posted
And now the Senate is attaching the whole bailout plan with amendments to an already passed alternate energy subsidies bill Wednesday evening. It then goes back to the House where I see no reason for why the House Republicans will suddenly change their minds on the issue. I guess the sudden drop in the Dow might rattle some nerves but is that really enough?
Posts: 14316 | Registered: Jul 2005
| IP: Logged |
posted
Especially as the Dow then went back up over half the drop, in one of the largest single day gains ever.
Posts: 15770 | Registered: Dec 2001
| IP: Logged |
posted
BB: Which could be an interestingly circular. Some of the reporting today claims the the rise today is at least in part due to the feeling that the sell-off over the failure of the bailout bill was over the top (that while this bill may have failed, a bill of some form will eventually pass).
This gives us an interesting feedback loop where Congress is more likely to approve a bill as the markets tank but the markets are more likely rise as a bailout approaches, making it seem that a bailout is less necessary, and so forth.
posted
Mucus: Don't try to explode my brain, it's not nice.
Lyrhawn: Yep, we've always known greedy corporate fat cats stifle progress, who knew they could do it in such an elaborate way? Posts: 14316 | Registered: Jul 2005
| IP: Logged |
quote:Originally posted by Lyrhawn: Wait, they are adding it to the energy bill and then revoting on it?
That's probably a great way to sink both the energy bill and the bailout measures in the House.
I'm not as familiar as I should be with congressional operating procedure, so forgive me if this is a stupid question...
Does adding it to the energy bill link the two in some way? Is this alternate energy subsidies bill one that expires/needs to be renewed every few years? If yes to both, how does that effect the bailout bill if it passes?
Although, in any case, yeah... it certainly just sounds like a sure fire way to kill a good bill (in my opinion) by linking it to a turd (as I mentioned in another thread, I'm not opposed to some sort of bailout, I'm just not sold on the idea that this is really the way we should go - I'm not satisfied that other options haven't been exhausted).
Posts: 382 | Registered: Jan 2008
| IP: Logged |
posted
I don't like that the Senate decided to try to pack the bill with more "goodies" to help it pass, as opposed to trying to tackle the underlying problems with it or simply coming up with a different plan that people would like better.
quote: Buffett is buying $3 billion of General Electric Co. preferred shares. The perpetual preferred stock carries a dividend of 10 percent, similar to the terms Buffett struck with Goldman Sachs. ... Shares of GE, which fell by as much as 8 percent earlier Wednesday, pared their losses on the news. They traded down about 65 cents, or 2.6 percent, at $24.85, in afternoon trade.
Berkshire also expects to receive warrants to buy $3 billion worth of GE common shares for $22.25 each, exercisable at any time for a five-year term.
In unrelated news, if you go to the prediction market known as inTrade, it seems that futures predicting that a bailout bill will be approved by the end of October seem to be trading at almost 90%.
posted
Didn't realize this until I watched the Daily Show rerun last night, but, in the midst of this grave crisis where we need to pass this bill right away without even time to read it or explain to people what we are doing, the members of the House went on vacation for two days for Rosh Hashanah.
Posts: 10177 | Registered: Apr 2001
| IP: Logged |
posted
And apparently it sucks compared to the Chinese New Year, or rather as Colbert put it, it blows Posts: 7593 | Registered: Sep 2006
| IP: Logged |
posted
One of my angry, never going to happen thoughts. This bailout should include a measure that bans a member of Congress from working for any of the companies receiving bailouts for say five years from their retirement. It should probably do something about political contributions as well.
Posts: 10177 | Registered: Apr 2001
| IP: Logged |
quote:Originally posted by Lyrhawn: Wait, they are adding it to the energy bill and then revoting on it?
That's probably a great way to sink both the energy bill and the bailout measures in the House.
I'm not as familiar as I should be with congressional operating procedure, so forgive me if this is a stupid question...
Does adding it to the energy bill link the two in some way? Is this alternate energy subsidies bill one that expires/needs to be renewed every few years? If yes to both, how does that effect the bailout bill if it passes?
Although, in any case, yeah... it certainly just sounds like a sure fire way to kill a good bill (in my opinion) by linking it to a turd (as I mentioned in another thread, I'm not opposed to some sort of bailout, I'm just not sold on the idea that this is really the way we should go - I'm not satisfied that other options haven't been exhausted).
If one passes, they both pass, if one fails, they both fail. They're the same bill now.
Posts: 21898 | Registered: Nov 2004
| IP: Logged |
quote:As they do every year. The Senate does not, but they get Arbor Day off instead.
I get off on weekends, but if we have a major crisis, I can find myself working on it on a Saturdsay until it is resolved.
I can deal with the 28 members who are Jewish taking off (not terribly happy about it, think that there are other arrangements that could be made). But the whole body? For two days? In the middle of this immense crisis the needed to be resolved last Friday or it would destroy our economy?
Either this is something that needs immediate action and a huge crisis that needs our full attention or it isn't. Don't tell me that it is and then act like it isn't.
Posts: 10177 | Registered: Apr 2001
| IP: Logged |
posted
"I can deal with the 28 members who are Jewish taking off (not terribly happy about it, think that there are other arrangements that could be made"
Not for jews serious about their religion. Rosh Hashanah is one of the holier days on the jewish calendar, and observant jews spend most of it in synagogue.
Posts: 4112 | Registered: May 2001
| IP: Logged |
posted
It actually seems to be 29. And given how much has been done in the past day, it's clear not taking those two days off would have really made a difference.
Just because they're using hyperbole doesn't mean we have to buy into it.
Posts: 32919 | Registered: Mar 2003
| IP: Logged |
posted
The House doesn't have off for Yom Kippur (edit: actually they do. See rivka's correction below), which is the holiest day of the Jewish calendar. I'm not sure what the arrangements are for that, but I'd be willing to bet that they could work here.
I'm fine with them going to a synagogue in D.C. for as long as they feel necessary. I don't see how they should be allowed to have vacation to go home.
But honestly, I'm willing to give that a pass. The other 407 having two days off for a holiday they don't celebrate, not so much.
Posts: 10177 | Registered: Apr 2001
| IP: Logged |
quote:Just because they're using hyperbole doesn't mean we have to buy into it.
I don't buy into it. But if they are going to talk the talk, they darn sure better walk the walk.
If they try to say "We need to do this NOW!!!!", they should have to answer why it was completely fine for them to take two days off right in the middle of what they are claiming is an enormous crisis that demands immediate action.
Posts: 10177 | Registered: Apr 2001
| IP: Logged |
posted
Of course, the Senate currently has a higher percentage of Jews than the House does, and they get neither holiday off (although I imagine any practicing Jews among that number take the days off).
This is not about religion. It's about Congress taking their officially mandated days off, gosh darn it!
Posts: 32919 | Registered: Mar 2003
| IP: Logged |
posted
For me it's about them not feeling the need to maintain the pretense that they are doing anything but fear mongering.
I just can't get over the American public's willingness to accept blatant dishonesty from people in our government.
Posts: 10177 | Registered: Apr 2001
| IP: Logged |
Printer-friendly view of this topic
![[Wink]](wink.gif)
![[Razz]](tongue.gif)
