02 October 2008

Now they get it, the morons

Bloomberg.com has the story by Ryan Donmoyer and Lorraine Woellert:
U.S. lawmakers who helped defeat a financial-market rescue package earlier this week are reconsidering their votes amid signs the crisis on Wall Street is spreading throughout the country.
Three lawmakers, Republicans Zach Wamp of Tennessee and John Shadegg of Arizona, and Democrat Emanuel Cleaver of Missouri, now say they would support the measure. At least three other Republicans, 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 of his constituents 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 bill on 29 September.
Rico says he was one of the constituents who called Gerlach (since his email didn't work, the incompetent fool)...

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