Daily Archives: November 13, 2008

>Dodd Says Auto Bailout Lacks Votes in Senate

>The NY Times has just posted a column by David Herszenhorn stating how Connecticut Senator Chris Dodd, who is Chairman of the Senate banking committee, has just announce that Auto industry bailout lacks votes in the Senate at this time.

“The chairman of the Senate banking committee said on Thursday that he did not believe there would be enough Republican support for efforts to aid floundering automobile manufacturers, raising doubts about whether Congressional leaders will call the House into a lame-duck session next week.

“Right now, I don’t think there are the votes,” the chairman, Senator Christopher J. Dodd of Connecticut, said, adding that he personally was in favor of using money from the $700 billion financial rescue program to help General Motors, Ford and Chrysler. But Mr. Dodd said he did not believe such a bill would get through the Senate.

“I don’t know of a single Republican who’s willing to support,” Mr. Dodd said. “So I want to be careful about bringing up a proposition that might fail in light of the fact the authority exists, and under an Obama administration there seems to be a greater willingness to deal with the issue. So there are some political considerations to be made.”

Passing any legislation to aid the auto companies would require 60 votes in the Senate. Democrats have 49 seats, Republicans have 49 seats and there are 2 independents who caucus with the Democrats…”


Click HERE to finish reading David Herszenhorn’s column in the NY Times

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Filed under Auto Industry, bailout, Chris Dodd, David Herszenhorn, NY Times, Senate banking committee

Dodd Says Auto Bailout Lacks Votes in Senate

The NY Times has just posted a column by David Herszenhorn stating how Connecticut Senator Chris Dodd, who is Chairman of the Senate banking committee, has just announce that Auto industry bailout lacks votes in the Senate at this time.

“The chairman of the Senate banking committee said on Thursday that he did not believe there would be enough Republican support for efforts to aid floundering automobile manufacturers, raising doubts about whether Congressional leaders will call the House into a lame-duck session next week.

“Right now, I don’t think there are the votes,” the chairman, Senator Christopher J. Dodd of Connecticut, said, adding that he personally was in favor of using money from the $700 billion financial rescue program to help General Motors, Ford and Chrysler. But Mr. Dodd said he did not believe such a bill would get through the Senate.

“I don’t know of a single Republican who’s willing to support,” Mr. Dodd said. “So I want to be careful about bringing up a proposition that might fail in light of the fact the authority exists, and under an Obama administration there seems to be a greater willingness to deal with the issue. So there are some political considerations to be made.”

Passing any legislation to aid the auto companies would require 60 votes in the Senate. Democrats have 49 seats, Republicans have 49 seats and there are 2 independents who caucus with the Democrats…”


Click HERE to finish reading David Herszenhorn’s column in the NY Times

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Filed under Auto Industry, bailout, Chris Dodd, David Herszenhorn, NY Times, Senate banking committee

>Beyond the Fat Cats

>NY Times Op-Ed Columnist Bob Herbert  rants on that about how the Democrats and President- Elect Obama needs to look beyond the Wall Street fat cats and bring back a sense of fairness and equity to the economy. Its a good column and worth a look.

“The most important thing the Democrats and President-elect Obama can do with regard to the economy is bring back a sense of fairness and equity.

The fat cats who placed the entire economy at risk with their greed and manic irresponsibility are trying to lay claim to every last dime in the national Treasury. Meanwhile, we’re nowhere close to an economic recovery program that will help the people who are hurting most.

Back in September, with the credit markets frozen and the stock markets panicking, the treasury secretary, Henry Paulson, was telling anyone who would listen that his $700 billion bailout package had to be passed with lightning speed — no time to look at it too closely, no time for dissent.

The package was modified, but hurriedly. Now we learn that while all eyes were focused on this enormous new burden for American taxpayers, Mr. Paulson’s department was also engineering — separate and apart from the bailout — what The Washington Post described as “a quiet windfall for U.S. banks. ”

With virtually no public attention, and without the input of Congress, Treasury made a change in an obscure tax provision that benefited banks to the tune of well over $100 billion. Was this good policy? In the absence of proper scrutiny, how is it possible to know?

We’ve also learned that the government bailout of the giant insurer, the American International Group — already more than $100 billion — is apparently insufficient. Tens of billions more are needed….”


Click HERE to finish reading Bob Herberts column from the NY Times

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Filed under AIG, bailout, Barack Obama, Bob Herbert, Congress, Fat Cats, Henry Paulson, NY Times, President-Elect, Treasury, Wall Street

Beyond the Fat Cats

NY Times Op-Ed Columnist Bob Herbert  rants on that about how the Democrats and President- Elect Obama needs to look beyond the Wall Street fat cats and bring back a sense of fairness and equity to the economy. Its a good column and worth a look.

“The most important thing the Democrats and President-elect Obama can do with regard to the economy is bring back a sense of fairness and equity.

The fat cats who placed the entire economy at risk with their greed and manic irresponsibility are trying to lay claim to every last dime in the national Treasury. Meanwhile, we’re nowhere close to an economic recovery program that will help the people who are hurting most.

Back in September, with the credit markets frozen and the stock markets panicking, the treasury secretary, Henry Paulson, was telling anyone who would listen that his $700 billion bailout package had to be passed with lightning speed — no time to look at it too closely, no time for dissent.

The package was modified, but hurriedly. Now we learn that while all eyes were focused on this enormous new burden for American taxpayers, Mr. Paulson’s department was also engineering — separate and apart from the bailout — what The Washington Post described as “a quiet windfall for U.S. banks. ”

With virtually no public attention, and without the input of Congress, Treasury made a change in an obscure tax provision that benefited banks to the tune of well over $100 billion. Was this good policy? In the absence of proper scrutiny, how is it possible to know?

We’ve also learned that the government bailout of the giant insurer, the American International Group — already more than $100 billion — is apparently insufficient. Tens of billions more are needed….”


Click HERE to finish reading Bob Herberts column from the NY Times

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Filed under AIG, bailout, Barack Obama, Bob Herbert, Congress, Fat Cats, Henry Paulson, NY Times, President-Elect, Treasury, Wall Street

Fox Business: Gerald Celente Predicts Revolution

Fox News recently aired this segment with Gerald Celente the founder of the Trend Reasearch Institute.

He mentioned that before 2012:

1. America will be the first undeveloped country
2. Revolution, food shortages, riots, marches
3. Food instead of gifts for Christmas

The segment lasted for more than 5 minutes. He said things like parents shouldn’t send their kids to get business degrees or psychology degrees and send them to community colleges to learn a real skill. He kept implying that food will become the most important thing for us. He said the retail industry will die off completely but local markets will thrive.

The host even introduced him as a guy who’s “predictions always come true”.

Lets hope he is wrong

Gerald Celente’s website:

Trendresearch.com

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Filed under Economic Crisis, Federal Reserve, Fox News, Gerald Celente

Fox Business: Gerald Celente Predicts Revolution

Fox News recently aired this segment with Gerald Celente the founder of the Trend Reasearch Institute.

He mentioned that before 2012:

1. America will be the first undeveloped country
2. Revolution, food shortages, riots, marches
3. Food instead of gifts for Christmas

The segment lasted for more than 5 minutes. He said things like parents shouldn’t send their kids to get business degrees or psychology degrees and send them to community colleges to learn a real skill. He kept implying that food will become the most important thing for us. He said the retail industry will die off completely but local markets will thrive.

The host even introduced him as a guy who’s “predictions always come true”.

Lets hope he is wrong

Gerald Celente’s website:

Trendresearch.com

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Filed under Economic Crisis, Federal Reserve, Fox News, Gerald Celente

Gerald Celente – Founder of The Trends Research Institute

If Nostradamus were alive today, he’d have a hard time keeping up with Gerald Celente. — New York Post

Founder of The Trends Research Institute, Gerald Celente’s predictions are coming true!

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Filed under Allen Greenspan, Ben Bernanke, Gerald Celente, Henry Paulson, Ron Paul, Trends Research Institute