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 ...
That'd show them! They'd have to borrow more money and pay more interest.
If every single worker shorted this money immediately, even at $20 or 30 or 50 dollars, this will hurt them
That's funny. Kind of like the idea that if no one buys gasoline on Wednesday, we'll hurt the oil companies.
Shrug and walk away. Go enjoy your life to the best of your ability. Do as Ayne Rand suggested, withdraw your support. Don't strive to success just to feed their ravenous appetite for your blood and treasure.
Withdraw your sanction by withdrawing your effort.
I know to some this all sounds silly and fatalist, but what else can we do. Look around you, the people who are going to cancel out your vote aren't paying attention and dont really care.
There will be blood in the streets if this plan is accepted.
Making everyone's losses invisible through the usual trick of inflation will hurt every bit as much as a gigantic, obvious and visible tax hike.
Given a choice, the criminals will try to hide it every time.
If Bush signs it he should be not only impeached but tried for treason!
Yep. I read that book and it seems to be happening now in real life. I will buy a sailboat and join up with the Pirates.
I have banked at Compass since 1987. They are only in the south and southwest - and therefore a prime area for loans to illegals - Texas, New Mexico, Arizona, etc. Asked my branch manager Friday what kind of shape they are really in as far as real estate loans go and he said he was not “within the circle” of those with current knowledge. Some of my clients pay me with checks written on problem banks so I cash those the day I receive them. I think Wells Fargo is still okay. Bought a house 2 years ago. My loan was sold twice before ending up with Countrywide which is now Bank of America. Still haven’t recd anything from BofA yet but continue to receive letters and offers from Countrywide trying to get me to finance my fixed rate 6% loan and take my equity out. Not going to happen. Re the next state out... Seriously considered moving somewhere else but apparently so are a lot of other people which is driving real estate prices right out of the range of possibility in some other countries. I keep wondering what is going to happen to my grandchildren. God help us all. On my knees now more than ever.
This highlights the HUGE opportunity that McCain missed in the debate last night:
When Hussein smugly and sarcastically mentioned the unbridled spending of the Bush 8 years, the obvious retort should have been:
Senator, even the most radical of liberals must be aware that the ultimate power to spend (or not to spend) is entirely the Congress'; Read the freaking Constitution!
Sure you can demagogue blaming the president, but we all know better!
“White House and the Treasury have everyone convinced there will be blood in the streets if this plan isn’t accepted”
Bring it on!!!
The FREE market will find the right level.
I hope wells fargo is ok too. They put in my check on auto deposit. If these banks go broke I am telling them I want cash instead of a check.
Amen brother.
No one is talking about this.
The greed and abuse resulting in the crisis was made possible by the artificial growth in home prices by the assessors and the real estate complex. One one of the basic necessities of life, shelter.
I am hoping that, if nothing else good results from the debacle, it's that home prices plummet to the historical levels, in terms of years worked by the average worker.
In real dollars, this number has increased unconscionably over the last 50 years.
Why?
Related to that, it is profoundly hoped that any "bailout" is limited to one home per family. "Flippers and "investors" need not apply. They are a principal part of the problem, and enabled the naked criminals.
The same as out of touch bureaucrats have been shown to be capable of for centuries.
Pragmatism dictates that we strive for as free a market as possible, but Heaven does not exist on Earth.
Sure you can. There are ways around the obstacles, just ask the recent president who instituted the highest tax increase in history, Bill Clinton in 1993; retroactively.
Massive tax increase is the direct approach.
Just printing money and taxing us through massive inflation is the alternative, and the 'Rat option of choice.
Expect that solution, and hold on to your wallet and your retirement funds.
Bring it on!!!
Thats exactly the way I feel about it. If there truly is "blood in the streets" and the economy goes into recession then I think I will be able to fare a whole lot better than rich bureaucrats and welfare queeens. I can eat generic corn flakes for breakfast, but I wonder if the rich bureaucrats will be able to live without their 8-martini breakfasts.
Hastert and co. are gone. You’re barking up the wrong tree.
The trouble with delusional theories is that they always fail.
You neglected the possible alternative: since criminals have too many rights, there is literally nothing for the fake mortgages scam to occur all over again.
Specially if Bawney Fwank and henchmen insist that making unsecure bad mortgage loans is a necessity, and eliminating that possibility is "mean-spirited."
Remember, that the making of bad and unsecured loans was a federal requirement by law, failure to comply punishable by fines and jail time, and no one has suggested fixing that.
“Bush and the Democrats (and their RINO cousins) are in the sack together preparing to rape the American taxpayer.”
It’s time for the House repubs and McPalin to play hardball! Put this entire mess, the bailout, the Acorn money, the banking of millions, on the dhims.
If in fact Mcpalin wants to “shake things up” START NOW!!
Name names, expose the Acorn feeders, put the burden wholly on the dems if they dare pass this diastrous piece of sh-...legislation.
A recession is NORMAL. All the Central Planning by the idiots in DC won’t stop one. FEAR MONGERING isn’t going to work. The peasants with pitchforks are speaking.
Unprincipled capitalism caused this mess. I hate the idea of government involvement but damn, how many times are greed and immaturity going to push this country to the brink?
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