Posted on 09/24/2008 11:08:04 AM PDT by Reagan Man
At a time when GOP support for an administration-backed bailout package seemed to be unraveling, House conservatives on Tuesday further fractured their party by unveiling their own proposal.
Members of the Republican Study Committee raised several concerns with the $700 billion plan being pushed by Treasury Secretary Henry Paulson. Specifically, they charged that the plan doesn't ensure taxpayers will get their money back and say it could fundamentally alter the role of government in the free enterprise system.
"We are highly skeptical of the Paulson plan and believe that the time has come for Congress to rationally debate alternatives," said Rep. Jeb Hensarling (Texas), chairman of the Republican Study Committee.
Hensarling said he was not personally criticizing Paulson or President Bush for their proposal, but called their approach to resolving the financial market meltdown "a particularly lousy option."
The RSC plan would suspend the capital gains tax; privatize Fannie Mae and Freddie Mac, which Hensarling described as "financial Frankensteins created in a government laboratory"; and refocus the Federal Reserve on long-term price stability.
The RSC chairman said conservatives would also support setting strict limits on CEO compensation.
"While we certainly don't want Congress to set compensation limits in the free enterprise system, if the government ends up socializing some losses, it will have to socialize some profits as well," Hensarling said.
Rep. Joe Barton (R-Texas) said most people don't know what is in the Treasury plan and need more time review it, along with other alternatives. He said he would support offsetting the costs of any bailout bill by expanding offshore and Arctic drilling.
Rep. Mike Pence (R-Ind.) questioned why administration officials are pressuring Congress to pass the proposal without reviewing it.
"Act now? The last time I heard that was on a used-car lot," Pence said. "It usually means they're going to get the better end of the deal."
Democratic leaders called on the president to get Republicans in line with passing the administration’s rescue bill.
"I caution the president that we cannot pass this package without his party's support," Majority Whip James Clyburn (D-S.C.) said.
"If it's a crisis, as Secretary Paulson and [Fed] Chairman [Ben] Bernanke argue, and we all need to come together, then as leader of this nation, the president needs to take the lead and bring the country together behind his plan. He must make a case to Congressional Republicans and to the American people that his $700 billion rescue package is the right solution," Clyburn said.
Democratic Caucus Chairman Rahm Emanuel (Ill.) added, "An economy in crisis cannot be led by a silent president."
Now thats the ticket!!!!
Tell Bush to go Hug Paulson if he wants. America ain’t in the hugging mood, we are ready for some hangings.
Quadruple Woo HOO!!!!
Finally! Someone out there that’s making sense!
Let’s Roll!
LMAO at that one.
The current financial meltdown has caused the Fed to step in and take over certain aspects of the economy best left in private hands. There is a mantra being repeated which claims every household is now on the hook for tens of thousands new debt else the debt will be heaved upon our grandchildren to pay it. That is absurd since the debt is in the form of loans which will be resolved and the floundering assets sold once fiscally sound again. But fiscal fallacies are not the focus of this short essay.
There is a way to bring the Federal books into balance, if the Democrats in the House and Senate would allow it to go forward, honestly, with provisions to deter this point being reached ever again.
I live where cattle are raised. If I had a seam of coal on the property, but chose to not mine that coal and continue to just raise cattle, there is no harm done. However, if I run up a massive debt and still refuse to mine the coal but instead transfer the debt to my heirs by some means, I have erred, grossly.
The Russians were heavily in debt and their economy was stagnant. The sale of oil and gas brought the Russian books into the black. That financial strength is what has given Putin the room to become militarily adventurous.
America has vast natural resources which could be tapped for exploitation to sell to the world. The sale of these resources could net the Federal tax coffers vast revenues which could bring the debt to a close and bring our federal budget into the black, and still be done in a free market environment. But this means to solve the current crisis must have with it legislation which prevents this democrat-run ‘corporate/tax raiding’ ever again.
Yes, drill here, drill now, pay less. But let‘s not forget, drill here, drill now, collect the lease fees and tax revenues to pay off the debts, in this generation.
By making our nation fiscally sound again, we will have built for ourselves a reserve from which to deal with the obscene threat of Islamic terrorism and radical Islamic fundamentalism as funded by the oil drenched Saudis and their allies.
Energy independence is not just a dream, it is a vital cog in the machinery to fight radical Islam. By sustaining our vulnerability via preventing the drilling and exploitation of our natural resources now, the Democrat Party is aiding and abetting the enemies of this nation, in a stealth fashion. If enough people write about this aspect of the debt versus energy axis, perhaps the democrats will be rejected in November. We’ll see … but to take advantage of the current crisis and serve the American people will require brave, thoughtful, and energetic Republican action over the next forty days! We’re FreeRepublic, and as Lazamataz would say, ‘we‘re a force to be reckoned with!’ Let’s help the stumbling Republicans along.
Try ALL profits.
House conservatives
Can I get that list, please?
.
“Rep. Mike Pence (R-Ind.) questioned why administration officials are pressuring Congress to pass the proposal without reviewing it.
“Act now? The last time I heard that was on a used-car lot,” Pence said. “It usually means they’re going to get the better end of the deal.” “
LOL....Now thats my kind of guy :)
I like those fellas from texas. They have the guts to call a spade a apade.
I like those fellas from Texas. They have the guts to call a spade a spade.
When this economic ripple settles down I'm a gonna get a spelling checker.
I like it. This plan also has the added beneift of providing political cover for McCain to change his position on ANWR by stating that the country no longer has the luxury of putting a scrub area in nowhere Alaska over the financial security of the country.
While I agree that CEO compensation is way out of line in many cases, I still don't like Uncle Sam monkeying around with it. Where would it stop? It's a case of the camel getting his nose under the tent.
READ MY LIPS! NO BAILOUTS BY GOVERNMENT!
(And anyone who thinks the tax payer would get paid back takes the triple layered devils food cake for naivety!)
Great post and right on track!
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