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Day After Day, Alone on the Hill
September 30, 2008 6:51 PM
There is a general consensus that the Emergency Economic Stabilization Act -- which lawmakers are now imploring the media to stop calling a "Wall Street bailout bill" -- will pass the Senate, so the hurdle remains in the House.
So what can be done to win over a dozen lawmakers (from the 195 Democrats and 133 Republicans who voted against it) to support the bill, if the legislation is re-introduced when the House reconvenes Thursday?
That is easier said than done.
Keep in mind the delicate balance here -- to try to win over Democrats, for example, one could add the provision to allow judges to re-negotiate mortgages. But then even more Republicans would defect.
The challenge is to add provisions that will only add to the 205 who voted for the bill, and not subtract.
In meetings and discussions among Democratic and Republican leaders and staffers in the House today, there are three provisions being discussed to add to the bill:
1) Raising the limit from $100,000 to $250,000 per person per bank of savings guaranteed by the US government through the FDIC.
What does this do? It provides lawmakers with cover, a la: "I voted for the bill only to protect the savings of my constituents, and to prevent runs on the bank."
2) Fixing "Mark to Market." The U.S. Securities and Exchange Commission is talking to the Financial Accounting Standards Board to discuss revising the "fair value" or "mark-to-market" accounting rules, which critics say forces banks to take huge write-downs on the value of assets by assessing their worth based on would fetch in a current market transaction. Could Congress urge the SEC to do this? Or codify a new SEC rule change?
3) Adding an extension of unemployment benefits. Coincidentally, new jobs numbers are due out on Friday morning. What if the jobs numbers are bad? Would some members be inclined to vote for this bill if the vote on the Emergency Ecoænomic Stabilization Act came immediately after the numbers are released?
House leaders are still hoping to have another vote on this bill Thursday.
- jpt
September 30, 2008 | Permalink | Share | User Comments (59)
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Ironic that McCain now sees the wisdome of Obama's suggestion to expand FDIC protection to $250,000. When it went from $40,000 to $100,000 over twenty years ago, McCain opposed it, claiming that it had something to do with the S&L meltdown.
Remember that meltdown...guys named Keating and Bush...influence peddling...
Five U.S. Senators urging regulators to "back off"...vacations in the Bahamas and rides on private jets.
Posted by: Brooklyn Democrat | Oct 1, 2008 6:56:25 AM
Concerned in OH sez:
The only reason it was added in was because it would create a new market for trial lawyers.
-----------------------------------------
Why do Republicans hate lawyers? Oh wait, they like corporate lawyers, it's just constitutional lawyers they can't stand.
Posted by: Leonard Peltier | Oct 1, 2008 6:25:10 AM
" Raines is on Obama's campaign committee."
This myth is already debunked a few times, still McCain is repeating it.
The Obama campaign only called him a few times.
Posted by: CLabs | Oct 1, 2008 3:45:44 AM
By Cliff Kincaid Monday, September 29, 2008
With one socialist “bailout” bill apparently on the way to passage by Congress, two more are pending―both of them sponsored by Senator Barack Obama. One is the Jubilee Act, which would cancel as much as $75 billion worth of Third World debt, and the other is the Global Poverty Act, which would cost an estimated $845 billion. Total potential cost: $920 billion.
Posted by: Walter | Oct 1, 2008 12:33:34 AM
Ann 7:06:23...There has been a little stir here. Tony Rezko has started to talk. He's due to be sentenced 3 days before the election. Maybe prison doesn't look so good afterall.
Posted by: RL in Illinois | Oct 1, 2008 12:13:41 AM
Jake Tapper, your numbers ae wrong. You've got way too many democrat "no votes."
Posted by: Billy | Sep 30, 2008 11:29:16 PM
I simply don't understand why Republicans would be against judges renegotiating mortgage terms so that people can remain in their homes.
I just don't get it. It seems so cruel. There are many hard-working Americans who could afford to pay their mortgages if they could negotiate a lower interest rate.
Posted by: cincyr | Sep 30, 2008 11:20:31 PM
I like the title--in fact the whole Beatles song is a good metaphor for the situation.
nice one Jake.
Posted by: Danny | Sep 30, 2008 10:54:26 PM
Debbie: add Franklin Raines. He had to pay fines for his misstating of Fannie Mae books. Raines is on Obama's campaign committee.
Posted by: lately | Sep 30, 2008 10:42:58 PM
My suggestion is to get rid of Fannie Mae and Freddie Mac. They should be phased out.
Second, we should be investigating the Democrats who got us into this mess. Top of the list: Chris Dodd and Barney Frank. But let's face it, Obama is no. #2 on the list of those receiving money from Fannie Mae/Freddie Mac.
Posted by: Debbie Syms | Sep 30, 2008 10:35:59 PM
Understandably this is a complex bill. However, the failure of the initial version reveals the incompetence, ineffectiveness, and idiocy of Ms. Pelosi. How did she ever get to this place?
For the sake of fellow Americans she should be forced out of this job. I am sure her very presence in the National TV takes away a few votes from Mr. Obama. And when she opens her mouth more votes are drained.
One columnist mentioned that she brought this vote to the floor with the view "Heads I win, tails you lose". But I doubt she is that smart. She has no ability to garner votes for or against any measure she brings to the floor. She was so against the drilling vote, but after it was brought to the floor the measure passed.
I have never seen a totally inadequate and idiotic politician at this high level. Why are the democrats tolerating her?
Posted by: Onlooker | Sep 30, 2008 10:13:17 PM
Concerned in OH
How does this blog have a thing to do with AIDS,, What you might want to know is whether the future AIDS case will have any health CARE.. under a McCain Admin.
Otherwise I think that the AIDS issue is moot.
Poor people loosing their homes without a job, loosing their health care,, go to the CDC and ask them to pay your BILLS
Posted by: Underdog | Sep 30, 2008 10:01:06 PM
Barack Hussien Obama
Wright
Rezko
Farrakhan
William Ayers
Black Phanther
Malcolm X
ACORN
They are the same kind or type of people.
It is up to you now to decide what is best for our country.
"Birds of the same feathers flock together."
"Tell me your friends are, and I tell you who you are."
What a scary thought ahead for our country...
Think people... think...
Posted by: Kikz | Sep 30, 2008 9:56:14 PM
"You won't believe where that $700-billion bailout figure came from" (LA Times):
"It's not based on any particular data point," a Treasury spokeswoman told Forbes.com Tuesday. "We just wanted to choose a really large number."
Posted by: Belle Starr | Sep 30, 2008 9:37:31 PM
Concerned Democrat
Where your link to 2006 data ? whats it say ?
Posted by: Alex Independent. | Sep 30, 2008 9:31:22 PM
Concerned in OH
Burden greatest isnt what im talking about C in OH
Im talking new infections not numbers living with!
Posted by: Alex Independent. | Sep 30, 2008 9:22:23 PM
Increasing the FDIC limit will help banks with their capital positions which should help them extend credit if they are so inclined.
Posted by: Stevereno | Sep 30, 2008 9:21:04 PM
In the same year, HIV infection was the 5th leading cause of death among all women aged 35–44 years
and the 6th leading cause of death among all women aged 25–34 years. The only diseases causing more deaths of women were cancer and heart disease
All from the CDC!
Posted by: Alex Independent. | Sep 30, 2008 9:19:55 PM
In 2004 (the most recent year for which data are available), HIV infection was
the leading cause of death for black women (including African American women) aged 25–34 years.
the 3rd leading cause of death for black women aged 35–44 years.
the 4th leading cause of death for black women aged 45–54 years.
the 4th leading cause of death for Hispanic women aged 35–44 years.
Posted by: Alex Independent. | Sep 30, 2008 9:18:48 PM
Pretty sure your numbers on who voted against the bill are wrong, by 100 democrats or so.
95 dems voted no, not 195.
Please correct your post.
Posted by: tomboy | Sep 30, 2008 9:12:03 PM
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