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 ...
Before the Senate passed this bailout, the market was stable to rising. After they passed it, looks like the market is in freefall. Looks like they would learn!
Bush still has four months, a few more bailouts and he'll have spent more money than every Democrat President that ever served.
The media says what organized money wants told to the public. Organized money wants the Paulson bill because it does nothing to address the fraudulent trading practices used to bring down Fannie, Freddie, Lehman, AIG and all the others. The Paulson plan will allow all the fraud in the markets to continue, but will give him a slush fund to use along with the other dictatorial powers he has used against the targeted companies.
All should be pressing Republicans to join the “no” voting Dems to do the bill proposed Tuesday by Kaptur, DeFazio, Doggett and others. Yes, it’s may be hard to believe, but their bill is far more conservative than the Paulson plan and would actually address the scams occurring in the financial markets.
"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
I went with Phil Gramn
Well two can play that game.
Tried to e-mail my representative this morning and throughout the day—they’ve either “pulled the plug” on the website, or it’s crashed again from heavy traffic. Good thing or bad, you decide!
You can add the 1985 amnesty as the second mistake, a consequence we are living with today.
Besides shoddy leadership in Iraq, what else has Jorge Arbusto done for the country? I can’t think of much.
After 9/11 Bush stated that our reponse to terrorism would be dealt with by covert ops and surgical strikes similar to what Israel has been doing for 60 years. But he involved us in a massive war in Iraq and Afghanistan. Seems like we should have learned something from the Russians who were defeated in Afghanistan or maybe even from the French in Indo-China before we raced in there.
It matters not if Bush supports or not because Bush has become irrelevant!
I thank him for many things.
And no, I don’t support about 30% of his decisions.
That still leaves my support level at 70%.
I didn't realize that it went away. I guess it's a safe bet there won't be any Day in the Life of Obamessiah posted here though. LOL!
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