White House rejects $ 30 Billion Louisiana Recovery Plan

http://www.2theadvocate.com/news/2228001.html ^

[Altair333]

WASHINGTON — The White House officially rejected a plan that would have created a federal corporation to purchase and redevelop Louisiana homes damaged by Hurricane Katrina.

U.S. Rep. Richard Baker, R-Baton Rouge, introduced legislation last year to create the Louisiana Recovery Corp. The panel would use treasury bonds to buy damaged homes on parcels to be repackaged and redeveloped.

But Allan Hubbard, the chief economic adviser for President Bush, indicated in conversations with Baker on Monday that the Bush does not support the legislation, Baker said Tuesday.

“It’s dead now,” said Walter Isaacson, vice chairman of the Louisiana Recovery Authority, an advisory panel formed by Gov. Kathleen Blanco.

Supporters of the Baker bill, such as Isaacson, were outraged at the White House stance. Isaacson met with White House officials Tuesday hoping to dissuade them.

[Altair333]

Good move by Bush- this plan would have been a blank check for Louisiana, and we all know how that would go. I really think this shows this is the end of the major federal bailouts for homeowners, which means that Nagin and Co. can talk all they want about a chocolate city, but the areas of New Orleans that are going to be rebuilt are the ones which private enterprise will support. Which is to say the areas on higher elevations. This is how it should be.

[camle]

so who wants to US government to be the insurer of last resort?

[ExcursionGuy84]

SIIIIIIIIINNNG A-LE-LU-JAH!!!!

President Bush is still a Soldier-under-Command-of-THE MOST HGIH.

[tfecw]

Guess it wasn't enough money

[Extremely Extreme Extremist]

Leave it to a Republican to propose something brain-dead as this.

Here's an idea, Congressman - exempt corporate and income taxes from NOLA for three years, and the area will be recovered in no time due to private enterprise.

[Coop]

It's not a veto, but I'll take it.

[MizSterious]

"...the areas of New Orleans that are going to be rebuilt are the ones which private enterprise will support."

This is as it should be. Eventually the developers will start rebuilding on even the low-level places--but our tax dollars should not be paying for it.

[clarissaexplainsitall]

It would have turned into a Really Big Dig! Good thing it bit the dust.

[caryatid]

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[Russ]

Bush will probably settle on $25 billion and declare it a victory for fiscal responsibility.

[half-cajun]

“We disagree with the White House position and will keep trying,” Landrieu spokesman Adam Sharp said. “The only people who are opposed to this are sitting at 1600 Pennsylvania Ave.”

Their not the only people that disagree. I'll bet most u.s. taxpayers are opposed.

[longtermmemmory]

every LA con artist who could not dump poluted or worthless land would have had US taxpayers buy their worthless land at platinum prices.

[WasDougsLamb]

Their not the only people that disagree. I'll bet most u.s. taxpayers are opposed


---I agree with you.