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Senate GOP bailout support plummets

Bro. Curtis

Bro. Curtis

<img src =/curtis.gif>
Site Supporter
op Obama advisers will meet Wednesday afternoon with Senate Republicans in a last-ditch effort to stave off a messy fight over the release of financial-market rescue funds backed by President Bush and the incoming administration.

The president-elect is sending both his senior economic adviser, Lawrence Summers, and White House chief of staff Rahm Emanuel, a veteran lawmaker and hardened political operator.

The announcement follows new warnings from Senate Minority Leader Mitch McConnell (R-Ky.) of his unhappiness with the bank bailout effort. Early vote counts show Republican support in the Senate has fallen sharply to single digits

At stake is an estimated $350 billion, the second half of what was once a $700 billion Treasury fund enacted last fall to help stabilize credit markets. Bush and Obama joined together this week to ask for the money to be released, and the new president appealed directly his former Senate Democratic colleagues Tuesday to stand with him on the issue— a first major test of his administration.

Thirty-four Senate Republicans helped pass the bailout bill in October, but the mood has soured dramatically given voter reaction in November’s elections. ...

http://www.politico.com/news/stories/0109/17449.html


:thumbsup:
 
M

Martin

Active Member
I have real concerns about the amount of money the Federal Government is using to "bailout" banks and two of the big three automakers. I share the concern over how the major banks used the 350B. they were given a few months ago. However to those senators (etc) who are opposed to these bailout packages I have one very simple question: What is your alternative plan? To allow the banks to freeze? To allow the economy to get worse? I have said before, and I say again, we are in a no win situation. We have to choose between two very, very bad options. On one side we can continue the bailouts, and run up our national debt, with no assurance that the money will do what it is suppose to do. On the other side there is a much deeper recession, banks freezing, millions more being laid off, states running out of money having to lay off police, teachers, and other state employees (etc). Personally the bailouts go against everything I believe about the role of the Federal Government. However, as General George Washington once said when defending the idea of a Continental standing army, "desperate diseases require desperate remedies". Like Washington, we are in a very bad situation and the options on the table are not attractive nor popular. Some of the options may even go against our normal political instincts. However our nation is suffering a nasty, desperate disease and only a desperate remedy will do. Therefore I support releasing the remaining 350B. and I support Obama's expanded bailout program. There are no guarantees that it will work and there are no guarantees that things will not go from bad to worse to even worse. However just letting the economy "correct" itself is guaranteed to cost the nation too much. This is not the 1930s, the United States cannot afford nor survive another depression (at this point). Our nation's economy is in critical condition. Pretending its not and playing Republican v. Democrat politics will only ensure that things get worse.

Besides, and this is where I go from being reflective to angry, the Republicans have spent the last eight years spending money like drunken sailors on shore leave. Why are they suddenly getting "religion" on spending now? Is it because of Obama? If so, they don't deserve our support. We need Republicans and Democrats in Washington who will always do what is right for the country and not what is right for a party. I refuse to support anyone, Republican or Democrat, who plays politics with our nation's well being.
 
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swaimj

<img src=/swaimj.gif>
The big over-arching problem in all of this is that people are borrowing and spending beyond their means and the government is borrowing and spending above its means. The solution that is being pursued is to borrow and spend some more. The idea that individuals, businesses, or government should cut back and pay off what they owe seems to be a non-option for any of the said entities. I don't see a pretty end to this because no one is facing up to the reality. But, the borrowing and spending WILL stop. It cannot go on forever.
 
carpro

carpro

Well-Known Member
Site Supporter
Bro. Curtis said:
op Obama advisers will meet Wednesday afternoon with Senate Republicans in a last-ditch effort to stave off a messy fight over the release of financial-market rescue funds backed by President Bush and the incoming administration.

The president-elect is sending both his senior economic adviser, Lawrence Summers, and White House chief of staff Rahm Emanuel, a veteran lawmaker and hardened political operator.

The announcement follows new warnings from Senate Minority Leader Mitch McConnell (R-Ky.) of his unhappiness with the bank bailout effort. Early vote counts show Republican support in the Senate has fallen sharply to single digits

At stake is an estimated $350 billion, the second half of what was once a $700 billion Treasury fund enacted last fall to help stabilize credit markets. Bush and Obama joined together this week to ask for the money to be released, and the new president appealed directly his former Senate Democratic colleagues Tuesday to stand with him on the issue— a first major test of his administration.

Thirty-four Senate Republicans helped pass the bailout bill in October, but the mood has soured dramatically given voter reaction in November’s elections. ...

http://www.politico.com/news/stories/0109/17449.html


:thumbsup:
Click to expand...

It's about time!:applause:
 
E

EdSutton

New Member
'Bailout' good to go!

Pastor Larry said:
I didn't know there was a form. I thought you only had to make a phone call?
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I dunno', but I feel safe for now, either way. (I'll call first thing in the AM.) Anyway, if I manage to get the paper work postmarked by tomorrow at 4:00 PM. EST, I should be OK. :thumbs:

http://www.msnbc.msn.com/id/28679801

Hmmm! On second thought, I better make that by noon, since I don't want mine to get lost in the confusion of the 4 PM rush. :rolleyes:

[Edited to add!] Wow! :eek:

http://www.baptistboard.com/showthread.php?t=56541

http://www.msnbc.msn.com/id/28678669/?GT1=43001

I'm gonna get "on the horn" right now, if there's a 24 Hr. 'Hot-Line.'

I definitely want to beat U-S Airways to the table. A new Airbus A320 runs like what - $80-100 Mill.?

Ed
 
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EdSutton

New Member
Magnetic Poles said:
No, but you have to have a private jet to fly to DC. :tongue3:
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Yeah, but you probably should not use it. (Well, with the single exception of unless you are Al Gore, of course). The arrival in the jet will get you turned down. Now, driving a hybrid, on the other hand...

Ed
 
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