It's important to NOTE this information comes to you BEFORE the Bailout Vote.
"As the House of Representatives prepares to vote on the latest"bailout plan", I want to reiterate my opposition to this latest giveaway of taxpayer dollars to Wall Street interests. The Senate, in trying to put together legislation that would pass the House, has actually increased the amount of taxpayer liability to $805 billion from the $700 balitout plan rejected last week.
If a plan is necessary to help stabilize financial markets, then no taxpayer dollars should be put at risk. Such a plan should include at least:
1) Increasing FDIC insurance on depositis to $250,000 or more so that community and rural banks, which are not part of the current problem, won't suffer - and in fact would be made even stronger.
2) Allow changes to the "mark-to'market" accounting rules so that distressed mortgages and mortgage-backed securities can be more realistically evaluated.
3) Don't allow the government to buy distressed mortgages with taxpayer dollars, placing them at risk. Instead, expand the availability of government insurance on mortgage products to all mortgages outstanding.
4) For any company that takes advantage of the plan, "golden parachutes" for their executives would no longer be tax deductible for the company - discouraging outrageous severance packages.
5) Temporarily decrease or eliminate the capital gains taxation of private capital investments in financial institutions - encouraging an inflow of private capital rather than taxpayer funds to distressed institutions.
6) Establish more stringent SEC oversight, so that this debacle will not be repeated.
7) Finally, include provisions in the "economic rescue" package that would streamline and encourage the exploration for oil and natural gas right here in America so that energy prices can return to normal as soon as possible - thus stimulating the economy.
Andy"
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
24 comments:
Sounds like a winner of a plan coming out of the mouth of a winner in November!
The people's voice must be heard and accepted as the right direction to go.
Of the people, By the people, and For the people!
Kiss ass you bail out the rich, what are they going to do other than take it and run.
F---- the rich f-------
just another way to get rich off the working people no good son of a b------ f------- ass----s
Put the money in the peoples hands and the economy will come back not go to china or some other country for once help america not the greddy f----- s
remember i told you for months now the key word is
GREED..........
Joe by no means want to tell you what to do, but if it were me i would turn the blog off in protest until monday morning. Go enjoy the fight and take some JOE time. I will need the rest of this week-end to push this out of me. America you got sold out.
well...the pork loaded POS passed in the House by a wide margin.Another big step on the road to socialsim.
number 4 is my personal favorite! it sickens me how some, no, MOST company executives rape their companies and then stick it to the employees when they bail out or retire early!!! and you KNOW that would happen in this case! as soon as the establishments that are actually getting the bail-out money get it, the execs would jump ship and take most of the money with them! that kind of stuff really ticks me off!
Great plan!!! At last a politician with some common sense...
Gilchrest voted for the bailout last week, and he did again today -after he endorsed Obama again in the Washington Post yesteday - do we need a new Congresman or what! And it looks like we're getting one with common sense - who actually understands that government doesn't have the right to spend our money any way they want!
We need this man in Washington Now more than ever. Shame on all those who sold us out. i hope they loose every single one of them.
Were a long way from "THE BOSTON TEA PARTY" or are we???
ANDY HARRIS FOR PRESIDENT -- he would be much better than no-brain McCain or JoeBama!
The National Federation of Independent Businesses, whose endorsement Andy Harris and this blog touted, have come out strongly in favor of this rescue plan.
The U.S. Chamber of Commerce has also lobbied heavily for its passage.
Both organizations represent the interests of small businesses and owners, as Andy Harris claims to.
I know most are you are like Andy Harris, sideline free-market economists, but certainly if all these national small business organizations are worried that a failure to intervene into the credit market would significantly impact Main St., why do you continue to oppose the bill?
Do you really not care if small businesses close, people lose jobs, and other strains are place on middle class families? Or do you just not believe that there actually is danger looming that would affect Main St.
I bring up the NFIB and USCOC because maybe it will help prove that the credit crunch could seriously affect Main St. and middle class America.
Andrew,
I don't give a rats a$$ if any small business closes down. If they didn't plan for such problems, they don't belong in business.
People are losing jobs, JUST NOT THE ASSHOLES ON WALL STREET AND MORTGAGE COMPANIES!
Get a grip and open your eyes.
Yeah buddy, the dow is climbing fast isnt it, its jobs and this plan will help no-one on main street. It will just get more middle class Americans in debt even further.
I heard the testimony of one of the Reps in favor of the bill today and he said something that resonated.
When there is a flood in the midwest, Americans help those in need.
When there is a fire in California, Americans help those in need.
When there is a hurricane in Louisiana, Texas, or Florida, Americans help those in need.
When businesses on Main St. are in danger of closing down, Americans SHOULD help those in need.
And that's what the RESCUE bill is all about. Acting as if the Congress is doing this for Wall St. and isn't motivated by the potential damage to Main St. is ridiculous. They're trying to help us out, and we rightfully are skeptical because the effort focuses capital on Wall St.
But no one in opposition seems to remember the Hope for Homeowners bill that provided $300 billion to homeowners struggling to make their mortgages.
Is that something you oppose too? Is that too much government intervention? Are you really advocating for an economic meltdown, advocating for people to lose their jobs, advocating for businesses to close?
And for those of you under the delusion that the Constitution somehow guarantees a free-market economic system unfettered by government intervention, I direct your attention to Article 1, Section 8, Clause 3 of the Constitution which gives EXPLICIT power to Congress to REGULATE commerce between the states, and between the US and foreign nations. Connected to this specific power is the general power "To make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers, and all other Powers vested by this Constitution in the Government of the United States, or in any Department or Officer thereof."
So please stop with the claims that the rescue plan is unconstitutional. That just displays ignorance.
Give it a couple months and youll see, this bill will do nothing.
Give "doing nothing" a couple of months and you will really see "something" happening, and it won't be good.
You are shooting craps with the livelihood of average Americans.
I guess this is the 'compassionaite conservatism' we've grown accustomed to.
joe your a hipocriate - dont back that hair salon if you dont mean it for EVERY small business.
Well at least all my guns are cleaned.
When you have weeds in your garden cutting them over with a lawn mower wont work, they have got to be pulled up from the roots, else they will keep coming back up.
The difference about floods and such is that Americans do that by choice. They choose to help out fellow Americans. This is the gov't deciding to help out...not the American people...throw out the bums! Vive la Resistance!
"When there is a flood in the midwest, Americans help those in need."
Voluntarily and out of their own good-heartedness, not because the government tells them they have to via taxes.
"When there is a fire in California, Americans help those in need."
Again, voluntarily - not due to government mandate.
"When there is a hurricane in Louisiana, Texas, or Florida, Americans help those in need."
Because they want to, not because anybody says they have to.
"When businesses on Main St. are in danger of closing down, Americans SHOULD help those in need."
Key word is SHOULD. It is OUR money and if we don't want to help anybody that's our choice. It may make us cold-hearted sons-of-b*****s, but it's OUR money and it's none of anybody else's business to tell us what to do with it. Most in Congress, on Wall Street and elsewhere seem to have forgotten that. Let the people keep more of THEIR OWN money to do with as they choose and you'd see how giving and compassionate Americans can be towards one another.
At my age if someone caused me to lose my retirement or investments for retirement, would leave me nothing to do but buy plenty of bullets and go hunting for those that robbed me blind. Better watch your asses you greedy morons.
Open bank accounts in the Grand Cayman Islands and transfer funds there in protest, that will screw them all good. Nice weather and fine Cuban cigars too! At least down there I can live good on my 70 cent dollar I worked hard for.
WE THE PEOPLE need to vote their azz's out in November
I personally dont have a problem with a rescue or bailout package but what i do have a problems with is all the extra 100billion fat package that we and our children and grandchildren will not live long enough to see paid back. Its a burden that most of us that are just surviving cannot afford. With the cost of health care, gas, heat, food, rent or housing. we are just barely making it. We don't need more taxes. We need our money in our own pockets so that we can live. Those in congress dont have to worry about how their going to pay that electric bill or wonder how they are going to put that food on the table, so therefore they dont care how much tax we pay because they also exempt themselves from those taxes. They just keep taking more and more potatoes off of our tables. People wake up. America does need change. Vote these clowns out in November.
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