Are You Against the Bailout?

October 2008
As the Senate gets ready to vote on a new bailout bill, Coloradans against the Bailout will be holding a rally, Showdown at High Noon. If you'd like to attend, here are the details from an e-mail I just received:
Come and let the banks and politicians know that our tax dollars are not for bailing wealthy people out of bad gambling debts. Wear cowboy hats, boots, bandanas etc for this SHOWDOWN @ HIGH NOON. What: Rally to Say "No Bush Bailout" Help Main Street Not Wall Street! When: Wednesday, Oct 1 @ High Noon. Where: Federal Reserve Bank (1020 16th St. Denver 80202). Who: Colorado Jobs with Justice W/Jessie Ulibarri of CPC and Syndicated Columnist and Author David Sirota. Why: Demand Accountability from Those Who Caused this Mess and Discover Alternatives to the Proposed Bail- Out.
Colorado's Congressional delegation, as we reported yesterday, is divided. Rep. Diana DeGette strongly believes the bill should pass:
The House killed the bill Monday on a 228-205 vote. Four of Colorado's delegation voted no: Salazar, Democrat Mark Udall and Republicans Marilyn Musgrave and Doug Lamborn. Voting yes were DeGette, Democrat Ed Perlmutter and Republican Tom Tancredo. DeGette blamed election-year political pressure for the failure and said the public misunderstood the purpose of the bailout and the consequences of its breakdown. The collapse of financial institutions dries up credit and makes it tougher for everyone to get loans, she said.
On the other side, Rep. Mark Udall, explains his concerns:
"And I cannot ignore that many of the people sounding the alarm are the same ones who recently said things were under control, that risk was being nearly managed out of the system, and that stronger government oversight was unnecessary and counterproductive," Udall said in a statement. Udall said an acceptable rescue bill would provide more relief to homeowners facing foreclosure, stronger reforms of the credit market, and more congressional oversight.
The main differences between the House and Senate version:
The Senate bill would raise federal deposit insurance limits to $250,000 from $100,000, as called for presidential nominees Barack Obama and John McCain.... The Senate measure will graft the bailout language to a tax bill it approved last week, on a 93-2 vote. It includes: a provision to prevent more than 20 million middle-class taxpayers from feeling the bite of the alternative minimum tax, $8 billion in tax relief for those hit by natural disasters in the Midwest, Texas and Louisiana and some $78 billion in renewable energy incentives and extensions of expiring tax breaks.
Senators John McCain, Barack Obama and Joe Biden will all be in Washington tomorrow night to vote for the bill. If it passes the Senate, it will then go to the House for a vote.