White House Won’t Support House GOP’s Alternative Financial Plan

CNS News ^

[Sub-Driver]

White House Won’t Support House GOP’s Alternative Financial Plan Wednesday, October 01, 2008 By Fred Lucas, Staff Writer

White House (CNSNews.com) - With Senate passage of a revised financial bailout in sight, the White House rejected considering a more free market alternative proposed by House Republicans.

The alternative plan, announced Tuesday by Rep. Jeb Hensarling (R-Texas), chairman of the Republican Study Committee (RSC), replaces the $700 billion bailout package aimed at easing the credit crisis with a plan to federally insure mortgages up to 100 percent.

The current plan, supported by President Bush, would allow the Treasury Department to purchase the troubled mortgages and mortgage-backed securities, which are at the heart of the ongoing credit crisis.

Nonetheless, insurance is part of the revised proposal being considered by the Senate Wednesday, White House spokesman Tony Fratto said.

"It is mandated in the bill that if the Treasury puts in place the asset purchase, it must also put in place a guarantee plan," Fratto told CNSNews.com after the White House press briefing Wednesday.

“I know the RSC wants only the insurance option and not the purchase option. We disagree with that and believe that the purchase program needs to be part of the solution here,” Fratto said.

In addition to federally insured mortgages, the Republican Study Committee plan also includes tax cuts for businesses to promote investment and the sale of unwanted assets. There also are provisions in the plan for greater accountability of Government Sponsored Enterprises, such as Fannie Mae and Freddie Mac.

[Defiant]

I'm looking forward to that date as well. It's part of my 2-part plan:

1. Elect McCain/Palin;

2. Send McCain to Waziristan to negotiate a peace deal.

[SoDak]

The thing that irritates me the most about Bush’s second term is that I’ve had to feel compelled to defend him. Thank goodness that’s at least ending soon.

[Iron Munro]

Of course he is opposed.

Treasury Secretary Paulson and his cronies will lose money if the idiots in congress don’t give him hundreds of billions to bail out the firms where they have their personal fortunes invested.

That is the main objective of this scam.

Paulson and Bernanke should be in prison.

George Bush should just resign and hang his head in shame for letting himself be used as their puppet.

Any Senator or Congressional Representative that votes yes on this give-away should be impeached as being too stupid to legislate.

Not one of these idiots in congress has had the sense to question any of the BS they have been fed by Paulson, Bernanke, and the President.

Not one has asked “Is there a conflict of interest?”
Not one has asked “In what firms does Paulson own stock?”
Not one has asked “How much does Paulson stand to lose if the bailout plan is not approved?”

[Texas Federalist]

The thing that irritates me the most about Bush’s second term is that I’ve had to feel compelled to defend him.

I've been in countless arguments with Bush detractors not to defend Bush, but to convince his detractors they hate him for the wrong reasons.

[MichiganConservative]

Not one has asked “Is there a conflict of interest?” Not one has asked “In what firms does Paulson own stock?” Not one has asked “How much does Paulson stand to lose if the bailout plan is not approved?”

You would think that these questions would be asked by a free press. I guess it doesn't pay to leave the free press to the stupidest creatures to sit through college.

[snowsislander]

I also think that the insurance proposal is very dubious, especially at a practical level.

Secretary Paulson and Fed chief Bernanke are experts in finance, unlike anyone in Congress, most of whom are lawyers.

If those two financial experts think that simply making a market in the troubled securities is superior to some sort of insurance scheme concocted by a bunch of lawyers, I myself would bet that Secretary Paulson and Fed chief Bernanke are far more likely to be correct.

[JrsyJack]

"Senate Majority Leader Harry Reid, D-Nev., pressed for passage, with the alarming news that one of the country's premier insurance companies was about to go bankrupt if the crisis was not quickly resolved.

"We don't have a lot of leeway on time," Reid told reporters in the Capitol. "One of the individuals in the caucus today talked about a major insurance company -- a major insurance company -- one with a name that everyone knows that's on the verge of going bankrupt. That's what this is all about."

He did not identify the insurance company, and later in the day Reid spokesman Jim Manley said the senator was speaking broadly and not referring to anything specific." http://abcnews.go.com/Politics/PersonalFinance/story?id=5926400&page=1

Huh? It doesn't get more specific, does it?

Has Dingy Harry completely lost his mind or he is so accustomed to lying that he thinks he will get away with using the AIG collapse to scare up support for this Bill?

[ImpBill]

Check the time of my post. Whatever he said it worked. Both my Republican Senators voted for the bill. I should say both my ex-Republican Senators voted aye.

I can't speak for anyone but myself but I will not cast "my" vote for anyone who voted for this bill.

I am really not in the mood to discuss it much further than that. Thanks for the reply.

[sickoflibs]

I started saying that in December 2006. His hanging on is what is going to lead to Obama/Pelosi/Reid empire next year. But now he cries end of the world unless the feds take over the home lending business, like he did Fall 2002 saying Iraq was ready to Nuke us if congress didnt vote immediately to let him attack Iraq, He is poison to conservatives, this bailout is poison. Why not have the feds buy General Motors stock now?? McCain didnt even give a speech last night on it.

I never thought I would say this, but Clinton was a better president than Bush.