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Local congressmen, opponents split on bailout bill
By Ross Farrow
News-Sentinel Staff Writer
Updated: Tuesday, September 30, 2008 6:19 AM PDTNews-Sentinel Staff Writer
Both representatives from the Lodi-Galt area — one from each party — voted in favor of Monday's $700 billion bailout package.
Reps. Jerry McNerney, D-Pleasanton, who serves northern San Joaquin County, and Dan Lungren, R-Gold River, whose district includes Galt, were part of the decidedly bipartisan vote.
McNerney said Monday's vote was as difficult and heart-wrenching as any vote he has taken in his nearly two years in Congress, but he said he needed to support the only plan available to stabilize the economy.
"I voted to pass the economic recovery package because indications are that the economy faces the serious risk of meltdown, which would put the jobs, savings and homes of so many Americans, and especially people who live in my congressional district, at risk," McNerney said in an e-mail Monday.
"Monday's vote was not about bailing out Wall Street; it was about protecting ordinary Americans and preventing the gears of economy from seizing up," McNerney said. "If credit markets freeze, it means families won't be able to take out basic home and car loans, students won't be able to get affordable college loans, small businesses won't be able to make their payrolls and credit card interest rates will soar.
Lungren, in a written statement, said he was disappointed in the defeat of what he termed "a good-faith bipartisan effort to protect our citizens from a potentially serious downturn in our economy."
Lungren outlined several protections the bill would have included:
Like McNerney, Lungren said the bill was not an effort to bail out Wall Street, but to contain the implosion in the nation's financial markets. He was also critical of Treasury Secretary Paulson's bailout proposal of Sept. 20.
"The original proposal was completely lacking in accountability for those in the financial community who created this mess," Lungren said. "Congressional oversight of the plan was absent. There were inadequate protections for the American taxpayer."
Lungren's Democratic opponent, Bill Durston of Gold River, disagrees that America faces a serious economic crisis if Congress failed to quickly pass a bailout bill. He said he would have voted against the bailout bill.
"I oppose any approach that increases the national debt, rewards corporate greed or rewards Wall Street over Main Street," Durston said in a phone interview Monday.
Durston said that most likely, Congress can wait until it reconvenes in January before tackling the Wall Street issue again.
"If there's a further plunge, then we need to take more dramatic action," Durston said.
Congress needs to reinstitute regulations on the financial industry, he added. Durston predicts a temporary dip in people's portfolios, but then stability will resume.
Andal's spokesman, Richard Temple of Sacramento, said it would be inappropriate of Andal to comment on the bailout bill because he is not in office. Temple said he is concerned that any statement Andal makes may affect the way McNerney votes in the future.
Contact reporter Ross Farrow at rossf@lodinews.com.
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SportsGuru wrote on Oct 1, 2008 12:52 PM:
The US has a population of about 300 Million people. If you subtract the 20 million illegal aliens, you have a net population of 280 million people. Divide that 280-million by a factor of THREE (3 persons = 1 family) and you get 93 million families.
Now .. take the $700,000,000,000 (700 billion) in bailout money and divide it by 93 million families.
You get $7,526.88 per family.
So the question is...
Would the money do more for the economy in the hands of Wall Street executives, or the taxpayers?
I vote for sending my family the $7,526.88! "
wtf wrote on Sep 30, 2008 8:48 PM:
edumacation wrote on Sep 30, 2008 6:35 PM:
I smell a rat or very stupid bureaucrats or maybe both? "
edumacation wrote on Sep 30, 2008 2:37 PM:
To WTF: thanks for clearing up the house definition of Marshall law. Good. But my information is still accurate. There is an operation that is classified that has one of those stupid names like "Enduring Freedom" blah blah. The NorthCom OPS will be coordinating through Homeland Security and the CIA. This makes NO SENSE at all! If they know of a real threat let us know, its our country. This is one reason why county EMT / paramedics have to be vetted for security clearances. They don't trust the EMT's because they are too "do gooder". They might blab to the news media if they see illegal activity by Homeland Security spooks. So the paranoia goes on. Why not stop illegal immigration instead? "
wtf wrote on Sep 30, 2008 2:37 PM:
found.
Catastrophe Risk Financing in the US and the EU:
A Comparative Analysis of Alternative Regulatory Approaches
http://www.scor.fr/www/fileadmin/uploads/Wharton/Klein_Paper.pdf
Date on the above is September 20 - 21, 2007......one year ago.
This paper is from the Philadelphia branch of the Federal Reserve and was
written in March of 2007:
WORKING PAPER NO. 07-9
COMPETITIVE EFFECTS OF BASEL II ON
U.S. BANK CREDIT CARD LENDING
http://www.philadelphiafed.org/research-and-data/publications/working-papers/200
7/wp07-9.pdf
It would also seem that if the bailout is passed and becomes part of the tax
code, the U.S. tax code would supersede the Basel II agreement. I have a
feeling that **this** is what is really behind the Wall Street freakout. "
wtf wrote on Sep 30, 2008 2:06 PM:
http://www.rumormillnews.com/cgi-bin/forum.cgi?read=132199
It appears that Fannie and Freddie did not need bailing; from the charts, the markets are being manipulated by the PPT; Basel II would require accountability (which the bailout basically negates) and all of this could be very good reason for what's going on.
I will have to check, but if the bailout passes then the "law of the land" (U.S.) would, most likely, supersede any international agreement and make compliance by the U.S. with Basel II a moot point.
This would also explain all the churning in the markets recently; churning, most likely, being done by the very persons desirous of this bailout being passed. "
wtf wrote on Sep 30, 2008 2:02 PM:
Just after the FannieMae/FreddieMac takeover, I happened to chat with someone new on my commuter train. She described herself as a consultant for a mortgage company. She was livid about the takeover. According to her, neither Fannie nor Freddie dealt in "subprime" loans at all. They had at the time a whopping 2% default rate. She cited a WSJ report from just a few months before, too, that claimed that Freddie, at least, had enough cash -- not assets, but cash -- to sustain a 42% default rate. There was, she said, no reason whatsoever for the federal government to step in.
This is pretty much what a friend who works for Fannie told me, as well; I wasn't sure but what he was just whistling past the graveyard, until I met the consultant lady.
If that was true, about the cash on hand to cope with a *huge* default rate, you think that might have been reason enough for the robber barons to make that move? "
wtf wrote on Sep 30, 2008 2:01 PM:
wtf wrote on Sep 30, 2008 2:01 PM:
Here's what "Martial Law" In House of Representatives is defined as on Congressman Burgess' own website:
cont. "
wtf wrote on Sep 30, 2008 1:51 PM:
But maybe this is a good thing; give people a chance to step back and take a closer look at things and stop being so hasty. "
Whoa Nellie! wrote on Sep 30, 2008 1:25 PM:
That statement shows how naive he is. "
edumacation wrote on Sep 30, 2008 12:34 PM:
I have two links: Wall Street Journal from SUNDAY --no longer accurate it has been marked up again.
http://blogs.wsj.com/economics/2008/09/20/treasurys-financial-bailout-proposal-to-congress/
and this current one--sort of - from Representative Dodd's mark up.
http://assets.sunlightfoundation.com/pdf/eesa2008.pdf
The bill has two or more titles be careful:
eesa2008, and H.R. 2288 2008
All of the servers at the House of Representatives are crashing.
You can try through a "back door" at http://clerk.house.gov/legislative/index.html
The House is closed today in observation of the Jewesh new Year; Rosh Hashanna. I didn't know there were so many Jews in Congress or banking? Cong Barney Frank made the announcement yesterday. I knew he was gay and liked young men (Congressional Pages) but I didn't know he was a celebrant for Rosh Hashanna. Maybe I should change religious affiliations? The power advantage seems obvious? "
wtf wrote on Sep 30, 2008 12:14 PM:
It's an old tactic: Problem. Reaction. Solution.
They're creating the problem by creating market instability; they expect the public to react by clamoring for the government to "save" them (when it's members of this same government who created the problem in the first place); their "solution" will "sound good" but, in reality, have hidden clauses (hence the haste to get it passed without reading it) that will be detrimental to the American public in the long run.
Don't forget that part of the bill's title deals with a change to the federal tax code. "
wtf wrote on Sep 30, 2008 11:21 AM:
This is **exactly** how they passed the Patriot Act. "
edumacation wrote on Sep 30, 2008 11:03 AM:
wtf wrote on Sep 30, 2008 10:52 AM:
About a year after Bush took office, I was doing some commodities trading. There were two events in gold and feed cattle that occurred on a weekend, the movement was nothing more than a very large spike.
I remember telling my friend that something was going on with the markets and I was getting out and staying out until Bush left; that these guys were doing something that, to put it bluntly, is illegal.
This was more my gut than anything else; but it seems that it's come to pass. "
wtf wrote on Sep 30, 2008 10:41 AM:
Regarding the "bailout" package, some other things are iffy....I'll have to find the exact articles, but I read one where the $700 billion price tag was picked arbitrarily - they just wanted a number large enough to scare the public.
Also passed yesterday while the MSM was focusing on the bailout dog 'n pony show, another bill was passed approving approximately $640 billion and another approving one TRILLION to continue the U.S. occupation of Iraq. Can't help but wonder if the bailout is being used as a distraction.
Look! Look! Over here! We're doomed!
While the real screwing is taking place over there.... "
Whoa Nellie! wrote on Sep 30, 2008 10:39 AM:
Here's a great youtube video a pal sent me.
http://www.youtube.com/watch?v=_MGT_cSi7Rs "
edumacation wrote on Sep 30, 2008 10:38 AM:
http://www.whitehouse.gov/news/releases/2007/05/20070509-12.html
and here:
GOOGLE: HSPD 7 HSPD 9 and HSPD 12
Homeland Security Presidential Directives 7, 9, 12,and 20 all under NSPD 51 (National Security Presidential Directive 51)
Read and you make your decisions about what it means. There is NO congressional oversight committee, it was classified above Congress.
Read this testimony about the security classification of the FEMA camps to be set up for MARSHALL LAW under the Presidential Security directives.
http://www.youtube.com/watch?v=yzF0W7-1CCc&feature=related
Congressman Peter DeFazio (DEM) Oregon. He was not allowed to read the secret PLAN that supports these Presidential Direcives. He is on the Homeland Security committee.
Here is a speech by Congressman Michael Burgess (REP) YESTERDAY, where HE talks about the declaration of Marshall law hidden in the Bailout bill.
http://www.youtube.com/watch?v=B0pTizzR7hE "
edumacation wrote on Sep 30, 2008 10:12 AM:
I have more.
The ARMY TIMES last week was the first to publish this news.
QUOTE: "The 3rd Infantry Divisions 1st Brigade Combat Team has spent 35 of the last 60 months in Iraq patrolling in full battle rattle, helping restore essential services and escorting supply convoys.
Now theyre training for the same mission with a twist at home.
Beginning Oct. 1 for 12 months, the 1st BCT will be under the day-to-day control of U.S. Army North, the Army service component of Northern Command, as an on-call federal response force for natural or manmade emergencies and disasters, including terrorist attacks."
There is much more: The troops (6500-8000) are starting to arrive for domestic warfighting at Stewart Georgia for training. After training they will be deployed from Peterson AFB near Colorado Springs Colorado. For twelve months starting OCT 1 2008.
http://www.armytimes.com/news/2008/09/army_homeland_090708w/
They will be implementing President Bush Directives:
Presidential Directive #51, Executive Orders #13303, #13315, #13350, #13364, #13422, #13438.
ALSO GOOGLE AND READ Presidential Directives NSPD 51 and HSPD20. "
wtf wrote on Sep 30, 2008 10:07 AM:
http://futures.tradingcharts.com/chart/ND/M
The S&P seems to be mirroring the Dow Jones in that it fell to around 750 one year after Bush took office; right now it's trading at 1,150.
http://futures.tradingcharts.com/chart/SP/M "
wtf wrote on Sep 30, 2008 10:07 AM:
http://futures.tradingcharts.com/chart/DJ/M
(cont) "
liz wrote on Sep 30, 2008 9:59 AM:
What will happen is that we will hear more that the sky is falling and some form of the bill will pass. By the way, I didn't know it was the American taxpayers responsibility to make sure that the Dow is always artificially high. "
wtf wrote on Sep 30, 2008 9:55 AM:
http://whatreallyhappened.com/ARCHIVE/roll674.xml.htm
Notice anything odd about this?
Under "bill title" it says:
"To amend the Internal Revenue Code of 1986 to provide earnings assistance and tax relief to members of the uniformed services, volunteer firefighters, and Peace Corps volunteers, and for other purposes"
So....this will amend a tax code and be used for "other purposes" which one would have to read the actual bill to see what, exactly, these "other purposes" are.
With the MSM howling doom from the TV, radio and newspapers, I wanted to see just how bad this "crash" was. Below are the monthly charts for the Dow Jones, NASDAQ and S&P; all charts are doing what is called a correction because all numbers are going to where they were when Bush entered office.
(cont) "
edumacation wrote on Sep 30, 2008 9:53 AM:
There are two ways to get these recordings.
1) Download any Torrent application--like Bit torrent. Download the following torrent:
http://thepiratebay.org/torrent/4418763
The second way to get the recordings is to go to YOUTUBE (now posted in five parts). After seeding the P2P networks, they were complied and placed on YOUTUBE. No editorializing, no SPIN, just the facts as Treasury proclaims the last Sunday night. It is a potentially important historical document....for those US history buffs out there. The bill was supposed to bring in transparency---but it only obfuscates. The Secretary of Treasury has FINAL authority over any decisions. BY LAW! No oversight by Congress. If this bill is successful it hands out billions to a few with the blessings of Treasury. If Geweke wants a bailout just apply. IT IS FOR ANY ENTITY...NOT JUST BANKS.
IMPORTANT--- IT IS NOT A REQUIREMENT THAT THE FIRM have any financial difficulties!!! Even the best finacial health is fiune. Listen to the resordings. FIVE PARTS
On Youtube search keywords: "SIFMA Conference call" SERVERS ARE OVERLOADED --keep trying.
http://www.youtube.com/watch?v=uXmFADm61Rc "
Whoa Nellie! wrote on Sep 30, 2008 9:45 AM:
While I am not in favor of the govt bailing out single companies, what we are talking about here is the entire US financial markets.
If nothing is done us boomers will lose most of our retirement (stocks) as the markets will crash. This in turn will cause less spending, more layoffs, and complete business failures, and more home foreclosures. I do predict, even if we get a package next week we are in for more rocky times.
Listen to the financial reporters on every network and cable channel; they all agree the bailout is needed, and that the failure was to educate the American public on why it is needed. "
edumacation wrote on Sep 30, 2008 9:35 AM:
I have a friend who is in the Financial markets industry. Last Sunday night he was summoned to work to participate in a conference call from the Treasury Department. The conference call was FROM TREASURY to members of SIFMA. The Securities Industry and Financial Markets Association. Treasury explaineds how the bailout bill was REALLY supposed to work. My friend placed a digital recorder next to the telephone and recorded virtuially the whole teleconference. You can hear questions from large banking interests. I don't think Congress understand what the bill really does. On eexample: The so-called limits on Golden Parachutes ---is a farce. This part of the bill ONLY refers to the period 18-24 months after the bill is signed in to law. Also, the bill is very broad in definitions. Secretary Paulson is the FINAL arbiter on which companies get the bailout money. Listen carefully those are the words of Treasury not his interpretation. The recordings have been distributed all over the internet. "
liz wrote on Sep 30, 2008 9:27 AM:
http://biz.yahoo.com/ap/080930/meltdown_tough_votes.html?.v=1
By the way, in this congressional session, the only legislation McNerney voted NO for was ALL bills for funding the troops. "
ra wrote on Sep 30, 2008 6:20 AM:
ra wrote on Sep 30, 2008 6:19 AM:
t jefferson wrote on Sep 30, 2008 5:39 AM:
Comments on this story are now closed.