Blue Mass Group

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Senate passes bailout bill 74-25

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Unsurprisingly, the Senate has overwhelmingly passed the bailout bill 74-25.  Worthy of note: Senators Obama, McCain, Biden, and Kerry voted for it.  Senator Kennedy is the only Senator who did not vote.

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  1. I was worried sick ’til now about the excise tax on children’s wooden arrows:

    <

    p>SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN WOODEN ARROWS DESIGNED FOR USE BY CHILDREN.

    <

    p>(a) IN GENERAL.-Paragraph (2) of section 4161(b) is amended by redesignating subparagraph (B) as sub301 paragraph (C) and by inserting after subparagraph (A) the following new subparagraph:

    <

    p>”(B) EXEMPTION FOR CERTAIN WOODEN ARROW SHAFTS.-Subparagraph (A) shall not apply to any shaft consisting of all natural wood with no laminations or artificial means of enhancing the spine of such shaft (whether sold separately or incorporated as part of a finished or unfinished product) of a type used in the manufacture of any arrow which after its assembly-

    <

    p>”(i) measures 5?16 of an inch or less in diameter, and
    ”(ii) is not suitable for use with a bow described in paragraph (1)(A).”.

    <

    p>(b) EFFECTIVE DATE.-The amendments made by this section shall apply to shafts first sold after the date of enactment of this Act.

  2. Did you see how well they all came together .. like one big happy family, rheming the public who is in violent opposition to the legislation being crammed through.
    There was hardly any difference between anyone in the room from what I could tell. Pass the Manishewitz … and vote out all incumbants!

    • They will get to say they saved the day…I am somewhat annoyed that they are all patting themselves on the back  “look how we have come together” duhhh that’s your job silly! Kinda like that athlete pounding his chest for making a lay up! Dude you make like 70 million!

  3. For myself, I don’t sign contracts I have not read [well, except for some online software do you agrees – oops]

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    p>The idea of legislators signing a 451 page bill, most of them not having read that bill, and doing a bail out with tax cuts?

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    p>Dang.  I may just have to read this.  Maybe the House won’t pass it, though.

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    p>Fear is not a good enough reason.  What ever happened to “All we have to fear is fear itself?”

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    p>So far, I am NOT reassured.  Are you?

  4. The Senate, admirably, has sent a strong signal to the financial markets that the federal government will not allow our banking system — and our economy — to collapse.

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    p>Now, before the bill is passed by the House and signed by the President, the nation gets a last moment to look at the details and ensure all is in order before we sign away 700 billion dollars.

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    p>Let’s take a minute.

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    p>How much is $700 billion dollars?  Slate has a great article on the subject, since it’s too large a number for most of us to wrap our heads around.  These days, $700 billion is about a quarter of total federal spending for a year.  At $10 billion a month, $700 billion would pay for the Iraq War for about 6 years (not counting long-term veteran’s care costs or debt service).

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    p>So far, House Democrats — led by Speaker Pelosi and our own Barney Frank — have done quite well.  Frank in particular has been extremely strong in his public remarks.  Yet now, we need them to go the extra mile for a better bill.   They need to ask 2 questions.

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    p>First: can we afford to delay a day or two?

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    p>This is perhaps the hardest question to answer.  The markets are volatile.  Yet, with a cost of $700 billion, and the increasing confidence, that, yes, Congress will pass something, can we afford not to?

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    p>Second, can the plan be improved?

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    p>The answer here seems obvious.  Buying mortgage-backed securities is more expensive than simply bailing out the actual mortgages themselves.  Buying equity in the firms that need help is far more likely to yield a reasonable return to the taxpayers in the long run.  And, perhaps most importantly, it is critical that Secretary Paulson not be given carte blanche to do what he wills with $700 billion.  What in the Bush Administration’s record makes us think it will be used wisely?  $150-$250 billion should be sufficient, if spent well, to get us through to the next Administration.  The current plan is not good enough for Main Street or Wall Street.

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    p>Many legislators, pundits, economists and experts have pointed out weaknesses with the current plan, and suggested alternatives or amendments.  The current plan does not appear to help with crucial liquidity problems in the money markets.  Nor, if we are concerned about the economy, does it attempt to facilitate economic growth and put people to work by investing in green infrastructure and transportation — things we must do on a historic scale, (think Tennessee Valley Authority, Eisenhower Interstate System, or the Apollo project to put a man on the moon).

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    p>Obviously, Congressman Frank and Speaker Pelosi can not be asked to solve all our problems and restore a bold progressive direction in a couple of days.  

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    p>(To do that, a new president and many new elected progressives in Congress and the Senate will be needed, shoring up the ranks.)

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    p>But what they can do — and what the nation needs them to do — is take a moment to make sure this plan will work, and make sure it is as small and targeted as possible to get the job done.  They will need to bring in several backbenchers and find solutions to bring them on board.  But remember, the bill only went down bin the House by a dozen or so votes, and in the Senate, it passed 75-25.  There is time enough to study this plan one more time and consider serious changes.  The president will sign — and it seems clear the Senate can pass — an amended bill, if the Speaker and Mr. Chairman can improve it.

  5. See it here

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    p>Democrats No
    Cantwell, Wash.; Dorgan, N.D.; Feingold, Wis.; Johnson, S.D.; Landrieu, La.; Nelson, Fla.; Stabenow, Mich.; Tester, Mont.; Wyden, Ore.

    <

    p>Republicans No
    Allard, Colo.; Barrasso, Wyo.; Brownback, Kan.; Bunning, Ky.; Cochran, Miss.; Crapo, Idaho; DeMint, S.C.; Dole, N.C.; Enzi, Wyo.; Inhofe, Okla.; Roberts, Kan.; Sessions, Ala.; Shelby, Ala.; Vitter, La.; Wicker, Miss.

    <

    p>Others No
    Sanders, Vt.

    <

    p>Any takers on explaining the common thread(s) for these guys?

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