Saturday, July 30, 2011

Washington Wants Help from Wall Street

As each day gets closer to the Y2K of 2011 (Obama's Debt Default Day), word is getting out that the DC amatuers (likely kids just out of college who got a gig working for a Congressman) are hoping for Wall Street to have a plunge, to influence more Congressman to vote for whatever junk bill Harry Reid and John Boehner can gin up. It's all too clear that we need to decrease the role government has in tanking stocks.

Washington Is Annoyed at Wall Street's Failure to Panic
As he explained it, lots of people in Washington, D.C. expected that this would be a week marked by panic in the markets. Stocks would tank. Bonds would get clobbered. The dollar would do something dramatic. And all of this would help convince reluctant lawmakers that they had to reach a compromise on the debt ceiling.

Boehner's House Bill

I guess this is just how things get done in Washington. When I went to the Library of Congress website to see the vote rolls for the Boehner Bill, I came across this bill, which was sponsered by Democrat Senator Patrick Leahy. Strange. This is it, this is the Boehner Bill, couldn't even get its own bill number or anything.

61. S.627 : Faster FOIA Act of 2011
Sponsor: Sen Leahy, Patrick J. [VT] (introduced 3/17/2011) Cosponsors (3)
Committees: Senate Judiciary; House Oversight and Government Reform
Latest Major Action: 7/29/2011 Passed/agreed to in House. Status: On passage Passed by recorded vote: 218 - 210 (Roll no. 677).
Latest Action: 7/29/2011 Motion by Senator Reid to refer to Senate Committee on the Budget the House message to accompany the bill (S. 627) to report back forthwith with amendment SA 591 made in Senate.
Note: The bill is the House vehicle to raise the debt ceiling, make budget deficit reductions, and require a balanced budget amendment to the Constitution.