That's too bad. I was hoping that they would have stripped all the shit that the senate had added. The bill is a fucking disgrace.

A lot of people still don't like the bill, and see it as a sop to wall street. Obama needs to keep McCain and the GOP tied tightly to this legislation through the election so they can't run against him on it, and so downticket democrats can compete for some of those open seats.

Does Obama want to claim credit for the bill's passage? Many voters are not happy with the 'rescue', 'bailout', whatever you wanna call it.

I am opposed to the bailout bill, but at least in the process of larding it up with earmarks there is this (from The Washington Post) positive result:

Last night was the tenth time since June 2007 that an extension of wind and solar tax credits have gone to the floor of the Senate. Seven times they have been stuck in bills that have gone to the floor of the House of Representatives.

And they're still not law.

Solar and wind industry executives hope that the tax credits will finally be adopted as part of the rescue plan for the U.S. financial industry ... Congressional leaders inserted the energy package into the new financial rescue bill ...

The bill would extend for eight years investment tax credits for solar installations, lift the $2,000 ceiling on the credit for residences and make the credit exempt from the alternative minimum tax. Utilities will no longer be prevented from taking advantage of a production tax credit for solar projects and will be more likely to invest directly in them.

The production tax credit for wind projects will be extended for a year, less than the industry wanted but enough to prevent an imminent slowdown in orders.

The bill also gives a tax credit of as much as $7,500 for electric or hybrid electric vehicles.

There are some other very bad energy-related provisions, such as $894 million of tax breaks for oil refineries using tar sands or coal-to-liquids technology.

But renewal of the (very modest) solar and wind tax credits is absolutely crucial to sustaining the growth of these industries, which are vital to the future of the USA and the world.

I'm still not happy about the bailout but at least some good will come of it if the solar and wind tax credits are extended and expanded.

It would have been nice if the administration had let Congress in on its misgivings a year ago instead of mindlessly repeating that "the fundamentals of our economy are strong." As it stands, Congress had to do something quickly which is not a prescription for thoughtful, effective legislation. On the other hand, waiting for the economy to go over a cliff would have been a disaster.

Any Republican who claims to have been persuaded by McCain has waved the white flag of surrender of their credibility. Even McCain's statements from yesterday raise serious questions of whether he supported the bill or not. In either case he lacks principle.

The next question will be what Paulson does with his newfound wealth. I wish Obama had not suggested, as many Republicans have, that the taxpayers may make a profit on assets in the long term. If that were believable, they probably could have been sold free-market style.

It has become obvious that the Democrats neither expected nor wanted to win Congressional majorities in 2006, and have now arranged to lose them. Ah well, at least a Republican Congress will be enthusiastic about stripping executive powers away from President Obama.

I thought congress was suppose to represent the people. From what I see Most american people are against this bill. I think we should show them who really is in control and pull all our money out of the banks.

Since congress won't do their job correctly. We need to do it for them. We have the right to take our money back from those who caused this in the first place.

Most of us may be fiscally responsible, but the government needs credit desperately. If they keep doubling up on tax breaks, their ship will come in.

Thank Gawd - I can now save excise taxes on arrows made for children!

Once again, Senator Obama, though I will happily vote for him in a month, showed what a political panderer and what a not-truly-visionary and non-leader he is.

Here's the test on this one. Did he stand with Feingold, Sanders, or Kucinich, (or where Wellstone would have stood), or with the fellow Democratic corporate capitalist criminals desperate to win the election at any cost? First, his cave on FISA, now this. I'm not yet impressed. Come on, Senator! I'm just looking for JUST ONE progressive, populist stance on something, not another dose of Democratic centrist pablum.

I know - it's hard enough being Black and trying to win the presidency and appealing to the mushy middle. But, we'll be watching the first 100 days.

Feingold has to face the voters of a volatile swing state (Wisconsin). This is the difference between a progressive and a centrist. I know, centrists win national elections.

Just great!

I am just so disgusted by this whole bailout. I call and call my rep and still they do not represent us the public. Our system is broke and we are owned by Wall Street.

There is no emergency. It is all manufactured and now we get to pay. Just makes me ill. And everyone Obama included goes along. And to think I supported him. And they wonder why people just give up and go away. Which is of course exactly what they want.

What a set up for Obama - hope he attaches himself to this bill.

Barney Frank and Chris Dodd took the lead on this thing and they should get all the credit for what happens next.

I agree this is a legitimate piece of legislation for Obama - He should come out and state his involvement in the whole process.

I thought congress was suppose to represent the people. From what I see Most american people are against this bill.

I think we should show them who really is in control and pull all our money out of the banks.

Inflation will soar.

Bank deposits do not belong to the banks or the government. Depositors should remove their deposits from the incompetent, if not fraudulent, banks. That would be rational and prudent.

Oh goodie, looks like we're gonna get a FISA Redux!

Where we get to hear from countless people who were never going to vote for Obama anyways telling us how THIS is why they'll never vote for Obama! Oh and the Greenwald Brigade, can't forget them. They're the smartest people in the room. Always.

YAY!

Didn't the Mental Health Bill get attached? If so, good.

Does Obama want to claim credit for the bill's passage? Many voters are not happy with the 'rescue', 'bailout', whatever you wanna call it.

Many voters will be even less happy as their employers (and even some state governments) start failing to make regular payments because of the lack of available credit.

This is a crappy bill, but in the short term its probably better than nothing, and I think Obama can sell that along with the need to deal with the less-immediate, more structural problems in a more serious way to prevent the kind of situation we had where to get any emergency response passed, we had to lard it down with crap to get or keep Republicans -- both in the White House and on Capitol Hill -- on board.

I wish Obama had not suggested, as many Republicans have, that the taxpayers may make a profit on assets in the long term. If that were believable, they probably could have been sold free-market style.

The thing is Obama is right: it is not at all unlikely that there will be positive returns on the assets purchased under this plan. No one has trouble understanding that speculation -- which amounts simply to overestimating the future appreciation in market value of assets -- led to the bubble. The present crisis seems likely to be driven (among other things) by a series of confidence-breaking events that have produced exactly the opposite effect, a speculative anti-bubble of underestimation of future value.

10/3/08

The day Wealthcare passed.

Now I am more convinced than ever before that our government is: for the rich and nothing but the rich so help us god.

The amount of Pork in this bill is incredible.

Now, how long will it take for California to get their emergency 7+ billion dollar bail out?

Can someone total up for me how much bail out monies we have "doled" out since January? Add in the economic stimulus package (168 billion) and I think we are looking at close to 2 trillion dollars...all mostly on the backs of taxpayers.

Then add in the Iraq War numbers and you get a very clear picture of where our taxpayer dollars have gone.

So....I think Washington can go f**k itself, Main Street has been conned and screwed by all those gleeful folks who managed to get Wealthcare passed.

Socialism for the wealthy, capitalistic poverty for the masses.

My vote in November just became moot, there ain't no money left to spend on programs that matter!

This sucks. The congressional democrats have again been played for fools. What are they doing voting for an extremely unpopular bill, that will take money away from healthcare and infrastructure, without the cover of majority Republican approval? Once again, they're playing the enabling battered wife to the Republicans.

Screw it, I will be voting straight ticket Democrat this cycle, but after this I'm voting Green or writing in my votes.

Does this mean I qualify to buy a Prius and wooden arrows?

When do you think we'll be able to see what's in the consensus version, Steve? Now that it's passed and all, I rather want to know what had to be added to sweeten the pot.

Many voters will be even less happy as their employers (and even some state governments) start laying them off despite the passage of Obama's endorsed bailout. The banks will not use the bailout money to lend, but will use it to buy gold, or other hard assets, to restore their balance sheets.

Basically this bailout bill and a few interest rate cuts will at best postpone a train wreck in the equity markets. None the less, a train wreck is coming regardless of this infusion of funds in the short term. If panic sets in after the Fed runs out of ammunition and can not cut rates any further then we will see a crash in the stock market. If the stock market breaks down below 9500, we could test 2003 levels all over again. We are talking Dow 7500 folks. The other negative effect of this bill is that it will cause more debt burden on the tax payer and the Fed will print more money. This will in turn cause hyper-inflation and the dollar will crash relative to other major currencies like the euro and the yen. I am seriously worried about an economic melt down and possibly a depression. Comment by Buck McHugh former VP of Investments at A.G.Edwards and graduate of Cambridge University's Judge Institute of Management Studies.

Yah, Obama will get the credit for passing this crap sammich with tax cut frosting.

That's ONE way to put it.

See me in two years when the pigs come back to the trough for a second helping because this bill didn't actually FIX ANYTHING!

"We may soon see a dynamic in which Obama can legitimately claim credit for the passage of the legislation, ..."

Yeah, but is that a GOOD thing? This is the 2nd shit sandwich that Obama has put his name to (the 1st being the FISA bill). I begin to think that those questioning Obama's judgement are in the right (not that I think Mccain is doing anything right).

The only thing that gives me hope is Barney Frank's pronouncement that the Congress is not done & that a series of New Deal style regulations on the Robber Barons is coming.

One hundred fucking years & we've learned NOTHING!

I wish Obama had not suggested, as many Republicans have, that the taxpayers may make a profit on assets in the long term. If that were believable, they probably could have been sold free-market style.

The thing is Obama is right: it is not at all unlikely that there will be positive returns on the assets purchased under this plan. No one has trouble understanding that speculation -- which amounts simply to overestimating the future appreciation in market value of assets -- led to the bubble. The present crisis seems likely to be driven (among other things) by a series of confidence-breaking events that have produced exactly the opposite effect, a speculative anti-bubble of underestimation of future value.