Monday, September 29, 2008

Thumbs Down on Rescue Legislation

Over the weekend congressional leaders and the White House had reported agreement on a plan involving a $700 bailout of Wall Street, proposed as a public need to keep the general economy afloat. I don't buy it, the people I've been speaking to who aren't bloggers don't buy it either, their general mood is one of anger about it, and 228 house members thought similarly enough that they turned down this initial draft of the bill. I feared that a bill where taxpayers reimburse the recent losses of the financial industry would be rubber stamped, which I am pleased has proven untrue. Naturally, this isn't over yet.

6 comments:

East.Bay.Miser said...

[Congressman Pete Stark of Fremont is thumbs down too]

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/09/27/MNOO1367MD.DTL&hw=pete+stark+bailout&sn=003&sc=441 (... see paragraph 9)

'Overrated' warnings

Democratic Rep. Pete Stark of Fremont, a former banker, said he probably will not support it, calling dire warnings of a credit meltdown "grossly overrated."

"I think we are being railroaded in the same manner we were to vote for Iraq," Stark said. "The banks of the Bay Area are in good shape, and they're bailing out Wall Street for $700 billion. It's irresponsible and reckless."

SF Mechanist said...
This comment has been removed by the author.
East.Bay.Miser said...

...then again the Fed averages $180 billion - $200 billion in loans every week...maybe a one time $700 billion - $1.6 trillion bailout promise with the capacity to recover most of that money or even make a profit is worth it to reassure global markets.

SF Mechanist said...

Good for Pete Stark!

My representative is Nancy Pelosi...

I did write her on my thoughts about this.

Google news is reporting and I posted down earlier the fed is expanding liquidity by hundreds of billions today.

East.Bay.Miser said...

Nancy Pelosi led the charge to pass the bailout...vote Cindy Sheehan for Congress!

www.cindyforcongress.org
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/04/25/BAU310AJJ9.DTL

SF Mechanist said...

Haha... I keep flagging her email as spam and earthlink won't let me put her on my blocked senders list... but against Nancy Pelosi she will have my vote.