The House has passed the HR 1424 Bail-OUT bill. The Senate passed the emergency Bail-OUT on Wednesday. As you know the House defeated a $700 billion rescue for the nation's financial system on Monday. The Bill was revised & went from 3 pages to 500. Is this the 1st step that will head off a Depression? Time will tell....:)
For a detailed statement from Congresswoman Tammy Baldwin check-OUT comments.....As Obama said about the situation: "We need to put OUT the fire & then go after the fire starters." Updates to come......:)
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If Barack Obama goes along with the latest bailout bill it in the name of post-partisan comity, he's making a big mistake. Washington is not lacking political leaders willing to go along with the flow. It's lacking political leaders willing to lead. "This is our moment," Obama keeps saying in his speeches. And this is his moment to lead, rather than to appear as one of the Bailout Bipartisan Musketeers ("One for all, and all for Goldman Sachs"). Instead of siding with Bush and Paulson on far too many deal points, Obama should draw a line in the sand and refuse to cross it. Or has he surrounded himself with so many advisors who are looking at the bailout from a Wall Street perspective, he now sees it that way too?
I just finished my first debate with John McCain.
Millions of Americans finally got a chance to see us take on the fundamental choice in this election -- the change we need or more of the same.
I will provide tax cuts for the middle class, affordable health care, and a new energy economy that creates millions of jobs. John McCain wants to keep giving huge tax cuts to corporations, and he offered no solutions for the challenges Americans are facing in their daily lives.
I will end the war in Iraq responsibly, focus on defeating al Qaeda and the Taliban, and restore America's standing in the world after eight years of disastrous policies. John McCain wants an unending commitment in Iraq and fails to recognize the resurgent threat in Afghanistan.
Let's be clear: John McCain is offering nothing but more of the same failed Bush policies at home and abroad that he has supported more than 90% of the time in the Senate.
Americans need change now, and I need your help to get the word out about this movement.
In the coming days, it's going to be up to you to organize locally and reach the voters that are going to decide this election.
Now's the time to make your voice heard.
These are difficult times for all Americans. People are deeply concerned about economic conditions in our nation and around the world. Family budgets are being broken by rising costs of energy, food, and health care. The collapse of the housing market has affected people across Wisconsin, including those with good credit and jobs. The latest figures on employment are deeply troubling and indications are that the situation will get worse before it gets better. It is no wonder that people are worried.
With all of these economic challenges, the news that the world’s credit markets are freezing up is deeply troubling. If Americans can’t get credit, many small businesses will be unable to make their payrolls, students will be unable to secure loans to pursue a college education, and sales of major items such as automobiles will come to a halt. The resulting job losses would be devastating to an already fragile economy.
I have listened carefully to economists who have spoken out from a variety of perspectives on these challenges. I have also heard from thousands of constituents. In their voices I have heard both anger and fear. When it comes to the abuses and greed of Wall Street, I share their anger.
After careful consideration, I concluded that it was essential for Congress to take action. We must hold wrongdoers accountable and we must rewrite the law to see that this situation never happens again. At the same time, we must take action to ensure that our nation is not plunged into a severe depression. Inaction is not an option.
Consequently, again today, I voted for bipartisan legislation that protects taxpayers and homeowners as it strengthens our financial markets and restores confidence in our economy. Our plan, agreed to by both parties in both houses of Congress and both Presidential nominees, calls for the government to buy up certain distressed assets so the economy – and our credit markets – won't stop functioning.
The economic plan has three main objectives:
• Rescue the troubled credit and financial markets to stabilize our economy and insulate Main Street from Wall Street
• Reimburse the taxpayers for every dime as the plan begins to work
• Reform how business is done on Wall Street
The bill provides stringent oversight and transparency. It also limits excessive compensation and denies golden parachutes for CEOs and executives and recoups bonuses paid to executives.
The plan protects taxpayers by putting them in a position to share in the profits and to recover assets, and requires a plan ensuring taxpayers are repaid in full—if they haven’t made a profit—by recovering the shortfall from Wall Street.
Contrary to popular belief, this isn't a taxpayer giveaway, nor is it a “bailout.” There are widespread misconceptions about this recovery plan.
Many of the provisions added to the bill by the Senate were included to help working families. These include:
• extending Alternative Minimum Tax (AMT) relief, which means that 25 million Americans will not suddenly be hit with a huge tax increase
• extending the child tax credit
• extending the tuition tax credit
The bill also helps homeowners and small businesses as it:
• Provides property tax relief for up to 30 million homeowners
• Increases from $100,000 to $250,000 the amount of bank deposits insured by the FDIC
• Allows the government to work with loan servicers to change mortgage terms, so that people don’t lose their homes in foreclosure
• Extends a provision (enacted earlier in this Congress) to stop tax liability on mortgage foreclosures
• Helps save small businesses that need credit by aiding small community banks—allowing these banks to deduct losses from investments in Fannie Mae and Freddie Mac stocks
The bill helps families and creates jobs by spurring investment in energy independence and “green” jobs in a number of ways. It offers tax credits of $2,500 or more toward the purchase of fuel-efficient, plug-in hybrid vehicles and offers incentives for energy conservation in commercial buildings, residential structures, and energy efficient appliances.
Especially important, the bill stops an increase in taxpayer-funded subsidies for oil companies and closes foreign tax loophole for large oil companies.
I will not minimize the seriousness of our economic situation. I do believe Congress needed to act, and has, in a responsible way that responds to the immediate crisis and takes steps to prevent such greed and mismanagement from ever happening again.
While this legislation is important, still more must be done. The very real economic concerns facing families, including the need for creating good jobs, ensuring that all Americans have access to quality affordable health care, and securing energy independence and security must still be confronted. My work to address these issues in a bipartisan manner continues.
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