House joins Senate in denial of second half of TARP funds

[BeachSiO2]

In a 270-155 vote, the House passed a resolution disapproving the release of the second $350 billion from the Troubled Asset Relief Program (TARP) funds. Only four Republicans voted for the measure. A resolution of disapproval has already been passed by the Senate.

Any thoughts on how/if this will affect the current AARP (stimulus package)? Or how this will affect the overall economic recovery? Or do you think it will be repackaged and presented again in another form?

 

[idlewind]

Thank goodness, I hope this signals a return to sanity in Washington. Now can they try to get the first 350 back?

 

[Smiling JOe]

I'd like to know "why" they voted it down. Probably not enough money directed at the "right" people. I'm have full faith that they will repackage it, and that it will eventually pass, when the all of the "right" people are included in the list of recipients.

 

[idlewind]

I'd like to know "why" they voted it down. Probably not enough money directed at the "right" people. I'm have full faith that they will repackage it, and that it will eventually pass, when the all of the "right" people are included in the list of recipients.

Hey Joe, don't crush my hopes just yet, give me a little time to think that Congress has turned the corner.

 

[BeachSiO2]

I'd like to know "why" they voted it down. Probably not enough money directed at the "right" people. I'm have full faith that they will repackage it, and that it will eventually pass, when the all of the "right" people are included in the list of recipients.

Here's some commentary I have found...

"The vote was largely symbolic because the Senate last week rejected a resolution disapproving the release of the funds. Since both chambers would have to pass a resolution of disapproval, the Obama administration will have access to the funds.

Given the unpopularity of the TARP program, the safest vote was probably to support the disapproval resolution. Almost none of those who voted against it face a difficult race in 2010.

A sizable class of freshmen voted almost completely in unison to prevent the funds from being released. Twenty-nine of the 34 newly elected Democrats, many of whom campaigned against the original bailout bill, voted in favor of disapproving the release of funds.

In fact, only two freshmen considered potentially vulnerable voted the other way: Rep. Gary Peters (D), who represents Pontiac, Mich., and Rep. Jim Himes (D-Conn.), whose district is flush with Wall Street commuters."

 

[traderx]

Thank goodness, I hope this signals a return to sanity in Washington. Now can they try to get the first 350 back?

No problem. Just as soon as the preferred stock we own pays dividends.

 

[idlewind]

No problem. Just as soon as the preferred stock we own pays dividends.

Which will begin right after the donkey flies over the Capital.

 

[SHELLY]

Any thoughts on how/if this will affect the current AARP (stimulus package)? Or how this will affect the overall economic recovery? Or do you think it will be repackaged and presented again in another form?

They probably want to pull it back so they can load it down with a bit of pork before they vote it through (just like the first time). Maybe the wooden arrow producers of the USA didn't get enough money the first time around.


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