Murray and Cantwell Are AGAINST the Bailout!
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perfectfire
Bubble Banter Boss
Joined: Sun May 20, 2007 11:40 pm
Posts: 523
Location: Bellevue
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 Murray and Cantwell Are AGAINST the Bailout! I was poking around their websites looking for some indication on how they will vote and I found news releases on both sites indicating that they are against the bailout! Here's a snippet from Cantwell's statement: Maria Cantwell wrote: Any financial recovery package that Congress enacts must put transparency and tough rules in place to make sure consumers are protected,”said Cantwell. “While the financial markets need emergency surgery today their long-term health is dependent on prevention. We need to establish a robust regulatory regime capable of overseeing today’s complex global marketplace. We also need to determine what went wrong, hold bad actors accountable and apply the lessons learned to prevent future financial market meltdowns. And here's a snippet from Murray's statement: Patty Murray wrote: “Our first priority must be to keep the tidal wave of this crisis from flooding the lives of innocent Americans.
“Any plan must include real oversight by Congress – we can’t just sign a blank check over to a Treasury Secretary without conditions and we won’t stand for golden parachutes for the bad actors whose misdeeds led us here today.
“The American people are angry about this situation. And so am I. We need to quickly contain the serious financial situation we face today and help struggling American families, but we need to do it in a responsible way. And it is time to begin work on reforms to ensure Americans are never again left holding the bag for Wall Street’s mistakes.” Call them up and voice your support! Tell them they need to stand by their statements!
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| Wed Oct 01, 2008 10:05 am |
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Markor
Bubble Banter Boss
Joined: Sun Jun 17, 2007 11:04 pm
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Re: Murray and Cantwell Are AGAINST the Bailout! Sounds like rhetoric to me. I asked them to vote no on the bailout, but I expect them to support it. Plus now it's a "rescue" package and has 50% support of voters, after Wall Streeters successfully scared them.
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| Wed Oct 01, 2008 11:06 am |
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mukoh
Bubble Bloviator
Joined: Fri Apr 04, 2008 11:46 am
Posts: 190
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Re: Murray and Cantwell Are AGAINST the Bailout! Markor wrote: Sounds like rhetoric to me. I asked them to vote no on the bailout, but I expect them to support it. Plus now it's a "rescue" package and has 50% support of voters, after Wall Streeters successfully scared them. I wrote two great letters to both in support of the bailout. Really weeping small business owner type letter. Got 6 employees to write them as well, should be interesting.
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| Wed Oct 01, 2008 1:27 pm |
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Markor
Bubble Banter Boss
Joined: Sun Jun 17, 2007 11:04 pm
Posts: 604
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Re: Murray and Cantwell Are AGAINST the Bailout! Would you be surprised if the bailout did little or nothing to ease your business situation? Every crisis like this in history I look at, throwing money at the banks did not cause them to be much looser in lending. I think they'll just celebrate and then stash the money; after all, there's no requirement attached to the bailout that they loosen lending, and doing so is what got them into the mess they're in. I think most small businesses will ultimately be significantly hurt by this bailout.
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| Wed Oct 01, 2008 2:34 pm |
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rose-colored-coolaid
Bubble Banter Boss
Joined: Mon Jun 18, 2007 10:26 am
Posts: 1977
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Re: Murray and Cantwell Are AGAINST the Bailout! Hurt, or unaffected? I'd lean towards the second. I would be shocked, and will admit I'm completely wrong if this bailout does much of anything except take bad loans off bank books and put them on taxpayer's books.
I would, as I've stated before, support a short-term program of the government loaning directly to established small businesses like yours, but that's a completely different matter than this bailout.
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| Wed Oct 01, 2008 2:45 pm |
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mukoh
Bubble Bloviator
Joined: Fri Apr 04, 2008 11:46 am
Posts: 190
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Re: Murray and Cantwell Are AGAINST the Bailout! I am definitely not looking for this to stop the bleeding of this whole debacle. I agree that most banks will stash the money and not loosen their standards on lending for a long time. Which they should not do. Lending will however will resume flowing to consistent clients who have time and time again over a dozen years showed to the bank responsibility to repay. In my situation with corporate credit score and personal credit score it will have no negative effect on credit available to me for business and expansion.
What would stimulate in my opinion the job growth in this economy is the reduction on corporations for payroll taxes, LNI, and various gimmicky taxes that are placed on businesses. I have to pay $132 on top of every $1000 that I payroll out to employees. If that money was going to the employee or even to me instead of federal system, it seems that would be a great stimulus for the economy, and would actually allow for more hiring.
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| Wed Oct 01, 2008 3:01 pm |
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perfectfire
Bubble Banter Boss
Joined: Sun May 20, 2007 11:40 pm
Posts: 523
Location: Bellevue
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Re: Murray and Cantwell Are AGAINST the Bailout! Cantwell gave a speech and voiced her opposition to the bill. She's bright enough to realize the bill will not help lending and in fact will make it things much worse. The one good thing that comes from this bailout bill if it passes is it will drive housing prices much much lower than they would've gone. If I can just keep my job during the depression that follows I'll be able to buy a mansion.
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Remember, if you rent it's not a home, it's a hovel.
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| Wed Oct 01, 2008 3:45 pm |
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WestSideBilly
Bubble Banter Boss
Joined: Mon Feb 04, 2008 1:41 pm
Posts: 550
Location: Land of entitlement
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Re: Murray and Cantwell Are AGAINST the Bailout! The Senate bill piled on a bunch of extras to buy votes in Congress. Unfortunately it'll probably work. Kudos to our Senators for focusing on the core issue and not the gimmicks added on top (which belong in other bills).
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| Wed Oct 01, 2008 3:50 pm |
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Markor
Bubble Banter Boss
Joined: Sun Jun 17, 2007 11:04 pm
Posts: 604
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Re: Murray and Cantwell Are AGAINST the Bailout! rose-colored-coolaid wrote: Hurt, or unaffected? I'd lean towards the second. I would be shocked, and will admit I'm completely wrong if this bailout does much of anything except take bad loans off bank books and put them on taxpayer's books. That's how it will hurt them. Higher taxes for everyone = less consumer spending. If taxes don't increase there will be less gov't services, requiring consumers to endure that somehow, with similar results.
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| Wed Oct 01, 2008 4:13 pm |
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Markor
Bubble Banter Boss
Joined: Sun Jun 17, 2007 11:04 pm
Posts: 604
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Re: Murray and Cantwell Are AGAINST the Bailout! perfectfire wrote: The one good thing that comes from this bailout bill if it passes is it will drive housing prices much much lower than they would've gone. If I can just keep my job during the depression that follows I'll be able to buy a mansion. That's the silver lining for me too, and also my concern. Except no mansion for me, just a paid-off renovated house.
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| Wed Oct 01, 2008 4:17 pm |
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jillayne
Bubble Bloviator
Joined: Sun Aug 05, 2007 9:20 am
Posts: 276
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Re: Murray and Cantwell Are AGAINST the Bailout! I've been out all day; just getting home. Is this true? I can't believe it!
MAYBE THE BILL WILL FAIL THE SENATE!!!
What time does the voting begin?
Thanks guys.
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| Wed Oct 01, 2008 4:48 pm |
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jillayne
Bubble Bloviator
Joined: Sun Aug 05, 2007 9:20 am
Posts: 276
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Re: Murray and Cantwell Are AGAINST the Bailout! CR says the voting is going on right now. Here's the CSpan link: http://www.c-span.org/Watch/C-SPAN2_wm.aspx
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| Wed Oct 01, 2008 4:49 pm |
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perfectfire
Bubble Banter Boss
Joined: Sun May 20, 2007 11:40 pm
Posts: 523
Location: Bellevue
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Re: Murray and Cantwell Are AGAINST the Bailout! Markor wrote: Except no mansion for me, just a paid-off renovated house. I never said I would buy a mansion. I just said I would be able to. 
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Remember, if you rent it's not a home, it's a hovel.
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| Wed Oct 01, 2008 4:53 pm |
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Markor
Bubble Banter Boss
Joined: Sun Jun 17, 2007 11:04 pm
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Re: Murray and Cantwell Are AGAINST the Bailout! MSNBC says "Senate leaders of both parties predicted easy passage of a mammoth bill to rescue the financial services industry when it comes to a vote Wednesday night..."
BREAKING NEWS: Senate approves revised bailout package
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| Wed Oct 01, 2008 4:54 pm |
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jillayne
Bubble Bloviator
Joined: Sun Aug 05, 2007 9:20 am
Posts: 276
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Re: Murray and Cantwell Are AGAINST the Bailout! Cantwell voted NO
Murray voted YES
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| Wed Oct 01, 2008 5:27 pm |
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