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New Senate Finance Bill - 10/1/2008 9:21:13 AM

Musicmystery

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From the New York Times, 10/1, 10:54 a.m. --

"Senate leaders scheduled a Wednesday vote on a $700 billion financial bailout package after accepting tax breaks and a higher limit for insured bank deposits in a bid to win House approval and send legislation to President Bush by the end of the week.

"Top lawmakers said the Senate proposal, worked out after a day of behind the scenes maneuvering, would include tax breaks for businesses and alternative energy and higher government insurance for bank deposits.

“'It has been determined, in our judgment, this is the best thing to move forward,' said Senator Harry Reid, Democrat of Nevada and the majority leader, in announcing the surprise move.

"The stock markets in Europe and Asia seemed to take the news in stride Wednesday. European exchanges were relatively quiet much like those in Asia, helped in part by speculation that lawmakers in Washington would be able to revive the financial rescue plan. Futures indexes on Wall Street indicated a lower opening for exchanges where wild gyrations have become the norm. The Dow Jones industrial average gained 485 points Tuesday after a 777-point decline on Monday."

Full story:

http://www.nytimes.com/2008/10/02/business/02bailout.html?_r=1&hp&oref=slogin

< Message edited by Musicmystery -- 10/1/2008 9:23:13 AM >

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RE: New Senate Finance Bill - 10/1/2008 9:54:13 AM

pahunkboy

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If it looks like a duck, quaks like a duck... ER nevermind.

I am not convinced the best and brightest minds are involved in the process. One apparantly needs big money to be part of the process.

Still- these are not solutions. Tax breaks are a distraction.

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RE: New Senate Finance Bill - 10/1/2008 10:08:17 AM

Nosathro

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In my view this is what the taxpayers are bailing out.

http://blogs.moneycentral.msn.com/topstocks/?fpn=the%20best%20temp%20gig%20in%20history&GT1=33009

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RE: New Senate Finance Bill - 10/1/2008 2:02:17 PM

corysub

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Greetings Nosthro....Thanks for the link. I think it is outrageous that Alan Fishman gets $19 million for a three week gig! Couldn't they round it up to $20 million? Seriously...the Board of Directors of WAMU should be dragged into court for making that kind of deal during a period when the corporation was under duress..to say the least.

The remainder of the articles in the link also point out we need to get something going with respect to a "recovery package".
Is a major down cycle upon us?
Car dealerships the new endangered species?
Bad car loans joined by car and credit card problems

and on, and on, and on....but most of all..we need a Bill to pass to try to regain confidence in our financial system.

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RE: New Senate Finance Bill - 10/1/2008 2:08:59 PM

Vendaval

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Thank you for posting this, Musicmystery.

I am troubled by the burden of this legislation on future taxpayers, meaning the ones not voting during an election year.

*emphasis mine

"But the new items also increase the burden on future taxpayers. The $100 billion in tax breaks, which offer incentives for the use of renewable energy and relieve 24 million households from an estimated $65 billion alternative-minimum tax scheduled to take effect this year, will not be offset by spending cuts or tax increases elsewhere.

Moreover, the increase in federal deposit insurance will not be financed, as the insurance program now is, by assessing a higher fee on the banks that benefit. Instead, banks will get an open-ended line of credit directly to the Treasury Department — meaning, taxpayers."

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