OBAMA: My definition — here’s what I can tell the American people: 95 percent of you will get a tax cut. And if you make less than $250,000, less than a quarter-million dollars a year, then you will not see one dime’s worth of tax increase.
The Senate plans to vote on the $700 billion financial rescue plan Wednesday evening — two days after the House failed to pass it. The bill adds provisions including raising the FDIC insurance cap to $250,000, and it will be packaged with other economic measures. Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell announced the plan.
Bush signs $600 billion dollar spending bill that includes $25 billion loan package for automakers.
George W. Bush signed a more than 600-billion-dollar bill late Tuesday to fund government operations until March 2009, after lawmakers failed to pass a budget for the next year.
"I am disappointed that the Congress passed a long-term continuing resolution," Bush said in a statement announcing he had signed the legislation.
"There is much work to be done, and the Congress should not adjourn for the year without finishing important business on spending, taxes, and free trade agreements," the US president said.
The legislation leaves a massive bailout of the troubled financial markets, which was being hammered out over the weekend, as the only issue still to be tackled before lawmakers head home to campaign ahead of the November 4 vote.
Bush noted that the legislation, which does not include monies for the wars in Iraq and Afghanistan, lifts the legislative ban on oil and gas drilling on large portions of the US Outer Continental Shelf.
Funding for the two conflicts has been included in separate measures.
The bill includes 25 billion dollars in loan guarantees for the auto industry and more than six billion in targeted spending on lawmakers’ pet projects, called earmarks.
“FDR told his fellow Americans that ‘there is an element in the readjustment of our financial system more important than currency, more important than gold, and this is the confidence of the people themselves. Confidence and courage are the essentials of success in carrying out our plan. Let us unite in banishing fear. Together, we cannot fail.”—
It’s true though: In the next month, watch for a backlash to the new Bill Maher movie bashing religion and the Oliver Stone movie bashing Bush. Seriously, Democrats and their films it’s only going to screw them over in the end.
I see your point about Bill Maher, but doesn’t everyone pretty much hate W now?
“I’m from Texas. I’m from old money Texas. This means that I do not talk politics — with anyone. Politics, much like membership to the Masonic Lodge or what goes on at an Order of the Eastern Star meeting, are private”—
Obama said the bill has been “misunderstood and poorly communicated.”
“When it’s called a bailout, nobody is in favor of a bailout,” Obama said. “This is not a plan to just hand over $700 billion of your money to a few banks on Wall Street. If this is executed the right way, then the government will temporarily purchase the bad assets of our financial institutions so that they can start lending again, and then sell those troubled assets once the markets settle down and the economy recovers.”
In the speech, he repeatedly highlighted how the crisis on Wall Street affected all Americans.
“Over one trillion dollars of wealth was lost by the time the markets closed on Monday,” Obama said. “And it wasn’t just the wealth of a few CEOs on Wall Street. The 401Ks and retirement accounts that millions count on for their family’s futures are now smaller. The state pension funds of teachers and government employees lost billions and billions of dollars. Hardworking Americans who invested their nest egg to watch it grow are now watching it disappear. ”
He added: “If all that meant was the failure of a few big banks on Wall Street, that’d be one thing. But that’s not what it means. What it means is that if we don’t act, it will be harder for you to get a mortgage for your home…. Thousands of businesses could close around the country. Millions of jobs could be lost. A long and painful recession could follow.”
Forman got tinnitus when he was going through his last round of funding—he raised $1.5 million—and thought the money might fall through. He took to wearing headphones in public to drown out the noise.
Sustaining fame by making sure accounts of your exploits with industry players and Internet starlets circulate in the right places is a full-time job. But so is getting a company off the ground. Karp and Forman consider the two pursuits inextricable. As fameballers, they stay busy fine-tuning and maintaining their personae. But a persona is not a person. A persona doesn’t get work done. And a persona can’t engage in a meaningful relationship. About a week later, Forman announces that he and Allison have split. He also says the tinnitus is gone. “I mean, it could just be a coincidence,” he says.
Because I like hear about younger people who are simultaneously more stupid and successful than I am, I read Jessica Roy’s first column on HuffPo. And I feel exactly how I did about her before. I still think she’s dumb, and I’m still aggravated that she’s found an audience (and, of course, that I even pay attention to her).
I didn’t study abroad in college; my parents offered to pay for a semester in Europe if I graduated a year early, and I had too much fun in Harrisonburg with my friends to want to throw it away to live as a tourist for a few months. I get rather annoyed when people throw it in your face that they “lived in Europe for four months,” especially when the majority of them stayed in college dorms and they didn’t have to work while they were there or anything, and especially when they whine about not being able to communicate with the locals. I can barely communicate with people in my grocery store in Chicago, but you don’t hear me bitching about it.
(But would you like that, HuffPo? I’m, like, open to the idea of a column.)
You know what pisses me off?
Tyler Coates is eight billion times more interesting than this whiny pathetic little girl and the only reason she’s writing at HuffPo is cause she pissed off a bunch of wannabe microfame whores.
Breaking News Alert The New York Times Tuesday, September 30, 2008 — 2:43 PM ET ——-
Bloomberg Said to Seek Third Term as Mayor
Mayor Michael R. Bloomberg plans to announce Thursday morning that he will seek to overturn New York City’s two-term limit and run for a third term, according to two people who have been told of his plans.
Julia's reality show dropped for series about beards.
With Julia Allison on its cover this past July, Wiredconfirmed longstanding rumors the internet fameball had a deal with Bravo for a reality show called IT Girls, based on her antics with handbag designer Mary Rambin and self-professed geek Meghan Asha. The development deal was to begin with just a pilot show, and it sounds like it might not go any further. In a roundup of some of Bravo’s reality TV experiments this morning, Page Six said “one show starring three New York wannabes who start a Web site ‘probably won’t make the cut,’ said a source.” Embarrassing: Allison and her sidekicks recently leased a photogenic apartment because “we anticipate significant filming.” Also, look who they may have lost out to:
…We now hear [Bravo] is casting for “Girls Who Like Boys Who Like Boys,” a reality show based on Melissa de la Cruz and Tom Dolby’s compilation of personal essays about friendships between straight women and gay men. Plus, Bravo’s working on several “Real House wives” spinoffs and about 10 other concepts.
The obvious alternative to a bailout is letting troubled financial institutions declare bankruptcy. Bankruptcy means that shareholders typically get wiped out and the creditors own the company.
Bankruptcy does not mean the company disappears; it is just owned by someone new (as has occurred with several airlines). Bankruptcy punishes those who took excessive risks while preserving those aspects of a businesses that remain profitable.