Key lawmakers who struck a post-midnight deal on a $700 billion bailout for the financial industry predicted Sunday it would pass Congress, putting in place the largest government intervention in markets since the Great Depression.
Negotiators sought to iron out the final shape of the legislation and it still had to be reviewed by House Republicans, whose fierce opposition to a federal rescue nearly torpedoed an emerging bipartisan pact late in the week.
But officials in both parties were hopeful for a House vote Monday, and the two presidential candidates said they probably would support it.
Under the rescue plan, the government would pump as much as $700 billion into beleaguered financial firms that are starving for cash, taking over huge amounts of devalued assets from the companies in the hopes of unlocking frozen credit.
I’m sure these brilliant minds in the House and Senate will closely read each and every one of the hundreds of pages of the bill before voting on it. Yeah right!
With a few exceptions most in Congress are nothing but sellouts. I know Ron Paul will vote against the bailout and also apparently Richard Shelby of Alabama.
Anyone who votes for this bill is guilty of theft pure and simple.
Meanwhile in other crime news, more spending and more bailouts courtesy of the elected criminals in the Senate. From MSNBC:
Automakers gained $25 billion in taxpayer-subsidized loans and oil companies
won elimination of a long-standing ban on drilling off the Atlantic and
Pacific coasts as the Senate passed a sprawling spending bill Saturday.
The 78-12 vote sent the $634 billion measure to President Bush, who was
expected to sign it even though it spends more money and contains more pet
projects than he would have liked.
The Pentagon is in line for a record budget. In addition to $70 billion
approved this summer for operations in Iraq and Afghanistan, the Defense
Department would receive $488 billion, a six percent increase. The spending
bill also offers aid to victims of flooding in the Midwest and recent
hurricanes across the Gulf Coast.
Such a huge bill usually would dominate the end-of-session agenda on Capitol
Hill. But it went below the radar screen because attention focused on the
congressional bailout of Wall Street.
Vote these bums out!