Posted on 09/24/2008 6:56:09 PM PDT by reaganaut1
Many conservatives, including me, don't think a bailout is needed, but McCain has staked his campaign on the necessity of one. What do you think his rescue package (sounds better than "bailout") should contain, and what had better be kept out?
They shouldn’t allow another bailout for foreclosure deadbeats. That should be taken off the table.
Eliminating capital gaines would be a good item to add. Encourage investment instead of looking at it as a revenue stream for a rapacious federal government.
For starters, the complete elimination of that Community Reinvestment Act, or whatever it is called. That is non-negotiable.
PS. This is a bailout, not “rescue plan.”
gaines = gains
Here is the McCain Plan — it was on here but not available right now so this comes from the Washington Post site:
From: http://voices.washingtonpost.com/the-trail/2008/09/23/mccain_lays_out_bailout_princi.html
America today faces an historic national crisis. The global economy is directly threatened by the potential collapse of our financial system. Two years ago, I warned the American people about the lack of oversight, transparency, backroom dealings and financial recklessness at Freddie Mac and Fannie Mae. Those warnings went unheeded, and more than anything directly contributed to the subprime mortgage crisis which has created the perfect economic storm.
Further inaction is simply not an option. We must pass legislation to address this crisis. If we do not, credit will dry up, with devastating consequences for our economy. People will no longer be able to buy homes and their life savings will be at stake. Businesses will not have enough money to pay their employees. But let us be perfectly clear: a great burden is upon the American people. Seven hundred billion dollars is a staggering and unprecedented figure, and it is important that I speak plainly to the American people about the dimensions of this proposal. In essence, what this plan requires is a ten thousand dollar contribution per household. Seven hundred billion dollars, for example, could rebuild the crumbling infrastructure in every town, county, and state in this country. Because what is being asked of the American people is unprecedented, great care must be taken to ensure their protection.
With the taxpayer in mind, I am seeking 5 basic improvements to this legislation:
First, there must be greater accountability included in the bill. I have suggested a bipartisan board to provide oversight for the rescue. We will not solve a problem caused by poor oversight with a plan that has no oversight. Never before in the history of our nation has so much power and money been concentrated in the hands of one person, and there must be protections and oversight in place.
Second, as a part of that oversight, there must be a path for taxpayers to recover the money that is put into this fund. One trillion dollars is an unprecedented sum. We are talking about ten thousand dollars per household, and that money cannot simply go into a black hole of bad debt with no means of recovering any of the funds.
Third, there must be complete transparency in the review of this legislation and in the implementation of any legislation. This cannot be cobbled together behind closed doors. The American people have the right to know which businesses will be helped, what that selection will be based on and how much that help will cost. All the details should all be made available online and elsewhere for open public scrutiny.
Fourth, no Wall Street executives should profit from taxpayer dollars. It is wrong to ask teachers and farmers and small business owners to fill the gas tanks of the helicopters of Wall Street tycoons. The senior leaders of any firm that is bailed out should not be making more than the highest paid government official.
Fifth and finally, it is completely unacceptable for any kind of earmarks to be included in this bill. It would be outrageous for legislators and lobbyists to pack this rescue plan with taxpayer money for favored companies. This simply cannot happen.
Let me restate that inaction is not an option. The American people are watching. History will be our judge, and it will judge us harshly if we do not put our country first in this crisis.
I think your problem rests in your belief that this is a bailout and hence and “expense.” I don’t know what your accounting or economic background is, but this is essentially an investment in financial assets that will appreciate or be paid off over time in a vast majority of the cases fully covering the deep discount the US is getting in the acquisition. This is all caused by some esoteric banking regulations requiring them to mark their portfolio to market even with fully preforming loans. Don’t be so quick to jump with the herd on this because it sounds like an unconservative matter. Maybe this funding will crowd out the Obama spending plan and the who matter will become a “windfall.”
that’s for the future...doesn’t solve the immediate problem
My bailout package includes: cinder blocks, rope, and a really deep retention pond.
Something the President said tonight, I’d like clarified. He said no bonuses for CEOs, etc. from taxpayer dollars. I know some of the firms have bonus funds that wouldn’t technically be “taxpayer” dollars. I’d rather just have them say NO BONUSES, period! This evidently is a sticking point and the language “to get the instutitions onboard” has been used by Paulson as a reason not to cut off the bonuese...I’d still like all that nailed down tight, so I was sure somebody wasn’t being rewarded for the mess they’ve gotten us into.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Do you work at the Dept of Treasury? You could be their PR person.
Thanks for laugh! :)
That makes a lot of sense.
cut capital gains and income taxes.
nothing more.
The federal govt. should be guaranteed to RECEIVE 50% of the profits (unless an emergency exception) from these private companies....
But at the same time the govt. should be 100% protected from responsibility for any losses or lawsuits.
These private companies should also be forced to pay off govt. loans or credits first and foremost, BEFORE paying off any past creditors or BEFORE launching any expansion.
i liked the idea that i heard rush mention this morning of
a u.s. congressman who wants to lift corporate taxes for 2 years,
the result being that the booming economy would eliminate much of this.
They should take the bonuses of the failed CEOs, their severence packages, and the expensive clothes off their backs and make that the first down payment on the debt.
I found this at Red State on McCain campaign comments about Reid:
Here’s the response from the McCain campaign, by the way:
“Yesterday, Harry Reid said that consensus couldn’t be achieved without John McCain’s leadership. John stepped up and is providing that leadership. Now Senator Reid seems to have changed his mind for reasons we’ll let him explain. But what he should understand is that this isn’t about Harry Reid or John McCain or Barack Obama. It’s about the American people and, in the words of Warren Buffet, the financial Pearl Harbor they’re facing. John’s committed to doing his part to help avert that calamity. We hope Senator Reid is too.”
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