Fed Money Wasted

My Friends, I have a problem. Not to long ago the Federal government Bailed out international insurer AIG, to the tune of $85 Billion. i didn't have a problem with the bailout. I do however take issue with the fact that in the days following the bailout the company treated executives to a $440,000 escape at a California resort. This is UNACCEPTABLE! We aren't talking about reports or cost of a hotel, we're talking spa treatments at a resort. Some form of punishment must be dealt out. Government money is not vacation money.

More from CNN

The Bailout Two Step (Senate Version)

As I am sure most of you know the Bailout Failed in the House on Monday. However since the Bailout was a Concurring Resolution The Senate Version is up for a vote today at approximately 7:30PM (Notice: After the Markets Close). The Senate version of the bill is, at its core, a little different from the House version. It includes a provision to increase the FDIC insured limit from $100,000 to $250,000. This is a big deal for Small Business.

Added on to the Bailout Bill will be several "sweetners" for both Republicans and Democrats. Tacked on will be a Mental Health Bill and a package of tax breaks. Those tax breaks include a temporary fix of the Alternative Minimum Tax, a renewable energy and conservation tax credit bill, tax relief for disaster victims, as well as other things.

Also under consideration will be an Amendment to the bailout introduced by Sen. Bernie Sanders (I-VT) to add a 10% surtax to those making over $500,000.

Both John McCain and Barack Obama have said they will vote; 60 votes are required to move the bill out of debate.

The Process for this bill is going to be very odd. The bailout will be introduced as a Subsitute Amendent to H.R. 1424 (Orginally the previously mentioned Mental Health bill). Both the Bailout and the Sanders Amendment need 60 Votes to pass another vote will be needed to move the total package out of debate and then the vote will occur.

Taxpayers for Common Sense has released a Statement.

More Information:
Open Congress
Senate Calendar

Ole Miss Debate

And the winner is....Barack Obama!

I realize that this was an unusual debate. Here we are talking Foriegn Policy in the middle of an economic crisis. John McCain got lucky. Seriously, If this debate had been on the economy he would have been railroaded, most likely to the point where it would just have been unfair.

Barack wins not because he laid a huge bomb, no pun intended, but because he took away John McCain's main point of Obama's "Inexperience."

On the early wire Madeleine Albright says Obama had "A Breakthrough Night"

Its the Regulations Stupid!

The US Government is considering bailouts for Wall Street Firms and even some foreign banks. Current Cost...$700 Billion. Look for that price tag to go up before the bill passes. While this bailout may be necessary it is also an opportunity.

The Bush Administration is out to maintain some sort of legacy. They do not want to go down in history as the modern era equivalent of Herbert Hoover. Not to mention Democrats that want to push Obama into 1600 Pennsylvania Ave., not to mention their goal of a Filibuster proof Senate Majority. Everything is on the table, Dems have the upper hand.

I have my 7 condidtions for a bailout and they are:

1. End Short Selling, While it is an easy way into the markets it is not worth the problems it causes.
2. Create a 4, 6, or 8 person council to decide who gets bailed out and how much money they get. This council must have an even number of members. Included on this board must be the Chairs of the House and Senate Banking Committee, Secretary Paulson, and the Ranking member of the Senate Banking Committee. They must agree in order to bailout. The Council only has a lifespan of 6-months.
   
3. The bailout must include aid and a restruturing plan for firms and in trouble households. Allow Local Courts to restructure loans from bailed out firms.
   
4. The Government must recieve a fair value in shares of companies bailed out. Said number of shares must be a condition of the bailout.
5. The Government must disclose who is being bailed out, why, and all of the terms of the bail out.
6. CEO's of bailed out companies cannot recieve pay or severence packages exceding $300,000
7. THERE MUST BE A COMPLETE OVERHAUL OF THE REGULATORY SYSTEMS FOR THE FINANCE INDUSTRY and any other industry in need of major government assistance.
   

I don't like the idea of a bailout but otherwise we risk turmoil. Oh and one more thing, NO BAILOUTS OF FORIEGN FIRMS!!!

Of War And Peace

It would seem that there is a lot going on in the world this week. The start of the Olympic Games in Beijing. As well as the start of a war between Russia and Georgia. The Olympics, in ancient times was a period of peace, where war ceased and there was fellowship among the nations. No such treaty exists now.

This situation requires all of our attention. France, Turkey and even the Bush Administration (In their own special way) are urging peace. Russia, while not the major power it once was, is still powerful. And Crucial to Regional stability, well beyond its borders. Not to mention that within Georgia lies an important Oil Pipeline. However this situation has been ongoing, as far as I can tell for decades in one form or another, it must be brought to a resolution.

I hope that cooler heads will prevail in this situation, we cannot afford instability.

H.R. 3221 - Roll Call

The U.S. Senate was in session on Saturday voting on some very important legislation. (See My Post on the Matter) The final tally on the vote for H.R. 3221 was:

• 72 Ayes
• 13 Nays
• 15 Abstentions

Both Georgia Senators Voted in-favor of this legislation. (Oh the Attacks if they dared vote No) But what caught my eye was who abstained. Both Obama and McCain abstained.

Well Obama has an excuse he was on his way home from #10 Downing Street, where he met with British Prime Minister Gordon Brown.

But what about McCain, where was he on this special saturday? A day of Rest and Light Campaigning Perhaps?

Senators Voting Against

Sen. John Barrasso [WY]

Sen. Thomas Coburn [OK]

Sen. Bob Corker [TN]

Sen. John Cornyn [TX]

Sen. Jim DeMint [SC]

Sen. John Ensign [NV]

Sen. Michael Enzi [WY]

Sen. Charles Grassley [IA]

Sen. Orrin Hatch [UT]

Sen. Kay Hutchison [TX]

Sen. Jon Kyl [AZ]

Sen. John Thune [SD]

Sen. David Vitter [LA]

Senators Abstaining

Sen. Thomas Carper [DE]

Sen. Thomas Harkin [IA]

Sen. Daniel Inouye [HI]

Sen. Edward Kennedy [MA]

Sen. Patty Murray [WA]

Sen. Barack Obama [IL]

Sen. Wayne Allard [CO]

Sen. Christopher Bond [MO]

Sen. Jim Bunning [KY]

Sen. Richard Burr [NC]

Sen. Elizabeth Dole [NC]

Sen. Lindsey Graham [SC]

Sen. James Inhofe [OK]

Sen. John McCain [AZ]

Sen. John Warner [VA]

Important Information for the Upcoming Week

The Georgia Sales Tax Holiday Starts Thursday (7/31) and runs through next Sunday (8/03)

Early Voting for the Run-off Starts Monday (7/28) and ends Friday (8/01)
My Run-Off Endorsements

• Jim Martin for Senate
• Theodore Jackson (Fulton County Sheriff)

Saturday School

The US Senate has just passed H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act in a special Saturday Session of Congress

from Speaker of the House Nancy Pelosi:
The centerpiece of the bill will help significant numbers of hard-working American families in danger of losing their home refinance into lower-cost government -insured mortgages they can afford to repay – at no cost to the American taxpayer. It also:

• strengthens neighborhoods hardest hit by the foreclosure crisis by providing resources to allow cities and states to buy up and rehabilitate foreclosed properties that are currently driving down home prices, reducing state and local revenues, and destabilizing neighborhoods;
• expands homeownership opportunities for veterans and helps returning soldiers avoid foreclosure and stay in their home;
• provides tax breaks to spur home buying; and
• creates a new Fund to boost the nation’s stock of affordable rental housing in both rural and urban areas for low and very low-income individuals and families.

Votes In-favor - 72
Votes Against - 13

List of Senators Votes coming soon.

Georgia GOP In Turmoil

We already know that the GOP Caucus at the state house has some....divisions. Indeed the mess of this past session was painful to watch. House Speaker Glenn Richardson's proposal to eliminate the property tax and replace it with a state sales tax ruined the session and dominated. All for us to find out that the state is short $600 Million.

Now the Speaker is going to face a challenge from within his party, apparently a high ranking committee member lost his seat after a challenger made the Speaker an issue.

More from Insider Advantage Georgia

Quick Headlines

GA Senators Isakson and Chambliss co-sponsor Gas Price Reduction Act of 2008

• The Bill
• The Press Release

Gen Wesley Clark Wins CQ Politics VP Madness - Democratic Edition

• CQ Politics

GM Narrowly Beats Out Toyota

• From the BBC

My Opinion on the News
The Republican Legislation has is a basic endorsement of Bush's new "Energy Policy." It allows the States the option of Drilling Off there own shores. Democrats Beware! This is pure politics meant only to give Republicans some Campaign Rhetoric. I would advise Democrats to Amend the bill adding a more Blue and Eco Friendly Spin, thus eliminating some Republican talking points.

GM beating out Toyota gives hope for a revitalization of Detroit. The changes will be rough and jobs will be lost in the short term, but maybe we can build a stronger Detroit that may once again give Americans jobs and great cars.

The City of Buckhead - a Bad Idea

I feel it must be said that the idea of the City of Buckhead is the bad not just for Atlanta but also for Georgia. Atlanta already needs more money than it could ever take in, given its current boundaries. The state has to take the hits in order to fund the city's needs and keep it a functioning, decent capital.

Georgia Politics often plays Atlanta vs. the rest of the state, however the same people, namely Republicans including the Governor, who like to campaign that they are for South Georgia, have to play to the desires of Atlanta Republicans that have the money they need to campaign.

Things like the incorporation of Sandy Springs prevent Atlanta from growing and becoming self supportive. So if you like a dirty, unsafe city not to mention a dysfunctional airport create the City of Buckhead. We will all suffer.

Gore Endorses Obama!

Al Gore, former Democratic Nominee for president and Democratic party heavyweight has endorsed Barack Obama for president. Gore declared from an Obama rally in Detroit's Joe Louis Arena that experience is not a prerequisite for leadership, and that elections matter to us all.

Gore's endorsement called for change, accentuating Obama's green polices and initiatives. This is Al Gore's first political appearances. This endorsement will help boost Obama's profile in Michigan and the Ohio River Valley.

Ladies and Gentlemen, THE ANSWER IS BLUE!

Saudi's Increase Production

So what do you when your best customer can't afford your product? You lower the price. Recently the Saudi's announced they would increase oil production in an effort to lower gas prices. Americans over the last few weeks, since about the time Bush's request was rebuffed, have been engaged in a very real debate over Oil prices, $4+ Gas and ways to get away from those crippling things.

This debate, wither it involves drilling for more oil as Republicans want or utilizing alternative fuels and raising MPG standards as Democrats want, eventually deals a major blow to the Saudi's and other foreign oil powers. I encourage American's to keep the debate going. The Saudi's need this debate to stop. It would take 5-10 years for any American plan to get to full steam, so by lowering prices the Saudi's take a small hit now so they can ride America's addiction as long a possible.

It is our duty as American's to rid ourselves of foreign oil and influence regardless of party.

Breaking News

Today the world morns the loss of one of the nations greatest journalists. Tim Russert, Host of "Meet the Press" on NBC, passed today, he was 58. My condolences to his family and friends.