Bailout

By GUY FLETCHER Staff Writer ANNAPOLIS - Hagerstown Mayor Steven T. Sager and other officials made their pitch to Maryland lawmakers Tuesday for legislation that would cut the city's $9.96 million pension debt in half. "I believe it's as good as we can reasonably expect to get," Sager said after testifying before the House Appropriations Committee. Sager and officials from Takoma Park and Dorchester County supported legislation that would call for the state to pay $7.7 million as a partial bailout to seven local governments in the state that owe a combined $19.6 million to the Maryland State Retirement Agency.

WAYNESBORO, PA. - The chief executives of Detroit's Big Three returned to Washington, D.C., this week, rolling on to Capitol Hill in hybrid vehicles rather than flying in on corporate jets, but that might not change enough minds in Congress to pass a $34 billion bailout package, U.S. Rep. Bill Shuster said. "I'm leaning very much to opposing the plan," Shuster said Thursday during a stop in Waynesboro. "They came to Washington two weeks ago with no plan and asked for $25 billion.

WASHINGTON (AP) -- In a vote that shook the government, Wall Street and markets around the world, the House on Monday defeated a $700 billion emergency rescue for the nation's financial system, leaving both parties and the Bush administration scrambling to pick up the pieces. The Dow Jones industrials plunged nearly 800 points, the most ever for a single day. "We need to put something back together that works," a grim-faced Treasury Secretary Henry Paulson said after he and Federal Reserve Chairman Ben Bernanke joined in an emergency strategy session at the White House.

WASHINGTON (AP) -- They held their noses and voted "yes. " Now lawmakers in both parties -- along with President Bush -- are waiting to see whether their historic $700 billion bailout for the financial industry can stabilize the tottering economy and prevent a broader meltdown. "We have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country," Bush said shortly after the plan cleared Congress, although he conceded, "our economy continues to face serious challenges.

WASHINGTON COUNTY -- Area residents weighed in Wednesday on Democratic congressional leaders' plan to support a financial bailout for the troubled U.S. auto industry. Tim Williams, 46, of Hagerstown, said he does not favor a bailout, saying the government partially is responsible for the state of the industry, but he feels Congress has its hands tied after the banking bailout. "I didn't agree with them bailing out the banks, but since they have done that, they almost have to bail out the auto industry as well," Williams said.

o If you like reading Tim Rowland, you'll love watching him. See what else Tim has to say With everyone else getting a bailout, I've been wondering where my own assistance might be. Well, these weeks of waiting patiently have finally paid off. In the mail last Thursday were no fewer than four official-looking envelopes offering me, Tim Rowland, Timothy Roeland, Tim Ruland and/or Jim Howland, my very own economic stimulus money....

WASHINGTON (AP) -- President Bush readied a prime time speech to the nation and Treasury Secretary Henry Paulson accepted a major change in legislation for a $700 billion bailout of the financial industry on Wednesday as the administration scrambled to prevent further deterioration in the economy. Republican officials said that Paulson had bowed to demands from critics in both parties to limit the pay packages of executives whose companies benefit from the proposed bailout. They spoke on condition of anonymity because Paulson's decision had not been formally announced.

"I agree with John McCain on one thing about the bailout. At any firm that accepts the bailout, all the officers should be limited to a total compensation no greater than that of the U.S. president, currently $400,000 per year. No exceptions, no bonuses, no stock options. If they don't want to accept that restriction, they don't have to accept the bailout. Why should the people who got us into this mess get golden parachutes?" -- Chambersburg, Pa. "Is there anyone out there that senses the drift in American politics toward socialism, or am I alone?

WASHINGTON (AP) -- After the House voted down the Bush administration's $700 billion financial rescue plan Monday, Treasury Secretary Henry Paulson said he will "use all the tools available" to address the crisis. Congress may yet approve the bailout proposal -- the Senate passed an amended version Wednesday night and the House plans to vote on it Friday -- but its defeat raises several questions: What are those tools? How much could they cost taxpayers? And, most importantly, will they work?

WASHINGTON - Here's how area members of Congress voted on major roll call votes in the week ending Oct. 3. HOUSE Financial bailout Voting 263 for and 171 against, the House on Oct. 3 sent President Bush a bill (HR 1424) authorizing the Treasury to spend up to $700 billion to relieve troubled financial firms of their weakest assets while raising the limit on federal deposit insurance from $100,000 to $250,000 per depositor. Additionally, the bill would extend soon-to-expire tax breaks for businesses, families, renewable energy and education; protect 24 million middle-income households from the creep of the Alternative Minimum Tax in 2008; increase home heating aid to the poor; and provide special aid for rural schools near large federal holdings.

The great fear of humorists everywhere (everywhere being defined as within the confines of my cubicle) is that the world will one day turn so bizarre that humor and reality collide at speeds normally associated with Hadron Colliders and obliterate all that was previously funny into a spray of decaying bosons. Like what if someone said to you: “I know how to solve the debt-ceiling crisis; the government just needs to mint a $1 trillion coin and deposit it in the treasury.” Or if someone else said: “Remember AIG, the grossly irresponsible insurance company that required a taxpayer bailout of $182 billion in order to survive?

Editor's note: This is one in an occasional series of profiles about candidates running for election in the 6th Congressional District. While working on U.S. Senate candidate Jim Rutledge's campaign last year, Robert Coblentz became a Republican. Coblentz said he heard Rutledge interviewed on the radio, liked his conservative views and decided to help him. He was an independent voter, but decided that the Republican Party matched his values and principles. Rutledge lost a Republican primary, but won Washington County.

Tax cut extension is a post-election bailout of politicians       To the editor:   Clearly having learned nothing from our recent experience of bailing out failed businesses and failed business ideas, our political leaders from both sides have joined together to cobble a new combo of stimulus and bailout disguised as a simple extension of the Bush tax cuts. However, this bill is nothing more than a post-election bailout of politicians.

Everyone's talking about Christmas in July, so here's what I want: I want government to raise my taxes. Go ahead, take an extra 10 percent off the top, I'm fine with that. I don't care what lawmakers do with the money -- spend it on health reform, our crumbling infrastructure, leather recliners in the Senate chambers, I don't care. There's only one condition, and that would be that everyone would have to shut up about taxes. Permanently. What has it been now, 30 years? Three confounded decades where every politician and constituent has been vomiting tax rhetoric as if tap water had been replaced by syrup of ipecac.

o If you like reading Tim Rowland, you'll love watching him. See what else Tim has to say With everyone else getting a bailout, I've been wondering where my own assistance might be. Well, these weeks of waiting patiently have finally paid off. In the mail last Thursday were no fewer than four official-looking envelopes offering me, Tim Rowland, Timothy Roeland, Tim Ruland and/or Jim Howland, my very own economic stimulus money....

Real estate organizations are putting more pressure on federal lawmakers to take stronger and decisive action to ease problems in the housing industry soon, even during the transition period between the outgoing administration of President George W. Bush and that of president-elect Barack Obama. Several leading groups are making proposals and pressing legislators to take action, including the National Association of Realtors. A recent NAR survey found that nine out of 10 homeowners believe owning a home is still the best long-term investment they can make.

WAYNESBORO, PA. - The chief executives of Detroit's Big Three returned to Washington, D.C., this week, rolling on to Capitol Hill in hybrid vehicles rather than flying in on corporate jets, but that might not change enough minds in Congress to pass a $34 billion bailout package, U.S. Rep. Bill Shuster said. "I'm leaning very much to opposing the plan," Shuster said Thursday during a stop in Waynesboro. "They came to Washington two weeks ago with no plan and asked for $25 billion.

o Poll results as of 10:30 a.m. Wednesday Do you agree with the government plan to bail out Citigroup by providing the company with $20 billion? Yes -- 201 votes, 18 percent No -- 894 votes, 82 percent

WASHINGTON (AP) -- Senate Democrats will take up a bill to extend $25 billion in emergency loans to the auto industry on Monday and plan a test vote on it two days later, Senate Majority Leader Harry Reid said Friday as supporters scrambled for votes to break an expected filibuster by opponents. Supporters expect to need between a dozen and 15 GOP votes to attach the measure to a $6 billion bill the House passed in October that would extend jobless benefits. So far, however, they had only one firm commitment, from Sen. George Voinovich of Ohio, a state with several auto plants and manufacturers of auto supplies.