Advertisement

Archive for Saturday, October 4, 2008

3 Kansans in House vote against bailout

Moore only lawmaker to OK measure

October 4, 2008

Advertisement

On the street

Are you relieved that Congress has reached an agreement on the bailout?

Not at all. I was hoping they would fight that thing until the end and shut it down completely. I don’t feel that taxpayers should be bailing out the intensely greedy people who got us there in the first place.

More responses

— Lawrence's House representatives were split on the issue again.

U.S. Rep. Nancy Boyda, D-Topeka, whose district includes west Lawrence, voted against the bailout proposal that failed Monday and against the one that was approved Friday by the full House. U.S. Rep. Dennis Moore, D-Lenexa, whose district includes east Lawrence, voted for both proposals.

"I am just as upset as many of my constituents that our country is faced with this economic crisis," Moore said. "But we were left with very few choices and little time to preserve our economic stability."

He said that he didn't like the unrelated tax policy issues that the Senate added to the bill earlier this week, but he noted that the larger issue was "about protecting our families, seniors and small businesses from the devastating effects of doing nothing."

But Boyda said she believed there were no real improvements in the second versions.

She said the whole way the Bush administration handled the process damaged the final product.

"President Bush had basically pulled a fire alarm in a crowded theater, so there wasn't a lot of clear thinking going on," she said. She said Congress should have worked harder to tighten down protections for taxpayers and assistance for homebuyers.

But having voted against the measure, she said she would pray that it works.

She said one of the positive aspects of the bill is that it will raise the amount of federal insurance on bank deposits from $100,000 to $250,000 per customer.

Kansas' other two House members - Jerry Moran, R-Hays, and Todd Tiahrt, R-Goddard - also voted against the bailout again. Moran said in a letter to his constituents that "our economic challenges will not be appropriately addressed by supporting a bad plan just because of an absence of a better plan."

Comments

Jeanne Cunningham 5 years, 10 months ago

SORRY, Nancy,Your sign will NOT be in my yard, after all. It went the way of my retirement account.

0

staff04 5 years, 10 months ago

Another thing about the Mish link--he characterizes this as a bailout of private business.It is also a bailout of millions upon millions of current and future retirees, so I think that needs to be stated in this argument as well.

0

bondmen 5 years, 10 months ago

Thankfully some congressmen were smart enough or principled enough to vote against the Wall Street bailout bill supported by Nancy Pelosi, Chris Dodd, Barney Frank, Hank Paulson and George W. Bush!Folks what's about to happen is not very pretty. Batten down the hatches and prepare for hard times to come. "This bill is so incredibly stupid, it has the potential to be the Smoot-Hawley equivalent of our times."http://globaleconomicanalysis.blogspot.com/2008/10/bailout-bill-passes-images-of-day.html

0

onrywmn 5 years, 10 months ago

Thanks Nancy for listening to us and trying to do the right thing!

0

Sigmund 5 years, 10 months ago

chic (Anonymous) says: "SORRY, Nancy, Your sign will NOT be in my yard, after all. It went the way of my retirement account."Bring it down to my yard, for the first time in my life I will have a yard sign and it will be this democrat.

0

Shardwurm 5 years, 10 months ago

The only people who didn't support the bailout are ones who have nothing to lose. Those of us who have been working and saving for retirement are glad someone is doing something.You welfare cases should be happy because if the bulk of the middle class fails there will be no one able to pay for your government cheese allocation.

0

ralphralph 5 years, 10 months ago

We took a MAJOR screwing on this, and set ourselves up to take more, similar screwings in the future (both near and distant). The worst part is that I really don't think that it will work, other than to drag-out the process of cleansing bad actors from the scene. Plus, I'm sick of the arrogant SOB's (and DOB's?) telling me "the American People just don't understand this, or they'd support it." I very much understand that I just got bent-over.Lovingly yours .... ralphralph, JD, BBA (Finance)

0

Godot 5 years, 10 months ago

Mish is right (http://globaleconomicanalysis.blogspot.com/2008/10/bailout-bill-passes-images-of-day.html)This legislation is unconstitutional. How can we get it before the Supreme Court? Senators Brownback and Roberts, and Representatives Boyda and Moran, please back up your NO votes, and take the next step. Use your influence and connections to have someone file a lawsuit to halt the implementation of this bill, and get it fast tracked to the Supreme Court.

0

techmanmacho 5 years, 10 months ago

I can understand to some extent Congressmen willing to vote on an aid package to help stimilate our economy. However the final version of the bill was so full of pork it leads me to believe that Congress and Senate is truly corrupt and the current establishment needs to be voted out.

0

staff04 5 years, 10 months ago

Interesting link, Godot. Mish interprets the Constitution differently than some others, so the assessment that it is unconstitutional is up for discussion.The Constitution may not give authority, but in not addressing the issue, it also does not bar a bailout like this.The Constitution doesn't address a lot of issues--I think by design.Now, I happen to think that the consequences of not acting are far greater than the potential consequences of enacting this legislation. That's my opinion of the bailout plan.

0

LogicMan 5 years, 10 months ago

"U.S. Rep. Dennis Moore, D-Lenexa, whose district includes east Lawrence, voted for both proposals."It is very unfortunate that Moore goes against the better judgment of his constituents, twice this week. Time for him to leave office. Vote for the other guy, whoever he is.

0

Sigmund 5 years, 10 months ago

Windlass (Anonymous) says: "All George W. Bush ever needed to ram his Idiot Agenda's down our throats is a Republican majority in the Senate."Ever since 2002 the Bush Administration has tried to ram "his idiot Agenda" of additional regulation of Freddie and Fannie down our throats and it was both congressional democrats and republicans who dropped the ball.Here is C-SPAN's coverage cut to highlight the republican support for reform and additional regulation and the democrats opposition to reform and regulation. http://www.youtube.com/watch?v=_MGT_cSi7RsIf the democrats had supported this reform it would have passed easily and we wouldn't be in the position we are in now. Not that I expect a sock puppet who lives in a black and white world of all regulation, or all republicans, or all democrats are either good or bad.

0

Godot 5 years, 10 months ago

Well, well, well. Lookee here.http://www.bloomberg.com/apps/news?pid=20601087&sid=aVVOrzOIBedo&refer=home"Oct. 4 (Bloomberg) -- Treasury Secretary Henry Paulson is hiring as many as 10 asset-management companies to join the lawyers and bankers he is recruiting to kickstart the government's new $700 billion bank-rescue program. The Treasury began implementing the plan within an hour of Congress yesterday giving Paulson the powers he sought to combat the U.S. financial crisis. Paulson is seeking to assemble a team to determine which toxic securities to target, how to value them and how to buy them. BlackRock Inc., Pacific Investment Management Co. and Legg Mason Inc. are seeking to become money managers for the program, people familiar with the matter said. This is something that, for a typical company, would take no less than five years,'' said Lynn Turner, a former chief accountant at the Securities and Exchange Commission.Anyone who thinks they can do this in two weeks is insane.'' Ed Forst, the former Goldman Sachs Group Inc. executive Paulson hired to head the transition team, started work last week and is charged with helping establish the new Office of Financial Stability. ``Paulson did not want to lose precious days waiting,'' said Howard Glaser, a former chief legal adviser of the Department of Housing and Urban Development. Warren Buffett, the billionaire who spent $8 billion in the past two weeks to buy stakes in General Electric Co. and Goldman Sachs Group Inc., has also offered his views. "Who needs Congress when we have Warren Buffett, Obama's financial advisor, to run things? No doubt George Soros is in on this too, the media is just afraid to mention his name.

0

Susan Mangan 5 years, 10 months ago

No, Shardwurm, those of us who understand the economy and cause-and-effect were against this. I guarantee I pay more in taxes...and save more for retirement, than you. But I don't live on credit and I live within my means. I don't believe in bailing out those who didn't. Especially with my hard earned money.How arrogant and short-sighted of you.

0

Godot 5 years, 10 months ago

Windlass, perhaps you can explain how it was that George Bush forced the hapless, helpless victim, Democrat Barney Frank, to write the first draft of this bill? And how the Democrats, who have a clear majority in the house, failed to stop it? Oh, yeah, I forgot, as Democrats, they are always innocent, even when they collude to commit treason.

0

Godot 5 years, 10 months ago

I disagree staff04. My expectation is that most of the money will be used to make foreign investors (governments) whole. Paulson said he would tell the president to veto the bill if it did not give Treasury the power to buy bad debt, regardless of where in the world it originated. So he now has the power, if he chooses, to buy a non-performing loan on a commercial tower in Beijing, bad car loans from Germany, and past due credit card debt from Great Britain. A large chunk of it will be used to hire investment firms to manage the distribution of the money---the same bad actors who got us into this mess. Funny, I thought Congress was supposed to manage taxpayer money.And as to determining the consitutionality of the use of taxpayer dollars to directly support certain privileged private businesses, and the unprecedented power granted to the Treasury, a part of the Executive Branch, to tax and spend, a power that the Consitution specifically grants to Congress, that is precisely the why we have a Supreme Court.

0

Commenting has been disabled for this item.