Commentary on the economy, the markets, and business

The bailout lives. The Senate will vote Wednesday

Reports Jay Newton-Small. She continues:

I'm told the bill will likely pass the Senate even though it will have to garner 60 votes, which means the hurdle remains the House.

I'm still waiting to hear if the ‘Emergency Economic Stabilization Act of 2008,' is identical to the bill the House failed to pass Monday. But, I'm told that with Chris Cox's mark-to-market changes today, the addition of the FDIC ceiling increase and the popular $13 billion tax extenders, the bill should win enough GOP votes to pass the House. “We think will have substantial appeal to House Republicans,” said one GOP House leadership aide. “Boehner was consulted and gave the green light.”

Update: Now Jay has a story up about changing sentiment on the Hill:

Most members explained their votes opposing the bill Monday as a reflection of their constituents' anger about a rescue package for Wall Street. "Since the vote, it's about half and half," Representative Tim Murphy, a Pennsylvania Republican who voted against the bill, says of the calls coming into his office. "Half say, Do something — I'm worried about my business or my retirement; and the other half still say, Don't vote for the bailout."

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  • 1

    TO BAIL OR NOT TO BAIL
    (Adapted from William Shakespeare's Hamlet)
    (WilliamBanzai7)

    To Bail, or not to Bail, that is the question:
    Whether 'tis nobler in the mind to suffer
    The slings and arrows of outrageous loss of fortune,
    Or to take arms against a sea of financial troubles
    And by opposing end them. To die—to sleep,
    No more; and by a sleep to say we end
    The heart-ache and the billion market shocks
    That investor hubris is heir to: 'tis a consummation
    Devoutly to be wish'd. To die, to sleep;
    To sleep, perchance to dream—ay, there's the rub:
    For in that sleep of death what dreams may come,
    When we have shuffled off this market coil,
    Must give us pause—there's the respect
    That makes calamity of so long life.
    For who would bear the whips and scorns of time,
    The CEO banker's wrong, the proud man's contumely,
    The pangs of write offs, the law's delay,
    The insolence of office, and the spurns
    That patient merit of th'unworthy takes,
    When he himself might his quietus make
    With a bare quill? Who would Federal oversight bear,
    To grunt and sweat under an ordinary life,
    But that the dread of something after death,
    The undiscovere'd country, from whose bourn
    No traveller returns, puzzles the will,
    And makes us rather bear those ills we have
    Than fly to others that we know not of?
    Thus conscience does make cowards of us all,
    And thus the familiar hue of resolution trust
    Is sicklied o'er with the pale cast of thought,
    And enterprises of great pitch and moment
    With this regard their currents turn awry
    And lose the name of action.

  • 2

    williambanzai7,
    You have way too much time on your hands.

  • 3

    Hooray! I love giving my money to the super wealthy. It's so much fun. I certainly do hope they spend it unwisely again, very soon, so I can give them even more of my money.
    Go Congress for not acting rashly and actually thinking before signing a bill!

  • 4

    HANK'S: "BAIL OUT!"
    ("Beat It" Michael Jackson)
    WilliamBanzai7
    [1st Verse]
    They Told Him We Don't Burn Taxpayer Cash Around Here
    Don't Wanna See Your Face, You Better Disappear
    The Fire In Their Eyes And Their Words Are Really Clear
    So Bail Out, Just Bail Out
    [2nd Verse]
    You Better Run, You Better Do What You Can
    Don't Wanna See No Market Blood, Want to Be A Market Man
    You Wanna Be Tough, Better Do What You Can
    So Bail Put, But You Wanna Be Bad
    [Chorus]
    Just Bail Out, Bail Out, Bail Out, Bail Out
    No One Wants TARP To Be Defeated
    Shovlin' Funky Subprime Finance Is Your Fight
    It Doesn't Matter Who's Wrong Or Right
    Just Bail Out, Bail Out
    Just Bail Out, Bail Out
    [3rd Verse]
    The GOP fringe is Out To Get You, Better Leave While You Can
    Don't Wanna Be A Wall Street Boy, You Wanna Be A Beltway Man
    You Wanna Stay Alive, Better Do What You Can
    So Bail Out, Just Bail Out
    [4th Verse]
    You Have To Show Them That You Really are Scared
    They're Playin' With Market napalm, This Ain't No Truth Or Dare
    They'll Kick You, Then They Beat You,
    Then They'll Tell You It's Fair
    So Bail Out, But You Wanna Be Bad
    [Chorus]
    Just Bail Out, Bail Out, Bail Out, Bail Out
    No One Wants TARP To Be Defeated
    Shovlin' Funky Subprime Finance Is Your Fight
    It Doesn't Matter Who's Wrong Or Right
    [Chorus]
    Just Bail Out, Bail Out, Bail Out, Bail Out

  • 5

    Malcolm, it beats Seinfeld reruns and crossword puzzles.

  • 6

    they, on wall street and in washington, REALLY THINK WE THE PEOPLE ARE STUPID.

    the worst group of crooks are the corporate media spinsters.

  • 7

    I've seen one depression and I don't want to go through that business again! We're seeing much the same loss of confidence after a bubble and Bernanke has it right, we need to do something and do it fast. Those Republicans who don't want to see the end of the Reagan era need to admit defeat. Reaganomics is a failed policy!

    And those Democrats (fewer, I admit) who don't want to see those financial business leaders get off without pain, need to reassess their values. We don't want to follow the advice of my Great Uncle George Washington Norris, Governor of the Philadelphia Reserve Bank, who said, "The consequences of such a debauch are inevitable." And they were when he failed to act.

    Let's give Paulson what he needs to turn this around and not put so many restrictions on him that this won't work.

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