U.S. Congressman: “I’ve seen members turn to each other and say if we don’t pass this bill, we’re going to have martial law in the United States.”
October 3rd, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instruments.
It’s almost certainly going to pass the House. If it doesn’t, however, you probably won’t be able to move your assets out of the U.S. You might not even be able access your bank or brokerage accounts at all for some period of time.
Again, if it doesn’t pass, expect a banking holiday.
Via: Baltimore Sun:
The Senate voted reluctantly but solidly in favor of a modified $700 billion Wall Street rescue plan last night, but it remained uncertain whether the legislation – even with a carefully designed package of tax breaks – would withstand the fierce crosswinds of liberal and conservative resistance in the House later this week.
The measure passed the Senate 74-25, with a majority of Democrats and Republicans voting in favor – among them presidential nominees Barack Obama and John McCain. The centerpiece of the legislation gives the government the authority to buy up billions of dollars of the toxic assets, primarily mortgage-backed securities, that have poisoned financial markets and threaten to contaminate the rest of the economy.
…
The tax breaks and accounting rule changes for Hollywood were seen as aimed at two Southern California Democrats – Reps. Adam Schiff and Brad Sherman – who voted against the plan. Sherman, who led the defection of a group of Democratic skeptics, insisted he would not be enticed to vote for the rescue plan.
“The one thing that’s been proven is the absolute fear-mongering that’s being used to drive us is false,” Sherman said. “I’ve seen members turn to each other and say if we don’t pass this bill, we’re going to have martial law in the United States.”
Well, it just passed (with Saint Barack Obama’s instrumental help, no less), and my comment at the liberal dem political blog where I still ocassionally hang around was, “Come on, you knew this freaking turkey was going to pass one way or the other, didn’t you?”
I think this is making some of the regulars there start to realize that the only real difference between John Kerry and Saint Barack is one of superficial style rather than one of substance.
More fun faktoids about the “bail-out”: Some estimates on the bail-out itself place the actual tally at $770G. Another $150G of pork was added to get it to pass the House of Representatives. So this is actually an almost one trillion dollar (what letter do I use to symbolize a trillion, T?) spending bill when we’re already at least $9T in the hole. (A website that keeps track of that says $10T, but that may be with the bail-out added.)
I’m not as easily wow-ed these days as when I was a young-‘un, but…wow. And there is consensus that the bankers and fat-cats are going to want more money than this in pretty short order. And also keep in mind the Fannie Mae and Freddy Mac obligations the Federal Government has taken on.
I think I need some of that thick pink stuff for my stomach.