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Don't let up on them yet! The more pork, the more likely they are to pass it.

House Republicans Reconsider `No' Votes on Bailout (Update2)                

By Ryan Donmoyer and Lorraine Woellert


Oct. 2 (Bloomberg) -- Some House Republicans, who were instrumental in defeating a financial-market rescue package earlier this week, are reconsidering their votes amid signs the crisis on Wall Street is spreading throughout the country.

One lawmaker, Tennessee Republican Zach Wamp, said, ``I'm going to vote yes,'' in an interview on Bloomberg Television. At least four other Republican lawmakers, John Shadegg of Arizona, Jim Gerlach and Tim Murphy of Pennsylvania and Patrick Tiberi of Ohio, may switch their ballots as the House prepares to vote on the measure again, probably tomorrow afternoon. The Senate last night approved the $700 billion bill, 74-25.

The legislation authorizes the government to buy troubled assets from financial institutions rocked by record home foreclosures. It contains provisions favored by House Republicans, including $149 billion in tax breaks, a higher limit on federal bank-deposit insurance and a change in securities laws. It also reiterates the authority of securities regulators to suspend asset-valuing rules that corporate executives blame for fueling the crisis.

Those sweeteners have helped sway Gerlach, as did phone calls from his suburban Philadelphia constituents. Many shifted from opposing the bailout to supporting it following the record 778-point drop in the Dow Jones Industrial Average after the House's 228-205 defeat of the legislation Sept. 29.

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That's blatant lie the market did not fall 777 points due to the failure of the bailout actually for the most part the opposite happened over the weekend when the Street expected the bill to pass they lost confidence the bailout would work and the market opened about 300 points lower and then fell off the cliff when the debate began on the expectation it would pas when it became apparent the bill wasn't going to pass the market began a rapid upswing and then gradually declined in mixed trading. Look at the one day chart of Monday . Then look at this weeks charts to see how the bailout failure did not affect the market.

We all have our own opinions so let the charts do the talking.

The roll call for bill failure occurred at 2:07 P.M.  look at the Monday chart between 1:20 and 2:00. Click image for larger version - Name: 9-29-08_1D.jpg, Views: 38, Size: 154.81 KB Click image for larger version - Name: Djia_10-02-08.jpg, Views: 4, Size: 165.82 KB
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OK, Greg, but you are muddying the water trying to correct a minor point in the Bloomberg article. The point is there is a gang of 13 that may switch from "Nay" to "Yay" on this vote. We cannot afford to lose anyone that may vote this Porky Pig bill down. Here's the list:

The $700 billion rescue plan the House defeated Monday would have passed if just 12 more members of the House had voted the other way. Here’s a list of a dozen members who voted against the bill — and what it might take to turn their nays into yeas.

Rep. Rodney Frelinghuysen (R-N.J.)

According to one senior GOP aide, Frelinghuysen was a yes but reversed his vote at the last minute. Afterward, Frelinghuysen called for more hearings and debate on the bill, saying, “We have not adequately consulted, deliberated and explained this to the American public and our constituents.”

Rep. Jim Ramstad (R-Minn.)

A retiring moderate Republican, Ramstad could have voted for the bill without worrying about a voter backlash in November. But he complained that the rushed debate had left “the final cost to taxpayers ... uncertain” and said he would prefer an insurance plan to a bailout.

Rep. John B. Shadegg (R-Ariz.)

Although John McCain’s campaign said he was working to rally House GOP support, not a single Republican from McCain’s home state voted for the bill. Shadegg wants changes in mark-to-market accounting rules and an increase in Federal Deposit Insurance Corp. limits.

Rep. Steven C. LaTourette (R-Ohio)

A close friend of House Minority Leader John A. Boehner, LaTourette opposed the package. Later, LaTourette said in a statement he wants to double the amount of FDIC insurance and allow U.S. companies operating overseas to bring assets back to the United States.

Rep. Doc Hastings(R-Wash.)

A moderate Republican, Hastings told the Yakima Herald that he was undecided until Sunday night. In the end, he said he voted no because there were still “too many concepts” and not enough details about taxpayer exposure.

Rep. Judy Biggert (R-Ill.)

Like many other Republicans on the Financial Services Committee, Biggert voted against the bill. But Biggert has said Congress needs to act, and she has expressed support for some sort of government-backed insurance plan that would allow business, rather than taxpayers, to assume more risk.

Rep. Xavier Becerra (D-Calif.)

A close ally of House Speaker Nancy Pelosi and a member of the Democratic leadership, Becerra ultimately voted no because he “wanted to see direct protections for responsible homeowners” in the bill.

Rep. David Scott (D-Ga.)

A member of the Congressional Black Caucus, Scott said after the vote that he could back the plan if 1 percent of the $700 billion were set aside in a program to prevent foreclosures.

Rep. Hilda L. Solis (D-Calif.)

With foreclosures in her district nearly tripling in the past few months, Solis said she opposed the bailout because it “lacks needed reform of bankruptcy laws” that may help keep people in their homes.

Rep. Shelley Berkley (D-Nev.)

While Berkley voted no, aides said she would be inclined to support the bill if it placed “tougher restrictions on CEO pay.” Aides also said she is looking for more specific language on the regulation of Wall Street.

Rep. Bill Delahunt (D-Mass.)

Another close Pelosi ally, Delahunt said he voted no because the bill would have done too much to help the firms that caused the problem. Delahunt wants to lessen the burden on taxpayers and has proposed assessing a transaction fee on lenders who turn over bad mortgage securities to the government.

Rep. Stephanie Herseth Sandlin (D-S.D.)

While a majority of her fellow Blue Dogs voted for the bill, Herseth Sandlin ultimately opposed it because she thought it would give Treasury Secretary Henry Paulson a “vast amount of power” without “effective oversight.”

 U.S. Rep. Jim Gerlach, (R-Pa).

Is ready to reverse himself and support the bank bailout bill after hearing from execs at Liberty Property Trust, Roy F. Weston engineers, and other local businesses who want the bailout to pass, Bloomberg News reports.

(First number is phone, second number is fax)

D N,William D. Delahunt, MA ,2022253111, 2022255658
D N,Shelley Berkley, NV, 2022255965, 2022253119
D N,Xavier Becerra, CA, 2022256235, 2022252202
R N,Judy Biggert, IL, 2022253515 ,2022259420
R N,Doc Hastings,WA,2022255816,2022253251
R N,Steven C. LaTourette,OH,2022255731,2022253307
R N,John B. Shadegg,AZ,2022253361,2022253462
R N,Rodney Frelinghuysen,NJ,2022255034,2022253186
D N,Sandlin,SD,2022252801,2022255823
D N,David Scott,GA,2022252939,2022254628
R N,John Shadegg,AZ,2022253361,2022253462
R N,Jim Ramstad,MN,2022252871,2022256351
R N,Jim Gerlach,PA,2022254315 ,2022258440

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I fully agree we need to stop them almost all the news is saying the market panicked do to failure to pass the bill, the news is shouting fire in a crowded theater to panic the public into thinking the economy will totally collapse and the banks will fail if we don't pas the bailout bill. The banks may very well fail do to bank runs or liquidity but buying the sub-prime toxic waste has almost nothing to do with stopping bank failure or foreclosures, and little to do with credit.

The public needs to know this bailout transfers broad powers to the same people that caused the economic meltdown in the first place and the news is manipulating the markets response to seel the bailout. I have a friend I talked to today that doubled his entire net worth this week and he was very anxious to tell me the same thing in fact we got into an argumant becuase we were trying to say the same thing at the same time.

This bailout is not for us it's buying the crooks bad debt. The street is nervous over liquidity and a braod economic turn down do the credit.

Had the Treasury or the Fed offered to pump 700 billion into credit which is the issue the taxpayers would have added about 6 trillion in credit since the fractional reserve ratio is about 8-1

In fact the Fed could have added 700 billion in liquidity by borrowing about 40 billion from tax payers and printing about 40  billion.

Wall street knows this the public does not.

I'm trying to say the news is lying to us to try to get us to accept the bailout.

Thanks for staying on top of this at a critical time.

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