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U.S. Senate approves revised bailout package after controversial additions
Saturday, October 4, 2008
The U.S. Senate passed a revised bailout bill designed to help the struggling U.S. financial economy, which has measures nearly identical to the bill rejected by the U.S. House of Representatives on Monday.
“Senate Democrats and Republicans believe it is essential that we work quickly on this important legislation to restore confidence to our financial system and strengthen the economy,” said Senate Majority Leader Harry Reid.
The new revisions include raising the FDIC insurance cap to $250,000, a move designed to please progressives. However, the $110 billion in tax breaks, earmarks and what has been called pork barrel spending is not offset by any increases in revenues and has added opposition to the bill from some Representatives in the House.
Earmarks added into the bailout bill included $192 million in tax rebates for the Virgin Islands rum industry, $148 million in tax cuts for the wool industry, $100 million tax cuts to the auto racing industry, and $48 million in Hollywood tax incentives.
Vice President of Taxpayers for Common Sense, Steve Ellis, offered his explanation for the pork and earmarks added in. “People who support some of these provisions will forget about the $700 billion and concerns they may have on that, and say, ‘If you give me a few million in tax breaks for my constituents, I’ll go along'”.
The tactic seems to have worked, however, managing to flip enough votes to pass the bill.
“The inclusion of parity, tax extenders and the FDIC increases has caused me to reconsider my position,” said Representative Jim Ramstad (R Minnesota), who voted against the previous bill on Monday. “All three additions have greatly improved the bill.”
But Representative Marcy Kaptur (D Ohio) was not changing her no vote. “I will not support this legislation because it’s the wrong medicine,” she said.
HAVE YOUR SAY
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Do you think the bailout bill will help the US economy, hurt it, or be a waste of money?
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The Senate took H.R.1424, a bill originating in the House concerning “equity in the provision of mental health and substance-related disorder benefits under group health plans, to prohibit discrimination on the basis of genetic information with respect to health insurance and employment,” and extended it with the bailout provisions.
H.R.1424 was introduced on March 9, 2007, by Rep. Patrick Kennedy (RI-1) and had the support of First Lady Rosalind Carter. It is noted on the Congressional Website that “On 10/1/2008, the Senate passed H.R.1424 as the vehicle for the economic rescue legislation. In the EAS version of the bill (Engrossed Amendment as Agreed to by the Senate), Division A (pp.1-110) is referred to as the Emergency Economic Stabilization Act of 2008; Division B (pp. 110-255) is referred to as the Energy Improvement and Extension Act of 2008; and Division C (pp. 255-441) is referred to as the Tax Extenders and Alternative Minimum Tax Relief Act of 2008.” It was not treated as an appropriations bill in the House.
There were two votes in the Senate. The first was to amend H.R.1424, which required 3/5 to be accepted, which it was. The second was a vote on the bill. Passage of the Bill required only a 1/2 majority. It was passed with 74 yeas and 25 nays. Senator Kennedy did not vote.
Former judge calls for Cherie Blair’s resignation
Thursday, May 15, 2008
In the United Kingdom, a former senior judge, Gerald Butler QC, has called for Cherie Blair to be dismissed from her post as a part-time judge, after accusing her of bringing the legal profession into disrepute by publishing her memoirs, which contain many indiscretions.
Blair, who is a recorder (a barrister who sits occasionally as a judge), has just published her memoirs, Speaking for Myself. Butler, who was the senior judge at Southwark Crown Court in Central London for 13 years said, “I don’t think she should continue to sit as a recorder. If she wants to tread this path of making money by outrageous comments that is up to her, but I don’t think this is a job for a judge. It shows a complete lack of any kind of decency. It’s the kind of conduct which demeans the legal profession. It is disgraceful, but nothing less than I would expect from her.”
A member of the Bar Council, John Cooper, said: “One of the important factors in being a judge is being able to exercise judgment, and part of that judgment is being trusted with confidential material. One has to be very careful, in my view, in what one exposes to the public gaze. I know of no High Court judge who has written their memoirs before they have retired.”
However, Cherie Blair replied on BBC Radio 4’s Woman’s Hour that she wouldn’t quit, saying that law was “really important to my life”.
Democratic holdout agrees to support health care reform in US
Sunday, December 20, 2009
A conservative Democratic United States senator has agreed to supply the key 60th vote needed for passage of a sweeping health care reform package. Senate Democrats have reached a breakthrough in their struggle to pass sweeping heath care reform legislation, lining up the 60 votes needed to overcome fierce Republican opposition. Senators met Saturday in Washington, D.C. during a driving snowstorm in a frenzied effort to move forward on President Barack Obama’s top domestic priority.
The spotlight was on moderate Democratic Senator Ben Nelson of Nebraska, who had been the last holdout as Senate Democrats raced against the clock and against determined Republican opposition to pass their health care bill by their self-imposed deadline of December 25th, Christmas.
Change is never easy, but change is what is necessary in America today and and that is why I intend to vote for cloture, I intend to vote for cloture and for health care reform. | ||
Nelson said he is now ready to vote for cloture, which would advance the bill. “Change is never easy, but change is what is necessary in America today and and that is why I intend to vote for cloture, I intend to vote for cloture and for health care reform,” he said.
Nelson said he decided to support the bill after winning new concessions from Democratic Senate Majority Leader Harry Reid to limit the availability of abortions in insurance sold under the new legislation along with millions of dollars in Medicaid funding for Nebraska.
The legislation would extend health benefits to more than 30 million uninsured Americans and impose new regulations on the health insurance industry.
Senator Reid of Nevada has been working for months to win over one holdout Democratic senator after another, repeatedly altering the bill to satisfy different demands. Reid says reform is essential. “The broken system cannot continue and it will not continue. When President Obama signs this bill into law, we will officially end the era in which insurance companies win only when patients lose,” he said.
The broken system cannot continue and it will not continue. When President Obama signs this bill into law, we will officially end the era in which insurance companies win only when patients lose. | ||
Nelson’s support should pave the way for Senate Democrats to win the first of a series of crucial procedural votes scheduled to begin at one o’clock in the morning on Monday and set to conclude — if everything goes smoothly for them — with final passage on Christmas Eve.
Republicans have been using a number of parliamentary procedures to delay action on the bill, including forcing a reading on the Senate floor Saturday of Reid’s 338-pages of last minute amendments. Republican Senate Minority Leader Mitch McConnell of Kentucky responded to the apparent Democratic breakthrough. “And Democrats are forcing a vote on it, as I indicated, over the weekend, counting on the fact that the American people are preoccupied with Christmas and not paying much attention to what they are doing,” he said.
The history that is being made here, make no mistake about it, the history that is being made here, is the ignoring of the will of the American people. | ||
Republicans are unified in their opposition, saying the bill is too expensive and will not solve the problems with the current health care system. Senator McConnell dismissed claims by Democrats that the bill is historic. “The history that is being made here, make no mistake about it, the history that is being made here, is the ignoring of the will of the American people,” he said.
Senator John McCain of Arizona echoed those comments in the weekly Republican radio address saying, “Regrettably, there’s nothing in this legislation that effectively addresses the problem of health care hyperinflation. In fact, experts tell us the Democrat legislation makes matters worse.”
Democrats say they have been trying to reform the nation’s health care system for close to 70 years, ever since President Franklin Delano Roosevelt was in office. Senator Christopher Dodd of Connecticut was emotional as victory seemed within reach. “All we are trying to do is to guarantee that if you are a fellow citizen of ours, and you are struck with illness or a loved one is, that you will never again have that fear, that you will end up losing your home, your job, your retirement and your life savings because you have been afflicted with an illness through no fault of your own.”
If the Senate is able to pass a bill next week, it would be viewed as a major victory for President Obama. But the bill would still need to be reconciled with a health-care reform bill passed last month by the House of Representatives before the president could sign it into law next year.
US automaker bailout deal fails to pass Senate
Friday, December 12, 2008
A US$14 billion bailout package deal for the “Big Three” United States automakers — Chrysler, Ford, and General Motors — has been rejected in the United States Senate after failing a procedural vote.
The bill was rejected after bipartisan discussions on the bailout broke down when Republican Party leaders insisted that the United Auto Workers (UAW) union agree to increase wage cuts by next year in order to bring their pay into line with those of Japanese automobile companies in the United States. The UAW refused to meet the demands.
The final vote count in the Senate was 52-35, eight short of the 60 needed to pass. Only ten Republicans joined forty Democrats and two independents in voting for the bill. Three Democrats voted with thirty-one Republicans against it.
Senate Majority leader Harry Reid said that he was “terribly disappointed” by the failure of the bill to pass. “I dread looking at Wall Street tomorrow. It’s not going to be a pleasant sight,” Reid said. “Millions of Americans, not only the auto workers but people who sell cars, car dealerships, people who work on cars are going to be directly impacted and affected.”
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Republican Senator Bob Corker was also unhappy about the rejection. “We were about three words away from a deal. We solved everything substantively and about three words keep us from reaching a conclusion,” he said.
Some Democrats now want U.S. President Bush to reserve a portion of the $700 billion bailout package earmarked for Wall Street to assist the flagging car industry.
Stock markets worldwide fell dramatically on the news, with Japan’s Nikkei average losing 484.68 points, or 5.6 percent, reaching a level of 8253.87 points. Shares in the auto companies Toyota, Nissan and Honda all dropped by no less than 10 percent apiece. European stocks, such as those in the United Kingdom and Germany, also lost ground, with the FTSE-100 index of leading shares falling 176.3 points to a level of 4,211 at midday.
Category:May 21, 2006
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Advice On Choosing The Right Mortgage}

Read An Opinion On:
Submitted by: Crystal Mate
Choosing the right mortgage may seem easy enough. Find the best rate and sign on the dotted line, right?
Unfortunately, it is not that simple. Choosing the right mortgage involves a lot of research and planning. To make the right decision, you need to wade through a variety of mortgage products, all with different rates and terms. It is a complex process. Lets look at a few of the factors you need to consider when looking for a mortgage.
Fixed or Variable, Open or Closed? All About Mortgage Rates
When you are shopping for mortgages you will hear a lot about fixed and variable and open and closed. Heres what they mean, in a nutshell:
Fixed Your interest rate stays fixed throughout the entire term of your mortgage. This kind of rate makes it easier to plan for the future, since your payments will not change, but if interest rates go down, you could end up paying more.
Variable The interest rate varies on the basis of your lenders prime rate. When interest rates are stable, a variable-rate mortgage can cost less than a fixed-rate. With a variable rate you can often choose to make fixed payments – when interest rates are low, your payment wont change but youll be paying off more of your principal, which is a good thing.
Open Open mortgages can be paid off at anytime without penalty, but they tend to have higher rates.
Closed Interest rates are generally lower than for open mortgages, but if you decide to pay off a closed mortgage early, there will likely be a penalty.
Are You A Nomad or a Homebody?
Your mobility plays a part in choosing the right mortgage. If you think you will be moving within 5 years, you will need a different kind of mortgage than someone who plans to stay in their home for 10 to 20 years.
Short-term stays usually mean short-term, open and variable-rate mortgages. People planning to stay in their homes for longer periods generally do better with a longer-term fixed-rate loan, especially if interest rates are low.
A short-term mortgage is for two years or less, while a long-term mortgage is for three years or more. If you think interest rates are on a downward trend, a short-term mortgage might make sense, no matter how long your are planning to stay in your home. When the term is up, you can get a new mortgage for a lower rate. On the other hand, if you are locked into a longer term and interest rates fall, you might be stuck with your higher rate.
How Much is Your Down Payment?
If your down payment is less than 20% of the cost of the home, you will need a high-ratio mortgage. High-ratio mortgages must be insured, with fees based on the amount of your loan and down payment.
In todays off-the-charts housing market, a 20% down payment is rare. High-ratio mortgages are the solution, even for people with no down payment.
What to Do Now
How do you feel now about choosing the right mortgage? Confused? Overwhelmed? In need of an aspirin?
Your real estate agent may be able to give you advice, and so might your financial planner. Many people also turn to a mortgage broker to help them find the best rates and terms. The bottom line is that you feel secure in your choice so you can enjoy your new home to the fullest.
About the Author: For more information on
buying your first home
or
choosing the right mortgage
contact
CanadianMortgagesInc.ca
Source:
isnare.com
Permanent Link:
isnare.com/?aid=267474&ca=Finances}
Ontario Votes 2007: Interview with Liberal candidate Kate Holloway, Trinity-Spadina
Monday, October 1, 2007
Kate Holloway is running for the Ontario Liberal Party in the Ontario provincial election, in the Trinity-Spadina riding. Wikinews’ Nick Moreau interviewed her regarding her values, her experience, and her campaign.
Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.
Austrian police find dozens dead inside lorry
Thursday, August 27, 2015
Austrian police today found an estimated 20–50 decomposing corpses in an apparently abandoned lorry.
Roadworkers who spotted the vehicle, which had been there since yesterday at least, alerted police. Responding officers found it full of corpses. The lorry is on the so-called “Eastern Motorway”, the A4, close to the Hungarian border. It was on the hard shoulder between Neusiedl and Parndorf, closer to Parndorf.
The victims are thought to have suffocated. Police are seeking the driver. The Krone published an image of a non-articulated food lorry on the hard shoulder, which they report is the vehicle in question. The photo shows a pool of dark liquid on the ground beside the vehicle.
Video from a passing motorist shows at least one helicopter on-scene. The truck, which has pictures of meat on the side, shows branding for Slovakian food firm Hyza. Earlier today the company’s website sported an apparent anti-immigration graphic, which has since been removed.
Wikinews got in touch with Hyza. “We are truly sorry about [the] tragedy” they told us in a statement. They said they have checked GPS trackers on their fleet and all their vehicles remain in Slovakia. The statement says the lorry in question was one of 21 Hyza vehicles sold on last year. It was then sold again and exported to Hungary, where it is now registered. Hyza told us the new owners have not changed the branding on the vehicle. According to the Bild newspaper, Agrofert — the parent company of Hyza — said in a statement the new owners were required to do so.
Hyza says they will “actively cooperate with Slovak police”, and “express [their] sincere condolences to the bereaved families.”
Interior Minister Johanna Mikl-Leitner called it “a dark day” and called for European Union-wide measures to protect immigrant refugees and tackle human traffickers. Neighbouring Hungary is constructing a border fence across its entire frontier with Serbia. Yesterday alone saw a record 3,241 attempts to enter Hungary illegally, according to authorities there.
Conflict in Syria and other parts of the world has led refugees to Europe. Once inside, they can move freely inside the Schengen Area, which covers most of the EU.
Austrian police earlier this week arrested three motorists suspected of people smuggling. One driver is accused of moving 34 people, ten of them children, into Austria from Serbia. The group were left by the roadside near Bruck an der Leitha and reported struggling to breathe in the van.
Wikinews Shorts: August 8, 2009
A compilation of brief news reports for Saturday, August 8, 2009.
Contents
- 1 Leader of Pakistan Taliban may have been killed in drone attack
- 2 Hillary Clinton arrives in South Africa
- 3 Anniversary of Georgian War marked by mutual accusations
- 4 Police in the United Kingdom ordered to review policing of demonstrations
- 5 Son of missing Japanese actress Noriko Sakai found safe
- 6 Seven coalition troops killed within 24 hour period in Afghanistan
- 7 Hong Kong government to begin school drug testing trials in December
- 8 Nine killed in Belgium care home fire
- 9 India and China resume border talks
- 10 President Kennedy’s sister Eunice Kennedy in critical condition at hospital