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ALERT: Bush using Economic Terrorism to flip House "NO" Votes

Discussion in 'Political Zone' started by StevenOtero, Oct 2, 2008.

  1. StevenOtero

    StevenOtero Well-Known Member

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    ALERT: Bush using Economic Terrorism to flip House "NO" Votes

    WASHINGTON - Desperate to avoid another market-crushing defeat, House leaders won key converts Thursday to the $700 billion financial industry bailout on the eve of a make-or-break second vote.

    President Bush and congressional leaders lobbied furiously for the dozen or so supporters they'd need to reverse Monday's stunning setback and approve a massive rescue plan designed to stave off national economic disaster.

    Anything but reassured, investors sent the Dow Jones industrials plunging another 348 points, suggesting Wall Street is expecting tough economic times ahead even if the measure is rushed into law. The Federal Reserve reported record emergency lending to banks and investment firms, fresh evidence of the credit troubles squeezing the country.

    "A lot of people are watching," Bush pointed out — as if lawmakers needed reminding — and he argued from the White House that the huge rescue measure was the best chance to calm unnerved financial markets and ease the credit crunch.

    Democratic and Republican leaders worked over wayward colleagues wherever they could find them.

    Rep. Steny Hoyer, the second-ranking House Democrat, said there was a "good prospect" of approving the measure but stopped short of predicting passage — or even promising a vote. Nonetheless, the vote was expected on Friday. "I'm going to be pretty confident that we have sufficient votes to pass this before we put it on the floor," Hoyer said.

    The top Republican vote-counter, Rep. Roy Blunt of Missouri, did predict the measure would be approved.

    Minds were changing in both parties in favor of the much-maligned measure, which would let the government spend billions of dollars to buy bad mortgage-related securities and other devalued assets from troubled financial institutions. If the plan works, advocates say, that would allow frozen credit to begin flowing again and prevent a serious recession.

    GOP Rep. Ileana Ros-Lehtinen of Florida, said she was switching her "no" vote to a "yes" after the Senate added some $110 million in tax breaks and other sweeteners before approving the measure Wednesday night.

    "Monday what we had was a bailout for Wall Street firms and not much relief for taxpayers and hard-hit families. Now we have an economic rescue package," Ros-Lehtinen told The Associated Press.

    Rep. Zach Wamp of Tennessee, another of the 133 House Republicans who joined 95 Democrats Monday to reject the measure, also announced he was now onboard. Democratic Rep. Emanuel Cleaver of Missouri was switching, too, said spokesman Danny Rotert, declaring, "America feels differently today than it did on Friday about this bill."

    Emboldened by the feverish bidding for votes, other members of both parties were demanding substantial changes to the legislation before they would vote for it. A group of Republican opponents indicated they'd back it if the price tag were slashed to $250 billion and several special tax breaks added by the Senate were removed. Democrats wanted to add a way to pay for the bailout and more help for homeowners staring at foreclosure.

    Speaker Nancy Pelosi, D-Calif., said no, such revisions were impossible because they would slow the measure's enactment and further shake markets.

    "I don't think that any changes here will do what we need to do, which is right now to send a message of confidence to the markets that Congress will act," she said.

    The Senate breathed new life into the measure Wednesday after the stinging House defeat, voting 74-25 to approve the bailout, with additions designed to appeal to key constituencies.

    The changes helped satisfy some Republican critics, but angered conservative "Blue Dog" Democrats who are concerned about swelling the deficit. Still, Hoyer predicted the number of Democratic defectors "is going to be minimal."

    In efforts to appease GOP opponents, the Senate added a provision to raise, from $100,000 to $250,000, the limit on federal deposit insurance.

    House Republicans were also cheered by a decision by the Securities and Exchange Commission this week to ease rules that force companies to devalue assets on their balance sheets to reflect the price they can get on the market.

    The developments Wednesday prompted one Republican, Rep. John Shadegg of Arizona, to say he was likely to support the new bill, and another, Steve LaTourette of Ohio, to say he was "getting there."

    Rep. Earl Blumenauer, D-Ore., a liberal opponent, was also reconsidering his vote, said spokeswoman Lucia Graves, but "he's not on board yet."

    Unconvinced, Peter DeFazio, D-Ore., said he still opposed the bill despite Senate inclusion of a program that pays rural counties hurt by federal logging cutbacks.

    Rep. Gabrielle Giffords, D-Ariz., praised the increased deposit insurance caps and tax breaks, calling the package "a step in the right direction," but did not commit to supporting it.

    Beyond the Capitol, the drumbeat of bad economic news rattled on.

    One government report said orders to factories plunged by the largest amount in nearly two years. Another said claims for jobless benefits hit a seven-year high. Investors appeared to be pulling money out of Wall Street and bracing for lengthy economic hard times.

    Bush, meeting with business executives at the White House, said increasingly tight credit markets are not just hitting big banks in New York City but threatening the existence of small businesses across the country.

    The modified Senate bill would extend several tax breaks popular with businesses, provisions that are favorites for most Republicans. It would keep the alternative minimum tax from hitting 20 million middle-income Americans, which appeals to lawmakers in both parties. And it would provide $8 billion in tax relief for those hit by natural disasters in the Midwest, Texas and Louisiana.

    Help for rural schools was aimed mainly at lawmakers in the West.

    Another addition, to extend the deductibility of state and local taxes for people in states without income taxes, helps Florida and Texas, among others. Ros-Lehtinen singled it out as one reason she changed her mind.

    Democratic leaders circulated data showing which states benefit most from an extension of a tax break for homeowners who do not itemize their tax returns. Texas, Florida, California and Pennsylvania ranked among the highest. The leaders hope the measure will bring support from black lawmakers, many of whom voted "no" earlier this week, among others.
  2. StevenOtero

    StevenOtero Well-Known Member

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    Few Important Facts:
    The "new and improved" BAILOUT PLAN:
    We all know that the original BAILOUT plan meant that Paulson has more power than all three branches of government and that $700 Billion to $50 Trillion (derivitives exposure) is transfered from US taxpayers to the top 400 families in the US. The new plan adds even more things that should outrage every American Citizen.


    From PTTurboe: http://forum.prisonplanet.com/index.php?topic=62180.0
    The bailout is intended for FOREIGN BANKS and not US Banks:

    SEC. 112. The Secretary shall coordinate, as appropriate, with foreign financial authorities and central banks to work toward the establishment of similar programs by such authorities and central banks. To the extent that such foreign financial authorities or banks hold troubled assets as a result of extending financing to financial institutions that have failed or defaulted on such financing, such troubled assets qualify for purchase under section 101

    Links from Nailer: http://www.fedupusa.org/ Starts at 1:30 into this video: http://www.youtube.com/watch?v=GqIFoBXGizc


    The BAILOUT is 451 Pages:
    No one has had any time to read it and examine it. No one actually knows who wrote it. Please read it and add to the list of "issues" with this piece of "legislation"


    From IndependentWV: http://forum.prisonplanet.com/index.php?topic=62171.msg318770#msg318770
    New Tax earmarks in Bailout bill:

    - Film and Television Productions (Sec. 502)
    - Wooden Arrows designed for use by children (Sec. 503)
    - 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)

    Tax earmark “extenders” in the bailout bill.
    - Virgin Island and Puerto Rican Rum (Section 308)
    - American Samoa (Sec. 309)
    - Mine Rescue Teams (Sec. 310)
    - Mine Safety Equipment (Sec. 311)
    - Domestic Production Activities in Puerto Rico (Sec. 312)
    - Indian Tribes (Sec. 314, 315)
    - Railroads (Sec. 316)
    - Auto Racing Tracks (Sec. 317)
    - District of Columbia (Sec. 322)
    - Wool Research (Sec. 325)



    From gEEk squad: http://forum.prisonplanet.com/index.php?topic=62241.msg319015#msg319015
    Revision of US Tax Code for Carbon Emmissions:


    (a) IN GENERAL.—Subparagraph (E) of section 7704(d)(1) (defining qualifying income) is amended by inserting ‘‘or industrial source carbon dioxide’’ after ‘‘timber)’’.

    (b) EFFECTIVE DATE.—The amendment made by this section shall take effect on the date of the enactment of this Act, in taxable years ending after such date.


    (a) STUDY.—The Secretary of the Treasury shall enter into an agreement with the National Academy of Sciences to undertake a comprehensive review of the Internal Revenue Code of 1986 to identify the types of and specific tax provisions that have the largest effects on carbon and other greenhouse gas emissions and to estimate the magnitude of those effects.

    (b) REPORT.—Not later than 2 years after the date of enactment of this Act, the National Academy of Sciences shall submit to Congress a report containing the results of study authorized under this section.

    (c) AUTHORIZATION OF APPROPRIATIONS.—There is authorized to be appropriated to carry out this section $1,500,000 for the period of fiscal years 2009 and 2010.


    BAILOUT includes a financial collapse timebomb for further extortion:
    All of their increases to insurances (FDIC, etc.) are set to expire 1/1/2010

    That is when they really plan on exploding the last remnants of the financial market. That is when the real depression will be in full swing and then all of the insurances will expire or we will be forced to pass an even worse bill!


    From Hershie: http://forum.prisonplanet.com/index.php?topic=62074.0
    NAU ALERT:Henry Paulson and the North American Development Bank:
    That is the North American Development Bank.
    It is a multi national bank that we co-own with Mexico
    Here is the link!
    He is also on the Board of Directors of the BECC
    This stands for the Border Environmental Cooperation Commission. This is the sister organization to the NADB.
    These two agencies work to build infrastructure on the USA/Mexico border!
    They work with Fannie May and Freddie Mac
    these organizations are wasting millions upon millions of dollars on the border!!!
    [link to www.newswithviews.com]
    All of the links to this information is in this article!
    link to www.nadb.org]
    [link to www.cocef.org]
    [link to www.cocef.org]
    NADB/BECC projects link


    From rawiron1: http://forum.prisonplanet.com/index.php?topic=62415.0
    North American Union: True intent of the BAILOUT and planned economic collapse:

    Bloomberg Article:
    "North American economies must better integrate or risk falling further behind in competitiveness with Europe and Asia," Mexican President Felipe Calderon said.
    'It's a very sensitive issue. In political terms, it's like a capital sin to talk about it'


    From larsonstdoc: http://forum.prisonplanet.com/index.php?topic=62175.0
    Nancy Pelosi and her "Tax Shelter" (her husband and PAC funds)

    Nancy Pelosi paid husband with PAC funds: $99,000 for rent, utilities, accounting fees
  3. StevenOtero

    StevenOtero Well-Known Member

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    Terrorist in the White House: George W. Bush just banged on a table and got all frustrated about his fascist coup.

    He said:

    "The House must [...] get this bill passed."

    The guy is clinically insane and is showing his true colors as a Hitler/Stalinist/Prescott Bushist tyrrant.


    At 2:03 he slams the table
  4. masomenos

    masomenos Less is more

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    I'd say that's a bit of an overstatement.
  5. StevenOtero

    StevenOtero Well-Known Member

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    The only reason it's a bit of an overstatement is because he is a puppet and runs nothing. ..That post you quoted me on was from another person on another board anyway.

    ABQCOWBOY Moderator Staff Member

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    Otero, you need to come on in to town a little bit more ole buddy.
  7. StevenOtero

    StevenOtero Well-Known Member

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    lol ;)
  8. Doomsday101

    Doomsday101 Well-Known Member

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    They need to vote this down and demand that these pork items be removed. Most American are furious at the fact this is even being done but then to shove pork in this bill is just flat wrong.

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