Warner and Webb vote for Senate bailout deal

After a $700 billion bailout package for financial institutions split our local House delegation and failed to pass on Tuesday, yesterday's attempt by the Senate to pass their own version of the deal won the support of Virginia's John Warner (R) and Jim Webb (D) and 72 other senators to secure its passage. Unlike the House measure, the Senate bill allows the U.S. Treasury to buy so-called "toxic mortgage debts" from banks and raises the limit on bank deposit insurance from $100,000 to $250,000.

10 comments

I'm curious to know what percentage of constituents contacting their respective offices were against the bill. Apparently Diane Feinstein received 91k calls, 85k against - and still voted for the bill.

Whether the bailout passes or not is besides the point. Our banking institutions are in trouble. Everyone should start looking for ways to protect their money. This basically comes down to either taking your money out of the market and cutting discretionary spending or diversifying and investing some overseas. I personally use offshore bank accounts and they have helped me with diversification and asset protection. If you want to read more on why offshore investing is smarter, feel free to visit my website.

Best,
Frank Miller
http://www.theoffshorebankaccount.com

now i finally get what my father told me some 50 years ago ol' clark never deposited one check in any bank.... he just stashed the cash ... how eccentric i thought ... now i finally get it...

you can purchase a lovely safe @ any office supply store... or just ask your local bb&t branch ... the pres. of mine had no problem giving me the information i wanted... makes you wonder if her job is in jeopardy ...

That's the thing. If members of congress are operating in our interests, and higher than 90% of their constituents are dead-set against a given bill, how can they still vote in good conscience? It makes me absolutely sick.

Banks are not closing, they're being bought and the $100K FDIC insurance is still in effect. Most people who have more than $100k will distribute the funds over several accounts, so why would anybody need $250k in insurance if there's not more than $100k in the account. Are these Senators trying smoke and mirrors hoping people will subconsciously think that the government is GIVING them $250k? It's nice to know that we have a ton of crooks in the Senate that think that all of their constituents are fools. Has anybody noticed that the MBC, ABC, CBS - type media is interviewing a lot of politicians (lawyers) in the Senatorial issue and not economists? Maybe we ought to replace the lawyers with economists. It will be a cold day in Juvember before I vote for any of those people who voted for this give-away to the people who can afford $28,500-a-plate dinners such as the one given for Obama at Streisand's house (an additional $3k if you wanted to hear her sing). The more money these people make, the more they can contribute to the politicians they have bought. McCain and Obama, forget it, it both have made my choice easier. I'm voting for Goode on this issue alone.

Man, nothing like a total waste of money to unite conservatives and liberals, huh?

Jim, who would have thought it?

I guess I should have known that's what it would take. I wonder if this was gonna happen no matter what, or if it did because it's an election year.

Considering the timing of this "crisis" and "solution,"I honestly think that this is Bush's revenge on McCain's not wanting him at the convention, not wanting him to campaign for him and criticizing his policies and on Obama for criticizing him in general. This proposal was not concocted over-night and launched in a couple of days. It shows that neither McCain nor Obama are not leaders, but followers espousing a whole lot of fear and hot air. They seem to be shaking at their knees and saying stupid stuff like "Let's throw this money at the problem and then do something more permanent later," Which is tantamount to "I don't have any ideas of my own." He even invited them to conference at the White House where it was leaked that neither had anything to contribute. It has worked beautifully.

McCain is speaking softer and flutter his eye lashes like he's run into a bully and wants to talk his way out and Obama is speaking with a lot of force saying "...recalim our economic future" as though it has been lost. And people want to talk about the VP candidates not being ready to lead when these guys are about to wet their pants.