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Senate Votes On Bailout Plan

By Wyatt Earp | October 1, 2008

<i>Emperor Palpatine, er, Chris Dodd, reflects upon the bailout.</i>

Emperor Palpatine, er, Chris Dodd, reflects upon the bailout.

Oh good, now I feel better.

NEW YORK — The Senate plans to vote on the $700 billion bank rescue plan Wednesday evening - two days after the House failed to pass it.

The bill adds new provisions - including raising the FDIC insurance cap to $250,000 from $100,000 - and will be attached to an existing tax bill that the House also rejected Monday, according to several Democratic leadership aides.

Senate Majority Leader Harry Reid, D-Nev., and Minority Leader Mitch McConnell, R-Ky., announced the plan Tuesday night.

“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,” Reid said in a statement. (H/T - CNN)

I purposely haven’t posted about this mess for two reasons. First, a lot of better bloggers have already posted better thoughts than I ever could. (Captain America had a particularly scathing rant that’s worth your time.) Second, this entire thing pisses me off to no end.

Forget the “plan” coming from Congress. I have a better one. Oust every damned politician in Washington, regardless of Party. Pelosi, Reid, Obama, McCain, Boehner, McConnell, Dodd, Frank, et al. Vote them out and don’t let them back in. Every single one of them has a hand in this mess, and every single one wants to try and fix it now? Are you friggin’ kididng me?

Dodd received a sweetheart deal from troubled financial institutions like Countrywide Loans. There is no reason that this dope should even be involved in the bailout in the first place! At a campaign rally in Nevada, Obama claimed that people “were tricked into buying a home they couldn’t afford.” Eh, what? How does Washington trick people into a bad loan? McConnell and Reid (along with far too many other politicians) want you and me to pay for the stupid people of this country, and we’re letting them get away with it!

Look, if you purchase a home you cannot afford, who’s fault is that? You’re the dumbass who overspent and tried to live outside of your means! Why should I help bail you out? Hell, Barney Frank wants us to support the bailout, but also wants to people who defauled on their loans to keep their homes - courtesy of the American taxpayer!!! Screw you, Barney Frank! Between Frank’s idiocy and Nancy Pelosi’s partisan bickering, nothing is getting done to fix the problem.

This, dear readers, is exactly why we need term limits for Congress. We have them for the POTUS, so why not for the rest of Capitol Hill? Vote ‘em out. Vote ‘em all out!

Topics: Politics |

9 Responses to “Senate Votes On Bailout Plan”

  1. vincent_antonelli Says:
    October 1st, 2008 at 12:53 pm

    Chris Dodd, showing the american taxpayer how bad their ass is gonna hurt if they don’t pass this bill soon. Oops, that wasn’t the caption contest, my bad.

    The bailout “rescue plan” will pass this time because the house members won’t want to go home for their reelection bids without being able to say they put up a fight and then acted. Bush said it best (first time in eight years that’s happened) about what happens if the bill is nixed “..this sucker’s goin down!”

    I’m all for the plan, just as long as we the people get ownership stakes of the companies we bail out rescue. Just like the AIG plan - where we all now own 80% of the company. If the bailout works, the gub’mint actually makes money. Sure it’s a little lotta like socialism, but like Ben Franklin said “all things in moderation”. I can live with a little bit of socialism as long as it doesn’t take the next 10 years for my 401k to break even.

  2. vincent_antonelli Says:
    October 1st, 2008 at 12:55 pm

    “screw you, Barney Frank”. heh. I always suspected.. not that there’s anything wrong with that..

  3. Wyatt Earp Says:
    October 1st, 2008 at 12:59 pm

    Vinnie - Yeah, I mentioned Barney Frank and you said “how bad their ass is gonna hurt.” Heh.

    Usually, I wouldn’t fret about these things, because my profession is recession-proof. However, since my Deferred Comp Plan has been fisted without lube recently, this stuff really grinds my gears. But, “Oh, don’t worry; the gub’mint is going to help.”

    Screw them. I’ll help myself!

  4. -->Doghouse --> Says:
    October 1st, 2008 at 4:03 pm

    You said it well.

  5. kaveman Says:
    October 1st, 2008 at 4:26 pm

    I wonder if congress will charge the $700 billion to a credit card so they can get some Sky Miles out of the deal?

  6. Wyatt Earp Says:
    October 1st, 2008 at 6:09 pm

    Doghouse - I did? I was really drunk when I posted this. Kidding, kidding!

    Kaveman - Now there’s a plan I can go along with!

  7. Trixie Says:
    October 1st, 2008 at 10:11 pm

    Wyatt, believe it or not, you understand a whole lot more about this mess that many of those that are actually writing about it. Take it from a banker. That Dodd and Franks are actually leading the charge on this bailout–and people are taking them seriously—is beyond all comprehension.

  8. RT Says:
    October 2nd, 2008 at 3:04 am

    I want a taxpayer bailout. (Sadly, Vinne, we will most likely see none of the money made and will still be taxed to death.)

    My pension fund is shite, but it was to begin with because of the NJ Democrats raiding the fund and not paying it back. I refuse to look at my 403B at this point.

    I’m so tired of committes deciding the fate of the masses. They have no sense of duty, except to themselves.


  9. Wyatt Earp Says:
    October 2nd, 2008 at 1:58 pm

    Trixie - Never underestimate the stupidity of the American voter. Both of these corrupt bastards will be re-elected in landslides.

    RT - I can’t bear to look at my Deferred Comp any more, either. I’m in it for the long haul, so there’s no reason to fret too much now. Won’t do any good.