"We've sent a clear message to Americans all over that we will not let this economy fail. This is not a piece of legislation for lower Manhattan. This is legislation for all America."-- Senate Majority Leader Harry Reid, D-Nev.
But critics on the right and left assailed the rescue plan, which has been panned by their constituents as a giveaway for Wall Street with little obvious benefit for ordinary Americans.Doing the job that most American Congressmen wouldn’t do the Senate in an overwhelming 74 to 25 vote, put lipstick on a pig and sent, what was once a 3 page bill now an engorged 451 page bill, back to the House of Representatives full of so called sweeteners. (see story)
Sen. Jim DeMint, R-S.C., a leading conservative, said the step was "leading us into the pit of socialism."-- CHARLES BABINGTON and JULIE HIRSCHFELD DAVIS
The Senate added $100 billion in tax breaks for businesses and the middle class, plus a provision to raise, from $100,000 to $250,000, the cap on federal deposit insurance. As added incentive the Securities and Exchange Commission eased rules that force companies to devalue assets on their balance sheets to reflect the price they can get on the market. (see video)
The Senate whose members are not facing any reelection threats is hoping that this bit of political peer pressure will be enough to force the House to abandon the will of the people and join them as Comrades in Socialism.
According to Charles Babington and Julie Hirschfeld Davis, Associated Press Writers; They were especially targeting the 133 House Republicans who voted against the package. Yet as pointed out in my previous post only 93 Democrat votes in the House would have passed the original bill with no Republican backing.
If Democrats wanted to pass this bill they are the majority in the House of Representative and could have passed this bailout 235 to 198 on a straight line partisan vote so any targeting is an obvious effort to give Democrats the cover of bi-partisanship as they have done in the Senate.
Babington and Hirschfeld Davis, also report that [t]here were worries, [...] that the tax breaks might cause some conservative-leaning Democrats who voted for the rescue Monday to abandon it because the revised version would swell the federal deficit.
Friends no matter how Congress presents this bailout, it is primarily a cover up for Democrats who allowed this nation to go to the brink of financial ruin's edge on Democrat's failed social engineering policies in housing.
Democrats and their Republican allies should be held responsible for the greatest finance crisis in recent history.
This is an election year we can do something about this!
Barack Obama and his Party must be held responsible for this, the greatest financial crisis in our life time, just as Democrats would hold President Bush or any Republican responsible if they could.
We all know it!