However, the Senate did add a few winners to this new version:

New Tax earmarks in Bailout bill
- Film and Television Productions (Sec. 502)
- Wooden Arrows designed for use by children (Sec. 503)
- 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)

The new version has no allocations going to the Housing Trust Fund, which the Dodd version originally did, so ACORN will get no money from the bailout.

YEAH YEAH YEAH!!!!!

ACORN and the fallout.  How we got to this point with community organizing:

The real trigger came when Fannie Mae and Freddie Mac began buying up all of these loans and converting them into securities. Without that impetus, which began in 1999 and ran wild under the management of Franklin Raines at Fannie, lenders would have responded to the nuisance complaints by extending lending just enough to comply with the CRA.

Fannie Mae was the real culprit. By creating a market for questionable loans, they encouraged lenders to loan money to anyone willing to accept it, because the lenders could make short-term profits by selling the paper back to Fannie Mae.  Instead of holding the paper themselves, though, Fannie (and Freddie) converted them into mortgage-backed securities (MBSs) at greatly inflated value, thanks to the artificial demand Raines created.  Had Fannie and Freddie held the paper themselves instead of looking for a short-term profit of their own, then their collapse would have had a much smaller effect on the worldwide financial markets.

Instead, Congress mandated the sale of MBSs, and we are where we are now.

The ACORN connection is an interesting political story more than a financial issue now.  It reveals the tactics of Obama and his allies, in a way that makes the recent story of Obama’s Truth Squad thuggery more understandable.  Obama doesn’t represent a post-partisan brand of New Politics, but instead the Saul Alinsky tactics of the New Left radicalism that erupted in the 1960s.

Did it happen?  Did the sky fall? Are we going to be on the street this evening?
It is NOT happening.  We maybe flat, but the markets are working…slowly and lowly, but they are working.

Let’s see what happens today.  Will Ms. Pelosi make the next stinker worse?  Will she be told no again?  What drama!

Ms Pelosi scratches her rear end while others do their work:

Update: Most members of the Congressional Black Caucus, many of whom come from safe districts and aren’t at risk politically, voted no. Good work, Barry.

Something must be done, but there are so many chiefs and not enough indians as my teacher used to say.  I do hope that whatever is to happen next, that there will be a sincere effort to correct what needs to be corrected.  Leave the pork out, and let’s do what is necessary to provide for the citizen.

Senate Minority Leader Mitch McConnell said the Senate still intends to move ahead — although he doesn’t know when.

“We’re not leaving town until this is fixed,” he just told reporters.

McConnell declined to point fingers over the failure of the bailout bill in the House Monday afternoon.

Instead, McConnell pleaded for quick action.  http://www.politico.com/blogs/thecrypt/0908/McConnell_Were_not_leaving_until_bailout_is_passed_.html

Congratulations to those working patriots in the US for killing this crappy bill.  What was in this bill to make so many back away?  As I said previously, the Dems had the numbers and they had 59.5% approval for the bill.  http://mcnorman.wordpress.com/wp-admin/post.php?action=edit&post=2393

Too many complacent people abound.  You just can’t take it anymore once you start to see opportunists like these three:

  • Franklin Raines was a Chairman and Chief Executive Officer at Fannie Mae. Raines was forced to retire from his position with Fannie Mae when auditing discovered severe irregulaties in Fannie Mae’s accounting activities.
    Raines left with a “golden parachute valued at $240 Million in benefits. The Government filed suit against Raines when the depth of the accounting scandal became clear.
  • Tim Howard – Was the Chief Financial Officer of Fannie Mae. Howard “was a strong internal proponent of using accounting strategies that would ensure a “stable pattern of earnings” at Fannie. In everyday English – he was cooking the books. The Government Investigation determined that, “Chief Financial Officer, Tim Howard, failed to provide adequate oversight to key control and reporting functions within Fannie Mae.” Howard resigned under pressure in late 2004. Howard’s Golden Parachute was estimated at $20 Million!
  • Jim Johnson – A former executive at Lehman Brothers and who was later forced from his position as Fannie Mae CEO. Investigators found that Fannie Mae had hidden a substantial amount of Johnson’s 1998 compensation from the public, reporting that it was between $6 million and $7 million when it fact it was $21 million. Johnson is currently under investigation for taking illegal loans from Countrywide while serving as CEO of Fannie Mae. Johnson’s Golden Parachute was estimated at $28 Million.
  • WHERE ARE THEY NOW?
  • FRANKLIN RAINES? Raines works for the Obama Campaign as Chief Economic Advisor.
  • TIM HOWARD? Howard is also a Chief Economic Advisor to Obama.
  • JIM JOHNSON? Johnson hired as a Senior Obama Finance Advisor and was selected to run Obama’s Vice Presidential Search Committee.
  • Change?  These people would steal the change from your pockets.

What Bush and the Democrats do not understand is that this IS about the people and it has always been about the people.

They can pay off the greedy and they can pay off the dependant voters, but they can’t pay off the patriots.

Our currency is love for our country and the people and distrust for any government who demeans us.

The Democrats once again OVER PLAYED their hands.  Now it is time to begin the offensive.  Rally the patriots behind a proposal to readjust how mortgages are valued.  Keep out the ACORNS.  http://mcnorman.wordpress.com/2008/09/25/gateway-pundit-bush-calls-community-organizer-to-dc-to-help-with-financial-crisis-video/

John McCain said “stand up, stand up and fight.”