CNN says more banks are likely to fall. It seems like that 700B will get plenty of asset to buy. Now, how much did the additional votes cost to get the bill?
Taxpayers For Common Sense compiles a list of 15 pet projects within the bailout bill (). It would be difficult to determine which provision actually got tucked into the bill to exchange for votes. However, we can see where the most direct beneficiary of the provisions and see the incentives of the votes, especially the switch... Read Full Story
Here is the list of ALL congressmen who changed their vote from NO to YES.
If you like them, then look for their website and donate! If you do not, well, you can still look for their website!
Name
Affiliation
State
2006 Vote Margin
Re-election
Buchanan
R
FL
0
Re-Election
Gerlach
R
PA
2
Re-Election
Schmidt
R
OH
2
Re-Election
Yarmuth
D
KY
3
Re-Election
Kuhl (NY)
R
NY
4
Re-Election
Mitchell
D
AZ
5
Re-Election
Knollenberg
R
MI
6
Re-Election
Braley (IA)
D
IA
12
Re-Election... Read Full Story
Of the 434 votes on the second bailout bill (1 vacancy), only 1 vote changed from YES to NO. There were 58 votes from NO to YES, and 1 Abstain to YES. The first bailout roll call is here. This post is about how an election, their own election affected their decision. The objective of this post is to show how competitive elections make elected officials more responsive, more responsible. Due to the pet projects associated in the bailout bill, the direct implication is that more... Read Full Story
A 3 page rescue package became 400 page rescue package. A lot of improvement? A lot of pork barrel? Are the lobbyists now worth the money of the clients? Who Changed the vote? Who did not? Anyway, the bill passed!
There is 1 vacancy in the House.
There are 46 House seats who had a margin of <10% in 2006. Of the ones who had a margin of greater than 10%, I would consider them as safe seats. There was 1 abstain in the first vote who had a safe seat.
The Representatives who are... Read Full Story
The senate has passed Bailout bill, an important bill by itself and even more so during an election season. Simultaneously, Americans are debating about the next President as well as the centennial financial crisis. The debate will continue: about what sweeteners ought to be in and what to be tossed out (mainly the idea of buying toxic assets from the banks), even after this implementation. However, this bailout probably provides an excellent stage for a third debate: what is fair market... Read Full Story
The bailout plan got voted down: 205 vs 228. The House still cannot get a full house for such an important vote. Someone please check if those 2 seats are vacant. Are you upset that it got rejected? Some people are upset (S&P has fallen >6% already), some not. NYSE is certainly down. Is there any good out of this rejection?
Some economists and financial guru may say why this bill would not work anyway. Some people (say Bush, Paulson, to name a few) may also say why we must pass this... Read Full Story
How consequential is this bailout plan? For intra day trading activity, it matters. For anything beyond ½ year time frame, it is doubtful.
$700B is about 6% of total US mortgage market ($12T).
Paulson’s announcement did stop the sinking of equity. That gave everyone an opportunity to think a bit, save themselves from a panic sell off. However, once this news wears out, will there be any supporting news?
Even if all sides agreed on a deal, how much does it take to make it... Read Full Story
Obama now has 228 electoral votes versus McCain’s 174, after a month of conventions, bailouts, bankruptcies and an announcement of $700B bailout plan. With only 40 days to go before the voting day, McCain suspends his campaign to work on a solution. Is he looking for a distraction? Is this statesmanship?
The answer to that will be determined by the reasons of those 90 Representatives who are opposed to it. Are they opposed to having a bail out at all? Are they having a problem... Read Full Story
Warren Buffet has called the credit derivatives the “financial weapons of mass desctruction”. To combat this financial weapon of mass destruction, Bush administration is getting another Patriot Act with a price tag of $700B. Pentagon runs about $500B. Paulson is essentially asking to run the biggest show now. The best part of this proposal is that Paulson left out the oversight part. Even McCain is screaming about oversight now.
$700B of spending without oversight. Hm… does it sound... Read Full Story
Warren Buffet has called the credit derivatives the “financial weapons of mass desctruction”. To combat this financial weapon of mass destruction, Bush administration is getting another Patriot Act with a price tag of $700B. Pentagon runs about $500B. Paulson is essentially asking to run the biggest show now. The best part of this proposal is that Paulson left out the oversight part. Even McCain is screaming about oversight now.
$700B of spending without oversight. Hm… does it sound... Read Full Story
