House members who voted ‘yes’ on bailout received 54 percent more from banks/securities firms.
By on Sep 30th, 2008 at 10:32 am
House members who voted ‘yes’ on bailout received 54 percent more from banks/securities firms.
According to research produced by MAPLight.org, House members who voted yes on the proposed bailout package received 54 percent more money from banks and securities than members who voted no:
[O]ver the past five years, banks and securities firms gave an average of $231,877 in campaign contributions to each Representative voting in favor of the bailout, compared with an average of $150,982 to each Representative voting against the bailout – 54 percent more money given to those who voted Yes.
Democrats who voted yes received “an average of $212,700 each, about twice as much as those voting No, $107,993.” Republicans who voted yes “received an average of $273,181 each, 50% more than those voting No, $181,688.”
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No one--NO one--could have predicted!
Forget a bailout. Let 'em fail. The Dow is UP this morning.
And if Bush is pushing it, there's only one thing to do--PUSH BACK.
September 30th, 2008 at 10:35 amThat's what Capitalism is all about - money.
And that's exactly why it is failing our society.
All other Industrialized Nations are abandoning it for Social Democracies that put PEOPLE first. This seems like a good time for us to do the same.
September 30th, 2008 at 10:39 amThe second correlation is that those that voted no were in close races in November. Could it be that the banks etc. were giving money to those that were most likely to win so they got the best bang for their buck?
September 30th, 2008 at 10:40 amWe are not surprised, are we? Most of these people voted to save their political skin, not for the good of the country.
September 30th, 2008 at 10:44 amSigh.
This is exactly what happened with the telecom immunity bill...plus a party thrown by AT&T.
What's wrong with this picture, bailout proponents?
September 30th, 2008 at 10:47 amWe on Main Street have been feeling it for years and you didn't seem to care so much then. Now that you and your cronies are starting to feel it, suddenly it's an emergency?
Screw you.
Power to the people!
September 30th, 2008 at 10:47 amBlue in a Red State Says: The second correlation is that those that voted no were in close races in November. Could it be that the banks etc. were giving money to those that were most likely to win so they got the best bang for their buck?
Ah, the irony...
"Freedom's just another word for nothing left to lose."
September 30th, 2008 at 10:49 am---Janis Joplin
I am amazed! Politicians voting their pocketbooks and not their constituents' wills? Impossible! Unheard of! And tear out my beard, and uncover my head. Tradition?!
September 30th, 2008 at 10:53 amThis report doesn't mean anything. If the ones who voted "NO" only got a pittance, say like $10,000 or less, then I'd pay attention. $100,000 is nothing to sneeze at. Did the study go into the size of the campaign? Were the "Yes" voters in larger constituencies, etc?
September 30th, 2008 at 10:56 amhere's the actual link to MapLight's analysis
September 30th, 2008 at 11:01 amHell, I'd support it for only $150,000.
Who said? "Been down so long, it looks like up to me".
September 30th, 2008 at 11:01 amIt's astounding. The same b@stards that have lied about everything...I mean EVERYTHING else to this point; Wall Street, bush, his cronies, etc., are suddenly credible now?
Christ, even shocked monkeys learn faster than this...
September 30th, 2008 at 11:02 amTo co-opt a plan from Bush:
Sometimes ..... money trumps......
Democracy.
September 30th, 2008 at 11:04 amHere's a bill I could live with. Every adult gets allocated $3,000 (the taxpayer price tag of $700B). If those adults are in foreclosure, or in an A.R.M about to reset, has any credit card or other risky debt, or in any way has contributed to this "problem", their allocation goes directly to their lender(s). If those adults, on the other hand, have been living within their means and have not contributed to the overextending consumer mentality, they get that allocation as a tax free bonus.
Next, the bill should include the creation of a TEMPORARY office of MBS(Mortgage Backed Securities) analysis. That staff should be tasked with unravelling the paper trail of the transactions, evaluating the actual value of the securities, determining distribution and ownership (who skimmed how much and when), and identifying any actual properties involved. The underlying mortgages should then be evaluated for viability and if necessary, rewritten at full face value using reasonable fixed rate loans, using 40-50 year mortgages if required.
Finally, we should instill some common sense regulations back into the market. Government should not be running businesses, but government should definitely be allowed to protect its citizens from predators, whether those predators be foreign or domestic terrorists, unscrupulous businessmen, or corrupt politicians.
September 30th, 2008 at 11:08 amI expect a terror warning from DHS any day now...probably coinciding with another vote for this extortion...
September 30th, 2008 at 11:14 amI'm trying to figure out whether we're being conned about this bailout or not. In spite of the failure of the bailout bill, the markets are up today. The dollar is a bit stronger. Oil is still under $100. I'm still getting credit offers in the mail. I don't know who to trust.
September 30th, 2008 at 11:14 am15. onoclea Says: I’m trying to figure out whether we’re being conned about this bailout or not.
Check out Glen Greenwald for some eye-popping perspective.
Also check his column for today.
September 30th, 2008 at 11:21 amWell money does make the world go round. But in this case, it may make the financial world collapse.
September 30th, 2008 at 11:24 amIf either the “Crisis” or the “legislation” to correct it were “real,” there’d be a provision in the 'corrective' legislation to repeal Gramm/Leach/Bliley and/or to restore Glass -Steagall, and to return stock acquisition leverage limits to their pre-Raygun levels…
To the extent that neither is in any “bill” presented by ANYBODY as a 'correction,' you may judge the seriousness of both the crisis and the alleged solution…
September 30th, 2008 at 11:30 am#hanshiro Says:
Check out Glen Greenwald for some eye-popping perspective.
Also check his column for today.
September 30th, 2008 at 11:21 am
Get this straight, dear friend:
You and We are ALWAYS being conned. ALWAYS, by EVERYONE in public office. It's what they do.
Never presume ignorance when, with the same evidence, you may deduce malevolence...
September 30th, 2008 at 11:33 amThe Dems need to create legislation with teeth in it. Now is the time to go full force along party lines. Screw Bush, Paulson, House Repukes and Wall Street. This end of the world/hurry up and give me what I want crap from the WH needs to stop NOW! We need 20 or so more Dems on board or a dozen or so hard line Repubs. Doesn't it make sense for the future of our economy and for the upcoming election to draft a bill that concedes to the desires of the hold out Dems rather than capitulate to the Repubs who want less regulation and more tax breaks for the banks? Make a true cap on ceo pay and strip all golden parachutes, PERIOD. Protect families in danger of losing their homes by capping interest rates at 5%. Do we really need to worry about wall street's top money people? They have enough money to ride out even the worst depression between obscene salaries, bonuses and hidden off-shore accounts. They'll be ok. Let's get the F@CK out of Iraq and save 10 billion a month from needing to be borrowed from China. Put some serious effort into collecting back taxes from all these fat cats that have been avoiding them for years. Re-instate the tax on every trade that passes hands on Wall Street. If some financial institutions fall, so be it. Isn't THAT what is supposed to happen in a free market? Smaller banks are reporting that business is doing better for them since this began two weeks ago. I doubt the situation warrants the rush to placate wall street that Bush/Paulson are crying for. They are just looking out for their own as usual and trying to terrorize the nation into bending over for them AGAIN! Markets are up so far today, lending doesn't appear to be having the hobbled effect that the WH is crying about. The Dems need to own their own bill and if Bush and the Repubs dare to filibuster or try to shoot it down despite attempts to help the average tax payer (which Bush and the Reps claim to want) then let them block it. Why should we simply try to tweak around the edges of a seriously flawed proposal that was made by the same lunatics who got us into this mess when NOW is the time to start cleaning it up rather than creating a huge hole for the future president to try to climb out of? The Repukes know that an Obama presidency is the most likely outcome and THIS proposal is designed to hobble any possibility of Obama and the Democratic majority from passing so called "solcialistic" legislation (proper oversight, universal health care, infastructure and military readiness). It's their trump card to maintain Republican "values" throughout a Democraticly run Government. DON'T FALL FOR IT DEMS! LET'S GET CRACKA-LACKIN' ON REAL LEGISLATION AND SHOW MAKE THE REPUKES OWN THEIR DISASTER!!
September 30th, 2008 at 11:58 amAssuming that everyone in public office is always conning me is helpful if I want to cower in a corner somewhere. There should be a way to figure out what solution is in the peoples best interest and to lobby for it. machost proposal @14 actually sounds like a good idea, except for the fact that I think the real problem isn't the bad mortgages, but the fact that both good and bad mortgages appear multiple times on various entities balance sheets.
September 30th, 2008 at 12:23 pmRather than spending humoungous amounts of money to maintain the status quo of "them that has gets", we should demand that congress do NOTHING to bailout the banks, and just see what happens. Maybe, it would turn out that People are more than just "consumers" put here for the sole purpose of living out lives in debt so that big businesses and banks can continue to thrive, and govern us; and we could return to a sustainable way of life that doesn't require that we deplete every natural resource in the world in order to maintain a certain lifestyle.
"Freedom's just another word for nothing left to lose"
September 30th, 2008 at 1:03 pmKris Kristofferson (not Janis Joplin, unbelievable)
So far the market's response (private firm buyouts, the Dow) proves Shrub's "crying wolf" over the need for an immediate $700B ("we chose a really big number")bailout as a complete farce.
A flagrant, in your face, in-over-his-head LIE.
September 30th, 2008 at 1:51 pmThe Banksters & Corporations control Washington & all the Politicians.
We watch the Politicians and Think the Political process is real.
It’s all Fake!
Everything is Scripted!
Corporations add Political Drama to keep the Electorate entertained.
It’s just like Professional Wrestling….the Promoters know the outcome,
but the people watch in awe…..Believing that was goes on in the ring is real.
The Banksters & Corporations will get what they want in a 2 out of 3 fall match.
September 30th, 2008 at 5:24 pm