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Thursday, October 02, 2008

Senate Favors Intervention Of Free Markets

The plan to bail out Wall Street investment brokers of 700B in toxic mortgage assets experienced price creep as it sailed through the Senate Wednesday evening. The sweeteners drove the $700B price tag higher in hopes it will yield more yes-votes from House partisans. Wall Street should approve. Expect the DOW to climb today.

However, some congressional leaders still think the plan is wrong.
CNN Money Excerpt:
Sen. Maria Cantwell, D-Wash., a champion of the energy tax breaks in the bill, said on Wednesday afternoon she nevertheless would vote against the bill because she opposes "giving the keys to the Treasury over to the private sector."

Sen. Richard Shelby, R-Ala., said the Senate will have "failed the American people" by acting hastily. "I agree we need to do something. ... [But] we haven't spent any time figuring out whether we've picked the best choice."
See how they voted here.

Wisconsin
Feingold (D) No; Kohl (D) Yes.

Statement From U.S. Senator Russ Feingold

On Opposing the Bailout

“I will oppose the Wall Street bailout plan because though well intentioned, and certainly much improved over the administration’s original proposal, it remains deeply flawed. It fails to offset the cost of the plan, leaving taxpayers to bear the burden of serious lapses of judgment by private financial institutions, their regulators, and the enablers in Washington who paved the way for this catastrophe by removing the safeguards that had protected consumers and the economy since the great depression. The bailout legislation also fails to reform the flawed regulatory structure that permitted this crisis to arise in the first place. And it doesn’t do enough to address the root cause of the credit market collapse, namely the housing crisis. Taxpayers deserve a plan that puts their concerns ahead of those who got us into this mess.”

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