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Senate Passes Crap Sandwich With Pork Bailout

by @ 9:57 pm on October 1, 2008. Filed under Credit Crisis, Economics, Politics, Sub-Prime Mortgage Crisis

In a move that doesn’t really come as much of a surprise, the U.S. Senate approved a modified version of the $ 700 billion financial industry bailout bill:

NEW YORK (CNNMoney.com) — The Senate on Wednesday night passed a sweeping and controversial financial bailout similar in key ways to one rejected by the House just two days earlier.

The measure was passed by a vote of 74 to 25 after more than three hours of floor debate in the Senate. Both presidential candidates, Sens. Barack Obama, D-Illinois, and John McCain, R-Arizona, voted in favor.

Like the bill the House rejected, the core of the Senate bill is the Bush administration’s plan to buy up to $700 billion of troubled assets from financial institutions.

Those assets, mostly mortgage-related, have caused a crisis of confidence in the credit markets. A major aim of the plan is to free up banks to start lending again once their balance sheets are cleared of toxic holdings.

But the Senate legislation also includes a number of new provisions aimed at Main Street.

The changes are intended to attract more votes in the House, in particular from House Republicans, two-thirds of whom voted against the bailout plan.

The House is expected to take up the Senate measure for a vote on Friday, according to aides to Democratic leaders

Here’s the official tally (the only Senator not voting was Ted Kennedy, who is suffering from brain cancer):

Voting Yes (75): Akaka (D-HI), Alexander (R-TN), Baucus (D-MT), Bayh (D-IN), Bennett (R-UT), Biden (D-DE), Bingaman (D-NM), Bond (R-MO), Boxer (D-CA), Brown (D-OH), Burr (R-NC), Byrd (D-WV), Cardin (D-MD), Carper (D-DE), Casey(D-PA), Chambliss (R-GA), Clinton (D-NY), Coburn (R-OK), Coleman (R-MN), Collins (R-ME), Conrad (D-ND), Corker (R-TN), Cornyn (R-TX), Craig (R-ID), Dodd (D-CT), Domenici (R-NM), Ensign (R-NV), Feinstein (D-CA), Gramm (R-SC), Grassley (R-IA), Gregg (R-NH), Hagel (R-NE), Harkin (D-IA), Hatch (R-UT), Hutchison (R-TX), Inouye (D-HI), Isakson (R-GA), Kerry (D-MA), Klobuchar (D-MN), Kohl (D-WI), Kyl (R-Az), Lautenberg (D-NJ), Leahy (D-VT), Levin (D-MI), Lieberman (I-CT), Lincoln (D-AR), Lugar (R-IN), Martinez (R-FL), McCain (R-AZ), McCaskill (D-MO), McConnell (R-KY), Menendez (D-NJ), Mikulski (D-MD), Murkowski (R-AK), Murray (D-WA), Nelson (D-NE), Obama (D-IL), Pryor (D-AK), Reed (D-RI), Reid (D-NV), Rockefeller (D-WV), Salazar (D-CO), Schumer (D-NY), Smith (R-OR), Snowe (R-ME), Specter (R-PA), Stevens (R-AK), Sununu (R-NH), Thune (R-SD), Voinovich (R-OH), Warner (R-VA), Webb (D-VA), Whitehouse (D-RI)

Voting No (25): Allard (R-CO), Barrasso (R-WY), Brownback (R-KS), Bunning (R-KY), Cantwell (D-WA), DeMint (R-SC), Cochran (R-MS), Crapo(R-WY), DeMint (R-SC), Dole (R-NC), Dorgan (D-ND), Enzi (R-WY), Feingold (D-WI), Inhofe(R-OK), Johnson (D-SD), Landrieu (D-LA), Nelson (D-NE), Roberts (R-KS), Sanders (I-VT), Sessions (R-AL), Shelby (R-AL), Stabenow (D-MI), Tester (D-MT), Vitter (R-LA), Wyden (D-OR)

So, basically, we were thoroughly screwed by the members of the upper house.

Next, it’s back to the House of Representatives, where I’m betting we’ll find Monday’s results reversed rather quickly.

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4 Responses to “Senate Passes Crap Sandwich With Pork Bailout”

  1. Now that the Senate has passed the 700 billon bailout has Wall Streets destiny been sealed?

  2. Steve says:

    I want to know who benefited from all the pork in this crap bill. I’m sure John will not have the guts to actually get his pen out and make them famous.

  3. [...] later the Senate, after adding a bunch of pork to the House’s crap sandwich, overwhelmingly passed the bill and told us that we were just too dumb to understand what was necessary. Then today, the [...]

  4. [...] no question that this was a tremendous victory. Only two months ago, the Senate overwhelmingly approved the $ 700 billion financial industry bailout in the face of stron… thanks largely to a Republican caucus that rolled over and played dead rather than fight for the [...]

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