After playing politics the first time around; the US House of Representatives passed a massive Senate version of a federal bailout bill; albeit with an additional over 100 billion dollars targeting special projects designed to entice certain House members to vote for the bill the second time around.
The bill passed in the Senate by a vote of 74-25 before passing in the House by a vote of 263 for to 171 against. Congressman Randy Neugebauer again voted against the bill. Neugebauer told NewsChannel 11 that he “didn't vote for it Monday and I didn't vote for it today (Friday) because in my heart of hearts I didn't believe it was the right thing to do. I talked to a number of people in the banking industry, economists and people with the Department of Treasury; to really try to as certain if this plan that was proposed actually would address the problem. And nobody could really convince me that this plan was addressing the real problem and more importantly that it was the right solution”.
Part of the bill allows the federal government to buy mortgages and other bad debts and mortgage related securities in order to alleviate the pressure on banks and other financial institutions.
Another measure in the bill raises the amount of money insured by the Federal Insurance Deposit Corporation; the FDIC inures money deposited in banks and savings and loans. The new bill raises the limit from $100,000 dollars to $250,000. This part of the bill is designed to restore consumer confidence and persuade consumers to deposit money in banking institutions.
But while the bill was sold as a life line for Wall Street and the American economy; as usual there was the usual lawmaker’s pet projects which included the following projects: Manufacturers of kids' wooden arrows - $6 million; Puerto Rican and Virgin Islands rum producers got $192 million; auto racing tracks got $128 million; Corporations operating in American Samoa receive $33 million and small to medium budget film and television productions received a cool $10 million.
Proving once again that in Congress; things never change
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