Christmas in October

The $700B bailout contains is now over $800B. Why? It contains BILLIONS of dollars in -barrel spending. About $112B to be more exact.

Lawmakers from both sides of the aisle are out of control on this. This entire problem could have been handled by the FED and market forces. It did not have to be lubricated with 16% pork.

America will become a debtor nation at this rate.

Here are some predictions for you to tuck in your electronic back pocket.

  1. Credit market problems will require more than just an injection of funds to become fully functional again.
  2. The FED will have to change the capital reserve ratios to keep us afloat.
  3. $700B is not enough.
  4. Consumer credit debt is next; or at least soon.
  5. Any rally in the Dow will be short-lived.
  6. Fannie problems have not finished their impact on overseas markets.

Further reading:

Billions in earmarks in Senate’s bailout bill

Bottomless Bailout

Kick the Ant Hill

NOW They Tell Us

Pelosi Allows Dems To Vote No

Why did 94 vote against the bailout? Take a look at Bill Dyer’s analysis:

I thought it was bad enough that House Speaker Nancy had made a deliberate decision not to make today’s vote on the Democrat’s economic stabilization bill a “party loyalty” vote in which the House Democratic leadership made absolutely clear that it expected loyal Democrats to vote in favor of the bill. Ignoring all of the immense power to persuade that inheres in the position of Speaker of the House, Speaker Pelosi wouldn’t even offer (or threaten to withhold) so much as a choice Capitol parking spot to make up the 12-vote margin between victory and defeat of H.R. 3997, the Emergency Economic Stabilization Act of 2008.

Speaking on John Gibson’s radio show later in the day, however, Karl Rove ran through, by name and often by committee or subcommittee chairmanship, the many, many Democratic members of the House whom Speaker Pelosi and the House Democratic leadership expressly authorized to vote against the economic stabilization bill. Glenn Reynolds boils this down to a succinct sentence which is almost exactly right: Pelosi gave key Democrats a pass on the bailout vote. The only quibble I have is that she didn’t just give key Democrats a pass. She gave them all a blanket pass, and then some members particular and specific encouragement to take it. It is inconceivable that she didn’t know exactly what the result would be.

The Dems Play Games with Votes.

Right Voices has a great video of Karl Rove

Mark My Words is a new blog I have just discovered. Read this for sure.

The Pork Goes On

If Congress is trying to find ways to fund a bailout, perhaps they should start with the Omnibus Spending Bill.

Senate leaders wringing their hands over where to find $700 billion for the Wall Street bailout might start with the fine print of the omnibus bill: The measure includes more than $6.6 billion in pork-barrel spending.

The 2,000-plus earmarks fill 752 pages attached to the 357-page spending bill. Sen. Ted Stevens, notorious for his huge earmark requests, scored the largest haul—some $238.5 million in earmarks.

In the U.S. House, Rep. John Murtha (D-Penn.) brought in the most earmarks—more than $111 million, including $24.5 million for the National Drug Intelligence Center, an organization critics say is rife with mismanagement.

Democrats rushed the spending bill to the floor on Wednesday, giving Republicans and outside watchdog groups only a few hours to review the measure before a House vote. Critics complained that the process lacked the transparency for earmarks that Democrats promised when winning the majority in the House. But with the nation riveted by the Wall Street crisis, the spending bill and its earmarks made few ripples before passing with bipartisan support.

Cut and Save.