sold out once again

[RainDog]

fuck you, dems.

no more donations from me. ask your corporate overlords for money. tell them you have no liquidity.

[ProSense]

1. Do you have a link to the bill? n/t

[RainDog]

4. it's all over this forum

Russ Feingold is a hero tonight

so is Bernie Sanders, and a few others.

[ProSense]

16. I wanted to know what specifically people were objecting to

1 DIVISION A—EMERGENCY
2 ECONOMIC STABILIZATION
3 SECTION 1. SHORT TITLE AND TABLE OF CONTENTS.
4 (a) SHORT TITLE.—This division may be cited as the
5 ‘‘Emergency Economic Stabilization Act of 2008’’.
6 (b) TABLE OF CONTENTS.—The table of contents for
7 this division is as follows:
Sec. 1. Short title and table of contents.
Sec. 2. Purposes.
Sec. 3. Definitions.
TITLE I—TROUBLED ASSETS RELIEF PROGRAM
Sec. 101. Purchases of troubled assets.
Sec. 102. Insurance of troubled assets.
Sec. 103. Considerations.
Sec. 104. Financial Stability Oversight Board.
Sec. 105. Reports.
Sec. 106. Rights; management; sale of troubled assets; revenues and sale proceeds.
Sec. 107. Contracting procedures.
Sec. 108. Conflicts of interest.
Sec. 109. Foreclosure mitigation efforts.
Sec. 110. Assistance to homeowners.
Sec. 111. Executive compensation and corporate governance.
Sec. 112. Coordination with foreign authorities and central banks.
Sec. 113. Minimization of long-term costs and maximization of benefits for taxpayers.
Sec. 114. Market transparency.
Sec. 115. Graduated authorization to purchase.
Sec. 116. Oversight and audits.
Sec. 117. Study and report on margin authority.
Sec. 118. Funding.
Sec. 119. Judicial review and related matters.
Sec. 120. Termination of authority.
Sec. 121. Special Inspector General for the Troubled Asset Relief Program.
Sec. 122. Increase in statutory limit on the public debt.
Sec. 123. Credit reform.
Sec. 124. HOPE for Homeowners amendments.
Sec. 125. Congressional Oversight Panel.
Sec. 126. FDIC authority.
Sec. 127. Cooperation with the FBI.
Sec. 128. Acceleration of effective date.
Sec. 129. Disclosures on exercise of loan authority.
Sec. 130. Technical corrections.
Sec. 131. Exchange Stabilization Fund reimbursement.
Sec. 132. Authority to suspend mark-to-market accounting.
Sec. 133. Study on mark-to-market accounting.
Sec. 134. Recoupment.
Sec. 135. Preservation of authority.
Sec. 136. Temporary increase in deposit and share insurance coverage.
TITLE II—BUDGET-RELATED PROVISIONS
Sec. 201. Information for congressional support agencies.
Sec. 202. Reports by the Office of Management and Budget and the Congressional
Budget Office.
Sec. 203. Analysis in President’s Budget.
Sec. 204. Emergency treatment.
TITLE III—TAX PROVISIONS
Sec. 301. Gain or loss from sale or exchange of certain preferred stock.
Sec. 302. Special rules for tax treatment of executive compensation of employers
participating in the troubled assets relief program.
Sec. 303. Extension of exclusion of income from discharge of qualified principal
residence indebtedness.

[barbtries]

5. yeah

http://banking.senate.gov/public/_files/latestversionAYO08C32_xml.pdf

paulson's play for absolute power has not changed much at all. and he got it from the senate. hopefully not the house.

[barbtries]

2. yep

i'll save it for the aclu, or the rainy day that's coming anyway.

don't forget it's still not a done deal. the house has to pass it. if enough people make enough noise, like last week, it could go down. worth a try.

[pocoloco]

20. Aclu don't get shit from me after they claimed impeachment was a bad idea!

dipfucks!!

[barbtries]

28. they did?

that one got right by me. but i'll still support them because shit without them, i don't want to think what kind of fascism we'd be living with.

i'll have to check out where the aclu took that stand on impeachment. and it surprises me, because impeachment clearly is the constitutional answer to the fucking bushies.

[stray cat]

3. There are House Republicans who you can donate to and support who voted against it

[Name removed]

6. Deleted message

Message removed by moderator. Click here to review the message board rules.

[stray cat]

10. Whats wrong with pointing out who is on your side - the republican populists

seriously - they are considered the republican populists who are going against the republican hierarchy. They are voting consistently with your perspective.

[RainDog]

17. progressive populism

do you know what that is?

that's Teddy Roosevelt and environmentalism, the first national parks, anti-trust.

that's FDR and social security and unemployment insurance.

that's populism. yes, it's terrible.

[girl gone mad]

34. And BUSH is on your side.

So you can stop using that lame canard.

[stray cat]

14. Glad Russ doesn't think so - he has had my support for years and still does

Like he once said to someone who didn't support him. "Thats ok you don't have at agree with me but I'm still looking out for you"

[barbtries]

7. isn't that a hoot?

elizabeth dole voting the way i wanted my next president and vice president to!

[stray cat]

19. It really shows that not all members of each party think alike

I think its tough to know what to do but maybe its good its not breaking completely along party lines for a change

[RoccoR5955]

36. Can you say Bernie Sanders? He's no Republican freak!

You know what I say...

Kucinich/Sanders '12
Return America to WE THE PEOPLE!!!

[mckara]

8. Learn the Facts Before Condemning Others

We need liquidity in the credit market, and the crash will be slowed down.

This bill is no panacea, but it saves many of our most vulnerable citizens---not the speculators.

[RainDog]

9. I know the facts and this was a terrible vote

liquidity is not a problem for solvent banks and credit unions, which, if you want to know the facts, you can read about right here on DU because it was posted today.

[RainDog]

13. here's a link

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=4145029&mesg_id=4145029

[mckara]

22. The Credit Market....

Which has all but shut down for citizens and businesses with good credit ratings.

Read more than what is posted on DU.

[RainDog]

24. the liquidity problem was bank to bank

while they waited for the bail out and practiced a little blackmail

you are incredibly gullible, imo.

[mckara]

31. That is Only One Aspect

Closed credit markets increase unemployment and close businesses.

We'll see who is gullible and who is being foolish.

[anigbrowl]

32. Wrong

SAN FRANCISCO, Oct 1 (Reuters) - California's planned sale of revenue anticipation notes to fund its short-term cash needs is at risk from the uncertainty gripping financial markets and the lack of a response to it by the U.S. government, California State Treasurer Bill Lockyer said on Wednesday.
"For 10 days, state and local governments have been closed out of credit markets -- long-term and short-term -- in spite of the fact that they represent no default risk and provide a good tax-free return to investors," said Lockyer, who manages the bonds of the biggest issuer of public debt in the nation.
<...>
"Without prompt federal action to address the economic crisis, we may have no market access to conduct that short-term borrowing transaction. That means the State's cash reserves would be exhausted near the end of October," Lockyer said.
"Payments for teachers' salaries, nursing homes, law enforcement and every other State-funded service would stop or be significantly delayed. And California's 5,000 cities, counties, school districts and special districts would face the same fate," Lockyer added.
<...>
On Wednesday, Massachusetts postponed its sale of $375 million in general obligation revenue notes to Oct. 7, which is next Tuesday, from the originally scheduled Oct. 2 and the Metropolitan Washington Airports Authority indefinitely delayed a $175 million revenue bonds deal.

http://www.guardian.co.uk/business/feedarticle/7842450

[RainDog]

37. via MadHound on a thread you started

...with the core trillion dollar price tag, we will be setting ourselves up for an even bigger fall within six months. Why? Because we'll be overspent, tapped out, with a bad debt to GDP ratio. Our US Treasury Bonds, you know, the paper that finances our debt, will be downgraded. Moody's was warning about this last January, before any mention of this massive bailout swindle. Commercial houses started downgrading bonds last week on the mere proposal of a bailout. If our bonds get downgraded, guess what. No money for the government, none, zip, zilch, zero, nada. No money for Social Security checks, no money for infrastructure, no money for defense, hell, we'll be lucky enough to have enough money to keep the lights on in the White House. Do you understand what sort of cataclysmic disaster that would be?

We're not dancing around a bonfire here, far from it. However we are thankful for the fact that for whatever reason, enough Congress members voted against this bailout, because if it comes down to a choice between a recession or depression as opposed to no funding for our government, I'll take the recession or depression anyday, any sensible person would. Because if the government isn't funded, we can all kiss our country, our society and our ass goodbye.

via a Harvard economist -

Talk of Armageddon, however, is ridiculous scare-mongering. If financial institutions cannot make productive loans, a profit opportunity exists for someone else. This might not happen instantly, but it will happen.

Further, the current credit freeze is likely due to Wall Street's hope of a bailout; bankers will not sell their lousy assets for 20 cents on the dollar if the government might pay 30, 50, or 80 cents.

The costs of the bailout, moreover, are almost certainly being understated. The administration's claim is that many mortgage assets are merely illiquid, not truly worthless, implying taxpayers will recoup much of their $700 billion.

If these assets are worth something, however, private parties should want to buy them, and they would do so if the owners would accept fair market value. Far more likely is that current owners have brushed under the rug how little their assets are worth.

---

the deal has been made and I suppose we all shall see. the mbs's should have been allowed in the first place, of course.

[RoccoR5955]

18. The crash will be worse now.

Now that the banks are free to make more bad decisions, how can you say that this is good? Now, when the banks and the credit system crash, it will only be worse. This does nothing but take the money out of the middle class, and gives it to the upper crust. Face it, this is no longer a country of WE THE PEOPLE. It's all about them, the corporations any more!

[RainDog]

21. I bought euros yesterday

because I knew this would pass and the dollar will go into the shitter.

I made a 43% return "betting" against the fascists during the Bush admin.

[RainDog]

27. yes, and corporatism is Mussolini's definition of fascism.

the bill was perfect example of how utterly corrupt our govt is.

[RoccoR5955]

11. I feel the same way. Only those who voted against this POS have my respect.

Once again, I am ashamed to be an American, as it is not a government for WE THE PEOPLE, but has become one of them the corporations. Though there are some who are working from the inside to change things, they are few. Too few to make the difference that we need. This bill will only throw good money out with the bad. What will they do when this POS fails, and the banks want MORE?

[MadrasT]

15. And that is a short freaking list. n/t

[wildbilln864]

12. yep! k&r! nt

[Jeanette in FL]

23. Yep, they sold us out

Here's a quarter, call someone who cares.

They don't care about us. That is for sure.

[lifesbeautifulmagic]

25. so how long will it be until they ask for more money?

one year? Two? Since they have not even addressed the underlying causes

[RainDog]

26. oh, but they're going to "fix it" later

[RainDog]

29. oh, and impeachment is STILL off the table, Evita Peron.

[dana_b]

30. just like everything else

"wait until Obama gets elected!!" Obama is going to inherit a HELL of a mess and won't be able to get to a lot of it.

[2speak]

33. I give it a week

but you won't know that is what the bill is about. Now they don't have to ask congress.

[lostnotforgotten]

35. Yep, I Stopped Donating A Long Time Ago - I'm Tired Of The Appeasement

We need leaders with Balls!

[wtmusic]

38. Feinstein, Boxer both AYE. What a disappointment.

There is something going on behind the scenes we don't know about.

[OhioChick]

39. Agreed, Sadly.

Seems appropriate....

The Alarm "Sold Me Down The River"

http://www.youtube.com/watch?v=8j3_DUqKyTk