Posted on 10/02/2008 10:44:37 AM PDT by Publius804
Bush Won’t Support House Conservatives' 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.
(Excerpt) Read more at cnsnews.com ...
Bushonomics: Privatize Gains, Socialize Losses
Of course he won’t. It’s conservative............
The House Republicans should all vote “present”......................
Well, looks like he has been bought by Paulson and Wall Street too. I wish to hell I had never heard of Dubya and he had continued going broke in the “awl bidness”.
Stick in a quarter billion for every Goldman Sachs partner and he woulda signed on in an eyeblink. Probably cheaper in the long run than what we’re going to get.
There’s simply no way of telling what Bush’s legacy might be. Could be 20 years of Democrat presidents and Congress.
If there's anyone here who still defends this venal oligarch, I would only ask, why?
He and the Republican party had a chance to change things in a massive way after the 04 elections. Now we end with this.
"Bush Goes Against His Party!" scream the headlines...for the millionth time.
It'd be funny if it weren't so nauseating.
It must not be as much of a crisis as first proposed then...
When the Democrat controlled house could have passed the first Paulsen grab and didn’t, tells you something.
What a disappointment Bush has been for me. He has done some good things, but more things not.
Check out my tagline...
I think Bush is in the tank with international socialists on this one.
Come Janury 2009 his presidency is going to go where it belongs, on the ash heap of history. From pro-abortion wives to questionable policy decisions both Bushes have been bad for the Republican party.
Well Bush told everybody what he was like in the 2000 primaries
Too bad so many GOP voted for the name
Compassionate Conservatism comes home
To quote Jesse Jackson - “Stay out the Bushes” - let’s remember that from now on shall we.
The way Bush has governed I think even HE thinks he stole the election in 2000
Plus his father was a weak kneed liberal republican who didn’t deserve to be on the ticket with President Ronald Reagan. That families name should be mud in conservative circles. Jeb better just stay on the beach in Florida, because that last name is an albatross around his neck.
Could be....
I have supported Bush on many things but on this he’s a jackass.
I wish we would of had Kerry. Then we could blame it all on him and get a real conservative.
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