Friday, October 3, 2008

$700 Billion Banker Scam now up to $850 Billion

Thank you, Senator, Barak Hussein Obama, aka,(Barry Soetoro); Thank you Senator John McCain, son of Traitor Admiral John McCain Sr; Thank you, Hillary Clinton carpetbagging Senator from New York. You three and more, somehow have taken the worlds largest theft of fake money in the history of the world and just made a 20% gain. Is this for your retirement fund? Do you need to put your kids through College? We knew Senator's were good, just not how good.
Paulson's original bill was 3 pages. How did you wonderful Senator's turn it into 450 pages!!! In two short days? Like Magick? Are you using the Mandrake mechanism to make this bill, or has this bill already been written several years ago; like the Patriot Act? I know it is not because you are conscientiously burning the candle of both ends to save the American people, more like laughing your Ass off at our gullibility.
There are some concerns the U.S. House may add or change the $850 billion mortgage and bank bailout plan approve by the U.S. Senate Wednesday. That could further delay and possibly derail bailout actions Wall Street and U.S. Treasury Secretary Henry Paulson say are needed to avoid gridlocked credit lines and more bank and business failures.

The Senate passed the bill Wednesday and the U.S. House will consider it in the coming days, possibly Friday. The House shot down the Paulson bailout Monday.

That defeat sparked a record 778-point drop to the Dow Industrial Average and fears of a really bad recession.

The Senate bill now encompasses $150 billion more than Paulson’s original $700 billion request. It includes higher bank deposit insurance levels and a slew of tax breaks and tax credit extensions.

But labor unions and left-wing groups are pushing House Democrats to put in more consumer protections (including allowing mortgages to be worked into personal bankruptcies) assistance for distressed homeowners and new taxes on Wall Street to pay for the bailout. The House defeated the bill 228-205 with limited support from Republicans and some late defections from Democrats. The Senate bill may garner more GOP votes in part because the U.S. Securities & Exchange Commission is easing mark to market accounting rules that have hurt banks in the down housing market.

But U.S. Rep. Trent Franks, R-Ariz., also said the Senate bill could turn off some House Democrats. Congressional sources say changes to the Senate bill are under consideration by House lawmakers.

A coalition of chambers of commerce in Arizona are pushing for House approval of the Senate bill. They say action is needed post-haste to avoid frozen credit and to improve shaken economic confidence. The Arizona Chamber of Commerce & Industry as well as the Chandler, Glendale, Greater Phoenix, Peoria, Scottsdale, Tempe and Wickenburg chambers are all part of that effort.

State chamber communications director Ann Seiden said the business community wants the Senate bill passed by the House saying it is critical to move quickly and avoid further financial calamities.

The Paulson plan was originally three pages but is now 450 pages with all kinds of added perks and tax breaks aimed at securing votes.

U.S. Sens. John McCain and Jon Kyl of Arizona and Barack Obama of Illinois were among the yes votes in the Senate while a number of senators from both parties who are up for re-election this year voted no.

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