U.S. Senate Roll Call Votes 110th Congress - 2nd Session
as compiled through Senate LIS by the Senate Bill Clerk under the direction of the Secretary of the Senate
Vote Summary
Question: On Passage of the Bill (H. R. 1424 As Amended )
Vote Number: 213 Vote Date: October 1, 2008, 09:22 PM
Required For Majority: 3/5 Vote Result: Bill Passed
Measure Number: H.R. 1424 (A bill to provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes. )
Measure Title: A bill to provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes
Grouped by Home State A
Alabama: Sessions (R-AL), Nay Shelby (R-AL), Nay
Alaska: Murkowski (R-AK), Yea Stevens (R-AK), Yea
Arizona: Kyl (R-AZ), Yea McCain (R-AZ), Yea
Arkansas: Lincoln (D-AR), Yea Pryor (D-AR), Yea
California: Boxer (D-CA), Yea Feinstein (D-CA), Yea
Colorado: Allard (R-CO), Nay Salazar (D-CO), Yea
Connecticut: Dodd (D-CT), Yea Lieberman (ID-CT), Yea
Delaware: Biden (D-DE), Yea Carper (D-DE), Yea
Florida: Martinez (R-FL), Yea Nelson (D-FL), Nay
Georgia: Chambliss (R-GA), Yea Isakson (R-GA), Yea
Hawaii: Akaka (D-HI), Yea Inouye (D-HI), Yea
Idaho: Craig (R-ID), Yea Crapo (R-ID), Nay
Illinois: Durbin (D-IL), Yea Obama (D-IL), Yea
Indiana: Bayh (D-IN), Yea Lugar (R-IN), Yea
Iowa: Grassley (R-IA), Yea Harkin (D-IA), Yea
Kansas: Brownback (R-KS), Nay Roberts (R-KS), Nay
Kentucky: Bunning (R-KY), Nay McConnell (R-KY), Yea
Louisiana: Landrieu (D-LA), Nay Vitter (R-LA), Nay
Maine: Collins (R-ME), Yea Snowe (R-ME), Yea
Maryland: Cardin (D-MD), Yea Mikulski (D-MD), Yea
Massachusetts: Kennedy (D-MA), Not Voting Kerry (D-MA), Yea
Michigan: Levin (D-MI), Yea Stabenow (D-MI), Nay
Minnesota: Coleman (R-MN), Yea Klobuchar (D-MN), Yea
Mississippi: Cochran (R-MS), Nay Wicker (R-MS), Nay
Missouri: Bond (R-MO), Yea McCaskill (D-MO), Yea
Montana: Baucus (D-MT), Yea Tester (D-MT), Nay
Nebraska: Hagel (R-NE), Yea Nelson (D-NE), Yea
Nevada: Ensign (R-NV), Yea Reid (D-NV), Yea
New Hampshire: Gregg (R-NH), Yea Sununu (R-NH), Yea
New Jersey: Lautenberg (D-NJ), Yea Menendez (D-NJ), Yea
New Mexico: Bingaman (D-NM), Yea Domenici (R-NM), Yea
New York: Clinton (D-NY), Yea Schumer (D-NY), Yea
North Carolina: Burr (R-NC), Yea Dole (R-NC), Nay
North Dakota: Conrad (D-ND), Yea Dorgan (D-ND), Nay
Ohio: Brown (D-OH), Yea Voinovich (R-OH), Yea
Oklahoma: Coburn (R-OK), Yea Inhofe (R-OK), Nay
Oregon: Smith (R-OR), Yea Wyden (D-OR), Nay
Pennsylvania: Casey (D-PA), Yea Specter (R-PA), Yea
Rhode Island: Reed (D-RI), Yea Whitehouse (D-RI), Yea
South Carolina: DeMint (R-SC), Nay Graham (R-SC), Yea
South Dakota: Johnson (D-SD), Nay Thune (R-SD), Yea
Tennessee: Alexander (R-TN), Yea Corker (R-TN), Yea
Texas: Cornyn (R-TX), Yea Hutchison (R-TX), Yea
Utah: Bennett (R-UT), Yea Hatch (R-UT), Yea
Vermont: Leahy (D-VT), Yea Sanders (I-VT), Nay
Virginia: Warner (R-VA), Yea Webb (D-VA), Yea
Washington: Cantwell (D-WA), Nay Murray (D-WA), Yea
West Virginia: Byrd (D-WV), Yea Rockefeller (D-WV), Yea
Wisconsin: Feingold (D-WI), Nay Kohl (D-WI), Yea
Wyoming: Barrasso (R-WY), Nay Enzi (R-WY), Nay
Wednesday, October 8, 2008
Antecedent of the Bank Bailout: The Hunt Brothers
The current $700 billion subsidy to poorly run banks, insurance companies and Wall Street firms is not the first of its kind. Economists call incentives that encourage perverse behavior "moral hazard". As incompetent and reckless lending practices are subsidized, they generate even greater incompetence and more reckless lending practices.
America's financial system, led by the Federal Reserve Bank, is broken. The past year's inflation of 5.4% is inexcusably high. This inflation is the penalty that Americans pay for allowing the Federal Reserve Bank to create monetary credit which it has deposited in the hands of commercial banks, hedge fund managers and Wall Street investment bankers.
The late 1970s saw similar kinds of failures that were also met with bailouts, although of a smaller scale. In other words, the financial system has been sucking wealth out of the productive economy for decades, and Americans have naively applauded this process.
In the late 1970s the Hunt brothers attempted to corner the silver market. In 1979 Jimmy Carter implemented credit controls that precipitated a considerable recession, a recession that also reflected rising interest rates needed to quell high inflation that was approaching 20% per year for a couple of months. The Hunt brothers had been borrowing large sums from a number of banks, who as in the real estate bubble of the past few years, were recklessly lending the money to them. The Hunts drove the price of silver from below $5 per ounce to over $50 per ounce, then defaulted on the large loans. According to William Greider in his book Secrets of the Temple (p. 190):
"All told, twelve US banks, the American branches of four foreign banks and five brokerage houses had provided the Hunts' silver-buying venture with more than $800 million in loans--equivalent to almost 10 percent of all the bank lending in the country during the previous two months...
"The Federal Reserve's admonitions against speculative lending had been ignored...The new question was whether a further slide in silver prices would bring down any major banks. First National of Chicago, ninth-largest in the country, was most vulnerable, having lent the Hunts a total of $175 million either directly or indirectly. If silver prices fell to as low as $7 an ounce, the value of the collateral held by the banks would be worth less than the loans they had made....
"...the Hunts had bought futures contracts for silver totaling 19 million ounces from Engelhard, the giant international minerals firm...The Hunts lost their bet. Delivery was due on Monday, March 31, and Engelhard was demanding cash for its silver--$665 million.
"If the Hunts defaulted on Monday, the price of silver would fall drastically again and the entire accumulation of speculative bank loans would doubtless crash with it. While $800 million was a lot of money, the dozen major banks and the foreign ones were large enough to survive a loss of that magnitude...
"The neogitations led ultimately to the terms for a private bailout--a new loan of $1.1 billion from thirteen banks which would extinguish the Hunts' old debts, given them the means to settle with Engelard and stretch out their obligations over ten years.
"In the end, with certain provisos, he blessed the transaction--a crucial assurance for the banks. If Volcker had not consented, the major banks would have found it difficult to participate, perhaps impossible. After all, the Fed had just imposed new credit controls on the nation and the new loan package for the Hunts directly violated at least the spirit of that program...
"As details of the silver bailout became public, Volker was grilled again and again at hostile congressional inquiries...Why had the Fed been so blind to what was going on? And why had it rushed to the rescue?"
It would seem that the public rejected Jimmy Carter in part because of this boondoggle. But the Republicans proved just as bad, even worse, with three decades of monetary expansion, subsidies to hedge fund and private equity operators and to Wall Street as well as commercial banking. Now, the public is asked to subsidize the failures of these corrupt institutions to an even greater extent than in the 1970s. Yet, the Democrats have nothing to offer but the same regulatory regime that led to the 1970s inflation, and the Republicans have nothing to offer other than perpetuation of the same inflationist "supply side" Keynesianism. What moral hazards are the new round of bailouts generating? Will Americans choose to become slaves to masters in the financial industry? Will emotional fear of the word (not the reality of) "DEPRESSION" turn Americans into slaves?
America's financial system, led by the Federal Reserve Bank, is broken. The past year's inflation of 5.4% is inexcusably high. This inflation is the penalty that Americans pay for allowing the Federal Reserve Bank to create monetary credit which it has deposited in the hands of commercial banks, hedge fund managers and Wall Street investment bankers.
The late 1970s saw similar kinds of failures that were also met with bailouts, although of a smaller scale. In other words, the financial system has been sucking wealth out of the productive economy for decades, and Americans have naively applauded this process.
In the late 1970s the Hunt brothers attempted to corner the silver market. In 1979 Jimmy Carter implemented credit controls that precipitated a considerable recession, a recession that also reflected rising interest rates needed to quell high inflation that was approaching 20% per year for a couple of months. The Hunt brothers had been borrowing large sums from a number of banks, who as in the real estate bubble of the past few years, were recklessly lending the money to them. The Hunts drove the price of silver from below $5 per ounce to over $50 per ounce, then defaulted on the large loans. According to William Greider in his book Secrets of the Temple (p. 190):
"All told, twelve US banks, the American branches of four foreign banks and five brokerage houses had provided the Hunts' silver-buying venture with more than $800 million in loans--equivalent to almost 10 percent of all the bank lending in the country during the previous two months...
"The Federal Reserve's admonitions against speculative lending had been ignored...The new question was whether a further slide in silver prices would bring down any major banks. First National of Chicago, ninth-largest in the country, was most vulnerable, having lent the Hunts a total of $175 million either directly or indirectly. If silver prices fell to as low as $7 an ounce, the value of the collateral held by the banks would be worth less than the loans they had made....
"...the Hunts had bought futures contracts for silver totaling 19 million ounces from Engelhard, the giant international minerals firm...The Hunts lost their bet. Delivery was due on Monday, March 31, and Engelhard was demanding cash for its silver--$665 million.
"If the Hunts defaulted on Monday, the price of silver would fall drastically again and the entire accumulation of speculative bank loans would doubtless crash with it. While $800 million was a lot of money, the dozen major banks and the foreign ones were large enough to survive a loss of that magnitude...
"The neogitations led ultimately to the terms for a private bailout--a new loan of $1.1 billion from thirteen banks which would extinguish the Hunts' old debts, given them the means to settle with Engelard and stretch out their obligations over ten years.
"In the end, with certain provisos, he blessed the transaction--a crucial assurance for the banks. If Volcker had not consented, the major banks would have found it difficult to participate, perhaps impossible. After all, the Fed had just imposed new credit controls on the nation and the new loan package for the Hunts directly violated at least the spirit of that program...
"As details of the silver bailout became public, Volker was grilled again and again at hostile congressional inquiries...Why had the Fed been so blind to what was going on? And why had it rushed to the rescue?"
It would seem that the public rejected Jimmy Carter in part because of this boondoggle. But the Republicans proved just as bad, even worse, with three decades of monetary expansion, subsidies to hedge fund and private equity operators and to Wall Street as well as commercial banking. Now, the public is asked to subsidize the failures of these corrupt institutions to an even greater extent than in the 1970s. Yet, the Democrats have nothing to offer but the same regulatory regime that led to the 1970s inflation, and the Republicans have nothing to offer other than perpetuation of the same inflationist "supply side" Keynesianism. What moral hazards are the new round of bailouts generating? Will Americans choose to become slaves to masters in the financial industry? Will emotional fear of the word (not the reality of) "DEPRESSION" turn Americans into slaves?
Evolution of a Bail-Out Opponent: Correspondence with Jim Crum
Prior to 1980 I became interested in the problem of economic decline, especially in New York City, and inflation. I met Howard S. Katz, who interested me in the gold standard around 1979. I lost interest in inflation issues after Reagan's election in 1980. I didn't pay attention because I assumed that the Fed had changed to a monetarist position and so was controlling inflation. Then I learned that "supply side" economics was really just Keynesian economics coupled with tax cutting and the pretense of free market rhetoric (while expanding government you tell everyone you're for small government and it's inevitable and that you can't stop government's growth because of the Democrats, even when the Democrats are a minority). Then I learned that Greenspan was increasing the money supply at better than 8 percent a year over many years. Then I learned that foreigners were monetizing US debt for us, facilitating an extra six or seven years of monetary expansion from 2001-8 but creating the risk of hyper-inflation if the foreigners panic. Then I learned that George W. Bush believes in government. Then I learned that President Bush appointed a Fed chairman who believed that dollars should be spread from a helicopter. Then I learned about the bail out. Then I learned that the Fed increased the money supply by 35% in August and September. I don't have to head for the hills. I already live in the hills, and I have re-habbed my house in the hills!
Jim Crum writes:
This is going to get interesting- fast.
I know our business is feeling it. I have many friends in the trades and that work is coming to a grinding halt in many areas. I am not a fearful man. Yet the signs are very ominous, and it might be too late to bring things under control. To that end, I am of the opinion that things may really deteriorate quickly. Such a surge in cash and a slowing in economic output could lead to really aggressive inflation while wages drop- 1970’s stagflation all over again.
I cannot say, using polite language, how upsetting this is. The rank in competency of those in charge (Congress & Fed) is just short of criminal. With nothing to hold them in check, the last thirty years have been setting us up for a tremendous fall.
Jim Crum writes:
This is going to get interesting- fast.
I know our business is feeling it. I have many friends in the trades and that work is coming to a grinding halt in many areas. I am not a fearful man. Yet the signs are very ominous, and it might be too late to bring things under control. To that end, I am of the opinion that things may really deteriorate quickly. Such a surge in cash and a slowing in economic output could lead to really aggressive inflation while wages drop- 1970’s stagflation all over again.
I cannot say, using polite language, how upsetting this is. The rank in competency of those in charge (Congress & Fed) is just short of criminal. With nothing to hold them in check, the last thirty years have been setting us up for a tremendous fall.
Tuesday, October 7, 2008
Pamela Geller/Atlas Shrugs Uncovers More Lying About Obama Birth Certificate
Pamela Geller of Atlas Shrugs has found that the Annenberg Foundation website has modified the birth certificate it previously posted on its blog.
Geller writes:
Altering Obama's birth docs seems to be infectious eh? Liberal fascists will stop at nothing. The end justifies anything, anyway, anyhow... Well check this out THE EXIF INFO HAS BEEN REMOVED BECAUSE ATLAS CAUGHT THESE SCOUNDRALS IN THEIR SKULDUGGERY. How long before Isikoff at Newsweak cribs this? (hat tip yid with lid)...It "appears" to be exactly the same, but it isn't. ALL THE EXIF INFO HAS BEEN REMOVED...When factcheck says the images haven't been edited in any way, they are lying.
Geller writes:
Altering Obama's birth docs seems to be infectious eh? Liberal fascists will stop at nothing. The end justifies anything, anyway, anyhow... Well check this out THE EXIF INFO HAS BEEN REMOVED BECAUSE ATLAS CAUGHT THESE SCOUNDRALS IN THEIR SKULDUGGERY. How long before Isikoff at Newsweak cribs this? (hat tip yid with lid)...It "appears" to be exactly the same, but it isn't. ALL THE EXIF INFO HAS BEEN REMOVED...When factcheck says the images haven't been edited in any way, they are lying.
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