Thread: No Money For La Raza Or ACORN In Bailout

Got this in an email. Last paragraph says no mony for LaRaza or ACORN.

Dear Supporter,

On Wednesday, after several days of negotiation, I helped pass a bill with broad bipartisan support to stabilize our credit markets and preserve the way we do business.

This bill:

Provides Tax Relief for American Families, Businesses, and Renewable Energy: Includes the extension of expiring tax provisions that will have a real impact on families and small businesses, including relief from the Alternative Minimum Tax (AMT) that will prevent 135,000 Kentucky families from being hit with a tax increase.
Eases the Credit Crisis: Provides up to $700 billion in three phases for the Treasury to purchase distressed assets – mostly mortgage backed securities.
Strengthens the FDIC: In order to protect bank customers, Congress will allow the FDIC to insure deposits up to $250,000 for one year (up from the current $100,000).
You might be wondering if this economic package was necessary. What began as a problem with subprime mortgages quickly spread throughout the entire economy. Credit, the lifeblood of our economy, began to dry up, threatening to undermine the livelihoods of countless Kentuckians. The Secretary of the Treasury and the Chairman of the Federal Reserve warned of dire and unprecedented consequences without urgent action.

These consequences affect real people. I heard from a small business owner who saw the interest rate on his building quadruple in one week. I am aware of communities with good credit that could not sell the bonds needed to support jobs. Because of these kinds of things, I decided that inaction was not an option. I worked to find a bipartisan consensus to stabilize the economy, protect taxpayers, and prevent massive unemployment.

The following information should help explain why the U.S. Senate took the action it did. I insisted the legislation protect taxpayers, contain strong oversight provisions and that it limit compensation for Wall Street gamblers who got us into this mess.

Was this plan necessary? Why did the Senate pass this legislation?
Yes, the plan was necessary because of a looming economic crisis. A Heritage Foundation report put it like this: "Households across the nation are beginning to see the leading edge of the storm that is already roiling credit markets here and around the world. The sudden and dramatic drop in the value of retirement accounts after the House's initial refusal to agree to the package was just one symptom of what is to come. Even more important, however, is the continued deterioration of the credit system. Without action, ordinary Americans will face the effects of a dramatic economic contraction, including sharp increases in unemployment."

Why is the plan so expensive?
Most economists agree that the initial cost of this bill will be recouped, and there is a significant chance the rescue bill could actually make money for American taxpayers.

Does this bill limit the pay of corporate CEO's?
Yes. No "Golden Parachutes" for greedy CEO's. For companies taken over by the government, any existing employment contracts for top executives can be terminated. For large institutions participating in the Treasury auctions, there will be penalties designed to limit executive pay – including excise taxes. I made sure greedy corporate CEO's weren't getting taxpayer money after what they've done to the American economy.

Does this bill adequately protect taxpayers?
Yes. The government can insist on partial ownership in participating companies, so that taxpayers can benefit from that company's revival. The President must propose legislation to recoup any lost taxpayer funds after 5 years. It requires the Treasury Secretary to establish an insurance program funded by industry – not taxpayers. Homeowner assistance programs are available, but only when in the taxpayers' best interest. Taxpayers make the investment so only taxpayers should receive any proceeds. All money will go to debt reduction, and there are no funds for radical liberal organizations like ACORN.

Does this bill contain enough oversight provisions to ensure it is working properly?
Yes, the bill contains strong oversight measures. In addition to an independent oversight board, congressional oversight, and constant GAO review, there will be a special, independent inspector general charged with preventing abuse in the program. Congress can block half the funds ($350 billion), if it believes the program isn't working.

I keep my money at a community bank. Does this bill help local banks, or just Wall Street?
I included a provision to help community and regional banks. It allows them to treat losses in preferred stock in Fannie Mae and Freddie Mac as ordinary losses for tax purposes.

Does this bill cut taxes?
YES. I insisted this legislation extend tax relief in a number of areas, such as:

Relief from the Alternative Minimum Tax (AMT) - Prevents 135,000 Kentucky families from being subject to the onerous alternative minimum tax, saving them an average of $2,000.
Education Tax Incentives – Expands the student tuition deduction and tax incentives for teachers who pay for school supplies out of their own pocket.
Promote Kentucky Coal for Energy Independence – Includes tax incentives to encourage the development and deployment of coal to liquids technology and to build refineries to process coal to liquids (like the one being considered in Paducah).
Promotes conservation and clean energy – It includes tax incentives, like those I offered in the Gas Price Reduction Act, for plug-in hybrid cars. It extends tax incentives for entities that generate electricity from wind, solar and biomass. It includes incentives to purchase energy efficient appliances for homes.
Does this bill fund liberal Democrat causes? After all, they control Congress.
NO. At my insistence, this bill does not include any money for radical groups like ACORN. It does not include any automatic tax increases, bankruptcy "Cramdown," or provisions requiring union membership on boards.
Thank you for your continued support.

Sincerely,


Mitch McConnell
United State Senator

Paid for by McConnell Senate Committee 2008
www.TeamMitch.com

I find it difficult to believe that anyone in Congress knows what's really in the 400+ pages of this legislation.

This legislation was likely changing by the hour, if not minute. You can't accurately do an analysis that fast.

Originally Posted by Steve

I find it difficult to believe that anyone in Congress knows what's really in the 400+ pages of this legislation.

This legislation was likely changing by the hour, if not minute. You can't accurately do an analysis that fast.

There were statements made by those who did not sign that there was not enough time to even read or study this Bill, which makes it even more outrageous that they would pass it.

Originally Posted by April

Originally Posted by Steve

I find it difficult to believe that anyone in Congress knows what's really in the 400+ pages of this legislation.

This legislation was likely changing by the hour, if not minute. You can't accurately do an analysis that fast.

There were statements made by those who did not sign that there was not enough time to even read or study this Bill, which makes it even more outrageous that they would pass it.

thats because the Dems dont want anyone to read it and understand what is in it. just like they tried to stop the debate on the illegal immigration stuff last summer. Remember the crapola that harry reid tried to pull

As much as we dislike McCain OBAMA WORKED FOR ACORN...AND BALDWIN CAN'T WIN.

Hold your noe and vote McCain!

Originally Posted by jamesw62

Originally Posted by April

Originally Posted by Steve

I find it difficult to believe that anyone in Congress knows what's really in the 400+ pages of this legislation.

This legislation was likely changing by the hour, if not minute. You can't accurately do an analysis that fast.

There were statements made by those who did not sign that there was not enough time to even read or study this Bill, which makes it even more outrageous that they would pass it.

thats because the Dems dont want anyone to read it and understand what is in it. just like they tried to stop the debate on the illegal immigration stuff last summer. Remember the crapola that harry reid tried to pull

So true, what load of traitors , time to clean house.

Note to Alipac Dude, it is fine that you want to hold your nose and vote for Mc Cain, but you are not getting anywhere repeating that we should all over the forum to a crowd of people who saw him vote with OBAMA for the bailout, NOT to mention their stance on illegal immigration. IMO a vote for either traitor is a betrayal of self and the American people.

Yes, but it is Obama who has talked about main street and the jobs going overseas and then joins the bailout.

I don't like McCain but Baldwin cannot win. Do you really want Obama aguy who got off hhis butt and marchhed with ILLEGALS??

Originally Posted by alipacdude

Yes, but it is Obama who has talked about main street and the jobs going overseas and then joins the bailout.

I don't like McCain but Baldwin cannot win. Do you really want Obama aguy who got off hhis butt and marchhed with ILLEGALS??

You need to realize that voting is a personal choice and the more you try to shove Mc Cain down people's throats, the more you will hear the reasons many Americans are voting third party. We are beyond fear mongering so you are wasting your time and energy. You need to be out helping with Mc Cains campaign somewhere and not wasting your time trying to convince us that we need to vote for the traitor.

Originally Posted by April

Originally Posted by alipacdude

Yes, but it is Obama who has talked about main street and the jobs going overseas and then joins the bailout.

I don't like McCain but Baldwin cannot win. Do you really want Obama aguy who got off hhis butt and marchhed with ILLEGALS??

You need to realize that voting is a personal choice and the more you try to shove Mc Cain down people's throats, the more you will hear the reasons many Americans are voting third party. We are beyond fear mongering so you are wasting your time and energy. You need to be out helping with Mc Cains campaign somewhere and not wasting your time trying to convince us that we need to vote for the traitor.

Seems to me that all of us are trying to convince others who to vote for.

No third party candidate even has a chance, and McCain seems like an enemy. The third parties are split, and McCain is losing big time.

I feel like the Patriots are not heard. Yes, we closed down the phone lines in Washington DC over amnesty, but we now have more illegal aliens in this country than ever.

They deport a few illegals here and there, but a thousand anchor babies are born the following day.

So are we gaining anything these days? I don't know, maybe a good financial melt down will be a good thing. Maybe the Illegals will self deport as we self destruct. We can hope.

April, you are angry and it will get you no where. Tancredo is supporting McCain because Tom is logical.