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Dodd Bill KILLS Jobs, Creates Permanent Bailout

Dodd Bill KILLS Jobs, Creates Permanent Bailout

NoWorldSystem.com
April 21, 2010

Today, Obama promoted another government takeover bill, this time the financial sector is the target. The bill is basically a sweetheart deal for the banking industry, much like how ObamaCare was a bailout for the insurance companies. The 1,408 page bill includes many provisions like the creation of a permanent and unlimited bailout authority for Wall Street and has the potential for making it difficult for small businesses to succeed.

Obama claims the bill will “put a stop to tax-payer-funded bailouts” when in reality the bill will create a permanent and unlimited bailout mechanism for the big banks and companies that are ‘too big to fail’. “If you liked the bailouts in 2008, you’ll love the Dodd bill,” said Republican Senator David Vitter. “Congressional Democrats and the Obama Administration want to create a permanent bailout mechanism all while spouting their rhetoric of getting tough on Wall Street, but if you look at who is already lining up to support their ‘reform’ measure it’s a who’s who of the big banks that have already received the taxpayer bailout the first time.”

Democrat Congressman Brad Sherman agrees: “There are serious problems with the Dodd bill. The Dodd bill has unlimited executive bailout authority. That’s something Wall Street desperately wants but doesn’t dare ask for.”

The rhetoric by Obama today is just another example of how he slaps the hands of Wall Street to only make sure they prosper on tax-payer-funded bailouts by giving them complete authority. Not only that, but this bill will break the back of small business by placing restrictions on venture capital investing making it harder for small startup businesses to succeed.

Here are a few quotes from a Venture Beat article:

    “First, Dodd’s bill would require startups raising funding to register with the Securities and Exchange Commission, and then wait 120 days for the SEC to review their filing. A second provision raises the wealth requirements for an “accredited investor” who can invest in startups – if the bill passes, investors would need assets of more than $2.3 million (up from $1 million) or income of more than $450,000 (up from $250,000). The third restriction removes the federal pre-emption allowing angel and venture financing in the United States to follow federal regulations, rather than face different rules between states.”

    “Obviously, I’m deeply concerned about Senator Dodd’s proposal to place these restrictions on angel investing. I think angel investing is undeniably one of the largest engines for job creation as well as innovation and competitiveness on the global scale for the United States. There’s no doubt about it that the restrictions that he’s proposing would absolutely chill investing.

    “Specifically, one of the things we need to take into account is while 10 years ago it may have taken years to build a company, companies are now built in a matter of weeks. So this 120-day waiting period is frankly ridiculous. I have companies with tens of thousands and hundreds of thousands of users that are built in a matter of weeks. They’re generating actual dollars of revenue, creating jobs, investing in real estate office space, capital equipment, etc. If they had to wait 120 days to actually apply for the ability to obtain financing it would absolutely just crush that market.”

Obama is one of the biggest puppets for Wall Street, despite all the rhetoric he uses against them. Obama’s greatest allies are the big banks and most of his important constituents are wall street financiers. In 2008, Obama’s campaign was mostly funded by Wall Street, banks like AIG, JPMorgan and Goldman Sachs all played a major financial role for his presidency taking in $15 million from securities and investment firms, $3 million from commercial banks, and $6 million from other financial institutions.

Obama and the Democrats in Congress will try to rush this bill in before the American people have the chance to find out what’s in it. Just like ObamaCare, they will use non-transparent and secretive tactics to make sure it becomes law. The bill is likely to hit the floor of the Senate as early as next week.

The Dodd Bill Will Kill America’s Job Creation Engine

Why The Dodd Finance Bill Is Bad For America

Is Goldman Obama’s Enron? No, it’s worse

Will Obama Return $994,795 In Goldman Sachs Campaign Contributions?

Obama Now Pushing Sneaky Wall Street Bailout

Obama-Dodd financial bill would further enrich Goldman Sachs

Geithner ‘very confident’ US finance reform will pass

Obama Claims He’s Not a Puppet for Big Banks

 



Bailout Bill Will Help Chinese Banks, Foreign Banks

Bailout Bill Will Help Chinese Banks, Foreign Banks

http://www.youtube.com/watch?v=GqIFoBXGizc

http://www.youtube.com/watch?v=v8Qn4-1q80A

http://www.youtube.com/watch?v=Ek7zc0lJxbM

 

Congress Approves Bailout Bill

AP
October 3, 2008

With the economy on the brink and elections looming, Congress approved an unprecedented $700 billion government bailout of the battered financial industry on Friday and sent it to President Bush for his certain signature.

The final vote, 263-171 in the House, a comfortable margin that was 58 more votes than it garnered on Monday. The vote capped two weeks of tumult in Congress and on Wall Street, punctuated by daily warnings that the country confronted the gravest economic crisis since the Great Depression if lawmakers failed to act.

Read Full Article Here

 

Dow plummets when bailout passes

Recent News:

List of Representatives who Switched from “Nay” to “Yea”
http://www.campaignforliberty.com/blog.php?view=1087#.

Food Riots Have Already Begun as Global Grain Prices Skyrocket, Supplies Dwindle
http://www.naturalnews.com/024372.html

California may need emergency $7 billion bailout
http://www.reuters.com/article/newsOne/idUSTRE49229820081003

Hoax Bank Closure Story Peddles Bailout Propaganda
http://www.prisonplanet.co..e-story-peddles-bailout-propaganda.html

Fed Officials Considering Further Rate Cuts: Report
http://www.cnbc.com/id/26986621

Former Head of Fed’s Open Market Operations Says Bailout Might Make Things Worse
http://georgewashington2.blogspot.com/2..ad-of-feds-open-market.html

Bailout Would Only Prolong Crisis: Jim Rogers
http://www.youtube.com/watch?v=49SYpcaWHTE

Wells Fargo Buys Wachovia Nixing Citi Deal
http://biz.yahoo.com/..ls_fargo_wachovia.html?.v=8

Report blames U.S. trade gap for 5.6 million lost jobs
http://www.reuters.com/article/ousiv/idUSTRE4913E220081002

Putin blames US for world economy crisis
http://www.presstv.ir/detail.aspx?id=71042&sectionid=351020602

Bailout bill is 451 pages long
http://news.yahoo.com/s/a..cnWOA64ch9GkocOsJ0lJv24cA

Who’s profiting from the crisis? Goldman Sachs, of course
http://www.marketwatch.c..CDCB7}&print=true&dist=printMidSection

Paulson Bank Rescue Proposal Is ’Crazy,’ O’Neill Says
http://www.bloomberg.com/apps/ne..mClVjevU&refer=home

France Wants $500B Rescue For Europe
http://business.timesonline.co.uk/tol/business/markets/article4864032.ece

Faber: U.S. Bailout Won’t Stop Slowdown
http://www.bi-me.com/main.php?id=25070&t=1&c=35&cg=4&mset=1011

IMF Adds Pressure On Congress To Pass Bailout
http://www.guardian.co.uk/business/2008/oct/01/banking.useconomy

Google stock plunges more than 93% in “erroneous trading”
http://www.tgdaily.com/html_tmp/content-view-39543-118.html

Ford & GM Auto Sales Drop
http://news.yahoo.com/s/ap/20081001/ap_o..OmxGcLJO8EjS5v24cA

Chicago woman buys a house for $1.75
http://www.presstv.ir/detail.aspx?id=71130&sectionid=3510213

Ex-bankers on pushing customers to rack up debt
http://www.cnn.com/2008/LIVING/pers..dex.html?iref=mpstoryview

US economic dominance over – Russia
IMF Warned Of Full-Blown Crisis
September’s ISM Manufacturing Index “Screams Recession,” Economists Say
SEC Extends Ban On Short Selling
Brazilian president: Brazilian economy solid, U.S. should do their homework
Western World Will Become Less Wealthy
’Car sleepers’ the new US homeless

U.S. Economy Collapse News Archive

 



Socialist Dictatorship: Taxpayers to Pay $700B Bailout

U.S. Treasury Proposes $700B Bailout Plan For Wallstreet

Reuters
September 20, 2008

The Bush administration proposed a $700-billion taxpayer-funded plan on Saturday to buy up toxic mortgage-related securities in an urgent effort to calm financial markets and attack the nation’s housing crisis.

Under the program, the U.S. Treasury Department would buy, or commit to buy, “mortgage-related assets from any financial institution having its headquarters in the United States,” said a copy of the Treasury Department’s draft legislation obtained by Reuters.

The department could hire asset managers to handle the securities, which could include residential or commercial mortgages and related instruments that were originated or issued on or before September 17, 2008, the draft said.

Congressional committees were to be briefed on Saturday on the legislation, which could be considered by the U.S. House of Representatives and Senate as early as next week.

The plan also calls for raising the federal government’s borrowing authority to $11.315 trillion. The debt limit is currently $10.615 trillion.

The government is moving aggressively to soak up billions of dollars of hard-to-sell mortgage-backed securities and related assets that have been choking world capital markets since the bursting of a historic U.S. home price bubble.

 

We Have DAYS To Stop the $700 Billion Stick-Up (and Fascist Power Grab)

George Washington’s Blog
September 21, 2008

Congress hopes to pass the $700 Billion bailout bill by Friday, according to an article in Bloomberg.

In case you haven’t heard, the bill would not only stick up American taxpayers for an additional $700 billion, but would literally give Paulson and the government fascist powers.

Don’t believe me?

Well, as the Bloomberg article notes: “The bill would bar courts from reviewing actions taken under its authority.”

Bloomberg includes the following quotes by people who understand the significance of the bill:

It sounds like Paulson is asking to be a financial dictator, for a limited period of time,” said historian John Steele Gordon . . . .

***

The Bush administration seeks “dictatorial power unreviewable by the third branch of government, the courts, to try to resolve the crisis,” said Frank Razzano, a former assistant chief trial attorney at the Securities and Exchange Commission now at Pepper Hamilton LLP in Washington. “We are taking a huge leap of faith.”

This power grab is so serious that investigative reporter Larisa Alexandrovna calls it “the final stages of the coup“.

We have days to stop this bill. March on Congress. Educate and motivate everyone around you. Do everything you can to prevent this disaster before it is too late.

 

Krugman: ’Look, this is really scary. This is really bad, This could be 1931’

http://www.youtube.com/watch?v=FKMy8pf9qY8

 

Keiser: US dollar “backed by bananas”

http://www.youtube.com/watch?v=Vhf9KwSUQYw

Recent News:

7 percent of U.S. voters back bailouts
http://www.bizjournals.com/phoenix/stories/2008/09/15/daily63.html

Bush Compares Financial Crisis To 9/11
http://thinkprogress.org/2008/09/19/bush-economy-terrorist/

Nobel Prize Winning Economist: Crisis As Bad As Great Depression Or Worse
http://www.prisonplanet.com/nobel-p..epression-or-worse.html

The Market is Now Pricing In the Genuine Possibility that the US will Default on Its Debt
http://georgewashington2.blogspot..-pricing-in-genuine.html

Fury at $2.5bn Lehman bonus
http://business.timesonline..nd_finance/article4795072.ece

Almost Armageddon: Markets Were 500 Trades From Meltdown
http://www.nypost.com..armageddon_130110.htm

Bailout plan is vast patronage under cover of martial law
http://www.gata.org/node/6647

Dodd: US financial system near meltdown
http://www.presstv.ir/detail.aspx?id=70011&sectionid=3510203

Reid Says `No One Knows What to Do’ to Solve Crisis
http://www.bloomberg.com/..VWYw&refer=home

U.S. to Sell $100 Billion in Bills to Fund Fed Moves
http://www.bloomberg.com/apps/news?pid=20601087&sid=aQ58hpS0fRH8&refer=home

‘Tent Cities’ Spring Up In The US
http://uk.news.yahoo.com/sk..es-spring-up-in-the-us-3fd0ae9.html

Central Banks Offer Extra Funds to Calm Money Markets
http://www.bloomberg.com/apps/news?pid=20601068&sid=aW2z_iiBnF2E&refer=home

U.S. Turning Into U.S.S.R.A
http://www.presstv.ir/detail.aspx?id=69774&sectionid=3510203

Worst Crisis Since ’30s, With No End Yet in Sight
http://finance.yahoo.com/banking-..-No-End-Yet-in-Sight

Federal bailout of U.S. auto industry
http://www.cyclelicio.us/2008/09/federal-bailout-of-us-auto-industry.html

The Fed Runs out of Money
http://ftalphaville.ft.com/blog/2008/09/17/16019/the-feds-run-out-of-money/

No bank is safe in this alarming atmosphere
http://business.theage.com..phere-20080917-4inu.html

Dollar Might Get Crushed
Hundreds of Lehman investors protest in Hong Kong

U.S. Economy Collapse News Archive

 



Why Did 94 House Dems Change Votes on FISA? Money.

Why Did 94 House Democrats Change Their Votes on FISA?
(A: Money)

Politico
June 25, 2008

In March, the House passed an amendment that rejected retroactive immunity for telecoms that assisted the NSA in illegal wiretapping. Most of us have wondered what happened to change the minds of 94 Democrats. What happened between June 20 and March 14 to change 94 Democratic hearts and minds?

The answer might well be simple: money. Could it be that simple?

MAPLight.org has published a breakdown of contributions received from Telco PACS by the 94 Dems who experienced the change of heart. [Maplight.org is a 501(c)(3) nonprofit, nonpartisan organization based in Berkeley, California. Its search engine at MAPLight.org illuminates the connection between Money And Politics (MAP) via an unprecedented database of campaign contributions and legislative outcomes.’]

Here’s the bottom line:

Verizon, AT&T, and Sprint gave PAC contributions averaging:

$8,359 to each Democrat who changed their position to support immunity for Telcos (94 Dems)
$4,987 to each Democrat who remained opposed to immunity for Telcos (116 Dems)

88 percent of the Dems who changed to supporting immunity (83 Dems
of the 94) received PAC contributions from Verizon, AT&T, or Sprint
during the last three years (Jan. 2005-Mar. 2008). ( MAPLight.org)

Of course the average amount received is a bit misleading. A few of the very prominent Dems who changed their votes took a lot more than $8000. According to this website,

Nancy Pelosi [CA], Speaker of the House, allegedly received $24,500.

Steny Hoyer [MD] allegedly received $29,000.

James Clyburn [SC] allegedly received $29,500.

Rahm Emanuel [IL] allegedly received $28,000.

Frederick Boucher [VA] allegedly received $27,500.

Gregory Meeks [NY] allegedly received $26,000.

You can see the complete list here.

I guess with campaign finance laws in the state they’re in, we can’t expect them to turn down free money. I would like to believe that there are other reasons why they supported the current incarnation of FISA. I wish I could think of some.

Read Full Article Here

 

HR 6304 – A Bill To Abolish the 4th Amendment

http://www.youtube.com/watch?v=MIJdmePn4lY

 

Hatch compares FISA critics to those ‘who wear tin foil hats and think 9/11 was an inside job.’

Think Progress
June 26, 2008

Speaking today on the Senate floor in favor of the Foreign Service Intelligence Act legislation, Sen. Orrin Hatch (R-UT) compared critics of the bill — which include Sens. Harry Reid (D-NV), Chris Dodd (D-CT), and Barbara Boxer (D-CA), among others — to deluded conspiracy theorists. Hatch mocked the what he called “onerous oversight provisions” included in the bill, and said those who raise the specter of unchecked executive wiretapping power “feed the delusions of those who wear tin foil hats around their house and think that 9/11 was an inside job.”

Those “onerous” oversight provisions Hatch maligns? A ban on “reverse targeting” of Americans and a new requirement of probable cause for surveillance of Americans abroad.

UpdateLate this afternoon, the Senate voted 80-15 to invoke cloture on the FISA bill. Ian Welsh at FDL writes that this “was the real vote” and applauds the 15 senators who “voted for the Bill of Rights.”

Why Obama supports FISA: His fundraising firm takes money from AT&T
http://mparent7777-1.livejournal.com/649045.html

Obama: Immunity not that important. Won’t support filibuster
http://www.youtube.com/watch?v=bPljokDWERg

Whistleblower: Spy Bill Will Create Police State
http://blog.wired.com/27bstroke6/2008/06/att-whistleblow.html

Report: FISA vote may be delayed until July
http://thehill.com/leading-the-news..il-after-july-recess-2008-06-26.html

Obama Adviser On FISA: We’ll Trust The Inspector General To Prevent Surveillance Abuses
http://www.huffingtonpost.com/m.s.-b..-well-trust_b_108904.html

The Real FISA Vote Passes 80 to 15 With the Presidential Nominees Passing
http://firedoglake.com/2008/06/2..e-presidential-nominees-passing/

Ron Paul: The FISA bill clearly violates the Fourth Amendment
http://www.house.gov/paul/congrec/congrec2008/cr062008h.htm

 



Senate OKs Telecom Immunity

Senate OKs Telecom Immunity

AP
February 12, 2008

The Senate voted Tuesday to shield from lawsuits telecommunications companies that helped the government eavesdrop on their customers without court permission after the Sept. 11 terrorist attacks.

After nearly two months of stops and starts, the Senate rejected by a vote of 31 to 67 a move to strip away a grant of retroactive legal immunity for the companies.

President Bush has promised to veto any new surveillance bill that does not protect the companies that helped the government in its warrantless wiretapping program, arguing that it is essential if the private sector is to give the government the help it needs.

About 40 lawsuits have been filed against telecom companies by people alleging violations of wiretapping and privacy laws.

The Senate also rejected two amendments that sought to water down the immunity provision.

One, co-sponsored by Republican Arlen Specter of Pennsylvania and Democrat Sheldon Whitehouse of Rhode Island, would have substituted the government for the telecoms in lawsuits, allowing the court cases to go forward but shifting the cost and burden of defending the program.

The other, pushed by California Democrat Dianne Feinstein, would have given a secret court that oversees government surveillance inside the United States the power to dismiss lawsuits if it found that the companies acted in good faith and on the request of the president or attorney general.

Read Full Article Here

 

Bush Admits Telecoms Spied

Raw Story
February 12, 2008

Fbiiraqisbein_mn

In Oval Office address, president pledges veto of any temporary FISA expansions

Well, he finally dropped the “allegedly.” President Bush at long last admitted what everyone has suspected for years — the nation’s telecommunications companies closely cooperated with the National Security Agency and his administration to implement large-scale spying on Americans.

Bush was praising the Senate for approving his long-sought update to a foreign surveillance law. Critics say the bill legalizes his warrantless wiretapping program, which was implemented outside the boundaries of the law, and frees phone and internet companies from any responsibility for violating customers’ privacy.

“The senate bill also provides fair and just liability protections for companies that did the right thing and assisted in defending America, after the attacks of Sept. 11,” Bush said.

As recently as his State of the Union address, Bush would only call for legal immunity for companies “believed to have assisted” in his so-called Terrorist Surveillance Program.

Bush’s admission came a day after his press secretary similarly acknowledged phone company cooperation. Also Tuesday, the Director of National Intelligence sought to suppress as “Top Secret” evidence of a phone conversation between a telecom company representative and a DNI lawyer.

Speaking from the Oval Office Wednesday morning, Bush threw down the gauntlet and issued a stern warning to the House. He admonished the chamber for failing to rubber-stamp the White House approved bill, which 18 Democrats joined every Republican and Joe Lieberman to do Tuesday. Democrats in the House, on the other hand, approved a bill updating the Foreign Intelligence Surveillance without granting legal immunity.

Bush has pleged to veto any bill without immunity, and he said Tuesday that he would not accept any more temporary FISA extensions. By midnight Saturday, when a stop-gap extension expires, Bush said he will get what he wants or do nothing to stop what he says are vital gaps in intelligence collection re-open.

On the eve of a vote to give telephone companies immunity for their alleged participation in the National Security Agency’s warrantless wiretap program, White House spokesperson Dana Perino admitted that the companies actually spied.

Because they were patriotic.

“The telephone companies that were alleged to have helped their country after 9/11 did so because they are patriotic and they certainly helped us and they helped us save lives,” Perino told reporters at Tuesday’s press briefing.

The admission, while possibly a verbal slip-up, was first noticed by Ryan Singer, of Wired.

The Senate gave the phone companies immunity by a 69-29 vote. It passed wiretapping bill in its entirety just before 6pm ET, 68-29.

Earlier this afternoon, the immunity measure’s staunchest opponent, Sen. Chris Dodd (D-CT), announced he would abandon his effort to block the bill with a filibuster, arguing that the House, which has passed an immunity-free bill, would be a better place to try to strip immunity from Congress’s final piece of legislation.

“We lost every single battle we had on this bill,” Dodd said on a conference call Tuesday with reporters and bloggers. “And the question is now, Can we do better with the House carrying the ball on this bill?”

The bill to update the Foreign Intelligence Surveillance Act, including a provision granting retroactive immunity to telecommunications companies that facilitated government spying, passed the Senate on a 68-29 vote Tuesday evening.

Read Full Article Here

Roll Call Votes: Who are the traitors to the US Constitution
http://www.senate.gov/legislative/LIS..0&session=2&vote=00020

Bush Presses House To Approve Spy Bill
http://www.nytimes.com/2008/…1&hp=&pagewanted=print&oref=slogin

Senator Dodd on retroactive immunity: ‘We’ve just sanctioned the single largest invasion of privacy in American history’
http://www.theseminal.com/2008/02/12/retroactive-immunity-whats-next/

 



Wide Spy Powers Set To Pass In Senate

Wide Spy Powers Set To Pass In Senate

Wired
December 17, 2007

The Senate voted by a margin of 76 to 10 to limit debate on a new wiretapping bill Monday, all but ensuring that the Senate will approve amnesty for telecoms that helped the government spy on Americans without court orders and greatly expand the government’s ability to spy using American telecom facilities and communication services.

After the cloture vote, any amendment to the bill will require 60 votes due to rules set by Senate Majority Leader Harry Reid (D-Nevada).

The bill under debate is the Senate Intelligence version, which grants immunity to telecoms and wide spying powers to the Administration. A competing bill from the Senate Judiciary omitted immunity and included more oversight over new spying powers.

Though Majority Leader Reid said he opposed immunity, he chose to override a hold on the Senate Intelligence bill and to virtually guarantee its success by choosing it over the Judiciary bill as the base bill.

Senator Christopher Dodd (D-Connecticut) is trying to object, but Reid counters that the Republicans will filibuster, thus the 60 vote limit is necessary to prevent a filibuster of the whole bill if an amendment was passed with fewer than 60 votes.

Though the Senate set aside 30 hours for debate, Reid wants the bill to be passed Monday, so the Senate can move to take up a massive spending bill on Tuesday.

 

AT&T: Within Two Weeks of Taking Office, Bush Planned Domestic Spying

John Byrne
Raw Story
December 17, 2007

Nearly 1,300 words into Sunday’s New York Times article revealing new details of the National Security Agency’s domestic eavesdropping program, the lawyer for an AT&T engineer alleges that “within two weeks of taking office, the Bush administration was planning a comprehensive effort of spying on Americans’ phone usage.”

In a New Jersey federal court case, the engineer claims that AT&T sought to create a phone center that would give the NSA access to “all the global phone and e-mail traffic that ran through” a New Jersey network hub.

The former AT&T employee, who spoke on condition of anonymity to the Times said he took part in several discussions with agency officials about the plan.

“The officials, he said, discussed ways to duplicate the Bedminster system in Maryland so the agency “could listen in” with unfettered access to communications that it believed had intelligence value and store them for later review,” Times reporters Eric Lichtblau, James Risen and Scott Shane wrote. “There was no discussion of limiting the monitoring to international communications, he said.”

“At some point,” he told the paper, “I started feeling something isn’t right.”


“Two other AT&T employees who worked on the proposal discounted his claims, saying in interviews that the project had simply sought to improve the N.S.A.’s internal communications systems and was never designed to allow the agency access to outside communications.”

AT&T’s spokesman said they didn’t comment on national security matters, as did a spokesman for Qwest, which was also approached but apparently rebuffed the plan. The lawyer for the engineer and others in the New Jersey case says AT&T’s internal documents would vindicate his clients.

“What he saw,” Bruce Afran, a New Jersey lawyer representing the plaintiffs, told the Times, “was decisive evidence that within two weeks of taking office, the Bush administration was planning a comprehensive effort of spying on Americans’ phone usage.”

The full Times article is here.

Wider Spying Fuels Aid Plan for Telecom Industry
http://www.nytimes.com/2007/1….r+RtvY2Tj5lvUOqA

Chris Dodd Begins Filibuster Of Telecom Immunity
http://www.theseminal.com/2…ibuster-for-the-constitution/

Despite the fact that Obama, Clinton, and Biden said they would support Dodd’s FISA filibuster – these supposed “leaders” skip the wiretap vote
http://rawstory.com/news/2007….ount_filibuster_to_1217.html

 



Bush to Sign NAFTA Expansion Bill

Bush to sign U.S.-Peru free-trade deal

Market Day
December 4, 2007

U.S. President George Bush said he would sign a U.S.-Peru free-trade agreement that cleared Congress Tuesday.

The Senate approved the free trade pact by a 77-18 vote.

“This agreement will level the playing field for American exporters and investors and will expand an important market in this hemisphere for U.S. goods and services, which will help strengthen economic growth and job creation in the United States,” Bush said.

“I look forward to signing this legislation into law.”

The agreement was modified in May under pressure from Democrats to take into account environmental and human rights concerns.

The deal will let more than 90 percent of U.S. products enter Peru’s growing market duty-free. Most Peruvian products already have duty-free access to the United States.

The House approved the agreement by a 285-132 vote Nov. 8.

 

As Senate’s ’08 presidential hopefuls absent, Peru free trade deal approved
Hillary, Obama and McCain absent while NAFTA expansion bill is approved

The Hill
December 5, 2007

The Senate approved a free trade agreement with Peru Tuesday that could have highlighted differences on trade among the Senate’s Democrats running for president — if any of them had been able to attend the vote.

All of the chamber’s Democratic presidential hopefuls were busy Tuesday afternoon taking part in a debate sponsored by National Public Radio, and as a result missed the vote on a controversial issue that former Sen. John Edwards (D-N.C.) has been trying to use against his main competitors for the Democratic nomination.

Their presence would not have made a difference in the outcome. As expected, the Peru deal was easily approved, 77-18.

The deal had divided the leading contenders for the Democratic nomination. Sens. Hillary Rodham Clinton (N.Y.) and Barack Obama (Ill.) had previously announced support for the Peru agreement, despite criticism from Edwards that the deal would contribute to U.S. job losses. All three are in a tight race in the first-in-the-nation caucus in Iowa, where some polls show a statistical dead heat.

Two other Democrats, Sens. Chris Dodd (Conn.) and Joseph Biden (Del.), had announced opposition to the Peru agreement.

GOP Sen. John McCain (Ariz.), another presidential candidate, also missed the vote. However, trade has been less divisive among Republicans running for president.

 

noworldsystem.com note:
This bill will:

* Continue to flood the U.S. with cheap foreign goods
* Lead to more U.S. layoffs and job outsourcing to other nations.
* Depress U.S. wages
* Increase the U.S. Trade debt
* Greatly expand the destruction of the Amazon rain forest
* Increased Animal suffering with a huge expansion of factory farms
* Increase Illegal Immigration into the U.S., as factory farms put Peruvian farmers out of business