"The action I am taking is no more than a radical measure to hasten the explosion of truth and justice. I have but one passion: to enlighten those who have been kept in the dark, in the name of humanity which has suffered so much and is entitled to happiness. My fiery protest is simply the cry of my very soul. Let them dare, then, to bring me before a court of law and let the enquiry take place in broad daylight!" - Emile Zola, J'accuse! (1898) -

Wednesday, October 1, 2008

The Senate Move On The “Bail Out” Is Nothing Short Of Surrender And A Sell Out Of This Nation!

Bailout Bill: Round Two


The Senate is expected to vote on a revised $700 billion bailout package Wednesday that now includes a slew of tax breaks along with an increase in the Federal Deposit Insurance Corporation’s limit for insured bank deposits. Leaders of both parties are hoping that the new provision will make the bill more palatable to the 228 House members that helped ensure the original bill’s defeat on Tuesday, according to The New York Times.

The bill includes tax breaks aimed at individuals and businesses, tax credits for the use of alternative energy technologies, expansion of the child tax credit, protection for millions of families from the alternative minimum tax and tax relief to the victims of natural disasters.

The new bill will also require the FDIC to insure deposits up to $250,000 instead of the current maximum of $100,000.

If the bill is approved by the Senate, the legislation is expected to move across the hall to the House by Thursday. On Monday, House members killed the original bill with Republicans voting against the measure two to one, while Democratic support was nearly split.

House minority leader John Boehner (R-OH) has signaled his support for the new plan, however, some House leaders remained skeptical.

Majority leader Steny Hoyer (D-MD), and Speaker Nancy Pelosi (D-CA) were noncommittal on the newly devised bill. House members are still considering adding a $1,000 tax credit to low-income homeowners, as well as an extension of unemployment benefit coverage. However, those provisions could make the bill poisonous to Senate Republicans who could easily thwart its passage.

One element that could sway votes is the fact that constituent sentiment seems to have taken an abrupt turn after the original bill failed, subsequently resulting in the markets meltdown, losing 778 points on the Dow Jones Industrial Average.

“I started hearing from a lot of people who lost money on their investments thanks to the big drop on Wall Street yesterday,” said Representative Steven C. LaTourette (R-OH), who voted against the plan.

The unprecedented plan would give Secretary of the Treasury Henry Paulson unfettered power to spend the $700 billion as he sees fit. This coupled with the fact that the plan now includes almost $1 trillion in new spending and tax cuts will surely lead to even greater budget deficits in the future.

Source The New York Times:

It Is Self-Evident: It Is Time!





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