John Boehner and the GOP House Plan That Democrats Fear
Contrary to the Obama camp’s accusations of political chicanery, McCain was invited to Washington by none other than Treasury Secretary Paulson.
BOB SCHIEFFER: I am told, Maggie, that the way McCain got involved in this in the first place, the Treasury Secretary was briefing Republicans in the House yesterday, the Republican conference, asked how many were ready to support the bailout plan. Only four of them held up their hands. Paulson then called, according to my sources, Senator Lindsey Graham, who is very close to John McCain, and told him: you’ve got to get the people in the McCain campaign, you’ve got to convince John McCain to give these Republicans some political cover. If you don’t do that, this whole bailout plan is going to fail. So that’s how, McCain, apparently, became involved. (source)
The Dims likely thought that McCain would herd recalcitrant Republicans in line, but it appears that McCain did what he always does - the unexpected. And if the Dim’s disastrous legislation is killed, America can thank John Boehner and McCain’s support of the Republican proposed legislation that will spare us the nightmare that the damnable DemocRATS wanted to shove down our throats.
Boehner and the bailout
It is Boehner who has emerged as the most powerful voice against the rescue package that involves the government buying up toxic debt from financial institutions in an attempt to get the credit markets rolling again. And Boehner has met with Republican nominee John McCain, leading some to wonder if he and McCain are working in tandem to kill the deal that seemed amenable to Democrats and some Senate Republicans.
But Boehner is simply representing the wishes of the majority of his House Republican Conference, conservatives to whom the bailout is anathema, says one GOP consultant familiar with Boehner and House Republicans. And if the bailout package has angered many Americans who see it as rescuing greedy Wall Street executives and don’t necessarily buy the necessity or threat to the overall economy talked about by Bush, it is especially unpopular in the districts of conservative Republicans, said this consultant, who spoke only on condition of anonymity.
“This is by no means John Boehner (alone) trying torpedo this thing,” the GOP consultant said. “This is Boehner taking the concerns of his conference to this mediation. If anything, he is probably underrepresenting the negative sentiment among his members about this.”
Will House Republicans Get What They Want?
Representative Jeb Hensarling of Texas, the chairman of the Republican Study Committee who is one of the most vocal critics of the administration’s plan, has been urging lawmakers to slow down and consider alternative proposals.
“We have a lot of folks who say we are looking at financial catastrophe on the one hand, but we may be looking at national bankruptcy and the road to socialism on the other,” Mr. Hensarling said in an interview on Wednesday. “Once you lose your freedom to fail, you also lose your freedom to succeed and you cease to be a free society. So we will continue to look at other alternatives.”
The Republican presidential candidate, Senator John McCain, was at least willing to listen.
“There was no deal or offer yesterday that had a majority of support in Congress,” a McCain campaign statement issued on Friday said. “There was no deal yesterday that included adequate protections for the taxpayers.”
The GOP Plan
Here’s the bullet points directly from the House GOP plan:
* Rather than providing taxpayer funded purchases of frozen mortgage assets, we should adopt a mortgage insurance approach to solve the problem.
* Currently the federal government insures approximately half of all mortgage backed securities. (MBS) We can insure the rest of current outstanding MBS; however, rather than taxpayers funding insurance, the holders of these assets should pay for it. Treasury Department can design a system to charge premiums to the holders of MBS to fully finance this insurance.
* Have Private Capital Injection to the Financial Markets, Not Tax Dollars. Instead of injecting taxpayer capital into the market to produce liquidity, private capital can be drawn into the market by removing regulatory and tax barriers that are currently blocking private capital formation. Too much private capital is sitting on the sidelines during this crisis.
* Temporary tax relief provisions can help companies free up capital to maintain operations, create jobs, and lend to one another. In addition, we should allow for a temporary suspension of dividend payments by financial institutions and other regulatory measures to address the problems surrounding private capital liquidity.
*Immediate Transparency, Oversight, and Market Reform. Require participating firms to disclose to Treasury the value of their mortgage assets on their books, the value of any private bids within the last year for such assets, and their last audit report.
* Wall Street Executives should not benefit from taxpayer funding. Call on the SEC to review the performance of the Credit Rating Agencies and their ability to accurately reflect the risks of these failed investment securities.
*Create a blue ribbon panel with representatives of Treasury, SEC, and the Fed to make recommendations to Congress for reforms of the financial sector by January 1, 2009.
Schumer: McCain Is ‘Not Helping’
During a speech on the Senate floor this morning, Sen. Chuck Schumer (D) urged President Bush to “respectfully tell Sen. McCain to get out of town. He’s not helping.”
Schumer also requested that Bush get the his House Republicans in line. “We need President Bush to take leadership. We need President Bush, first and foremost, to get the Republican House members to support his plan or modify it in some way to bring them on board,” he said. (source)
Here are just a couple of the reasons why the execrable Schumer wanted McCain to “get out of town” when he didn’t play the game. The several posts prior to this one provide many other reasons that this “bailout” must fail.
The Democratic ACORN bailout
The real purpose of section D is to send more funds to La Raza and ACORN through housing welfare, via the slush fund of the HTF. They want to float their political efforts on behalf of Democrats with public money, which was always the purpose behind the HTF. They did the same thing in April in the first bailout bill, setting aside $100 million in “counseling” that went in large part to ACORN and La Raza, and at least in the former case, providing taxpayer funding for a group facing criminal charges in more than a dozen states for fraud.
It’s bad enough that taxpayers have to pay the price for Congress’ decade-long distortions of the lending and investment markets. If we realize a profit from the bailout, that money should go to pay down the debt or get returned to taxpayers as dividends from their investment — not to organizations committing voter fraud, and not to restarting the entire cycle of government meddling in lending markets. I’d support a rational bailout package, but anything that funds the HTF needs to get stopped.
Reid’s Senate $56 billion stimuluspalooza/oil shale bill fails; roll call vote added
Reid’s Senate $56 billion stimuluspalooza/oil shale bill fails; roll call vote added
FAIL.
In your face, Harry Reid.
Reuters reports that the $56 million stimulus-palooza bill that featured Reid’s attempt to renew the oil shale ban went down in the Senate this afternoon:
“In Your Face”, and may I, with my redneck aplomb add, Up Your Ass” to all of the traitorous DemocRATS seeking to destroy this country.
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This entry was posted on Friday, September 26th, 2008 at 7:18 pm and is filed under Elections, Exposing the Left, Finance, Freedom, Liberals Suck, McCain. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
"Conjure magic for them and they'll be distracted. Take away their freedom, and still they'll roar. The beating heart of Rome is not the marble of the Senate. It's the sand of the Coliseum. He'll bring them death... and they will love him for it."
ligneus September 27th, 2008 at 8:44 am
Both the Dims and their bailout stink and if McCain was instrumental in thwarting them we owe him another debt, if you’ll pardon the word.