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Wednesday, October 1, 2008

Senate Passes Financial Rescue Plan

George Wenschhof

The Senate version of the bailout bill, now referred to as the rescue bill, passed by a vote of 74 for and 25 against. This, after Senate Majority Leader Harry Reid finished a speech calling for passage of the bill.

Senator Obama (D-Ill.), Biden (D-Del.), Clinton (D-NY), and McCain (R-Az.) all voted for the bill. Interestingly, I believe I heard Senator Feingold (D-WI) vote against the bill.

The bill will limit executive pay excesses, increase FDIC insurance from $100,000 to $250,000, create an oversight committee, limit alternative minimum tax increases, while providing up to 700 Billion for troubled mortgages to be made available in stages.

It now goes to the House and it is expected they will vote on Friday. Senator Obama, in his earlier speech, called for his fellow Senators to step up to the plate and the final vote shows that they did just that.

The markets were basically stable today, dropping only 19.59. Let's see how the markets react to this vote tomorrow, keeping in mind the House still has to vote to approve the bill.

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