and keep spewing this Maverick anti-pork nonsense?

What Oy! said pretty much.

The President needs to sign it of course (which he will). After that it all begins pretty much immediately. Of course the devil is in the details and there are a helluva lot of details. Mainly the companies will come to the Treasury, hat-in-hand, and get down on their knees and blow Paulson to see what he gives them. Once the bad debt is off their balance sheets it is back to business as usual.

And it bears repeating…this Bill is toxic shit. Looks like we’re stuck with it though.

The first bill went down, so they added pork and tax cuts, and it passed.

I think that’s the hallmark of good legislation.

I was disabled two years ago, having bought the house I intended to spend the rest of my life in five years ago. I have exhausted my savings, and have yet to get SDI. I need money to live on. That’s why I’m selling my house.

Anything further to say about personal responsibility?

Just goes to show that bacon makes everything better.

The last bill was 700 billion and this one is over 800 billion so I’d assume there is more pork in this one than the last one.

As I told you yesterday the “urgency” was manufactured. Credit was stopped only because the companies were waiting for the bail out. Had the government told them all to fuck off things would have started rolling again as well.

Does anyone know more about the $150 billion in pork added so it would pass this time?

I’m not convinced it would have. I think Wall Street would have sat on their hands longer.

The pork was directed at some who voted it down ,to get them to change their vote. The bill does not deal with the mortgages in a strong way. There are a lot of foreclosures coming in the next 2 years. Paulson can give the money to Chinese and Saudi banks. Our money to bail out the wealthy who screwed up.

The same way Obama does. He didn’t put the pork in, and this bill had to pass.

Here are some…not a BIG chunk of the tax incentives (aka pork) are directed at Renewable Energy breaks ($70 billion IIRC).

Here are the most details I’ve been able to find thus far:

Here are some of the details on the tax extensions.

Obama has been campaigning as an anti-pork Maverick?

They both voted for it but it was McCain who explicitly touted his anti-pork stance in the last debate…not Obama. So, McCain has failed on the very first chance he had to show how serious he was about this (of course he is not president to veto anything but he could have made “them famous”).

He won’t mention a name until he’s out of the Senate himself. He’d be cutting his own throat.

It sets a horrendously bad precedent. It’s a reward for reckless avarice and will only encourage more. Further it does nothing to fix the problem that got us here and leaves us open for another fucking a few months down the road.


But we can safely say his “Maverick” notion is so much bullshit too.