GOP Members Forging Alternative Bailout Plan!!!

cnbc ^

[maccaca]

A group of House Republicans is cobbling together a proposal to stabilize financial markets that can serve as an alternative to the plan proposed by Treasury Secretary Henry Paulson, legislative sources have told CNBC.

The failure of Monday's vote on the $700 billion bailout package—which these Republicans doubt is likely to cause an economic "doomsday" scenario—emboldened the group to press forward with its own plan, sources said.

The group pressing the alternative plan is doing so for largely ideological reasons: They're opposed to the federal government taking a large role in financial markets, sources say.

Components of the alternative plan including the following, according to sources:

Require the Treasury Department to guarantee, at up to 100 percent, bank losses resulting from failed mortgage-backed securities originated prior to the plan's enactment. Such insurance, supporters say, would provide immediate value to the securities and a foundation for which they could then be sold. The Treasury Department would finance that insurance by assessing a premium on outstanding mortgage-backed securities.

Allow companies to carry back losses arising in tax years ending in 2007, 2008, or 2009 back five years, generating a tax refund and immediate capital

Allow a "repatriation window" for profits earned by U.S. firms overseas. Such repatriation amounts would not be taxed if invested in distressed debt (as defined by Treasury) for at least one year.

Allow banks to treat losses on shares of preferred stock in Fannie Mae and Freddie Mac as ordinary losses, not as capital losses

Suspend the capital gains tax rate for two years

Limit backing of high-risk loans by Fannie Mae and Freddie Mac

Schedule Fannie and Freddie for privatization

Suspend "mark-to-market" accounting until the SEC can issue new guidelines that will allow firms to mark these assets to their true economic value

Stabilize the dollar by repealing the Humphrey-Hawkins Full Employment Act, which alternative bailout supporters say diverts the Federal Reserve's attention from long-term price stability to short-term economic growth

...

[Reagan Man]

>>>>>This sounds very close to the plan the House GOP members were trying to get people to consider before putting up the bill that failed yesterday.

HR 7223... LINK

[KTM rider]

I believe the solution is simple

the credit crisis is just a symptom of a disease

The solution is to stimulate the manufacture of goods and impose mega tariffs on foriegn goods .

I was looking at a june 08 issue of Forbes magazine and there was a list of dozens of rich people with assets in excess of 1.5 billion (some 15-25 Billion).

To these mega rich and to foreign countries is where most of the money is locked up.

All the people of the USA are up to their eyeballs in credit debt, like a huge ball and chain, with nothing left free to buy goods and services with

[Paperdoll]

SUSPEND THE CAPITAL GAINS TAX PERMANENTLY.

[Archon of the East]

if this plan is gonna have a snowball’s chance in Al Gore’s futureworld

LOL

[aculeus]

GOP has won and McCain can take his victory lap.

I hope you're right.

Basing it on inside info?

[gidget7]

It is, however, these people, the lot of them on the left, are attempting, have planned, a coup de ta of sorts. And it MUST be exposed and defeated. This was all engineered using panic and fear to get the R's to vote for it, then lay the blame on them and put a Marxist in the White House. These tactics have been used in other countries, successfully! NOT HERE!!

Check out what the O's cousin tried in Africa.

[gidget7]

Gingrich is on O Rielly exposing Bawney and Dodd, as well as Acorn and Obama! YES

[6SJ7]

Isn’t this the real “danger” for the doomsayers and the Dems? That too much time will pass without a “bailout” bill being passed - without the sky falling - that the rest of us might decide that its not really needed? That’s why the need for speed in this whole thing is so dire.

Congress hates to have something occurring in the real world that they don't control (and don't need to control). They need to break out their Obama tire gauges and check their egos; they're likely overinflated.

[gidget7]

Gingrich is talking about all in your post. See if you can view it at ORielly factor. He is saying the same thing.

[LibertyRocks]

Thank you!

[aculeus]

Ignore my 125. I was asking about the GOP alternative not the compromise.

[mwl8787]

It’s McCain’s bill plus additional enhancements from the GOP House plus additional capitulation from Reid today.

So yes, MCCain can take a victory lap.

[GOP Poet]

bookmark

[Lorianne]

Is this constitutional? I thought the House had to vote first on financial matters.

[mwl8787]

They did. The Senate is taking up the House bill with unanimous consent amendments.

[Paperdoll]

I am for no bailout. Let the free market work. We’ve seen this coming for years now, and if we have not positioned ourselves to ride it out, than that’s our own fault.

But no capital gains tax, lowering taxes altogether, cutting government spending, getting rid of superfluous Federal agencies would certainly help the deficit as well as the economy.

People must become frugal - not live beyond their means; get out of credit card debt, and invest in a savings account.

We might have to lose a little weight, do without that third car, but we will come out stronger and in better shape than we were before this happened.

[Miss Didi]

Thank you for your most informative post. I had no idea it already went to the Senate...where the heck have I been? Why would McCain vote on such a pork-filled bill tomorrow?

[WOSG]

Who is proposing this alternative plan in the House?

Sponsor:
Rep. Jeb Hensarling [R-TX]hide cosponsors
Cosponsors [as of 2008-09-30]
Rep. Robert Aderholt [R-AL]
Rep. Todd Akin [R-MO]
Rep. Michele Bachmann [R-MN]
Rep. James Barrett [R-SC]
Rep. Roscoe Bartlett [R-MD]
Rep. Rob Bishop [R-UT]
Rep. Marsha Blackburn [R-TN]
Rep. Kevin Brady [R-TX]
Rep. Paul Broun [R-GA]
Rep. Dan Burton [R-IN]
Rep. John Carter [R-TX]
Rep. Michael Conaway [R-TX]
Rep. John Culberson [R-TX]
Rep. David Davis [R-TN]
Rep. Nathan Deal [R-GA]
Rep. John Doolittle [R-CA]
Rep. Tom Feeney [R-FL]
Rep. Jeff Flake [R-AZ]
Rep. Virginia Foxx [R-NC]
Rep. Trent Franks [R-AZ]
Rep. Scott Garrett [R-NJ]
Rep. John Gingrey [R-GA]
Rep. Louis Gohmert [R-TX]
Rep. Robert Goodlatte [R-VA]
Rep. Samuel Johnson [R-TX]
Rep. Jim Jordan [R-OH]
Rep. Jack Kingston [R-GA]
Rep. John Kuhl [R-NY]
Rep. Doug Lamborn [R-CO]
Rep. John Linder [R-GA]
Rep. Donald Manzullo [R-IL]
Rep. Kenny Marchant [R-TX]
Rep. Michael McCaul [R-TX]
Rep. Thaddeus McCotter [R-MI]
Rep. Patrick Mchenry [R-NC]
Rep. Marilyn Musgrave [R-CO]
Rep. Sue Myrick [R-NC]
Rep. Steven Pearce [R-NM]
Rep. Mike Pence [R-IN]
Rep. Joseph Pitts [R-PA]
Rep. Tom Price [R-GA]
Rep. George Radanovich [R-CA]
Rep. Dennis Rehberg [R-MT]
Rep. Steve Scalise [R-LA]
Rep. Jean Schmidt [R-OH]
Rep. Peter Sessions [R-TX]
Rep. John Sullivan [R-OK]
Rep. William Thornberry [R-TX]
Rep. Lynn Westmoreland [R-GA]
Rep. Addison Wilson [R-SC]

---

CALL YOUR SENATOR AND CONGRESS-CRITTER AND TELL THEM TO SUPPORT THE HENSARLING ALTERNATIVE AND *BEG* THEM TO GET THESE ITEMS VOTED ON / CONSIDERED IN THE SENATE.
We should hit up conservatives like Coburn, DeMint, Cornyn, Kyl and Shelby and others to support this.

WE NEED A UNITED FRONT OR OBAMA WINS THE WHITE HOUSE.

[gidget7]

Jim, YOU should be in WA, people like you could make some heads roll!

[mojo114]

Thank you so much. Do you think we will get availability of the Senate Bill before the vote? I know they are suppose to put it online but what is your sense.