Conservative Republicans offer bailout alternative

[Angel Heart]

Conservative Republicans offer bailout alternative
Thu Sep 25, 2008 7:33pm EDT
WASHINGTON (Reuters) - A group of conservative Republicans in the U.S. House of Representatives offered a mortgage insurance plan on Thursday as an alternative to the Bush administration's $700-billion Wall Street bailout.

As Congress struggled to find agreement on modifying the massive Bush proposal to attack the housing market crisis, three members of the Republican Study Committee criticized the administration's proposal and presented their own ideas.

"We think this insurance model works... This is an alternative," Wisconsin Republican Rep. Paul Ryan said at a press briefing where he distributed a one-page proposal.

He said dozens of House Republicans are involved in the group developing the alternative insurance approach.

Texas Republican Rep. Jeb Hensarling, chairman of the study committee, said its more than 100 members "remain skeptical, fearful and unconvinced" about the administration's plan.

More...

 

[Angel Heart]

I'm watching C-Span2 and the Democrats sound like 2 yr olds not getting their way. They have been offered another alternative that didn't come from the White House and the Dems want to stick with Bush's plan... Go figure.

 

[Paulie]

I'm watching C-Span2 and the Democrats sound like 2 yr olds not getting their way. They have been offered another alternative that didn't come from the White House and the Dems want to stick with Bush's plan... Go figure.

That's probably because Bush is being exposed for the actual lefty that he really is, and the Democrats are eating it up.

 

[AVG-JOE]

I'm watching C-Span2 and the Democrats sound like 2 yr olds not getting their way. They have been offered another alternative that didn't come from the White House and the Dems want to stick with Bush's plan... Go figure.

This scenario is a safely rigged bet... from a lobbyists point of view!

Donkey or Elephant - throw the incumbents out! They're crawling with lobbyists! Its like head lice at a Alabama daycare center! Eeww!

-Joe

 

[gonegolfin]

More...

It is funny how the House and Senate Democrats are aligned with Bush and Paulson in funding what is an even larger bailout bill than the original Treasury proposal. Meanwhile, at least the House Republicans (maybe the Senate Republicans will support it as well) are offering a much more fiscally prudent plan.

Brain

 

[editec]

Not many details here.

But who is the insurer here?

The US government?

Bad move, if so.

 

[Ravi]

Not many details here.

But who is the insurer here?

The US government?

Bad move, if so.

Yes, the insurer would be the Federal government. Don't know if anyone has noticed, but WAMU was pawned off on JP Morgan in large part because the FDIC is getting to the point where it can no longer cover the accounts they now insure. Not sure what the Repubs reasoning on this is, and it certainly does nothing to let the taxpayers off the hook.

There is also a provision in this offer that gives tax breaks to the banks, from what I understand a total forgiveness of them having to pay tax for an undetermined length of time.

So the end result is the same, we all get screwed while this group of Republicans can pretend they are fiscally responsible.

 

[editec]

REally?

the US public becomes the insurers to bond holders?

The jigs up then.

We are officially a neo-feudal society, folks.

They cannot even pretend that we live in a capitalist society anymore.

 

[sealybobo]

More...

If you listen to Bush's speech that talked us into Iraq, it is the same speech he gave the other night. We need to bail the banks out/invade Iraq, we need to do it now. Waiting could bring dire consequences. We don't want a mushroom cloud/total market collapse.

$700 billion before I leave office or else I take the economy down.

Give them $100 billion now and the rest next year, after the election. The GOP did this before the 2002 midterm. Made the Dems vote on something before the election, which made them rush to a decision and they clearly made the wrong choice.

Don't make Hank Paulson above the law.

McCain wants it so you can only renegotiate your home value if you have 3 or more homes. How many homes does he have?

But it is nice to see the true conservatives in the GOP are standing up. They have to worry about being re-elected and they are sick of following Bush/McCain/Boehner.