Murray and Cantwell Are AGAINST the Bailout!

[perfectfire]

[Markor]

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.

[mukoh]

[Markor]

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.

[rose-colored-coolaid]

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.

[mukoh]

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.

[perfectfire]

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.

[WestSideBilly]

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).

[Markor]

[Markor]

[jillayne]

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.

[jillayne]

CR says the voting is going on right now. Here's the CSpan link:

http://www.c-span.org/Watch/C-SPAN2_wm.aspx

[perfectfire]

[Markor]

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

[jillayne]

Cantwell voted NO
Murray voted YES