{"id":573,"date":"2008-10-01T22:23:27","date_gmt":"2008-10-02T02:23:27","guid":{"rendered":"http:\/\/www.jasetaro.com\/blog\/?p=573"},"modified":"2008-10-01T22:30:04","modified_gmt":"2008-10-02T02:30:04","slug":"senate-passes-crap-sandwich-20-74-25","status":"publish","type":"post","link":"https:\/\/www.jasetaro.com\/blog\/2008\/10\/01\/senate-passes-crap-sandwich-20-74-25\/","title":{"rendered":"Senate Passes Crap Sandwich 2.0 74-25"},"content":{"rendered":"

From the Wall Street Journal<\/a>:<\/p>\n

Senate Passes Bailout Package<\/strong>
\nHouse Passage Remains Less Certain<\/p>\n

WASHINGTON — The Senate’s revamped bailout package drew support from 74 lawmakers in a roll call vote Wednesday evening, and the measure will now return to the balky House of Representatives for another vote following its unexpected rejection on Monday.<\/p>\n

U.S. Senate Majority Leader Harry Reid speaks to the media on Capitol Hill on Wednesday.<\/p>\n

The Senate approved a new bill loaded with tax breaks for business and an increase in deposit-insurance limits. It will be taken up in the House Friday.<\/p>\n

The Senate bill is the latest twist in a dramatic week for a plan the president has said is vital to ensure the proper functioning of financial markets and, by extension, the broader economy. On Monday, the House delivered a stunning defeat to an earlier version of the bill amid a populist backlash from voters, tanking stock markets.<\/p>\n

Stunned by the market reaction, lawmakers regrouped and added new items to the bill to win the extra needed support. One big change is the introduction of a 10-year, $150.5 billion package of tax proposals, including measures to ease the bite of the so-called alternative minimum tax and research-and-development tax credits coveted by high-tech companies and drug makers.<\/p><\/blockquote>\n

Count me among those who agree with Newt Gingrich… The Bush Administration’s handling of this has been irresponsible.<\/p>\n

From CNSNews.com<\/a>:<\/p>\n

Bush’s Handling of Financial Crisis \u2018Irresponsible,’ Gingrich Says<\/strong><\/p>\n

Wednesday, October 01, 2008
\nBy Tiffany Gabbay<\/p>\n

(CNSNews.com) – Former House Speaker Newt Gingrich blasted President George Bush and Treasury Secretary Henry Paulson Tuesday over the proposed financial bailout, saying the president “is being absolutely irresponsible” in his handling of the problem.<\/p>\n

“There are steps that the administration could take today that would dramatically improve where we are immediately, without legislation” Gingrich said.<\/p>\n

“If the president believes anything he is saying in his speeches about how big this crisis is, he should pick up the phone this morning and call SEC (Securities and Exchange Commission) Chairman Chris Cox and tell him to suspend the \u2018mark-to-market’ accounting rules, which are the fundamental problem today and can be suspended.”<\/p>\n

The mark-to-market system of accounting requires all assets, mortgages, and holdings to be valued at their current market value, regardless of whether that reflects their true worth.<\/p>\n

It is an accounting practice that “literally hundreds of the most revered economists” blame for 70 percent of the current problem in the financial markets, Gingrich said.<\/p>\n

“If you calculate 70 percent of $700 billion, that is $490 billion” he said.<\/p><\/blockquote>\n

Lets hope Republicans in the House can kill this turkey once and for all… Let them know what think: 202-224-3121.<\/p>\n","protected":false},"excerpt":{"rendered":"

From the Wall Street Journal: Senate Passes Bailout Package House Passage Remains Less Certain WASHINGTON — The Senate’s revamped bailout package drew support from 74 lawmakers in a roll call vote Wednesday evening, and the measure will now return to the balky House of Representatives for another vote following its unexpected rejection on Monday. U.S. […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[26,7],"tags":[174,123,158,186,44,185],"class_list":{"0":"post-573","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy","7":"category-politics","8":"tag-bailout-plan","9":"tag-george-w-bush","10":"tag-henry-paulson","11":"tag-newt-gingrich","12":"tag-republicans","13":"tag-senate","14":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pfpI7-9f","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":596,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/10\/03\/crap-sandwich-20-passes-the-house-263-171\/","url_meta":{"origin":573,"position":0},"title":"Crap Sandwich 2.0 Passes The House 263-171","author":"Jeff","date":"October 3, 2008","format":false,"excerpt":"The Wall Street Journal has the details: WASHINGTON -- U.S. House of Representatives lawmakers wary of growing signs of the nation's economic distress voted Friday in favor of a $700 billion Wall Street rescue package, sending the biggest government intervention in the financial markets since the Great Depression to President\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":568,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/10\/01\/crap-sandwich-redux-senate-to-vote-on-bailout-bill\/","url_meta":{"origin":573,"position":1},"title":"Crap Sandwich Redux: Senate to Vote on Bailout Bill","author":"Jeff","date":"October 1, 2008","format":false,"excerpt":"Michelle Malkin and Ed Morrissey have the details on this 451 page monstrosity... That's right 451 pages! The original Paulson Plan was roughly two pages, the house bill was just over 100 and the senate bill is 451 pages. Some of the additions in the Senate bill include: New Tax\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1098,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/12\/11\/call-your-senator\/","url_meta":{"origin":573,"position":2},"title":"Call Your Senator…","author":"Jeff","date":"December 11, 2008","format":false,"excerpt":"The House of Representatives passed the auto industry bailout bill 237-170 last night. The Senate will be taking up the bill in the next couple of days. Call your Senator @ 202-224-3121 and urge him to vote no. Ask your friends and family to do the same.","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"Urgent","src":"https:\/\/i0.wp.com\/www.jasetaro.com\/blog\/wp-content\/uploads\/2008\/12\/urgent1.gif?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1513,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/02\/13\/senate-passes-pork-laden-stimulus-bill\/","url_meta":{"origin":573,"position":3},"title":"Senate Passes Pork Laden Stimulus Bill","author":"Jeff","date":"February 13, 2009","format":false,"excerpt":"The final vote tally is in... The Senate approved the measure 60-38 with three erstwhile Republicans, Alren Specter, Olympia Snowe and Susan Collins providing\u00a0 the votes needed for passage. No surprise really we all knew Specter, Collins and Snowe would vote with the Democrats... While I'm not happy about it\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":477,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/09\/25\/newsflash-wall-street-journal-reporting-agreement-in-principle-is-reached-on-700-billion-bailout\/","url_meta":{"origin":573,"position":4},"title":"Newsflash: Wall Street Journal Reporting Agreement in Principle Is Reached on $700 Billion Bailout","author":"Jeff","date":"September 25, 2008","format":false,"excerpt":"From the Wall Street Journal: Congress reached an agreement in principle on a $700 billion package to bail out the financial industry, leaders from both parties said Thursday. They plan to present the deal to the White House later Thursday, hoping for a vote within days. Lawmakers said there were\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3097,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/12\/24\/bah-humbug-senate-passes-health-care-reform-bill\/","url_meta":{"origin":573,"position":5},"title":"Bah Humbug: Senate Passes Health Care Reform Bill","author":"Jeff","date":"December 24, 2009","format":false,"excerpt":"The Senate this morning voted to pass Majority Leader Harry Reid's Health Care Reform bill... A.K.A. the single biggest crap sandwich ever foisted on Americans. The vote was 60-39 entirely along party lines with all the Democrats voting for it and Republicans voting against it: In a vote resonating with\u2026","rel":"","context":"In "Health Care"","block_context":{"text":"Health Care","link":"https:\/\/www.jasetaro.com\/blog\/category\/health-care\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/573","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/comments?post=573"}],"version-history":[{"count":0,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/573\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/media?parent=573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/categories?post=573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/tags?post=573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}