Comments on: Provisions That Made the Bailout “Better”

By: Jody

Jody — Fri, 03 Oct 2008 21:19:05 +0000

I want the wooden arrows!

It's a mess. Now that the plan has passed, I'm hoping for the best. Whatever that is. In the meantime, I found this hilarious song about the bailout. Anything to lighten up a grim topic: Bailout song

By: Will H.

Will H. — Fri, 03 Oct 2008 11:42:16 +0000

To Steven

The Senate cannot make any law by itself, it requires passing both houses and signed by the President (unless it's an override of a veto by 2/3 of each house). But appropriation bill must start in the house, the energy bill started in the house and thus the Senate was able to change it, but it must go back to the house in it new form for passage before it can be pass on to the President for his signature. Then it becomes the law.

By: Steven Wart

Steven Wart — Thu, 02 Oct 2008 19:44:35 +0000

Will that’s an interesting comment. Does that mean the Senate was able to add $700b to the Federal budget without any law being passed by the House?

Disclaimer: everything I know about US Politics I learned from Schoolhouse Rock (http://en.wikipedia.org/wiki/I%27m_Just_a_Bill)

By: Charlie B

Charlie B — Thu, 02 Oct 2008 18:27:46 +0000

Congress Critters accepting bribes is not news.

By: Will H.

Will H. — Thu, 02 Oct 2008 17:19:11 +0000

The Senate can not start an appropriation bill, that has to be done in the house of representatives, so the Senate attached the bail-out bill to an existing appropriation bill for energy. That is why you see energy related items in the new bill. That’s doesn’t mean that they didn’t load up the pork, which they did for both bills.

By: Speedmaster

Speedmaster — Thu, 02 Oct 2008 17:05:36 +0000

What an absolute disgrace. I posted this about it.
http://amateureconblog.blogspot.com/2008/10/bailout-bill-quickly-grows-in-girth-now.html

By: Steve Wart

Steve Wart — Thu, 02 Oct 2008 16:30:15 +0000

Here’s the full text of the bill http://c-span.org/pdf/hr1424_100108.pdf

This amendment may also have been voted on http://dealbreaker.com/images/thumbs/MAT08465_xml.pdf

Also have a look at the amendments to the Health Services Act (SEC. 512. MENTAL HEALTH PARITY), SEC. 401. PERMANENT AUTHORITY FOR UNDERCOVER OPERATIONS and SEC. 402. PERMANENT AUTHORITY FOR DISCLOSURE OF INFORMATION RELATING TO TERRORIST ACTIVITIES. Not sure about the significance of the last 2 items as they refer to other documents.

Here is how your elected representatives voted on this steaming pile of pork http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=2&vote=00213

Remember them in November.

By: nick d

nick d — Thu, 02 Oct 2008 15:50:26 +0000

I was watching this in the news. Its still $700b with the gov’t buying bad assets they can’t valuate. But now it has earmarks so its all good?

By: Gorgasal

Gorgasal — Thu, 02 Oct 2008 15:30:09 +0000

I tried to verify this and couldn’t. Do you want to take a swing at it?

On http://www.senate.gov, I searched for “Emergency Economic Stabilization Act of 2008″ and wound up in the banking committee:
http://banking.senate.gov/public/index.cfm?FuseAction=Articles.Detail&Article_id=76b1aea4-39b8-404f-b3cd-f8b6c46e3b14&Month=10&Year=2008

This directed me to the “latest version of package legislation which includes the Emergency Economic Stabilization Act” here:
http://banking.senate.gov/public/_files/latestversionAYO08C32_xml.pdf

And in there, I found nothing corresponding to the above blog post. Am I mistaken, or is Mr. Leonard?