Posted on 09/27/2008 8:42:05 AM PDT by mathprof
The seeds of the House Republican revolt over the financial industry bailout were sown in an e-mail message circulated Monday night as internal animosity built quickly over the Bush administration’s request for $700 billion to prevent an economic collapse.
In a message to members of the conservative Republican Study Committee, leaders of the bloc of more than 100 lawmakers solicited ideas, calling for a “free-market alternative to the Treasury Department’s proposal so that, regardless of how individual R.S.C. members vote on final passage, House conservatives have something to be for.”
As the week progressed, it became abundantly clear that one thing conservative Republicans were most certainly not for was the Treasury plan, prompting them to begin searching for an alternative to avoid the perception of strictly being naysayers.
By the end of Friday, at least a portion of their alternative seemed likely to be included in the broader proposal as a sweetener for Republicans, although closed-door negotiations continued into the evening on Friday, and the contours of the final package remained in limbo.
After years of acceding to the White House on a variety of initiatives despite deep misgivings, House Republicans found the administration’s latest proposal to be too much to swallow.
[snip]
They also complain that Treasury Secretary Henry M. Paulson Jr. has been too quick to bargain mainly with Democrats, led by the House Speaker, Nancy Pelosi of California, and Representative Barney Frank of Massachusetts, not only on this plan but on the stimulus proposal earlier this year, a subsequent housing bill and other economic measures.
[snip]
For example, in advance of the president’s speech Wednesday, Representative Thaddeus McCotter of Michigan, a member of the Republican leadership, sent out this statement expressing his pique: “Who’s giving the Republican response?”
(Excerpt) Read more at nytimes.com ...
I think the whole key to this bailout scam is to force the DemocRATS to pass this fiasco without one Republican vote. They’ve got all the votes they need to do it. The Republicans need to stand their ground and make the ‘RATS force this scam down the throats of the American people themselves. They are going to take all the credit anyway and the “national media” is going to give it to them and then portray Obama as leading the way! If the Republicans stand fast, they won’t regret it later on.
Income= 1773 tea but I am not throwing the little dough I have in the bay.
“Al-Qaeda’s unexpected opportunity
Beyond this geographic expansion of jihad, al-Qaeda’s own achievements have been substantial. Bin Laden has long described a three-fold strategy for driving the United States out of the Muslim world: (1) contribute to the forces creating domestic political disunity in America; (2) act and encourage other Islamists to act in a way that spreads US military and intelligence forces to the point where they lack reserves and flexibility; and (3) bleed America to bankruptcy.”
Bleed America to bankruptcy=Soros and Obama’s mission.
http://www.atimes.com/atimes/Middle_East/JI27Ak03.html
Don,t worry they are just being finnicky. They will take the bait.
Because of last Thursday.
For the first time, there was a run on the banks to cash in CD's.
This would have immediately stopped car loans, credit card interest rates (on existing cards) would have gone up, unemployment would have gone up, small businesses wouldn't have met their payroll and would have failed.
Paulson pumped money in to stop the bank run, but it will happen again and he won't be able to stop it until something big is done. Last Thurday scared everyone and that's why the stock market took a huge dive that day until they announced the plan.
Somehow, I think Bush is trying his best to help give McCain some more daylight between them. I believe he knew the Republicans were going to balk at this bailout. Right now, Obama looks like he is closer to Bush on this bailout plan.
And dry up funds for the war on terror?
All terrorists would cheer at that plan.
Republicans don't have the votes. They can't kill it.
For most of the last 40+ years, the Congress has thrown money at problems and in the process they've solved not one. Now they want Americans to believe that throwing $700 billion at this credit problem is the answer.
This time taxpayers see this for what it is. An act of major fiscal irresponsibility. The Fed bailed out Bear Stearns, Fannie Mae and Freedie Mac and saved AIG from going under. I guess $400 billion isn't enough for the WallSt robber barons.
Granted, that would have a real impact, but it's messy, and most "taxpayers" are overextended and won't face the grief.
Another alternative is simpler, just as painful, but doable: take a leave of absence from work; Wholesale. Make it two weeks.
60% of "workers" don't pay any income taxes "at all. So it's up to the other 40% of us.
Yes, it requires planning and sacrifices, but the government can jail us for not paying taxes. They can't jail us for not working.
Just think about it. One month of "not working" reduces their "income" by 8.3%. Significant.
As long as we're on this subject, Congress should eliminate "earmarks" and "riders."
The Republicans should insist on this as not negotiable. Ditto Congresscritters setting their own salaries and benefits. If ever there was the perfect "legal robbery..."
Nothing screams abuse as loudly as those little devices to screw the American taxpayer.
You misunderstand.
When the Gov't removes toxic debt from bank books, it frees up banks to issue mortgages again. The reason house prices are falling is that banks are issuing mortgages at a snail's pace right now.
Once banks begin lending again house prices will stabilize and slowly inch up. Then the Gov't can again sell these toxic mortgages back into the market and we can get BACK a good portion of the $700 billion.
You can download any government form from the internet.
Good. I am giong to do it..I just heard they are selling my bank to Wells Fargo. Wonder when the next stage out of Dodge leaves.?
Also a lot of common sense things from Ted Nugent and others whose names I am not familiar enough with to name. I guess this can be seen on Fox homepage.It is well worth watcing.
vaudine
Housing prices need to fall back to earth.
The bubble needs to pop.
LOL. Humor is based on truth.
...or GOP shouldn't sign onto the bill.
Here you go. An online, 2008 W-4 withholding form in Adobe that you can fill-in online, then print and give to your employer.
2008 W-4
NOTE: It's in adobe .pdf so if that locks up your computer be careful with other open applications running on your p.c.
Question is how deflated do you want it to become...that is, how high do you want unemployment to rise. 10-15% percent or more?
The only bright spot in this mess is that many are repeating the obvious: Yes, we have a problem; but it's more important to get the fix "right" rather than fast.
Otherwise, equally obviously, we can have a repeat of the original mess real soon. Only worse.
Think about it.
Transparency and accountability will be formulated by a bunch of crooks who have no clue about their own personal "transparency" and "responsibily?"
Yeah, that makes total sense...
TX ineeded a raise.
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