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We DID make a difference. We CAN continue to make a difference.
Senate to vote on bailout tomorrow — with an added tax cut
Just in: The Senate will vote on the bailout plan tomorrow night — with one big addition to the $700 billion plan the House rejected yesterday.
Majority Leader Harry Reid, D-Nev., and GOP Leader Mitch McConnell, R-Ky., said they will include a tax-cut package already rejected by the House on Monday. The plan would also boost federal deposit insurance limits to $250,000 from $100,000.
"My vote doesn't matter." This is the one I hate the most, because it is indicative of one already defeated and hopeless. The person who believes this must be shown that their vote and their opinion does indeed matter.
Calm down everyone. Take a few deep breaths.
He is most probably going to:
1.) Announce what most people already know, namely that the Fed has printed up $630,000,000,000 to release to the banks to ease the cash flow. I posted this information on the Emergency Economic Stabilization Act Thread several hours ago.
2.)Ask for a bipartisan effort to come up with a bill that is acceptable to the American Public.
I think too many people have been listening to Alex Jones. I saw the sun set tonight, and I assure you that the sun will rise tomorrow, and the world will not end. What we need to all do is remain calm. The crooks tried to sell this Bill with FEAR. They are now using the MSM and their minions to convince you that their bill must be resurrected. Don't fall for the trap. The markets will eventually recover, but not before the trash is swept away. This correction needed to be done. Remember, the same crooks that caused this problem hold millions of shares of their companies. They will not let this continue. They are just having a hissy fit, like a child that did not get his/her way. The rich have temper tantrums often, much more than the common man.
WASHINGTON (AFP) — The US Senate will vote Wednesday evening on a revised 700 billion dollar Wall Street bailout, after the House of Representatives sparked economic turmoil by rejecting the original package.
A Democratic Senate aide speaking on condition of anonymity confirmed the surprise vote would go ahead and the bill is expected to be considered after sundown on Wednesday at the end of the Jewish Rosh Hashanah holiday.
The bailout bill is expected to have a much easier path through the 100-member Senate than in the House, where in a shock vote, members voted to knock it down by 228 votes to 205.
The bill as seen as a much-needed package to boost a US economy on the verge of collapse due to the bursting of the housing bubble, a credit crunch, a squeeze on banks and utter chaos on Wall Street.
In a bid to build Republican backing for the bailout in the House, the Senate bill will include votes on extending tax cuts which are set to expire and an extension of federal insurance for bank deposits to 250,000 dollars.
"Senate Democrats and Republicans believe it is essential that we work quickly on this important legislation to restore confidence to our financial system and strengthen the economy," said Senate Majority leader Harry Reid.
"It is my hope that with the improvements we have made to the administration's proposal the Senate will pass the legislation tomorrow and the House of Representatives will follow suit soon after," he said.
Democratic Speaker Nancy Pelosi and Reid told Bush in a letter that they would keep working with him to revive the bill.
"Working together, we are confident we will pass a responsible bill in the very near future," they said.
Senate Banking committee chairman Chris Dodd had also predicted the bailout would soon make it through Congress soon.
"I am quite confident that we are moving in the right direction, and that we should end up with a very positive outcome in the next 24 or 48 hours," Dodd said.
"I do know that some of those who cast votes yesterday are having second thoughts about the situation that they placed us in."
13 SEC. 122. INCREASE IN STATUTORY LIMIT ON THE PUBLIC
15 Subsection (b) of section 3101 of title 31, United
16 States Code, is amended by striking out the dollar limita
17 tion contained in such subsection and inserting
(b) The face amount of obligations issued under this chapter and the face amount of obligations whose principal and interest are
guaranteed by the United States Government (except guaranteed
obligations held by the Secretary of the Treasury) may not be more
than $8,184,000,000,000, outstanding at one time, subject to
changes periodically made in that amount as provided by law through
the congressional budget process described in Rule XLIX (!1) of the
Rules of the House of Representatives or otherwise.
Daily Real Estate News (from the National Association of Realtors)
January 2, 2007
Beware of Latest Mortgage Scam
In a scam known as shotgunning, thieves are applying for multiple home loans simultaneously. When they get the money — sometimes millions — they take it and leave the country.
Authorities are blaming Eastern Europeans affiliated with what is known as the Russian Mafia. "It's the fraud of the year," says Paul Doman, director of Title Insurance Co.’s Lenders Advantage Equity Division. "They can pull in excess of a million dollars out of the home, enough so they can live a good life back wherever they came from."