Senate Conservatives Fund

[...] to the Senate Conservatives Fund for posting the 451-page bailout behemoth here. Posted in: Uncategorized Send to a Friend Printer Friendly comments [...]

[...] #2: HOLY CRAP! The new bailout is FOUR HUNDRED AND FIFTY ONE PAGES! Now I’m 100% sure that not one Senator has read that thing, nor will read it before the [...]

[...] the bailout bill rejected by the House.  They have released the bill text this morning, and the Senate Conservatives Fund website has it for public perusal.  The new version has no allocations going to the Housing Trust Fund, [...]

I do not support the efforts of this bipartisan rescue/bailout. There isn’t anything in this bill that indicates to me that there will be any accountability with respect to the committees who oversee the financial markets. They were responsible for preventing this travesty. And instead they are rewarded for it by giving them 700 billion dollars to extend their powers and push the approval of this bill onto the American people, who loudly professed their disapproval of it. The job of elected officials is to do the will of the people. The people have spoken. This is taxation without representation. Plain and simple.

I get an error while trying to open the file. File not found. So the file is not there or there is a error in the syntax.

http://senateconservatives.files.wordpress.com/2008/10/ayo08c32_xml.pdf

That “xml” before the “pdf” looks peculiar

Who slid in all the pork?

[...] Senate Conservatives Fund has posted the 451 page Senate bailout bill online in [...]

[...] so let’s peek at the Senate version (found via Michelle Malkin) of the bailout, shall [...]

[...] Version of the Bailout Bill Update 10/01/08 8:00 a.m: here is today’s version HOT OFF THE PRESS from the Senate Conservative Funds website! Or you can [...]

[...] 1, 2008 by gunservatively UPDATE: Bailout II bill text is here at Senate Conservatives [...]

I’ve heard of mortgage companies forclosing on homes and then auctioning off the homes for $10,000 to someone else. If the banks and mortgage companies would work with their customers so that they wouldn’t have to forclose, this problem wouldn’t be happening.

Doesn’t anyone remember what happens when stocks go way down? Someone rich will soon buy them all up now that they are down, so they’ll become richer.

How much money goes to government employees? If the country needs help, why not take it out of their big fat paychecks? I mean, really, who needs more than $100,000 a year to live comfortably?

[...] Bill with a Large Side of Pork The proposed Senate bailout bill is now available for public scrutiny. Unlike Dodd’s original proposal, the Housing Trust Fund would receive no additional funds. [...]

[...] Here is a copy of the Senate Bill (hat-tip, Michelle Malkin, and the Senate Conservatives Fund) [...]

[...] the bailout bill rejected by the House.  They have released the bill text this morning, and the Senate Conservatives Fund website has it for public perusal.  The new version has no allocations going to the Housing Trust Fund, [...]

[...] Well, not here exactly, but at the Senate Conservative Fund website. [...]

[...] the bailout bill rejected by the House.  They have released the bill text this morning, and the Senate Conservatives Fund website has it for public perusal.  The new version has no allocations going to the Housing Trust Fund, [...]

[...] the bailout bill rejected by the House.  They have released the bill text this morning, and the Senate Conservatives Fund website has it for public perusal.  The new version has no allocations going to the Housing Trust Fund, [...]

[...] Bailout Again Renders Folly….or B.A.R.F for short October 1, 2008 — Russ You can find the current text of this 451 page monster here. [...]

[...] to take up the bailout issue.  Guess where McCain and Obama stand on the earmark stuffed behemoth in the [...]

[...] You can READ THE BILL, all 451 pages of this bloated earmark-laden behemoth–thanks to senate conservatives. [...]

Wool Research (Sec. 325)
I’m sick to death of all of this!

So why aren’t McCain/Palin screaming about the earmarks?? Let’s get them to take them out . Or are they supported by conservatives??

[...] You can read the text of the new bailout bill by clicking here. [...]

[...] the bailout bill rejected by the House. They have released the bill text this morning, and the Senate Conservatives Fund website has it for public perusal. The new version has no allocations going to the Housing Trust Fund, [...]

[...] in case anyone wants to read the bailout: Text of Wall Street Bailout � Senate Conservatives Fund Went from 3 pages, to 100 pages, to 450ish… someone has a sore hand (it’s a little known fact [...]

[...] text of the Senate Bailout Bill can be found here and according to some that have actually read the whole 451 pages there are “earmarks” [...]

will we get the names of the people adding ear marks to this?
they say we made money on savings and loans bail out there was no refund checks issued to the tax payers.
i know everyone think there guy is best we need to clean house.

Just by the shear number of times I found the word “Hurricane Katrina” in the bill, I say HELL NO! Not to mention, what does film making have to do with this damn bailout? Oh, never mind… I forgot about how much Hollywood hearts Obama.

NOT.WITH.MY.TAX.MONEY!

[...] Text of Wall Street Bailout Here is the text of the Wall Street bailout legislation that will be voted on by the Senate tonight. Bailout Text [...]

Just Say No! This stupid thing is a manufactured “crisis” to grand unprecedented power to the Secretary of the Treasury to do almost anything he desires with our taxpayer funds. At no time should any bill pass the House or Senate that the American people have not had an opportunity to read, ponder, and have a say on. Soro’s plan is even worse! Let the chips fall where they may.

Questions about the Senate Bill H. R. 1424

TITLE I—TROUBLED ASSETS RELIEF PROGRAM
…
SEC. 102. INSURANCE OF TROUBLED ASSETS
…
(a) AUTHORITY.—
(3) EXTENT OF GUARANTEE.—Upon request of a financial institution, the Secretary may guarantee the timely payment of principal of, and interest on, troubled assets in amounts not to exceed 100 percent of such payments…
…
(c) PREMIUMS
(1) IN GENERAL.—The Secretary shall collect premiums from any financial institution participating in the program established under subsection (a). Such premiums shall be in an amount that the Secretary determines necessary to meet the purposes of this Act and to provide sufficient reserves pursuant to paragraph (3).
…
SEC. 103. CONSIDERATIONS.
In exercising the authorities granted in this Act, the Secretary shall take into consideration— …
(5) ensuring that all financial institutions are eligible to participate in the program, without discrimination based on size, geography, form of organization, or the size, type, and number of assets eligible for purchase under this Act; …

How does a group of financial businesses facing bankruptcy pay enough premiums to cover all of their own debt?

SEC. 109, FORECLOSURE MITIGATION EFFORTS
…
(c) CONSENT TO REASONABLE LOAN MODIFICATION
REQUESTS.—Upon any request arising under existing investment contracts, the Secretary shall consent, where appropriate, and considering net present value to the tax payer, to reasonable requests for loss mitigation measures, including term extensions, rate reductions, principal write downs , increases in the proportion of loans within a trust or other structure allowed to be modified, or removal of other limitation on modifications.
…

Who pays for the principal write downs?

SEC. 136. TEMPORARY INCREASE IN DEPOSIT AND SHARE
INSURANCE COVERAGE
FEDERAL DEPOSIT INSURANCE ACT; TEMPORARY INCREASE IN DEPOSIT INSURANCE.—
(1) INCREASED AMOUNT.—Effective only during the period beginning on the date of enactment of this Act and ending on December 31, 2009, section 11(a)(1)(E) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(1)(E)) shall apply with ‘‘$250,000’’ substituted for ‘‘$100,000’’.

If banks have loaned out the additional deposits, what do they do when the year is up? Does this set the banks up for a “run” at the end of 2009?

The Senate bill is essentially the same as the House bill, with a lengthy energy incentives bill attached(something for the greens, something for the energy companies), a long list of tax relief cookies, and a year long “in and out” FDIC deposit game. Do we get a toaster?

The correct means, both morally and economically, to steer away from catastrophe, is keeping FDIC deposits safe. Those who have been saving money have been providing a solid basis for the economy. Their taxable income should not be stolen from to make imaginary assets come true.

A realistic Economic Stabilization Act would restore the restrictions and scrutinies of post-depression legislation while enlarging and strengthening the FDIC.

Wool research?

Race tracks?

The last think we need is this kind of “rescue”!

Dear Lord, please save us from these people in the Senate!

“think” s/b “thing”

That’s just how upset I am!

We really should have a 700 billion dollar bill that goes directly to energy independence. If we could get people off of foreign oil, there would be trillions more in the economy and people could focus on paying their bills and buying products. That is the key to getting this economy back on track. Nothing is going to change in the future when people are spending all their money on gas, heating and cooling.

will bailout plain be accepted ? yes, i think so, but will it be today ?

They are all corrupted, the president, his cabinet, the Congress, and the Senate. We need to educate American citizens who listen to them on the news that passing this abomination truly shows they are not looking out for the country. It is only through history and realization of actual truth will we be able to save ourselves. Read the Bill America!

Hmmm…now the Bill is 451 pages. They must have changed to a larger font size? They’re all to old to be reading 451 pages of “Times New Roman”, size #12 single space in a 24 hour period…

Just went through this ridiculous bailout bill. I cannot beleive that any senator has read and fully understood this bill. It would be impossible to do in the time that they have been working on it. This bill is crafted in such a way that there are loopholes big enough to fly the shuttle through. Also, all the oversight is being done by the foxes who we are trusting to guard the henhouse. Talk about partisan politics, they through in all the pork that they can’t get through any other way. I am appalled at what these so called “love my country” patriots are doing. When we vote this year, the best way to send our message is to vote all encumbents out whether the alternative is a good choice or not. We then would show that they are to do the will of the people, not their greedy selves.

The very introduction tells the whole story:

“(1) AUTHORITY.—The Secretary is authorized
to establish the Troubled Asset Relief Program (or
‘‘TARP’’) to purchase, and to make and fund commitments to purchase, troubled assets from any financial institution, on such terms and conditions as are determined by the Secretary, and in accordance with this Act and the policies and procedures developed and published by the Secretary.”

The have DISCRETIONARY POWER to tax and spend, and they are giving th FULL DISCRETIONARY POWER to the secratary to play with it.

If you are a taxpayer, be very concerned. If not, go on about your business.

As a board member of 911fsa.org I have been engaged with lobbing the government on the city,state and federal level in support of the commission to investigate the attack to the present time working to get border security, document security,and enforcement of immigration laws, and I can tell you that all citizens who have not READ this document and UNDERSTAND it should know that their elected officials probably have did not read it or understand it and I am scared beyond belief that anyone, citizen or elected official would think we should enact this over 400 page document without first reading and understanding it! The ramifications are huge and I for one given my experience with legislation since 9-11-01 advise everyone reading this post to call their congress person tomorrow and say that “we the people need to understand what is in those 400 or pages and understand them before they are enacted! I have not read them, but I know that there are more loop-holes than Carter has Pills, all of which is not good for “we the people”. Please call,fax, write, do anything you can to be informed before this goes into law. Your children and grand-children future is totally on the line.

What is last paragraph for? to amend waht?
Last paragraph iincludes… To provide authority
for the Federal Government to purchase and insure certain
types of troubled assets for the purposes of providing
stability to and preventing disruption in the economy and
financial system and protecting taxpayers, to amend the
Internal Revenue Code of 1986 to provide incentives for
energy production and conservation, to extend certain expiring
provisions, to provide individual income tax relief,
and for other purposes

What is “other purposes”?

It is a fair old tome to wade through - if you need some comfort food when you finish/give up, have a look at http://discoverunearthed.wordpress.com for some light relief!

What voters should examine here is what this bill says about the character, integrity and priorities of the Senate & Congress, those “Honorable” servants of the public.

Even under dire circumstances and pressure, they can’t bring themselves to deal directly and honestly with the issue. They can’t resist using the crisis to pack the bill with a bunch of political favors that have nothing to do with it at all. Worse, the parts of the bill that do deal with the real issue are so cryptic that they are virtually unintelligible.

This is the work of people unwilling to do the job they asked for, and unwilling to be honest with the people they work for. The kind of people that you would fire about two days after they started work at your company- for obvious gross incompetence. They are better suited to being professional wrestlers; arrogant, bellowing and pretending to do what they never really do.

Yes, I’ve actually read the bill. I’ve started five businesses in my life and still run two, so I’m no stranger to legal documents. But it would take weeks for a team of attorneys to figure out what this bill actually says, and weeks more to figure out what the real consequences of it would be. The bill is totally untrustworthy.

I have no doubt that not a single Senator understands it, and that most haven’t actually read it- their understanding being based on “summaries” prepared by the office idiots who wrote it. We are better off with no bill that we would be with a steaming crock of bovine excrement like this.

It’s just more of the Bushit that has become rampant in Washington, following the lead of our current administration. Do nothing, pay no attention to your job. Then when bus you are driving goes over the cliff you pretend to be the hero, coming to the rescue of the survivors.

tthe senate bailout bill stinks.8 admt too many.i like more fdic insurance.tthey should have perminantly sec accounting rule market to market.
if you buy a home you must be able to make a down paiyment at least 20% down!

Did I go too fast. I did not see see the pork listed.

Did anybody read this. Section 503. Rediculous.

SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN
21 WOODEN ARROWS DESIGNED FOR USE BY
22 CHILDREN.
23 (a) IN GENERAL.—Paragraph (2) of section 4161(b)
24 is amended by redesignating subparagraph (B) as sub301
O:\AYO\AYO08C32.xml S.L.C.
1 paragraph (C) and by inserting after subparagraph (A)
2 the following new subparagraph:
3 ‘‘(B) EXEMPTION FOR CERTAIN WOODEN
4 ARROW SHAFTS.—Subparagraph (A) shall not
5 apply to any shaft consisting of all natural
6 wood with no laminations or artificial means of
7 enhancing the spine of such shaft (whether sold
8 separately or incorporated as part of a finished
9 or unfinished product) of a type used in the
10 manufacture of any arrow which after its as11
sembly—
12 ‘‘(i) measures 5⁄16 of an inch or less in
13 diameter, and
14 ‘‘(ii) is not suitable for use with a bow
15 described in paragraph (1)(A).’’.
16 (b) EFFECTIVE DATE.—The amendments made by
17 this section shall apply to shafts first sold after the date
18 of enactment of this Act.

Face it, until we vote every incumbent out of office and create a system that eliminates lobbyiest. we are stuck with these morons. NO ONE could possibly read and understood what they are voiting on in this Bill. Fellow Americans, our system is badly broken. Maybe the best thing that could happen to us as a society is a severe collape. Maybe then, the people in this country will wake up and realize we are in deep trouble. I have to say that I am embarrased for the first time in my life to be an American.

Did you know many of the fat cats who circulate from board to board and from job to job throughout the financial industry are also members of the Bilderberg Group and or the Trilateral Commission, founded respectively in 1954, and in 1973, in New York City? When someone takes your money and steals your car, it makes an impression. When they belong to such a shadowy political clique, it leaves an indelible impression. Many elected officials even belong to these cabals. When Bill Clinton eased banking restrictions, he dished out $8-billion dollars for “community reinvestment loans.”

When the financing schemes fell through, as is their wont whenever 30-million Mexican nationals buy inflated properties and default, it left banks in the lurch. Senator Hillary Clinton counted on the loan giveaways to buy votes. Interestingly enough, had Hillary secured the nomination; she, instead of Barack Obama would preside over the bailout. So, where’s that $8-bilion plus dollars? Where’s Hillary? Why the caveat in Section 8 of the bailout: “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency?”

The Global Initiative people (code speak for car thieves) took my money; they did in fact steal my car. If you or I did half the things these people have done, we’d be serving consecutive life sentences. Wise up, get angry, and let the bubble burst. A bailout buys us nothing. World markets will not rebound; they know the bailout does not address the fundamental reason(s), wholesale corruption, illegal immigration, and dependence on foreign oil, that there is a problem. As a result, after cashing in on the Politically Correct loans, Hillary herself even held her nose and voted yea on the odious bill. Gentlemen, I want my money back: http://theseedsof9-11.com

“You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out.” –Andrew Jackson, on fraudulent financiers, 1832.

Did I miss FDIC insurance for Money Market accounts? Many working families and lower income retirees have their IRA/401K in Money Market funds. They probably do not have 100K in the bank but their tax dollars will be used in bail out banks/financial institutions and to protect those who have more than 100K in the bank while their own money is it risk even in a Money Market account. Sounds like protection for the wealthy only.

People wonder why their taxes are so high? How do dems constantly moan about loopholes and justify these special interest tax breaks? Sorry, I forgot, hypocrisy is a liberal virtue.

Umm… Riiiiiiight. We TOTALLY followed every babbled- er, said -in the post. Heh heh…

– htpp://tubbotwins.wordpress.com –

I hate this.

I also have a weird craving for bacon.

Find that list of the ones in senate that voted AGAINST it.. call them and tell them how much you support them in their decision.. Start calling the ones who were FOR it and give them a piece of your mind.. We don’t have much time.. We have 2 numbskulls running for president that FAVORED this bailout.. I am NOT voting for either one.. so I am going to do a write in for someone else when I go to vote.. If we can all do this together, and not become apathetic about it, we just may accomplish something.. I have heard the word “revolution” more than once in the last week… This isn’t about one party or another.. it’s obvious that this bothers ALL of us.. but we need to act NOW!

[...] and the angel playing it. The Higher-Uppers will give it a second go through the Senate tonight, according to this with the bailout text included. Even Ron Paul has quite a number of says regarding the troubled economy. Too much, too late, [...]

Do Not vote for the bail out!!!!

Sent to John McCain: The more I read, the madder I get. The Senate not only ignores the cries of the people they represent, they ignore the will of the United States Constitution! Oh, you may call it a “procedural action” but poop by any other name smells as bad. This was an affront to every citizen of the United States. SHAME on you! And the pork and baloney served up that totals over $150 billion MORE makes this bill more than any of us can gag down. You call yourself an American? You call yourself a Senator? You, sir, are by your actions, proving otherwise.

I voted for you in every election. Not this time. I will not supports lies, deceit, ignoring the US Constitution, and ignoring the pleas of Americans. And Just in case you think I am some ignorant fool, I will tell you that I have been voting 40 years, I have 24 years of experience in Government Budgets, I have a Masters Degree, and I probably understand the bill you supported better than you and 99% of Congress, too. I’ll bet you don’t even know what all you voted for! SHAME ON YOU! You have lost hundreds of thousands of votes because of this pork-laden monstrosity.

McCain: Thank you for convincing me not to trust you in the future. You say you will use your pen to strike down any pork barrell spending, yet the first one of any significance, you hurridly sign. The poople who benefit are “stock jockeys”, incompetent business owners and managers and unwise home owners. How many homes do you have?

I am embarrassed for you and you have lost my vote.

Ron Hale

I understand how the conservative right feels, I’m right there with you! McCain had no choice. What would bother me is if he had put extra earmarks for himself. Pressure is applied from the stupid left. McCain had to face our current situation, I believe, against his better judgement. If he had not voted for, the mainstreet media would have crusified him. Most importantly, if our country is to survive the next four years, McCain is going to have to win this election! TV is not on his side and the best thing he can do now is to not cause waves. I do believe that is he speaks up in the next debates and tells the public who is behind the housing problem and what the left and Obama are doing, he has a good chance of winning. Not speaking up, it’s over. What’s more the United States of America will be torn to it’s knees. I’m afraid for my family and their future. Please, look past the current votes and get behind McCain. No vote is a vote for Obama.

The link is still broken I am typically not a “conservative” but I suppose I am a fiscal conservative afterall. Both candidates truly missed their chance to prove to the American people that they stand by their respective “Change” & “Maverick” postures. Thank you for posting this (or at least trying).

I just saw a site called xwallstreeters dot com. Even with the mid-market and boutique banks Investment Banking will not be the same as it was with the big players. In fact these banks have seen what went down and they will just be even more cautious. As a career option I think IB has fallen from its high horse and we just have to rethink our alternatives ahead.

Well, now we know why the Republicans voted it down! They wanted time to slip in their own special-interest clauses, knowing that it would have to pass anyway.