Senate to Vote Tonight, Wednesday, 10/01/08

[Thomas M. Miovas Jr.]

The Senate already knows this is an unpopular Bill, and they have tried to sweeten the deal by adding in some capital gains tax relief, but I'm still against it. The Senate votes on it Wednesday night, the House votes on it Thursday.

The Senate is to vote tonight (Wednesday 10/01/08) on their version of the "rescue bill" that will turn every financial institution into an agent of the Federal Government. If you click on this link and look down a few lines, you can get the PDF of the wording of the proposed bill: RAW DATA: Senate's Tax Legislation (pdf).

The bill makes no provisions of reversing the laws that got us here in the first place, but rather creates a much bigger bureaucracy when what we need is free markets.

This Bill is known as the ‘‘Emergency Economic Stabilization Act of 2008’’ so if you can write your Senator, this is the bill name you need to indicate. I think it is attempting to correct one government boondoggle (the Community Reinvestment Act) with another, and it doesn't fix the mess in the first place.

[brian0918]

This is ridiculous. They stuck these changes in the middle of a 400-page mental health bill. I wonder what other tricks are hidden in there.

I don't think there's any point in calling/writing your Senator. These guys are idiots who will vote Yes on anything that has their little piece of legislation stuck in. All that was needed to win over Republicans were tax breaks for certain companies and an increase in the FDIC insurance. How can the government guarantee something when it is in debt? Print more money? So the dollar is devalued... to the point that $250,000 is now worth $100,000, and we're back where we started.

What a joke.

[ers]

I wish ill upon all members of congress that vote for this ridiculous bill.

[Maximus]

Yes, it is a joke, one that would be on the backs of taxpayers. I would urge everyone to contact thier Senators anyway. It was the massive, overwhelming displeasure of thier constituents that gave the members of the House the C-O-Jones to vote against the legislation the other day.

[Thomas M. Miovas Jr.]

Here is a copy of the letter I just wrote to both of my Senators:

"I am against the Emergency Economic Stabilization Act of 2008. What we need are free markets, not governmental intervention. Laws have caused this mess, and we do not need more laws to try to correct it. Reverse the Community Reinvestment Act, and all laws regulating banking and finance, lower capital gains tax and personal taxes, and set the markets free of government regulations.

"Freedom, not turning financial institutions into government agencies, is what we need and what we have a right to as American citizens. Keep your hands off the economy!"

If you keep your letter brief and to the point, it might have some effect.

[brian0918]

Yes, it is a joke, one that would be on the backs of taxpayers. I would urge everyone to contact thier Senators anyway. It was the massive, overwhelming displeasure of thier constituents that gave the members of the House the C-O-Jones to vote against the legislation the other day.

Yes, but that very same day, stocks plummeted, and the same constituents contacted their Congressmen en masse to demand a bailout plan. And they'll pass it simply on this one-day drop. Emotion caused the drop, and emotion will pass this bill.

For the Senate, I predict there will be unanimous support, with the slight chance of one or two No votes. For the House, I'm not sure what will happen.

Edited October 1, 2008 by brian0918

[Thomas M. Miovas Jr.]

For the Senate, I predict there will be unanimous support, with the slight chance of one or two No votes. For the House, I'm not sure what will happen.

Unfortunately, it looks like you were right. It passed 74-25.