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 ...
It’s not capitalism. It’s a soft tyranny. The gov’t is the problem. Not the market.
Hey, people decided the throw the RINOS out and let the dems have a go at things. Now that we are 20 months into the experiment how’s everyone liking things?
Yes, there is. Shareholders have been burned, and bad. They will be extremely leary of entering the same burning building twice.
and no one has suggested fixing that.
No one has suggested any future legislation lately. The one currently on the table (to pull us back from the abyss) is keeping legislators up 24/7 as it is.
I think everyone knows that one is soon to be addressed.
And I agree with what you say. Too many little guys are going to get creamed here for nothing they did wrong. There is a solution that doesn’t reward bad behavior, doesn’t screw the tax payer and allows commerce and every day life to continue. It still should never have gotten to this point but that horse left the barn a lonnnnnnng time ago.
Yes, and almost everyone agrees there will be one.
Question is, do you want to mitigate its effects or drive the economy down way deeper than it has to go?
You can shrug your shoulders and say, "Ah, we must surrender to the will of Allah" or you can say, "well, we will suffer, but let's take action so the suffering will not be as intense".
Let's avoid sounding like petulant children, shall we?
The perpetrators of the original problem, Congress, is the only entity allowed to impeach a president.
If this is their plan, how would you persuade them to impeach Bush for accepting it?
Rewind your life for several days. What just happened?
The 'Rats formulated a plan, and claimed (lied) that the Republicans were on board, then presented it to the President as a fait accompli then sprung the trap when the Republicans appeared to be the "spoilers" of their perfect plan.
This for the 'Rats, is business as usual.
The biggest surprise, for me, is that enough Republicans found the cojones to say, "Just a minute here..."
This crisis was caused by the Thuggery of Barney Frank and Chris Dodd. They and their Marxist/Anarchist allies: ACORN, LaRaza etc.You are wrong !
No, I disagree. All people were concerned about was making money. Buying and flipping houses, borrowing against their assets to finance their lifestyles, buying stuff they couldn’t afford, betting on risky financial instruments, ignoring common sense, etc..
Yeah, government played a role in getting us here but self-interest played a huge roll as well. I hope people learn the painful lessons from all this:
1) Don’t borrow what you cannot afford to pay back
2) Don’t assume the market is going to go up forever
3) Save cash and have access to capital for when you need it
Yeah right. ACORN/Dodd/Fwank/etc were not the ones buying the houses, they weren’t the ones packaging and selling the bad debt, they weren’t the ones taking shareholder assets or depositors money and betting them at the craps table.
Yes, plenty of people lived honestly, paid their bills and lived within their means but bubbles don’t happen simply due to bad government policies. It takes greedy people with no regard for the broader economy to have this happen as well.
No one forced anyone to take on a loan that they couldn’t pay back.
You're kidding, right?
The criminals are at the forefront of the process, in gigantic institutions with no effective oversight, or in places like Freddy Mac and Fannie Mae, where they have direct access to the cash cow.
The real victims, what you call 'the investors', the millions of individuals in retirement accounts twice or three times removed from the actual investment action, have neither the expertise nor the time to avoid being sucked in no matter how leery they are.
If you have a 401(k) or IRAs administered by someone else somewhere, do you receive reports the size of a phone book that you receive 3 or 4 time a year? Do you read them all? Do you have the capacity to understand them?
Didn't think so.
The modern equivalent of the musket.
The plan might have been out into bill form by the democraps but it was hatched by Bush, Pulson, and Bernakie, all three traitors!
There were Ninja loans ( No Income No Job No Assets) given to anyone who applied. This was done through rules of Fannie Mae and Freddie Mac with CRA No but every mortgage banker were forced to grant a loan to anyone who applied.
(community redeveloment act) from Jimmy Carter and Bill Clinton.
You're forgetting the institutional investors. Do you know how many large institutions lost billions with the failure of AIG and FNM/FRE?
In addition, your average joe has seen his/her IRA and 401k dip precipitously. Many have pulled back on their investing dollars. Not all are as stupid as you think.
This last one is quite iffy and, more often than not, a fatal trap if the "controllers" can manipulate inflation to cancel out the value of your savings.
That would be Congress, and their ability to "borrow" by manipulating spending.
No they didn't do it themselves, but they certainly 100% set up the conditions for the snakes to come out from under the rocks.
They put out a table holding unlimited taxpayer funds for good causes.
No, they did not put up a sign saying "Help Yourselves." But any idiot can see that that is exactly what the criminals did, and the legislation had zero effective safeguards or oversight to prevent it.
So yes, I can cay ACORN/Fwank/Dodd/etc are responsible.
They are still boldly denying any responsibility for the crisis.
In addition, your average joe has seen his/her IRA and 401k dip precipitously. Many have pulled back on their investing dollars. Not all are as stupid as you think.
You're kidding, right?
The average Joe knows that pulling back means foregoing the instant 15-30% return on their sheltered investment, which according to you, they would rather pay in taxes?
No matter how big the dip, it pales in comparison with the compound additional taxes on the horizon if the "progressives" win in November.
Remember, the 40% of "working Americans", as Hussein calls them, pay no income taxes at all, and most of them vote; many several times.
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!
It was more like a new tune. Instead of "tax and spend" it was "spend and spend".
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