Congress

Hunt for 60 votes in Senate goes to Miss.

Posted by Jeff from MSNBC

How favorable is the environment for Democrats in the final days of the 2008 campaign? One indicator: They have a chance to win a Senate seat in Mississippi, where no Democrat has won a seat since 1982.

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Despite reforms, Congress hides $3.5B in defense earmarks | Seattle Times

Posted by Jeff from Seattle Times

Time after time, Congress exploited loopholes or violated those rules, a Seattle Times investigation has found. An in-depth examination of the 2008 defense bill found $8.5 billion in earmarks. Of those, 40 percent - $3.5 billion - were hidden.

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Fed Tries to Unclog Credit Markets With $900 Billion

Posted by Jeff from Cnbc

The Federal Reserve will provide as much as $900 billion in cash loans to squeezed banks in an urgent effort to break through a dangerous credit clog that threatens the economy and has unhinged financial markets around the globe. The Fed's action is aimed at spurring spooked financial institutions, which are hoarding cash, to lend not only to each other but also to individuals and businesses.

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Oregon Rep. DeFazio Injects Common Sense into Bailout Debate

Posted by Jeff

Oregon Rep. DeFazio gets it: To put the sheer audacity of this bailout plan in perspective, a compromise has been talked about that reduces the initial payments to "only $250 billion". $250 billion would more than double our investment in bridges, highways, transit, and rail in the United States for five years. Investing in infrastructure creates jobs and stimulates the economy. For example, many economists have argued that directly helping mortgage holders save their houses would be astronomically cheaper and a more effective in resolving this crisis. And helping working Americans restructure their homer mortgage will increase the value of Wall Street's depreciated assets.

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Protect yourself, your family and America

Posted by themelinda

When your drug-sodden brother starts taking out loans and expects you to pay your remedy is to run a notice in the paper under LEGAL NOTICES. We have all seen them.

The time has come for all of us to do just that. Do it today. Protect yourself and let Congress, and the world, know we are not going to stand for it. Get on record.

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Bailout Package Fails As Dow Plunges

Posted by Jeff from Huffington Post

Thankfully... In an extraordinary gamble on the future of the global economy, the House of Representatives voted down the $700 billion Wall Street bill 205-228, as Republicans defied their president, their presidential nominee and the congressional leadership to vote nearly two to one against the measure described as crucial to the prevention of an economic collapse.

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Breakdown of the final bailout bill

Posted by Jeff from MSNBC

Section-by-section breakdown of the "Emergency Economic Stabilization Act of 2008," otherwise known as the $700 billion Wall Street bailout bill. The 106-page bill established sweeping powers for Treasury Secretary Hank Paulson, and his successor, in carrying out what the bill calls the "Troubled Asset Relief Program," whose acronym is TARP.

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