On Senate Action

[seanorange]

The Senate passed their own version of the bailout bill, 74-25, attached as an amendment to an unrelated bill.

The big changes? An increase in FDIC insured deposits up to $250,000, and A SLEW OF TAX BREAKS.

Jeepers P. Christmas, we're all royally screwed.

~Sean

Comments

[zacshipley]

Interesting factoid about FDIC insured deposits: if they lose that money, the Federal Government has 99 years to pay it back.

theres people who lost stuff in the S&L days in the 80s who still haven't got a dime.

we'd be more screwed if this didn't pass. I can't allow myself to get too worried about this.

[seanorange]

There is one conceptually simple way we can be less screwed: refinance the mortgages that are causing this problem.

It'll take a lot longer to tackle all of those cases individually than throw a wad of cash at companies. That's why we need to do both. But not one or the other (or more like one, but not the other).

The Dems have no balls. I'm so pissed at them.

~Sean

[anonymous]

Yeah, cause when we already have the largest budget deficit in US history the best plan is to more than double it in a bailout then decimate our tax revenues. Wow!! Perhaps we should start electing accountants instead of lawyers. I still think the bailout is the best of the worst at the moment and I still think there's a possibility we'll get some or even most of it back over a few decades. Butthe tax breaks? Say what? Come on! I know it's the big republican banner issue (a certain president rode in on that promise shortly before raising taxes), and I know tax cuts are always popular among the voting public, but how the heck are we gonna pay for anything, anything at all, if we keep handing out our revenue stream?

Meep

[aremisasling]

Keep forgetting to log in.

Meep

[seanorange]

1) I understand they need Republican votes to pass this, but the lure of tax breaks seems so ridiculous to me. I guess the AMT thing is good (something they do every year or so), but the rest of it? WTCHOP?

2) I would be even more dismayed if the Republicans actually fell for it. Nothing about what they opposed to has changed, but they'll take something that can easily be reversed by a new administration/Congress?

At least, I hope that's what happens. The 111th Congress raises taxes to even begin to have a hope of paying off record defecits and national debt.

~Sean