Please don’t vote for the bailout bill. It’s no better than the one you helped defeat on Monday, in fact it worse now that it’s loaded with pork (see Bill Simon’s emails here and here). The bill left the House at 106 pages and swelled to over 400 in the Senate. That can’t be good.
There are other alternatives to a government funded takeover of the financial sector. Create an insurance based solution and let banks and other institutions solve their own problems. Sure there will be some more pain, maybe a lot more pain, but there’s going to be more pain anyway and you won’t be putting the taxpayers on the hook for $700 billion (or is it $850 billion?) more dollars.
UPDATE: Reps. Scott an Lewis will change their votes and support the bill:
Scott told his colleagues that he was satisfied with assurances from House leaders that they would press the U.S. Treasury secretary to take action to help homeowners avoid foreclosures. “I will support this bill,” Scott announced shortly before the voting began on the House floor.
Is Scott referring to this promise by Obama?
Obama said during the call that he would push attempts to reform bankruptcy laws to help ill-fated homeowners escape foreclosure, Cummings said, but stressed urgent action to save the US financial system was vital.
“We will work on this, but right now we have got to straighten this out,” Cummings quoted Obama as saying.