PORKY!

But I thought they were celebrating the Jewish holiday? Isn’t that more important? What the hell is wrong with these assholes! Can’t they get anything straight!!!!!

/snark

And it comes with poison pills of a sort:

Before Reid and McConnell’s move, lawmakers, President Bush and the two rivals to succeed him all rummaged through ideas new and old, desperately seeking to change a dozen House members’ votes and pass the $700 billion plan.

The tax plan passed the Senate last week, on a 93-2 vote. It included AMT relief, $8 billion in tax relief for those hit by natural disasters in the Midwest, Texas and Louisiana, and some $78 billion in renewable energy incentives and extensions of expiring tax breaks. In a compromise worked out with Republicans, the bill does not pay for the AMT and disaster provisions but does have revenue offsets for part of the energy and extension measures.

That wasn’t enough for the House, which insisted that there be complete offsets for the energy and extension part of the package.

The Senate move seems aimed at jamming the House into accepting the deficit-financed tax cuts. Conservative Democrats won’t like the idea, but some Congress-watchers suspect most Democrats might be willing to go along.

Still, the House is where the problems are, and leaders there were scrounging for ideas that might appeal to a few of the 133 Republicans and 95 Democrats who rejected the proposal on Monday.

i thought spending bills originate in the house?

K-Y Jelly Pig?
Ew…my least favorite kind.

i thought spending bills originate in the house?

The Constitution is not in session after go-home-day for Senators.

It’s getting awfully hard to figure out what thread is current around here.

Bye, bye mark to market?

http://www.businessweek.com/ap…..HBG3O1.htm

I thought it was just me.
??? I’d love to be a fly on the wall, just so I’d know.
Other than that, I do take direction well — a theatrical term — but still.

This is true, but you can work around that by taking a bill that has already been passed in the House (of which there are many), and deleting the entire content of it and putting in the bailout bill. This is only done in extreme cases.

P.S. It’s actual that REVENUE bills can only start in the House. Apparently, because this bill purchases assets, this counts as a revenue bill.

What happens if it doesn’t pass the Senate besides Americans rolling on the floor laughing their ass off?

Not great with peanut butter either although it keeps it from sticking to the roof of your mouth.

Nah, we seem to have a plethora of gifted scribes vying for your comments!

Edward Teller gets credit on KO!!!

Sounds like a trap!!!!

If it is loaded with pork, McCain will vote No, and Obama might vote yes. If McCain votes No, it will back his claim of no earmarks, and it will make him sound like he’s on the side of the “people”…the Pukes will throw it in Obama’s face.

To the Speaker of the House of Representatives and the President pro tempore of the Senate:

As economists, we want to express to Congress our great concern for the plan proposed by Treasury Secretary Paulson to deal with the financial crisis. We are well aware of the difficulty of the current financial situation and we agree with the need for bold action to ensure that the financial system continues to function. We see three fatal pitfalls in the currently proposed plan:

1) Its fairness. The plan is a subsidy to investors at taxpayers’ expense. Investors who took risks to earn profits must also bear the losses. Not every business failure carries systemic risk. The government can ensure a well-functioning financial industry, able to make new loans to creditworthy borrowers, without bailing out particular investors and institutions whose choices proved unwise.

2) Its ambiguity. Neither the mission of the new agency nor its oversight are clear. If taxpayers are to buy illiquid and opaque assets from troubled sellers, the terms, occasions, and methods of such purchases must be crystal clear ahead of time and carefully monitored afterwards.

3) Its long-term effects. If the plan is enacted, its effects will be with us for a generation. For all their recent troubles, America’s dynamic and innovative private capital markets have brought the nation unparalleled prosperity. Fundamentally weakening those markets in order to calm short-run disruptions is desperately short-sighted.

For these reasons we ask Congress not to rush, to hold appropriate hearings, and to carefully consider the right course of action, and to wisely determine the future of the financial industry and the U.S. economy for years to come.

Followed by about two hundred names

http://faculty.chicagogsb.edu/…..rotest.htm

Ha! Just the greased pig took me some place from my past. And, it doesn’t taste good.
Thank God for not having to deal with that anymore…we have enough things these days.
How are ya?

Between McPalin and the economic train wreck (caused of course by the engineer texting while ignoring three consecutive red lights), the last few weeks have begun to resemble some kind of cross between a Tom Stoppard play and a Ken Kesey novel, directed by David Lynch. You could never get this thing greenlighted…it’s just too outlandishly absurd.

So the Senate is pushing a greased pig backwards through the legislative process and then the White House and the presidential candidates will lean on the frightened congresspeople to vote yes? With promises and rewards and probably gifts under the table? Sure. Makes as much sense as anything else around here these days.

Okey-doke. How you?

it’s a pretty crappy bill, even w/the changes. the oversight is toothless and the exec compensation limits don’t apply to contracts already in existence, which is kind of the point, why reward folks for bad decisions?

meanwhile, larry kudlow knows where to squarely place the blame for the first failure of the bail out plan: on the shoulders of the blacks and latinos.

Don’t know what you mean, but :)’s anyway.
Plethora? I just climbed on to the lake boat a minute ago…
Been away since this am, just not sure whatcha mean?

Sorry for the OT but KO just referenced our own ET on the man living with dinosaurs…… Woohoo ET hit the big time……. called him a “local music teacher”

Really? Wow! I have it on but didn’t hear that part. What did he say?

Oh, pretty good. Wrote a long while today. Still trying to keep the family in a good place. Just came back here to see what’s going on.

Ian
I just watched a clip of McCain from Fox this A.M.; he claimed the treasury secretary has about a trillion dollars that he can use without congressional approval to buy up some of those bad securities. Is that correct? If so, why did he not just do that, as it is pretty close to his original plan?

Wow! I don’t understand the reference. Can someone explain? ‘Newbie’ here. ;-)

The music teacher (Phillip Munger) who spoke with Sarah about the “fact” that dinosaurs walked the earth with man.

You may be right. Then McC can have it both ways, he would have supported a bail-out when talking to those who supported it. He can say he voted against it with all the pissed off voters.
Obama better get that pork removed.

Main Entry: plethora
Part of Speech: n
Definition: excess; overabundance

lotsa threads running at the same time, like a twin!

So does this mean KO reads FDL? Wow! *waving to KO & fixing hair*

Exactly 2 days from now the fun begins, or continues.

eli upstairs

is the same bill number going to be used or something different? anyone know if there is a copy of the bill anywhere on the web to read?

oh, yeah. and fuck reid, mcconnell, obama, mccain and bush.

Before Reid and McConnell’s move, lawmakers, President Bush and the two rivals to succeed him all rummaged through ideas new and old, desperately seeking to change a dozen House members’ votes and pass the $700 billion plan.

what the fuck is obama doing?

Oh, yes. I knew what you meant by the word. Now, I’ve got the context.
Everbody’s Talkin’ attcha…like Midnight Cowboy.
Can’t hear a word they say…

Ooooh, My writng partner and I are having a watchin’ party.

why reward folks for bad decisions?

Is this multiple choice?
1) That is what neo-cons do best
2) Bad decisions are the only decisions they make
3) They only have 4 months to reward themselves
4) SHOCK DOCTRINE and as a bonus free collatorized mortgage thingies

oh

How do you do that?
Not taking it personally. heh.

Oh okay. And am I to assume ET (Edward Teller) is Phillip Munger or am I confusing the hell out of it and acting like Sarah Palin at the moment? LOL

Ian, appreciate your efforts to keep on top of this and inform others; I’m sure you’re as tired of it as I am.
People we are being fucked without even being kissed; mark to market is gone; the Senate thinks the tax breaks -especially the AMT proposals- will push the vote over the amount necessary; Obama, Dodd, etc. are unwilling to scuttle the bill and propose something new. Nor will they address the obvious failings in the bill. And the Senate won’t let the public see what their changes are before voting on it.
Bottomline, the Senate is the least democratic institution in the legislative and acts like; truly a ‘millionaires club’.
What economists are saying at TPM:
http://talkingpointsmemo.com/n…..ctions.php

What I’ve not been top discover is who the “more than a dozen banks” are that report to the British Bankers Assc. which sets the LIBOR rate; seems to me that they are the ones REALLY screwing up the mix.
Q: How does it -LIBOR- get set?

A: Every business day, more than a dozen banks report to the British Bankers Association (BBA) their estimates of the rates at which they are able to borrow money from other banks. After discarding the highest and lowest rates reported, BBA staffers average the rest and report the figures daily after 11 a.m. London time. This system, in place since the mid-1980s, has generally worked well, MacKenzie said in an interview. Without a globally accepted benchmark for interest rates there would be “chaos and confusion,” he said.

Just saw an ad on tv by British Petroleum touting ‘more U.S. energy’; Yeah, more ‘U.S. energy’.

Oh? Did I hear ya wrong?

and “some people” here might do well to listen to the dead:

Please don’t dominate the rap Jack
if you got nothing new to say
If you please don’t back up the track
This train got to run today

nope

ET is Phillip Munger (the music teacher at the U of A).

and in eli’s short lived post downstairs, we find out obama is pushing this bill through the democrats

if he wants this bill instead of those authored from the ground up by democrats, I will have lost faith entirely and will not campaign in any regard for this man

Maybe

http://emptywheel.firedoglake……ent-102826

hey raven!’

did you hear about my doctor?…he can’t find his pen

“if he wants this bill instead of those authored from the ground up by democrats” ; that is exactly what he wants.

I lost faith in him over fisa, he had obviously corrupted himself, this will seal it for me

If the Senate is authorizing the Treasury to print money, before they’ve gotten us out of Iraq and Afghanistan, I’m against it.

However, if Ian likes it, I’ll reverse my position.

Thank you.

Sarah: “Alaska is not a foreign country.”

She wanted Alaska to be a foreign country. So now she has changed her mind. But Todd is still a secessionist, isn’t he?

doesn’t this all translate into roughly $3000.00 per US citizen over 18?

“if he wants this bill instead of those authored from the ground up by demorats” ; that is exactly what he wants.
I am keeping the c.

No, seriously. All appropriations bills MUST originate in the House. How can the Senate take up a bill that the house has defeated? Or is this just a “sense of the Senate” vote?

if Obama buys this bag of bullshit he will own it despite the fact that George created it. The Democrats must put forward their own plan with strong regulation on banking and finance. Directly buying and refinancing home mortgages at a fair price for 6% over a 45 year non salable mortage with a 50% goverment stake in any profit at sale. 200 billion in a public infrastructure renovation. 100% rebate for home owners who put on solar collectors. 100% reimbursement to States for building high volume high tech transmission lines. A tax rebate up to the cost of the car for getting a plug in electric car. etc. etc.
If we as ordinary democrats can see these outlines of a true recovery plan, why cant the politicians that we hire see them.
I hope Obama wins but by god I intend to keep his feet to the fire to be the President of Change. The bail out is just more of the same Bush-McCain crap.

Ditching Mark-to-Market not such a good idea?

http://www.thecaq.org/newsroom…..er_MOC.pdf