Hedge Funds Fear Cascade In Redemptions

The New York Times is reporting Hedge Funds Are Bracing for Investors to Cash Out.

First, the money rushed into hedge funds. Now, some fear, it could rush out. After years of explosive growth, losses are mounting — and so are concerns that some investors will head for the exits.

The big worry is that a spate of hurried sales could unleash a vicious circle within the hedge fund industry, with the sales leading to more losses, and those losses leading to more withdrawals, and so on. A big test will come on Tuesday, when many funds are scheduled to accept withdrawal requests for the end of the year.

“Everybody’s watching for redemptions,” said James McKee, director of hedge fund research at Callan Associates, a consulting firm in San Francisco. “And there could be a cascading effect, where redemptions cause other redemptions.”

This is shaping up to be the industry’s worst year on record, with the average fund down nearly 10 percent so far, according to Hedge Fund Research. Famous traders like Steven A. Cohen, who runs SAC Capital Advisors, are losing money, and even Kenneth C. Griffin, the head of Citadel Investment Group, is down in one of his funds.

Returns are not in yet for September, but hedge fund managers say this month is even worse than the summer. Some funds were hurt by new rules from the Securities and Exchange Commission on short-selling, a tactic for betting against stock prices. The commission made it more difficult to short all stocks and temporarily banned the strategy in more than 800 financial stocks. In particular, this hurt convertible-bond managers, who often buy bonds that can be converted into shares and short the underlying stocks.

The short-selling ban lasts until Thursday evening, but it is widely expected to be extended.

Typical Hedge Fund Model

• Hedge Funds take 2% assets under management
• Hedge Funds take 20% of the gains
• There is no transparency. You cannot see what they are doing.
• Your money can be locked up for extended periods of time.
• Hedge Funds commonly use leverage.
• Hedge Funds supposed to make money in up and down markets
• The average hedge fund is down 10% this year.

A big hedge fund redemption is certainly warranted. Also, the entire industry is under scrutiny of the SEC in an absurd with hunt against short sellers. The irony is the biggest short sellers are Goldman Sachs and Morgan Stanley, the last places the SEC will look in any witch hunt.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

Final Push To Kill The Bailout Monstrosity

House Speaker Nancy Pelosi and Financial Services Committee Chairman Barney Frank are the biggest cheerleaders for a Republican administration sponsored $700 billion giveaway. Both have caved in to administration whims so disgusting that most Republicans will not vote for this bill.

Please consider the New York Times article, Bailout Plan in Hand, House Braces for Tough Vote

The House braced for a difficult vote set for Monday on a $700 billion rescue of the financial industry after a weekend of tense negotiations produced a plan that Congressional leaders portrayed as greatly strengthened by new taxpayer safeguards.

My Comment: The reality is there are virtually no safeguards.

The measure still faced stiff resistance from Republican and Democratic lawmakers who portrayed it as a rush to economic judgment and an undeserved aid package for high-flying financiers who chased big profits through reckless investments.

My Comment: This was a rush to judgment and it does give aid to high-flying financiers who chased big profits through reckless investments. It is a complete waste of $700 billion dollars.

All sides had to surrender something. The administration had to accept limits on executive pay and tougher oversight; Democrats had to sacrifice a push to allow bankruptcy judges to rewrite mortgages; and Republicans fell short in their effort to require that the federal government insure, rather than buy, the bad debt.

My Comment: The closer one looks the more one can see that Nancy Pelosi and Barney Frank gave in to every wish of the Treasury.

“This is a major, major change,” Speaker Nancy Pelosi said on Sunday evening as she declared that negotiations were over and that a House vote was planned for Monday, with Senate action to follow.

My Comment: Nancy Pelosi is a shill for President Bush.

It is virtually impossible to know the ultimate cost of the rescue plan to taxpayers, but Congressional leaders stressed that it would likely be far less than $700 billion. Because the Treasury will buy assets with the potential to resell them at a higher price, the government might even turn a profit.

My Comment: CARL HULSE and DAVID M. HERSZENHORN, writers of the NY Times article are as clueless as beached whales to even begin to think there can be a profit. The treasury will keep reloading debt at absurd enough prices to make sure it cannot possibly happen.

Congressional Budget Office Review

The congressional budget office provided its Review of the Emergency
Economic Stabilization Act of 2008. Inquiring minds will want to take a look.

New Fax Phone Campaign

This is a two pronged attack. Phone/Fax everyone twice in one last push.
Here is the first message.

Start with your own state, then pick other states at random. Flood them with faxes. Every Fax needs to say this:

Dear senator/congressional rep

If you vote for this Bailout Bill I will vote against you.

I will do more than that, I will work actively for your opponent, no matter who that person is, doing everything in my power to contribute to your defeat.

If you vote for this bill I will contribute my time, energy and money to your opponent, whoever that may be.

I will talk to my friends, my family and my co-workers and urge them to do the same. I have already contacted many friends and have asked them to do the same.

Second Fax
If you only have time to do one, this is it.
Fax Title: Bailout Bill Is A Disgrace

Dear senator/congressional rep

Nancy Pelosi and Barney Frank have agreed to the most preposterous taxpaper bailout in history. It is loaded with toothless provisions that are not worth a plug nickel when it comes to protecting the taxpayer.

Fox Oversees Henhouse

The bill sets up an oversight board, which is directed to “ensure that the policies implemented” by Mr. Paulson are proper. Mr. Paulson is to be one of the five members of the board watching over his own actions. He is joined by the chairman of the Federal Reserve, the chairman of the Securities and Exchange Commission, the Housing Secretary and the director of the Federal Home Finance Agency.

This is supposed to be an oversight committee?

New Proposal Cedes Congressional Authority To The Administration

Paulson, or whoever the next Treasury Secretary is, can buy whatever he wants, at whatever price he wants. Why should Congress give such authority to anyone at any time?

Note that the next Treasury Secretary is not even a known quantity!

The limit on any bailout should be no more than $250 billion flat out with no automatic escalations. If Congress thinks more money is needed it can vote to provide more money later. Ceding blank check power to the president and requiring super majorities to override would set a dangerous precedent.

I am appalled that the administration would ask for such power and I am even more appalled that Congress would be willing to structure a bill this way.

No Insurance

Ceding power to the treasury on how to best implement the insurance provision is also a terrible idea. Congress, not the Treasury should stipulate how insurance should work. Leaving insurance to the discretion of the Treasury is tantamount to agreeing there should not be insurance.

Broad New Powers For The SEC

A provision of the bill gives the S.E.C. permission to suspend the rule for any individual company if it thinks that is in the public’s interest. It is absurd that the SEC should be allowed to wave whatever rules it wants.

We got into trouble in the first place because of poor accounting principles!

No Help For Homeowners

This bill offers no help for homeowners. All it offers is a provision to "encourage" servicers of the underlying mortgages to take advantage of the Hope for Homeowners Program. Exactly what use is that?

Administrative Costs

Where are administrative costs hidden?

Recoupment mechanism

The recoupment mechanism does nothing except to require the President submit a proposal to offset such costs after five years. How could this be so poorly worded? Why should Congress require the president to submit a bill, any bill?

Bill Is A Disgrace

This bill is so full of holes and toothless provisions it is a disgrace to suggest it is close to being ready for a vote. Most importantly, the bill will not create a single job, nor will it solve the underlying economic problems. Over 190 major economists agree.

If you vote for this Bailout Bill I will vote against you.

I will do more than that, I will work actively for your opponent, no matter who that person is, doing everything in my power to contribute to your defeat.

If you vote for this bill I will contribute my time, energy and money to your opponent, whoever that may be.

I will talk to my friends, my family and my co-workers and urge them to do the same. I have already contacted many friends and have asked them to do the same.

Keep phoning and faxing until you Fill Every Congressional Voice Mail Box In The Country.

Fax List For All Congress

You can get a list of fax numbers for all the senators and congressman in MetroFax Compatible Fax List For All Congress.

Fax Now!
Call Now!

If you do not have internet faxing get it.

I went with MetroFax. 1000 pages at a very cheap price.
If you are reading this most likely you can afford $12.
Sign up today and fax to your heart's content.

Contact The House

Please fax AND phone your congressional representative and Nancy Pelosi, Barney Frank, and Senator Dianne Feinstein.

Phone Numbers

Rep. Nancy Pelosi (D)(202) 225-4965
Rep. Barney Frank (D)(202) 225-5931
Sen. Dianne Feinstein (D) (202) 224-3841
Sen. Richard Shelby (R) (202) 224-5744
Sen. Harry Reid (D) 202-224-3542
Sen. Jim DeMint (R) 202-224-6121
Sen. John Ensign (R) (202) 224-6244
Sen. Jim Bunning (R) 202.224.4343
Sen. Chuck Grassley (R) (202) 224-3744
Sen. John McCain (R) 202-224-2235
Sen. Barack Obama (D) (202) 224-2854

Call them with this simple message "I have seen the revised bill, you will lose my vote if it passes".

Congressional Phone And Fax Numbers

Click Here For Congressional Phone And Fax Numbers

Senate Fax List

Please fax everyone on this list.

Sen. Richard Shelby (R) 202-224-3416 or 202-224-5137 (try both not sure which is correct)
Sen. Harry Reid (D) 202-224-7327
Sen. Jim DeMint (R) 202-228-5143
Sen. John Ensign (R) 202-228-2193
Sen. Jim Bunning (R) 202-228-1373
Sen. Chuck Grassley (R) 202-224-6020
Sen John McCain (R) 202-228-2862

Sen. Barack Obama 202-228-4260
Sen. John D. Rockefeller 202-224-7665
Sen. Dianne Feinstein 202-228-3954
Sen. Ron Wyden 202-228-2717
Sen. Evan Bayh 202-228-1377
Sen. Barbara Mikulski 202-224-8858
Sen. Bill Nelson 202-228-2183
Sen. John Kerry 202-224-8525
Sen. Daniel Inouye 202-224-6747
Sen. Hillary Clinton 202-228-0282

Rep. Barney Frank 202-225-0182
Rep. Nancy Pelosi 202-225-4188

Thanks
Your help is appreciated.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

US Treasury to rely on China and the Middle East to finance bailout?

The Wall Street Journal is reporting Financial Troubles Humble U.S.

The U.S. is turning to foreign governments and other overseas investors to buy a good chunk of what could total $700 billion in Treasury debt expected to finance the bailout. Foreign investors also are needed to shore up the depleted capital of the nation's financial institutions, seen in the plan by Japan's Mitsubishi UFJ Financial Group to buy a large stake in Morgan Stanley, which is weighed down by bad debt and market distrust.

This is a bittersweet moment in U.S. economic history. In one sense, the growing importance of foreign cash represents the triumph of a half-century of U.S. proselytizing for a global financial system in which money flows from those who have it to those who need it. But it is also an unmistakable sign of U.S. economic decline. The global financial system the U.S. designed had anticipated that American banks and financial firms would be the world's financial lifeguards; now those institutions are like exhausted swimmers a stroke or two away from drowning.

The financial crisis makes clear how much the interests of foreign lenders have become a top concern in Washington. A big reason the Fed and Treasury stepped in to rescue mortgage giants Fannie Mae and Freddie Mac, say U.S. financial officials, was to reassure foreign leaders including China, which holds roughly $1 trillion in U.S. debt, that U.S. securities were safe. "Superpowers do not normally ask their diplomats to reassure other nations on questions of credit-worthiness," says former U.S. Treasury Secretary Lawrence Summers.

Foreign lenders have a great deal of sway. If they were to dump U.S. government debt -- or be unwilling to buy more -- the interest rates needed to attract buyers of Treasurys would soar. The already fragile U.S. economy would absorb yet another hit.

China, Saudi Arabia and other big foreign holders are unlikely to take antidollar measures precisely because they own so much U.S. debt. To the extent the dollar declines, so does the value of those nations' holdings. Mr. Summers calls this situation "the financial balance of terror."

But it is naive to assume that this so-called balance will protect U.S. interests indefinitely. Senior Chinese economists have voiced growing dismay about the outlook for the dollar, and the introduction of an additional $700 billion in debt might drive the currency's value down further, at least in the short term. "I think foreigners are being taken for a ride by the U.S. government," says Andy Xie, an independent economist in Shanghai.

Sovereign-wealth funds -- huge government investment funds -- have largely sat on their hands rather than buy additional stakes in U.S. financial firms. China Investment Corp., for instance, has been wary of increasing its investment in Morgan Stanley after it was criticized sharply at home for taking equity stakes in U.S. financial companies that have nose-dived.

Domestically, the reliance on foreign money means a loss of autonomy that Americans are simply going to have to get used to. Part of the accommodation is already occurring. The controversy over investments by sovereign-wealth funds has been reversed. Last year, lawmakers worried the funds would gain political influence by investments in U.S. companies; now U.S. policy makers are worried that they won't buy new stakes. Efforts to erect restrictions against foreign trade may also lose momentum. The U.S. needs the world's money more than it thought it would and won't want to rile potential lenders.

Peak US Influence

The US can no longer tell the world what to do and when. The sooner Congress, the next president, and even US citizens figure this out, the better off we will be. We need to start living within our means. Sadly, neither McCain nor Obama has figured this out as evidenced but the pathetic debate on economic issues. See So, Who Won The Debate? for more analysis.

Nonetheless, should foreign demand for US treasuries drop, there is enormous pent up demand for treasuries in the US. Yields may not be attractive, but they are positive. Compared to -18% returns in the S&P this year, US treasuries have been a safe haven.

People are still underestimating how severe this recession will prove to be. This holds true whether any bailout or economic stimulus passes or not. In fact, the recession will be prolonged if a bailout package does pass.

The bailout will not create any jobs. Instead, the bigger the bailout the smaller the pool of available funds for more worthwhile projects. And without jobs (real jobs not makeshift ones) there can be no recovery.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

MetroFax Compatible Fax List For All Congress

The following comes from Sandy Buchner who writes:

I signed up for Metrofax and was able to upload the CSV file to that contact list after over 2 hours of modifying the file so it would work. It is not perfect but most of the faxes will go through. Not all of the numbers are active as it appears that some of the fax numbers have been shut down in favor of web contact forms.

Please feel free to post the phone lists.

Sandy Buchner

Thanks Sandy!

US Senate List
Note: the Fax number appears twice. Look elsewhere for phone numbers.
Note:2: There are dups in this list and some missing senators as well that I will have to fix later.

First Name,Last Name,Company,Voice Number,Fax Number

Congress,B. Evan Bayh (S),Congress,2022281377,2022281377
Congress,Barack Obama (S),Congress,2022285417,2022285417
Congress,Barbara Boxer (S),Congress,2022240454,2022240454
Congress,Barbara Mikulski (S),Congress,2022248858,2022248858
Congress,Ben Nelson (S),Congress,2022280012,2022280012
Congress,Bill Nelson (S),Congress,2022282183,2022282183
Congress,Blanche Lincoln (S),Congress,2022281371,2022281371
Congress,Byron Dorgan (S),Congress,2022241193,2022241193
Congress,Carl Levin (S),Congress,2022241388,2022241388
Congress,Charles Grassley (S),Congress,2022246020,2022246020
Congress,Charles Schumer (S),Congress,2022283027,2022283027
Congress,Christopher Dodd (S),Congress,2022241083,2022241083
Congress,Chuck Hagel (S),Congress,2022245213,2022245213
Congress,Daniel Inouye (S),Congress,2022246747,2022246747
Congress,Daniel Akaka (S),Congress,2022242126,2022242126
Congress,Debbie Stabenow (S), Congress,2022280325,2022280325
Congress,Dianne Feinstein (S),Congress,2022283954,2022283954
Congress,Edward Kennedy (S),Congress,2022242417,2022242417
Congress,Elizabeth Dole (S),Congress,2022241100,2022241100
Congress,Frank Lautenberg (S),Congress,2022284054,2022284054
Congress,GeorgeVoinovich (S),Congress,6144697733,6144697733
Congress,Gordon H. Smith (S),Congress,2022283997,2022283997
Congress,Harry Reid (S),Congress,2022247327,2022247327
Congress,Herbert Kohl (S),Congress,2022249787,2022249787
Congress,Hillary Clinton (S),Congress,2022280282,2022280282
Congress,James Inhofe (S),Congress,2022280380,2022280380
Congress,Jeff Bingaman (S),Congress,2022242852,2022242852
Congress,Jeff Sessions (S),Congress,2022243149,2022243149
Congress,Jim Bunning (S),Congress,2022281373,2022281373
Congress,Jim Demint(S),Congress,2022285143,2022285143
Congress,John Cornyn (S),Congress,2022282856,2022282856
Congress,John E. Sununu (S),Congress,2022284131,2022284131
Congress,John Ensign (S),Congress,2022282193,2022282193
Congress,John F. Reed (S),Congress,2022244680,2022244680
Congress,John Forbes Kerry (S),Congress,2022248525,2022248525
Congress,John McCain (S),Congress,2022282862,2022282862
Congress,John R. Thune(S),Congress,2022285429,2022285429
Congress,John Warner (S),Congress,2022246295,2022246295
Congress,Johnny Isakson (S),Congress,2022280724,2022280724
Congress,Jon Kyl (S),Congress,2022242207,2022242207
Congress,Joseph Biden (S),Congress,2022240139,2022240139
Congress,Joseph Lieberman (S),Congress,2022249750,2022249750
Congress,Judd Gregg (S),Congress,2022244952,2022244952
Congress,Kay Hutchison (S),Congress,2022240776,2022240776
Congress,Ken Salazar (S),Congress,2022285036,2022285036
Congress,Kent Conrad (S),Congress,2022247776,2022247776
Congress,Lamar Alexander(S),Congress,2022283398,2022283398
Congress,Larry E. Craig (S),Congress,2022281067,2022281067
Congress,Lisa Murkowski (S),Congress,2022245301,2022245301
Congress,Maria Cantwell (S),Congress,2022280514,2022280514

Congress,Mark Pryor (S),Congress,2022280908,2022280908
Congress,Mary Landrieu (S),Congress,2022249735,2022249735
Congress,Mel Martinez (S),Congress,2022885171,2022885171
Congress,Michael D. Crapo (S),Congress,2022281375,2022281375
Congress,Michael Enzi (S),Congress,2022280359,2022280359
Congress,Mitch McConnell(S),Congress,2022242499,2022242499
Congress,Norm Coleman (S),Congress,2022241152,2022241152
Congress,Olympia Snowe (S),Congress,2022241946,2022241946
Congress,Orrin Hatch (S),Congress,2022246331,2022246331
Congress,Pat Roberts (S),Congress,2022243514,2022243514
Congress,Patrick Leahy (S),Congress,2022243479,2022243479
Congress,Patty Murray (S),Congress,2022240238,2022240238
Congress,Pete Domenici (S),Congress,2022280900,2022280900
Congress,Richard Durbin (S),Congress,2022280400,2022280400
Congress,Richard Lugar (S),Congress,2022280360,2022280360
Congress,Richard Shelby (S),Congress,2022243416,2022243416
Congress,Robert Bennett (S),Congress,2022241168,2022241168
Congress,Robert Byrd (S),Congress,2022280002,2022280002
Congress,Ron Wyden (S),Congress,2022282717,2022282717
Congress,Russ Feingold (S),Congress,2022242725,2022242725
Congress,Sam Brownback (S),Congress,2022281265,2022281265
Congress,Saxby Chambliss (S),Congress,2022240103,2022240103
Congress,Susan M. Collins (S),Congress,2022242693,2022242693
Congress,Ted Stevens (S),Congress,2022242354,2022242354
Congress,Thomas R. Carper (S),Congress,2022282190,2022282190
Congress,Tim P. Johnson(S),Congress,2022285765,2022285765
Congress,Tom Harkin (S),Congress,2022249369,2022249369
Congress,Wayne Allard (S),Congress,2022246471,2022246471
Congress,Debbie Stabenow (S), Congress,2022280325,2022280325
Congress,Dianne Feinstein (S),Congress,2022283954,2022283954
Congress,Edward Kennedy (S),Congress,2022242417,2022242417
Congress,Elizabeth Dole (S),Congress,2022241100,2022241100
Congress,Frank Lautenberg (S),Congress,2022284054,2022284054
Congress,GeorgeVoinovich (S),Congress,6144697733,6144697733
Congress,Gordon H. Smith (S),Congress,2022283997,2022283997
Congress,Harry Reid (S),Congress,2022247327,2022247327
Congress,Herbert Kohl (S),Congress,2022249787,2022249787
Congress,Hillary Clinton (S),Congress,2022280282,2022280282
Congress,James Inhofe (S),Congress,2022280380,2022280380
Congress,Jeff Bingaman (S),Congress,2022242852,2022242852
Congress,Jeff Sessions (S),Congress,2022243149,2022243149
Congress,Jim Bunning (S),Congress,2022281373,2022281373
Congress,Jim Demint(S),Congress,2022285143,2022285143
Congress,John Cornyn (S),Congress,2022282856,2022282856
Congress,John E. Sununu (S),Congress,2022284131,2022284131
Congress,John Ensign (S),Congress,2022282193,2022282193
Congress,John F. Reed (S),Congress,2022244680,2022244680
Congress,John Forbes Kerry (S),Congress,2022248525,2022248525
Congress,John McCain (S),Congress,2022282862,2022282862
Congress,John R. Thune(S),Congress,2022285429,2022285429
Congress,John Warner (S),Congress,2022246295,2022246295
Congress,Johnny Isakson (S),Congress,2022280724,2022280724
Congress,Jon Kyl (S),Congress,2022242207,2022242207
Congress,Joseph Biden (S),Congress,2022240139,2022240139
Congress,Joseph Lieberman (S),Congress,2022249750,2022249750
Congress,Judd Gregg (S),Congress,2022244952,2022244952
Congress,Kay Hutchison (S),Congress,2022240776,2022240776
Congress,Ken Salazar (S),Congress,2022285036,2022285036
Congress,Kent Conrad (S),Congress,2022247776,2022247776
Congress,Lamar Alexander(S),Congress,2022283398,2022283398
Congress,Larry E. Craig (S),Congress,2022281067,2022281067
Congress,Lisa Murkowski (S),Congress,2022245301,2022245301
Congress,Maria Cantwell (S),Congress,2022280514,2022280514
Congress,Mark Pryor (S),Congress,2022280908,2022280908
Congress,Mary Landrieu (S),Congress,2022249735,2022249735
Congress,Mel Martinez (S),Congress,2022885171,2022885171
Congress,Michael D. Crapo (S),Congress,2022281375,2022281375
Congress,Michael Enzi (S),Congress,2022280359,2022280359
Congress,Mitch McConnell(S),Congress,2022242499,2022242499
Congress,Norm Coleman (S),Congress,2022241152,2022241152
Congress,Olympia Snowe (S),Congress,2022241946,2022241946
Congress,Orrin Hatch (S),Congress,2022246331,2022246331
Congress,Pat Roberts (S),Congress,2022243514,2022243514
Congress,Patrick Leahy (S),Congress,2022243479,2022243479
Congress,Patty Murray (S),Congress,2022240238,2022240238
Congress,Pete Domenici (S),Congress,2022280900,2022280900
Congress,Richard Durbin (S),Congress,2022280400,2022280400
Congress,Richard Lugar (S),Congress,2022280360,2022280360
Congress,Richard Shelby (S),Congress,2022243416,2022243416
Congress,Robert Bennett (S),Congress,2022241168,2022241168
Congress,Robert Byrd (S),Congress,2022280002,2022280002
Congress,Ron Wyden (S),Congress,2022282717,2022282717
Congress,Russ Feingold (S),Congress,2022242725,2022242725
Congress,Sam Brownback (S),Congress,2022281265,2022281265
Congress,Saxby Chambliss (S),Congress,2022240103,2022240103
Congress,Susan M. Collins (S),Congress,2022242693,2022242693
Congress,Ted Stevens (S),Congress,2022242354,2022242354
Congress,Thomas R. Carper (S),Congress,2022282190,2022282190
Congress,Tim P. Johnson(S),Congress,2022285765,2022285765
Congress,Tom Harkin (S),Congress,2022249369,2022249369
Congress,Wayne Allard (S),Congress,2022246471,2022246471

House List

Note: the Fax number appears twice. Look elsewhere for phone numbers.
The Metrofax format is:
First Name,Last Name,Company,Voice Number,Fax Number

The following list contains additional information.
The first field is Democrat or Republican and Y if they voted Yes, N for No
State Information is in the Company Field
Thanks to Marygwen for the changes!

R Y,Adam Putnam,FL,2022250585,2022250585
D N,Adam Schiff,CA,2022255828,2022255828
D N,Al Green,TX,2022252947,2022252947
D Y,Alan B. Mollohan,WV,2022257564,2022257564
D Y,Albro Sires,NJ,2022260792,2022260792
D Y,Allen Boyd,FL,2022255615,2022255615
D Y,Allyson Schwartz,PA,2022260611,2022260611
R Y,Ander Crenshaw,FL,2022252504,2022252504
D Y,Anna G. Eshoo,CA,2022258890,2022258890
D Y,Anthony Weiner,NY,2022267253,2022267253
R Y,Barbara Cubin,WY,2022253057,2022253057
D Y,Barney Frank,MA,2022250182,2022250182
D Y,Bart Gordon,TN,2022256887,2022256887
D N,Bart Stupak,MI,2022254744,2022254744
D N,Ben Chandler,KY,2022252122,2022252122
D Y,Betty McCollum,MN,2022251968,2022251968
D N,Betty S. Sutton,OH,2022252266,2022252266
D N,Bill Pascrell Jr.,NJ,2022255782,2022255782
D Y,Bob Etheridge,NC,2022255662,2022255662
D N,Bob Filner,CA,2022259073,2022259073
R N,Bob Goodlatte,VA,2022259681,2022259681
R Y,Bob Inglis,SC,2022261177,2022261177
D N,Bobby L. Rush,IL,2022260333,2022260333
D Y,Brad Ellsworth,IN,2022253284,2022253284
D N,Brad Sherman,CA,2022255879,2022255879
D Y,Brian Baird,WV,2022253478,2022253478
R N,Brian Bilbray,CA,2022252558,2022252558
D Y,Brian M. Higgins,NY,2022260347,2022260347
D Y,Dutch Ruppersberger,MD,2022253094,2022253094
D N,Carol Shea-Porter,NH,2022255822,2022255822
D Y,Carolyn B. Maloney,NY,2022254709,2022254709
D N,Carolyn Kilpatrick,MI,2022255730,2022255730
R N,Carolyn McCarthy,CA,2022255758,2022255758
D Y,Carrie P. Meek,FL,2022260777,2022260777
R N,Cathy McMorris,WA,2022253392,2022253392
D Y,Chaka Fattah,PA,2022255392,2022255392
D Y,Charles Gonzalez,TX,2022251915,2022251915
D Y,Charles B. Rangel,NY,2022250816,2022250816
R Y,Charles Pickering, Jr.,MS,2022255797,2022255797
R N,Charles W. Boustany Jr.,LA,2022255724,2022255724
R N,Charles W. Dent,PA,2022260778,2022260778
D Y,Charlie Melancon,LA,2022263944,2022263944
D Y,Chet Edwards,TX,2022252234,2022252234
R Y,Chris Cannon,UT,2022255629,2022255629
D N,Christopher Carney,PA,2022259594,2022259594
R Y,Christopher Shays,CT,2022259629,2022259629
R N,Cliff Stearns,FL,2022253973,2022253973
D N,Collin C. Peterson,MN,2022251593,2022251593
R N,Connie Mack,FL,2022260439,2022260439
D Y,Dale E. Kildee,MI,2022256393,2022256393
D Y,Dan Boren,OK,2022253038,2022253038
R N,Dan Burton,IN,2022250016,2022250016
R Y,Dan Lungren,CA,2022261298,2022261298
R N,Dana Rohrabacher,CA,2022250145,2022250145
D Y,Darlene Hooley,OR,2022255699,2022255699
R N,Darrell Issa,CA,2022253303,2022253303
R Y,Dave Camp,MI,2022259679,2022259679
D Y,Dave Loesback,IA,2022260757,2022260757
R N,Dave Reichert,WA,2022254282,2022254282
R Y,Dave Weldon,FL,2022253516,2022253516
R Y,David Dreier,CA,2022257018,2022257018
D Y,David E. Price,NC,2022252014,2022252014
R Y,David L. Hobson,OH,2022251984,2022251984
R N,Dean Heller,NV,2022255679,2022255679
R Y,Deborah Pryce,OH,2022253529,2022253529
D Y,Dennis Cardoza,CA,2022250819,2022250819
D N,Dennis J. Kucinich,OH,2022255745,2022255745
R N,Dennis Rehberg,MT,2022255687,2022255687
R N,Devin Nunes,CA,2022253404,2022253404
D Y,Diana DeGette,CO,2022255657,2022255657
D N,Diane Watson,CA,2022252422,2022252422
R N,Doc Hastings,WA,2022253251,2022253251
R N,Donald A. Manzullo,IL,2022255284,2022255284
D N,Donald M. Payne,NJ,2022254160,2022254160
D Y,Doris Matsui,CA,2022250566,2022250566
R N,Duncan Hunter,CA,2022250235,2022250235
D N,Earl Blumenauer,OR,2022258941,2022258941
D Y,Earl Pomeroy,ND,2022260893,2022260893
D N,Ed Pastor,AZ,2022251655,2022251655
D Y,Ed Perlmutter,CO,2022255278,2022255278
D Y,Edolphus Towns,NY,2022251018,2022251018
D Y,Edward J. Markey,MA,2022260092,2022260092
R N,Edward R. Royce,CA,2022260335,2022260335
R N,Edward Whitfield,KY,2022253547,2022253547
D N,Elijah Cummings,MD,2022253178,2022253178
D Y,Eliot L. Engel,NY,2022255513,2022255513
D Y,Ellen O. Tauscher,CA,2022255914,2022255914
R N,Elton Gallegly,CA,2022251100,2022251100
D N,Emanuel Cleaver,MO,2022254403,2022254403
R Y,Eric I. Cantor,VA,2022250011,2022250011
R N,James Sensenbrenner,WI,2022253190,2022253190
D N,Fortney (Pete) Stark,CA,2022263805,2022263805
R N,Frank D. Lucas,OK,2022258698,2022258698
D Y,Frank Pallone Jr.,NJ,2022259665,2022259665
R Y,Frank R. Wolf,VA,2022250437,2022250437
R Y,Fred Upton,MI,2022254986,2022254986
D N,G.K. Butterfield,NC,2022253354,2022253354
D N,Gabriel Giffords,AZ,2022250378,2022250378
D Y,Gary L. Ackerman,NY,2022251589,2022251589
D N,Gene Green,TX,2022259903,2022259903
D N,Gene Taylor,MS,2022257074,2022257074
R Y,George Radanovich,CA,2022253402,2022253402
D Y,Gerald McNerney,CA,2022260861,2022260861
R N,Ginny Brown-Waite,FL,2022266559,2022266559
D N,Grace Napolitano,CA,2022250027,2022250027
R Y,Greg Walden,OR,2022255774,2022255774
D Y,Gregory Meeks,NY,2022264169,2022264169
D N,Harry E. Mitchell,AZ,2022253263,2022253263
D N,Heath Shuler,NC,2022266422,2022266422
D Y,Henry A. Waxman,CA,2022254099,2022254099
D N,Henry Cuellar,TX,2022251641,2022251641
R N,Howard Coble,NC,2022258611,2022258611
D Y,Howard L. Berman,CA,2022253196,2022253196
R Y,Howard McKeon,CA,2022260683,2022260683
D Y,Ike Skelton,MO,2022252695,2022252695
R N,Ileana Ros-Lehtinen,FL,2022255620,2022255620
R N,J. Gresham Barrett,SC,2022253216,2022253216
R N,Jack Kingston,GA,2022262269,2022262269
D N,James David Matheson,Utah,2022255638,2022255638
D Y,James E. Clyburn,SC,2022252313,2022252313
D Y,James L. Oberstar,MN,2022250699,2022250699
D Y,James P. McGovern,MA,2022255759,2022255759
D Y,James P. Moran,VA,2022250017,2022250017
D Y,James R. Langevin,RI,2022255976,2022255976
R Y,James T. Walsh,NY,2022254042,2022254042
D Y,Jane F. Harman,CA,2022257290,2022257290
D Y,Janice Schakowsky,IL,2022266890,2022266890
D N,Jason Altmire,PA,2022262274,2022262274
D N,Jay Inslee,WA,2022261606,2022261606
R N,Jean Schmidt,OH,2022251992,2022251992
R N,Jeb Hensarling,TX,2022264888,2022264888
R N,Jeff Flake,AZ,2022264386,2022264386
R N,Jeff Fortenberry,NE,2022255686,2022255686
D Y,Jerold Nadler,NY,2022256923,2022256923
D N,Jerry F. Costello,IL,2022250285,2022250285
D N,Jerry Lewis,GA,2022256498,2022256498
R N,Jerry Moran,KS,2022255124,2022255124
D N,Jesse L. Jackson Jr.,IL,2022250899,2022250899
D Y,Jim Cooper,TN,2022261035,2022261035
D Y,Jim Costa,CA,2022259308,2022259308
R N,Jim Gerlach,PA,2022258440,2022258440
R N,Jim Jordan,OH,2022260577,2022260577
D Y,Jim Marshall,GA,2022253013,2022253013
R Y,Jim McCrery,LA,2022258039,2022258039
D Y,Jim McDermott,WA,2022256197,2022256197
R N,Jim Ramstad,MN,2022256351,2022256351
R Y,Jim Saxton,NJ,2022250778,2022250778
R Y,Jo Ann Emerson,MO,2022260326,2022260326
R Y,Jo Bonner,AL,2022250562,2022250562
D N,Joe Baca,CA,2022258671,2022258671
R N,Joe Barton,TX,2022253052,2022253052
D Y,Joe Donelly,IN,2022256798,2022256798
D Y,Joe Sestak,PA,2022260280,2022260280
R Y,John A. Boehner,OH,2022250704,2022250704
R N,John A. Culberson,TX,2022254381,2022254381
R N,John B. Shadegg,AZ,2022253462,2022253462
R Y,John Boozman,AR,2022255713,2022255713
R Y,John C. Porter,NV,2022252185,2022252185
R Y,John Campbell,CA,2022259177,2022259177
D N,John Conyers Jr,MI,2022250072,2022250072
D Y,John D. Dingell,MI,2022260371,2022260371
R Y,John E. Peterson,PA,2022255796,2022255796
D N,John F. Tierney,MA,2022255915,2022255915
R N,John Hall,TX,2022253289,2022253289
R N,John Duncan Jr.,TN,2022256440,2022256440
R Y,John Kline,MN,2022252595,2022252595
R N,John L. Mica,FL,2022260821,2022260821
R N,John Linder,GA,2022254696,2022254696
R Y,John M. McHugh,NY,2022260621,2022260621
R N,John M. Shimkus,IL,2022255880,2022255880
D Y,John Spratt, Jr,SC,2022250464,2022250464
D Y,John P. Murtha,PA,2022255709,2022255709
R N,John R. Carter,TX,2022255886,2022255886
D Y,John S. Tanner,TN,2022251765,2022251765
D N,John Salazar,CO,2022269669,2022269669
D Y,John Sarbanes,MD,2022259219,2022259219
R N,John Sullivan,OK,2022259187,2022259187
R N,John T. Doolittle,CA,2022255444,2022255444
D Y,John W. Olver,MA,2022261224,2022261224
D N,John Yarmouth,KY,2022255776,2022255776
D N,Jose E. Serrano,NY,2022256001,2022256001
R N,Joseph Knollenberg,MI,2022262356,2022262356
D N,Joseph Courtney,CT,2022254977,2022254977
R N,Joseph R. Pitts,PA,2022252013,2022252013
R N,Judy Biggert,IL,2022259420,2022259420
D N,Julia Carson,IN,2022255633,2022255633
D N,Kathy Castor,FL,2022255652,2022255652
R Y,Kay Granger,TX,2022255683,2022255683
D Y,Keith M. Ellison,MN,2022256475,2022256475
R Y,Ken Calvert,CA,2022252004,2022252004
R N,Kenny C. Hulshof,MO,2022255712,2022255712
R N,Kenny Marchant,TX,2022250074,2022250074
D N,Kirsten Gillabrand,NY,2022251168,2022251168
R N,Lee Terry,NE,2022265452,2022265452
D Y,Leonard L. Boswell,IA,2022255608,2022255608
R N,Lincoln Diaz-Balart,FL,2022258576,2022258576
D N,Linda T. Sanchez,CA,2022261012,2022261012
D N,Lloyd Doggett,TX,2022252947,2022252947
D N,Loretta Sanchez,CA,2022255859,2022255859
R N,Louie Gohmert,TX,2022255866,2022255866
D Y,Louise Slaughter,NY,2022257822,2022257822
D Y,Luis V. Gutierrez,IL,2022257810,2022257810
D N,Marcy Kaptur,OH,2022257711,2022257711
R N,Marilyn Musgrave,CO,2022255870,2022255870
R N,Mario Diaz-Balart,FL,2022260346,2022260346
D Y,Marion Berry,AR,2022255602,2022255602
R Y,Mark E. Souder,IN,2022253479,2022253479
D N,Mark E. Udall,CO,2022267840,2022267840
D N,Mark Green,TX,2022255729,2022255729
R Y,Mark S. Kirk,IL,2022250837,2022250837
R N,Marsha Blackburn,TN,2022253004,2022253004
R N,Mary Fallin,OK,2022261463,2022261463
D N,Maurice D. Hinchey,NY,2022260774,2022260774
R Y,Max Baucus,AL,2022240515,2022240515
D Y,Maxine Waters,CA,2022257854,2022257854
D N,Mazie K. Hirono,HI,2022254987,2022254987
D Y,Melissa L. Bean,IL,2022257830,2022257830
D Y,Melvin L. Watt,NC,2022251512,2022251512
D Y,Michael Doyle,PA,2022253084,2022253084
R Y,Michael A. Ferguson,NY,2022259460,2022259460
R N,Michael Bilirakis,FL,2022254085,2022254085
R N,Michael C. Burgess,TX,2022252919,2022252919
D Y,Michael Capuano,MA,2022259322,2022259322
R N,Michael McCaul,TX,2022255955,2022255955
R Y,Michael N. Castle,DE,2022252291,2022252291
D Y,Michael R. McNulty,NY,2022255077,2022255077
D Y,Michael Ross,AR,2022251314,2022251314
R N,Michael Turner,OH,2022256754,2022256754
R N,Michele Bachman,MN,2022252331,2022252331
R N,Mike Conaway,TX,2022251783,2022251783
D Y,Mike Honda,CA,2022252699,2022252699
D N,Mike McIntyre,NC,2022255773,2022255773
R N,Mike Pence,IN,2022253382,2022253382
R Y,Mike Simpson,ID,2022258216,2022258216
D N,Nancy Boyda,KS,2022257986,2022257986
D Y,Nancy Pelosi,CA,2022258259,2022258259
D N,Neil Abercrombie,HI,2022254580,2022254580
D N,Nicholas Lampson,TX,2022255547,2022255547
D Y,Nick J. Rahall II,WV,2022259061,2022259061
D Y,Nita M. Lowey,NY,2022250546,2022250546
D Y,Norman D. Dicks,WA,2022261176,2022261176
D Y,Nydia M. Velazquez,NY,2022260327,2022260327
D Y,Patrick J. Kennedy,RI,2022253290,2022253290
R N,Patrick J. Tiberi,OH,2022264523,2022264523
R N,Patrick Mchenry,NC,2022250316,2022250316
R N,Paul C. Broun,GA,2022260776,2022260776
D Y,Paul E. Kanjorski,PA,2022250764,2022250764
D N,Paul Hodes,NH,2022252946,2022252946
R Y,Pete Sessions,TX,2022255878,2022255878
D N,Peter A. DeFazio,OR,2022250032,2022250032
R N,Peter Hoekstra,MI,2022260779,2022260779
R N,Peter J. Roskam,IL,2022251166,2022251166
D N,Peter J. Visclosky,IN,2022252493,2022252493
R N,Peter T. King,IA,2022262279,2022262279
D N,Peter Welch,VT,2022256790,2022256790
R N,Phil Gingrey,GA,2022252944,2022252944
D Y,Phil Hare,IL,2022255396,2022255396
R N,Philip English,PA,2022253103,2022253103
D Y,Rahm Emanuel,IL,2022255603,2022255603
D Y,Ralph M. Hall,NY,2022253332,2022253332
R Y,Ralph Regula,OH,2022253059,2022253059
R N,Randy Forbes,VA,2022261170,2022261170
R N,Randy Kuhl,NY,2022266599,2022266599
R N,Randy Neugebauer,TX,2022259615,2022259615
D N,Raul Grijalva,AZ,2022266846,2022266846
R Y,Ray LaHood,IL,2022259249,2022259249
R N,Ric Keller,FL,2022250999,2022250999
D Y,Richard E. Neal,MA,2022258112,2022258112
D Y,Rick Boucher,VA,2022250442,2022250442
R N,Rick Renzi,AZ,2022269739,2022269739
R N,Rob Bishop,UT,2022255857,2022255857
R N,Robert Hayes,NC,2022254036,2022254036
R N,Robert B. Aderholt,AL,2022255587,2022255587
D Y,Robert Cramer, Jr.,AL,2022254392,2022254392
D Y,Robert E. Andrews,NJ,2022256583,2022256583
R N,Robert Latta,OH,2022251985,2022251985
D Y,Robert Wexler,FL,2022255974,2022255974
R N,Rodney Alexander,LA,2022255639,2022255639
R N,Rodney Frelinghuysen,NJ,2022253186,2022253186
D Y,Ron Kind,WI,2022255739,2022255739
D Y,Ron Klein,FL,2022253026,2022253026
D Y,Rosa L. DeLauro,CT,2022254890,2022254890
R N,Roscoe G. Bartlett,MD,2022252193,2022252193
R Y,Roy Blunt,MO,2022255604,2022255604
D Y,Ruben Hinojosa,TX,2022255688,2022255688
D Y,Rush Holt,NJ,2022256025,2022256025
D Y,Sam Farr,CA,2022256791,2022256791
R N,Samuel Graves,MO,2022258221,2022258221
D Y,Sander M. Levin,MI,2022261033,2022261033
R N,Scott Garrett,NJ,2022259048,2022259048
D N,Sheila Jackson-Lee,TX,2022253317,2022253317
D N,Shelley Berkley,NV,2022253119,2022253119
R N,Shelley Moore Capito,WV,2022257856,2022257856
D Y,Silvestre Reyes,TX,2022252016,2022252016
D N,Solomon P. Ortiz,TX,2022261134,2022261134
R Y,Spencer Bachus,AL,2022252082,2022252082
D Y,Steny H. Hoyer,MD,2022254300,2022254300
D N,Stephanie Herseth,SD,2022255823,2022255823
D Y,Stephen Cohen,TN,2022255663,2022255663
R N,Stephen E. Buyer,IN,2022252267,2022252267
D N,Stephen F. Lynch,MA,2022253984,2022253984
R N,Steve Chabot,OH,2022253012,2022253012
D Y,Steve J. Israel,NY,2022254669,2022254669
D N,Steve Kagen,WI,2022255729,2022255729
R N,Steve King,IA,2022253193,2022253193
R N,Steve Pearce,NM,2022259599,2022259599
R N,Steven C. LaTourette,OH,2022253307,2022253307
D N,Steven R. Rothman,NJ,2022255851,2022255851
R N,Sue Myrick,NC,2022253389,2022253389
D Y,Tammy Baldwin,WI,2022256942,2022256942
R N,Ted Poe,TX,2022255547,2022255547
R Y,Terry Everett,AL,2022258913,2022258913
R N,Thaddeus G. McCotter,MI,2022252667,2022252667
R N,Thelma D. Drake,VA,2022254218,2022254218
R N,Thomas E. Petri,WI,2022252356,2022252356
D Y,Thomas H. Allen,ME,2022255590,2022255590
R Y,Thomas Reynolds,NY,2022255910,2022255910
D N,Thomas Udall,CO,2022261331,2022261331
D N,Tim Holden,PA,2022260996,2022260996
R N,Tim Walberg,MI,2022256281,2022256281
D N,Tim Walz,MN,2022253433,2022253433
R N,Todd Akin,MO,2022252563,2022252563
R N,Todd R. Platts,PA,2022261000,2022261000
R N,Todd Tiahrt,KS,2022253489,2022253489
R Y,Tom Cole,OK,2022253512,2022253512
R N,Tom Feeney,FL,2022266299,2022266299
R N,Tom Latham,IA,2022253301,2022253301
R N,Tom Price,GA,2022254656,2022254656
R Y,Tom Tancredo,CO,2022264623,2022264623
R N,Trent Franks,AZ,2022256328,2022256328
R N,Vern Buchanan,FL,2022260828,2022260828
R Y,Vernon J. Ehlers,MI,2022255144,2022255144
D Y,Vic Snyder,AR,2022255903,2022255903
R N,Virgil H. Goode Jr,VA,2022255681,2022255681
R N,Virginia Foxx,NC,2022252995,2022252995
R Y,Vito Fossella Jr.,NY,2022261272,2022261272
R Y,Wally Herger,CA,2022260852,2022260852
R N,Walter B. Jones Jr.,NC,2022253286,2022253286
R Y,Wayne T. Gilchrest,MD,2022250254,2022250254
D N,William D. Delahunt,MA,2022255658,2022255658
D N,William J. Jefferson,LA,2022251988,2022251988
D N,William Lacy Clay,MO,2022251725,2022251725
D N,William O. Lipinski,IL,2022251012,2022251012
R N,William T. Sali,ID,2022253029,2022253029
D N,Xavier Becerra,CA,2022252202,2022252202
R N,Zach Wamp,TN,2022253494,2022253494
D Y,Zack Space,OH,2022253394,2022253394
D Y,Zoe Lofgren,CA,2022253336,2022253336

Metrofax does not allow a group bigger than 50. And each piece must be saved as a CSV file. That is simple to do, open up notepad or Excel and simply save the above in groups of 50. The blank lines above constitute groups of 50 or less.

Those of you with MetroFax can blast everyone at once, but remember you only get 1000 pages a month if you signed up for the basic plan. Faxing everyone two pages will use up your limit. But there is your list. You can formulate your own lists from that.

The Senate Fax Blast Is A Good Thing
I think I am missing a few.
Send me updates by email.

Keep and Phoning!

The latest campaign can be found in Let's Fill Every Congressional Voice Mail Box In The Country.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

Citigroup, Wells Fargo In Bidding War For Wachovia

This is the way capitalism is supposed to work. The weak go under, merge, or get swallowed up. It does not cost anyone a dime.

The New York Times is reporting Citigroup, Wells Fargo bid for Wachovia

Citigroup (C) and Wells Fargo(WFC) were locked in a bidding war on Sunday over a possible emergency takeover of the Wachovia Corporation, people involved in the talks said.

The government, led by the Federal Reserve and Treasury Department, has been involved in the talks as well, these people said. But so far, the government is resisting pressure to help bidders by guaranteeing a part of Wachovia’s assets the way it did for Bear Stearns when it was sold to JPMorgan Chase in March.

A timetable for a potential deal is not clear, with the talks possibly extending beyond Sunday night.

Either way, Citigroup and Wells Fargo are unlikely to bid more than a few dollars a share for Wachovia, substantially less than the $10 at which its shares were trading Friday. It was unclear whether bondholders would also take a steep discount on their holdings, or be entirely wiped out.

Other aspects of the deal also remain in flux. One is whether all of Wachovia is up for sale, or whether the company might be carved up.

Citigroup and Wells Fargo, for example, might bid only on Wachovia’s retail banking business. Wachovia retail brokerage, the second largest behind Merrill Lynch, might remain independent. It was unclear what would happen to Wachovia’s small investment bank.

Both Citigroup and Wells Fargo are interested in acquiring Wachovia’s branches and roughly $400 billion in deposit financing. For Wells Fargo, a deal would extend their branch banking network eastward across the Mississippi, creating a nationwide franchise that would compete with Bank of America and JPMorgan Chase. Citigroup and Wachovia declined to comment. Wells Fargo did not immediately return calls seeking comment.

For Citigroup, the deal would vastly expand its retail branch network after struggling to build one for years. It would also give it access to more stable customer deposits, so it could rely less heavily on outside investors for funds. Bank executives there see this as game-changing opportunity.

If this deal is contingent on allowing Citigroup or Wells Fargo to dump Wachovia’s $800 billion loan portfolio on to the taxpayer and cherry pick the assets I am not in favor of it.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

Let's Fill Every Congressional Voice Mail Box In The Country

Many of you have written that congressional voice mail boxes are full. Unfortunately there is not much I can do if no one is answering the phones. I suspect that is because we have concentrated on too few.

We need to man the phones and start targeting EVERYONE in Congress. Phone every legislative representative in your state. If those fill up, pick another state, even a small one.

Tell them it is still no deal, Leave a short message so others can leave one.

Fill every in box in the country.

This is the correct message now.

"If you vote for this Bailout Bill I will vote against you. I will do more than that, I will work actively for your opponent, no matter who that person is, doing everything in my power to contribute to your defeat. I will contributing my time, energy and money to your opponent, whoever that may be. I will talk to my friends, my family and my co-workers and urge them to do the same. I have contacted my friends already and asked them to do the same."

Do not use that exactly. Make your own variations but make it short. I want the most messages possible and I want every box in the country full.

Congressional Phone And Fax Numbers

Click Here For Congresional Phone And Fax Numbers

Please continue the ongoing Fax Campaign as well.

You can find the fax campaign here:

Bailout Deal Passes But...

I did not list every senator. You can click the above link and find them. It is easy.

Every Senator needs to be faxed.

Just do it! Start with your own state, then pick other states at random. Flood them with faxes. Every Fax needs to say this:

Dear senator/congressional rep

If you vote for this Bailout Bill I will vote against you.

I will do more than that, I will work actively for your opponent, no matter who that person is, doing everything in my power to contribute to your defeat.

If you vote for this bill I will contribute my time, energy and money to your opponent, whoever that may be.

I will talk to my friends, my family and my co-workers and urge them to do the same. I have already contacted many friends and have asked them to do the same.

In the fax, throw in whatever else you want but again, make them fairly short.

Keep up the pressure.

Thanks

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

Bailout Deal Passes But...

Well I am now convinced there is a deal of sorts. The New York Times is reporting Breakthrough Reached in Negotiations on Bailout.

Officials said that Congressional staff members would work through the night to finalize the language of the agreement and draft a bill, and that the bill would be brought to the House floor for a vote on Monday.

The bill includes pay limits for some executives whose firms seek help, aides said. And it requires the government to use its new role as owner of distressed mortgage-backed securities to make more aggressive efforts to prevent home foreclosures.

In some cases, the government would receive an equity stake in companies that seek aid, allowing taxpayers to profit should the rescue plan work and the private firms flourish in the months and years ahead.

The White House also agreed to strict oversight of the program by a Congressional panel and conflict-of-interest rules for firms hired by the Treasury to help run the program.

Officials said they had also agreed to include a proposal by House Republicans that gives the Treasury secretary an additional option of issuing government insurance for troubled financial instruments as a way of reducing the amount of taxpayer money spent up front on the rescue effort.

The Treasury would be required to create the insurance program, officials said, but not necessarily to use it. Mr. Paulson had expressed little interest in that plan, and initial cost projections suggested it would be enormously expensive. But final details were not immediately available.

Saturday’s intense negotiating effort followed a tumultuous week, including a contentious meeting at the White House with President Bush and the two presidential candidates.

Congressional leaders who want the bailout to pass with solid bipartisan support had already begun to anxiously court votes, mindful of the difficulty they could face in a high-stakes election year.

Public opinion polls show the bailout plan to be deeply unpopular. Conservative Republicans have denounced the plan as an affront to free market capitalism, while some liberal Democrats criticize it as a giveaway to Wall Street.

Representative Roy Blunt of Missouri, the chief negotiator for House Republicans, who have been among the most reluctant to support the plan, expressed some satisfaction but did not commit his members’ support.

“We need to look and see where we are on paper tomorrow,” Mr. Blunt said. “We have been talking about how we can make these things work in a way that our conference can come together.”

Aides described a tense meeting on Saturday afternoon that included Senator Max Baucus, Democrat of Montana, shouting at Mr. Paulson about executive pay caps.

Outside, stunned tourists visiting the Capitol watched as camera operators shoved one another to get footage of lawmakers talking outside of the meeting room.

At one point, when too much information was leaking out, staff members’ BlackBerrys were confiscated and collected in a trash bin.

The money will disbursed in parts, with an initial $250 billion to get the rescue effort under way, followed by another $100 billion upon a report by Mr. Bush to Congress.

The president could then request the balance of $350 billion at any time. If Congress disapproved, it would have to act within 15 days to deny the Treasury the money.

Some lawmakers have made clear that they will not vote for the bailout plan under virtually any terms. “I didn’t want to be in the negotiations because I object to the basic principles of this,” said Senator Richard C. Shelby of Alabama, the senior Republican on the banking committee, who would normally be his party’s point man.

Pressed about his role, Mr. Shelby replied, “My position is ‘No.’ ”

There is a bill in the house. There is not one in the Senate so we need to create as much doubt as we can, as soon as we can.

Do they have the votes? That is another story. They won't if we can scare every junior member in the house, or appeal to the right few in the Senate.

There are still changes worth getting. So let's get them.

I want to press with two campaigns:

Sample Fax

"Dear [congressional rep]. I have read the latest proposal and I have come to the same conclusion. No Deal.

Where are the salary caps and limits on stock options?

Salary caps and elimination of all stock options MUST be included in any proposal, not just for executives, but for every employee in the company.

Also $700 billion is way too high, piecemeal or not. And the plan is still fatally flawed. The overall approach is simply the wrong one. 190+ economists think the plan will not work, so does former Treasury Secretary O'Neil, and so do CEOs of well run banks.

New Proposal Cedes Congressional Authority To The Administration

The limit on any bailout should be no more than $250 billion flat out with no automatic escalations. If Congress thinks more money is needed it can vote to provide more money later. Ceding blank check power to the president and requiring super majorities to override would set a dangerous precedent. I am appalled that the administration would ask for such power and I am even more appalled that Congress would be willing to structure a bill this way.

Ceding power to the treasury on how to best implement the insurance provision is also a terrible idea. Congress, not the Treasury should stipulate how insurance should work. Leaving insurance to the discretion of the Treasury is tantamount to agreeing there should not be insurance.

Reason For The Mad Rush To Act Quickly

The reason for a "mad rush" to do something is that the administration does not want Congress to think about what is happening. And what is happening is this revised bill transfers congressional authority to the administration. Just Say No!

I will vote out of office anyone who votes for this revised plan, and I will encourage all my friends to do the same.

Fax Now!
Call Now!

If you do not have internet faxing get it.

I went with MetroFax. 1000 pages at a very cheap price.
If you are reading this most likely you can afford $12.
Sign up today and fax to your heart's content.

Contact The House

Please fax AND phone your congressional representative and Nancy Pelosi, Barney Frank, and Senator Dianne Feinstein.

Phone Numbers

Rep. Nancy Pelosi (D)(202) 225-4965
Rep. Barney Frank (D)(202) 225-5931
Sen. Dianne Feinstein (D) (202) 224-3841
Sen. Richard Shelby (R) (202) 224-5744
Sen. Harry Reid (D) 202-224-3542
Sen. Jim DeMint (R) 202-224-6121
Sen. John Ensign (R) (202) 224-6244
Sen. Jim Bunning (R) 202.224.4343
Sen. Chuck Grassley (R) (202) 224-3744
Sen. John McCain (R) 202-224-2235
Sen. Barack Obama (D) (202) 224-2854

Call them with this simple message "I have seen the revised bill, you will lose my vote if it passes".

Congressional Phone And Fax Numbers

Click Here For Congresional Phone And Fax Numbers

Senate Fax List

Please fax everyone on this list.

Sen. Richard Shelby (R) 202-224-3416 or 202-224-5137 (try both not sure which is correct)
Sen. Harry Reid (D) 202-224-7327
Sen. Jim DeMint (R) 202-228-5143
Sen. John Ensign (R) 202-228-2193
Sen. Jim Bunning (R) 202-228-1373
Sen. Chuck Grassley (R) 202-224-6020
Sen John McCain (R) 202-228-2862

Sen. Barack Obama 202-228-4260
Sen. John D. Rockefeller 202-224-7665
Sen. Dianne Feinstein 202-228-3954
Sen. Ron Wyden 202-228-2717
Sen. Evan Bayh 202-228-1377
Sen. Barbara Mikulski 202-224-8858
Sen. Bill Nelson 202-228-2183
Sen. John Kerry 202-224-8525
Sen. Daniel Inouye 202-224-6747
Sen. Hillary Clinton 202-228-0282

Rep. Barney Frank 202-225-0182
Rep. Nancy Pelosi 202-225-4188

Please Fax own senators and representative as well.

Campaign #2

The second campaign can be found in Senator Dianne Feinstein Responds To Constituents.

Please act on both.
Thanks

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List