Posted on 09/28/2008 12:27:06 PM PDT by Maelstorm
(The Politico) Rep. Eric Cantor (R-Va.) is still hedging his bets on whether House Republicans will back the bailout bill.
Cantor, who has led House conservatives in drafting alternative principles on the bailout, said he wasn't sure there was a deal since he hasn't seen a bill.
"We are not ready to say that a deal is done," Cantor said on CNN's Late Edition.
At this point, it sounds like House Republicans are still looking for a way to oppose the plan, even though House Minority Whip Roy Blunt (R-Mo.) was a key player in the final phases of the negotiation last night.
Cantor seems to be skeptical that a GOP-backed mortgage insurance program will be as strong as his party wants. The mortgage insurance idea is in the agreement, but the Treasury secretary would only have to use it as an option. Cantor repeatedly said this has to be a "mandatory insurance option."
House Financial Services Chairman Barney Frank (D-Mass.), also speaking on CNN, said he was "puzzled" by Cantor's hesitance in embracing the plan.
"The no. 2 guy in the House Republican hierarchy was in on the negotiations," Frank told Late Edition. "Mr. Blunt was in there. The program that Mr. Cantor talks about is in there as an option. It’s mandatory that he [the Treasury secretary] consider it, but that does not substitute for the main part of the program."
Tell Eric Thanks
(Excerpt) Read more at cbsnews.com ...
Join Eric at The Vice Presidential Debate Watch Party Starring Governor Sarah Palin on Thursday October 2nd,2008 at 7:30 PM
Marriott Richmond West 4240 Dominion Blvd. Glen Allen, VA 23060
To RSVP Please Call 804-358-6160 or email melissa@cantorforcongress.com
Individual tickets: $35 a person $50 a couple.
UnMandatory can easily be changed to mean “pay no mind” and go ahead and spend the money, Paulson said the same stuff when Bear Sterns was bailed out, and AIG has burned through 20 billion at last check, and when the Fannie bailout was first made Paulson said “we won’t need the money” then of course spent it.
Stick to your guns Rep Cantor, if I were in VA, 50 bucks a head to attend that VP Debate event would be a whopping bargain.
What's the difference? The Republicans stipulated that it was mandatory it be put in as an option.
So now it's in there as an option. What does Cantor want?
Cantor should promise to give his support ONLY if Frank and Dodd resign FIRST!
bttt
The people pushing this bill (as it currently is being presented), both Republicans and Democrats are lying to you. Read the language (as we have it so far) and you'll see this is for the purchase of "mortgage related assets" not mortgages. This is a bailout for European and other non-US investment banks and will remain so until the money is restricted to the purchase of ONLY US based mortgages.
This bill (in it's current form) is still a sham and the minor modifications we've achieved so far are nothing but throw-away items. This bill remains a travesty. There is time to impact more changes, but that time is quickly running out.
I believe the US markets can survive the apocalypse they claim is coming, but Europe's may not
A side-by-side comparison between the original and the one now being considered is available here from Roy Blunt's office and I'll just summarize the key missing points below (as I see them)
Why does this bill not drop the capital gains tax altogether (2 years is a start, but I'd like to be rid of it completely)
Why does this bill not dictate that this money be used ONLY for the purchase of mortgages, not "mortgage related securities"
Why does this bill not dictate that this money be used ONLY for the purchase of mortgages FROM US Institutions (no foreign investment banks)
And why has John McCain not grown the gonads to stand up and publicly describe in detail how we got here and how our "affordable housing" initiatives actually caused this and name names. I want to see Barney Franks, Chuck Schumer, Nancy Pelosi, Harry Reid and Barry Obama named specifically and the real information on how this happened made public.
Why is this money not restricted to buying actual mortgages?
Why is this money not restricted to assisting American companies?
Ask your representative and push them to answer!
Hat tip to Newt, to McCorter, Pence, Pat Roberts ...... who else is pushing back on this one? Kudos to them!
And in the meanwhile, where is the actual bill? I'd like to read it before the vote
Did I say “through”? I meant “threw”!
Cantor should promise to give his support ONLY if Frank and Dodd resign FIRST!
“House Republicans are still looking for a way to oppose the plan”
Typical media spin. All they have to do is vote “NO!” What do they have to gain by voting for this bill? Let the Dems take the blame - they are going to get all the credit for anything in the bill that works.
Go for it Nancy, the clock is ticking! The Asian markets are watching...
I agree.
If we sold them crap aren’t we responsible to keep them from going under.
Go for it Nancy, the clock is ticking! The Asian markets are watching...”
seriously. The repubs should not lose this game of chicken.It is the rats who seem desperate to pass this bailout.
The majority of those polled (ugh, that word again) dont want it.
Sit tight! Dont back down!!!!
Nope
Anyone who understands what "monetized debt" means knew full well what they were buying and knew this was like a game of musical chairs.
The music is paused and now they want it restarted before everyone takes the seats.
The actual text of the bill is out now and I'm off to read it. http://money.cnn.com/2008/09/28/news/pdf/index.htm
The Dems will NOT get the blame. GWB & John McCain have already seen to that, by refusing to name names and assign blame. They care to much for their friends across the ailse.
Therefor, this has already been branded as a Republican bail-out of the rich bankers. We’ll take all the blame because our leaders were not willing to point fingers.
The Dems are deep into their CYOA mode. Nazi and Harry don’t have the GUTS to call for a vote. If they were not looking for political cover they would call for a vote and let what will happen, happen.
I’ve emailed my rep (a dem) and both senators, but I’m sure all 3 will vote for it anyways.
BOHICA!
Holding this up dooms McCain.
The only way we win on the issue and we win with McCain is for him to come out blasting with all guns on the side of the House. He's already screwed the pooch in the debates on this.
He's running out of opportunities.
I'm off to study, no further comments until then
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