The Senate is poised to vote on a bailout bill this evening. They, too, are putting $700 billion of taxpayer money into the bill. Some improvements have been made, but the focus remains a non-market based approach. Jim Jubak, in his Sept 26th column, gives the $700 billion bailout only a 50% chance of succeeding. It is worth reading his column, and I hope he comes out with an update today addressing if any of the changes added into the bills will help the odds or not (I doubt they will – the focus remains the $700b). Meanwhile, an alternative, (more information here) market based version is being crafted in the House.
Time for a round of calls to the Senate now.
Why watch Senator Bennett? He is fourth in line for the amount of contributions (about $108,000 over 16 years) taken from Fannie Mae and Freddie Mac. It will be worth questioning his office on his position on bailout bills (I’m betting he’ll support the $700 billion).
UPDATE: Bennett, predictably, supports the bill (call him anyway – 202-224-5444). I can’t get through to Hatch’s office (202-224-5251), I just get voice mail or “all circuits are busy”. Keep trying there too.
***Also take a look a Dave Ramsey’s page on this, particularly, the market-based proposal (“The Common Sense Fix”) which doesn’t have us footing the bill and nationalizing the companies. You may want to do so before calling the above. Karl Denninger’s Genesis Plan (PDF) is also worth a look (it could be combined with Ramsey’s).
UPDATE: The bill text is up and, predictably, getting loaded with pork. They just don’t get it at all.
UPDATE: Finally got through to Hatch. He has not taken a position on the bill at this time and has some “serious concerns” about it. Keep calling and emailing.