Ah, Sunday… Usually Sundays are usually relaxing for me as they are the middle of my weekend (I have three day weekends) Monday, however, I have a 4 hour meeting that I need to attend in the office so it’s back to a two day weekend… and I feel the stress building up a bit.  Alas..

A second bailout?

I need to understand something that is currently be discussed in politics and business circles.  Why would a second stimulus bee needed at this point?  

I’m not suggesting that another stimulus would be needed in the future, but what action has taken place thus far was not even a stimulus.  It was a $787 Billion dollar black hole.  At this point, luckily, Nancy Pelois say that no second package is coming in the short term:

yesterday that a second economic stimulus package is not “in the cards” in the short term, disappointing those seeking another quick infusion of federal money into the struggling economy. 

I also believe that there would be no political support to pass a second package right now.  There is major public backlash with everything thus far (AIG, Banks), another bailout would enrage the public even more.

The press is giving Joe Biden a hard time over the “F” word?

I think people tend to focus on the wrong things in life.  Take this bit of “news” coming out of ABC.

At an event at Union Station today where Vice President Joe Biden was heralding the $1.3 billion in investments in rebuilding train stations and passenger rails, a microphone picked up one of the former senator’s myriad Senate colleagues addressing him, formally, as “Mr. Vice President.”

That met with Vice President Biden’s standard reply.

“Gimme a f*&$#ing break,” he said, apparently unaware that the microphone was on. 

The individual, while correct in addressing Mr. Biden as “Mr. Vice President”, is a long time friend of Biden.  This helps explains why Biden responded the way he did – there was a long time, personal, connection… they guys are friends. Let’s not focus on something that everyone has said at some point or another.  

Not important.  Not news.  Move on.

Sunday night viewing

I’m a fan of HBO’s Big Love but apparently Mormons are not.  

The episode that will air this evening is stirring up controversy as a sacred, closed door, Mormon tradition will be portrayed and people are unhappy about it.  Show writers stated the scene is done with respect, a good amount of research, and that no disrespect is intended.  Some followers of the religion still have issues, but I have an issue…

• Christian ceremonies (mass, the crucifixion, confession) are shown in all form of entertainment
• Jewish traditions are in movies
• Muslims are portrayed while praying behind closed doors

…yet no one complains about this.  Mormons are – and should be -no different.

What if, however, the issue is not about disrespect or misrepresentation? What if the complaint is linked to control?  

I believe that some organized religions have the potential act as controlling entities.  They have a strong desire to limit their followers, for whatever reason.  Any version of the truth regarding a “secret” ceremony presented the public eye raises conversation, if not questions, thereby threatening an organizations power.

Maybe that is really what some Mormons have an issue with.

I’m off, Enjoy your evening.

There was some concern that the bill was not going to pass the House today and, sure enough, it did not. The Bush Administration, Secretary Paulson, Chairman Bernanke and senior Democratic leadership all supported the bill but the majority of Republicans did not. As a result, the bill appears to be dead in the water.

The DOW was down roughly 700 points after the bill was defeated but this bill is not about the Stock Market, it’s about the credit markets. This bill was designed, fundamentally, to help open up the credit markets. If one looks as at the current Government Bond rates the 3 month yield is at less than one percent – that is to say there is NO MONEY AVAILABLE.

This crisis is about credit, plain and simple. Without credit business cannot spend and growth will stall – if not decrease. Personal credit will dry up and households will not be able to make large purchases such as cars, washers and home improvements. Students may not be able to get loans for college…. and it can go on and on.

What I am not seeing here is leadership on the Republican House side. Where are the leaders making their case as to why they are not passing the bill and what the course of action is? Where is the Republican House leadership and why can they not deliver the votes they need?

For the very, very first time I am truly worried about the financial situation in the United States.

UPDATE: Voting Record

Care to see the AYES/NOES on the bill, you can check it out here.

UPDATE 2

You have to be kidding me – Republican Leadership is blaming Speaker Pelosi for being bipartisan as to why the bill failed. Supposedly she was too negative.

Yes, she hammered the Bush Administration – and I do not agree with what she had stated – but how petty is that if that is truly the case.

Here is the speech (in RealMedia format)

Here is another version – flash player based

So the general feeling is Republicans did not vote due to the fact that she was hammering the current administration. Again, I don’t agree with what she has stated but this is a time to put politics aside and get the deal done.

UPDATE 3

John McCain is shooting back at Barack Obama and Nancy Pelosi. Both sides, no matter what is said, need to wake up.

UPDATE 4

To play politics for a second – the Democrats have the majority in the House of Representatives and could pass the Bill on their own if they truly wanted to.  If that is the case, how come this failed because of the Republicans?

As of roughly 8:30AM central the House of Representatives began debate on the financial bailout. Roughly three hours of debate/discussion is to be had with a vote expect by noon central.

How are the markets responding? With a sharp drop at the open, the down seems to have found the bottom of the day around 10800.

Updates to come as the day moves forward.

UPDATE: 10:32 AM CENTRAL

Here is the draft of the Bailout, all 110 pages.

UPDATE: 11:05 AM CENTRAL

You can watch the House Debates at C-Span. A final vote is, indeed, expected at 12:30PM Eastern / 11:30 Central but may be later if the debates continue.

UPDATE: 11:15 AM CENTRAL

Just vote already! This is all fluff… Everyone saying how this was politics at it’s best, everyone thanking everyone else… Wait…

Ginny Brown-Waite, Republican Congresswoman, does not like this bill and does not look like she will vote in favor.

UPDATE: 11:17 AM CENTRAL

Congresswoman Marcie Kaptur, Democrate, is voicing her disapproval. She says go back to the drawing board, this is not the right bill.

UPDATE: 11:22 AM CENTRAL

Speaker of the House, Nancy Pelosi, is blaming President Bush for this financial crisis (Let’s ignore the poor lending practices).

Wow – thanks Nancy – I didn’t know that Fed Chairmen Ben Bernanke is a leading expert on the great depression.

The bill does not contain bankruptcy? I wonder what that means….Ah, she wants to help homeowners stay in their home if someone goes into bankruptcy.

UPDATE: 11:31 AM CENTRAL

The vote should be taking place but the debates continue…. Actually, Pelosi continues to slam the Bush administration, is thanking Barney Frank for all that he has done and is asking both sides to vote for the bill.

UPDATE: 11:48 AM CENTRAL

Debate still ongoing – there are a number of very unhappy Republicans suggesting that people vote no.