Posted on 09/26/2008 11:59:42 AM PDT by dlt
President Bush and Republican presidential hopeful Sen. John McCain pleaded with GOP members of the House to end their party rebellion and quickly approve a Wall Street bailout plan.
(Excerpt) Read more at abcnews.go.com ...
http://www.freerepublic.com/focus/f-news/2090874/posts
U.S. Sen. John McCain, R-Ariz., may be throwing a monkey wrench into efforts to pass a $700 billion bank bailout, instead favoring alternative plans that looks to free up capital and credit markets via tax and regulatory relief while allowing financial institutions to temporarily skip dividend payments to shareholders.
Republican and Democratic officials in Washington said McCain was offering alternatives Thursday to the $700 billion plan backed by the Bush administration, Federal Reserve chairman Ben Bernanke and U.S. Treasury Secretary Henry Paulson.
That plan has the federal government acquiring bad mortgage assets from struggling banks with the goal of keeping them afloat and allowing more credit to flow.
McCain appears to be siding with conservatives and House Republicans who question the bailout and its costs to taxpayers as well as government rescuing private lenders and perhaps taking ownership stakes in rescued banks.
The alternative plan allocates less public money and relies more on tax breaks, lifting regulatory barriers and using less bailout-oriented mechanisms to free up capital and credit. It also seeks to create a privately funded mechanism to ensure mortgages and mortgage-backed securities.
One Republican official said McCain is standing up for taxpayers as he, President Bush, congressional leaders and presidential foe Sen. Barack Obama try to hash out a deal. A deal was close to being finalized Thursday but House Republicans and McCain are looking to get alternatives considered.
Bernanke and Paulson have warned that without action the flow of credit could totally freeze, more banks could fail and the rough economy sink into a recession.
A Democratic official said Thursday McCain and U.S. House Minority Leader John Boehner are the major barriers to passage of the bailout.
Public opinion polls show voters upset with the bailout plan and its relief to Wall Street bank and investment houses.
Some economists and business groups support the bailout, echoing worries that if something is not done the economy and financial markets could collapse.
Democrats had wanted to put stipulations on the Paulson bailout plan including limits on CEO pay.
McCain’s campaign and U.S. Senate office did not respond to requests for comment.
Obviously, ABC is LYING, trying to spoil support for McCain, and HIDE Obama's attempt to feed Acorn and other contributors to his Campaign.
Headline is a lie changed by original poster.
Perhaps you’ve seen that the headline at the link is different from the one that dlt posted.
Did ABC News change the headline after this was posted, or did dlt post his own version of the headline?
“McLame is back!”
He was never away!
Don’t believe a dam thing your hearing or reading from the g-d damn good for nothing lying ass main freaking news so called media and the DemonRats. They have been working overtime to prop up Odumbo and tear down McCain in any and every way possible especially since McCain acted presidential by suspending his campaign to go back to work in Washington.
Excuse me but I need a valium and a beer to wash it down. GD RATS and MSM has me fired up today.
Yeah...unfortunately, many Conservatives have learned to basically distrust McCain.
Maybe this “instantaneous freaking syndrome” is just reflective of that distrust?
Dashing, you will have a hard time getting thru to the rank and file here.
dlt for some reason changed the Headline of the article. Click on the link. Nothing in the article even supports the headline change.
President Bush Pushes Bailout Plan; House Republicans Resist
ABC didn’t change anything...
More Lies from ABDNC. Who to believe, Dirtbag & Schmuckie or PravdABCbs??
Pray for W, McCuda and Our Troops
People who want to go off on Sen. McCain should wait for a statement from him. Part of this appears to be from the meeting with President Bush (I wonder where that came from) and the second source is an alleged quote “We need a deal. We need a deal. We need a deal,” he said according to a senior House leadership aide”.
We need to be a little more sceptical of information that is not attributed to an identifiable person. The Democrats and the press are known liars. We will know soon enough.
I’m not hysterical. Puhleeze........
Especially the McCain bashers who WANT this ABC trash to be true. Everything I've read from early this morning tells me this is MSM trying desperately to strip glory away from McCain.
They KNOW damned well that Obama blundered horribly, so badly that he just lost the election. McCain did what 74% of Americans wanted to see, NO BLANK CHECK bail out. Obama and his rotten crook bunch trying desperately to push it and all the pork nobody knew about down taxpayers throats.
Like 99% of the stuff posted on FR, I don’t know if it’s true or not, but IF it is (and it would certainly not surprise me since we are talking about McCain here) then yes, he should quit and not embarrass himself by losing very badly on election day.
What are you up to, dlt?
Why did you post this article with your own made-up, inflammatory headline? You knew it would yank a few chains around here.
Well then I've been misled... I was under the impression it was George Bush, leader of the GOP, & his treasury secretary attempting to push this socialistic piece of crap down the House republicans throats.
I didn’t mean you. How could you think that I did? I was agreeing with you. There are a couple of Freepers that seem to be going off the deep end.
The ACORN stuff is out.
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