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GOP Members Forging Alternative Bailout Plan!!!
cnbc ^

Posted on 09/30/2008 6:53:14 PM PDT by 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

...


TOPICS: Breaking News; News/Current Events
KEYWORDS: 110th; bailout; boehner; gop; pence; reid
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To: longtermmemmory; Perdogg

http://www.freerepublic.com/focus/f-news/2094322/posts

duh, forgot the link


181 posted on 10/01/2008 12:22:16 AM PDT by word_warrior_bob (You can now see my amazing doggie and new puppy on my homepage!! Come say hello to Jake & Sonny)
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To: maccaca

I like the Republican House version of this Bill.

The Original Bill is scary. It is so flawed in so many ways that I can’t even begin to speak about it. The one thing that is most frightening is the provision to allow foreign banks to use their subsidiaries, here in the states, to launder their overseas toxic waste through to the Treasury.

I think it was irresponsible of Pres. Bush and Paulson to go around talking about market meltdowns and the end of the financial world scenarios in order to scare everyone into accepting such horrible legislation.

We are in deep debt and a lot of foreigners “own” that debt. And, they could start unloading our treasury notes. I certainly hope our President and Sec. treasury aren’t being unduly pressured by foreigners to stab their own people in the back.

For those of you so inclined...I think we need to say a prayer for our leaders and our country.


182 posted on 10/01/2008 12:28:23 AM PDT by BlessingsofLiberty
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To: word_warrior_bob

obviously you have not gone back far enough.

nice try, please accept some rice a roni as a parting gift and a home version of the FR game.


183 posted on 10/01/2008 12:53:54 AM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: farlander

Thanks...finance is not my forte.


184 posted on 10/01/2008 3:30:43 AM PDT by Miss Didi ("Good heavens, woman, this is a war not a garden party!" Dr. Meade, Gone with the Wind)
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To: berdie; All

Dave Ramsey just told the Friends that if Mac votes for the Senate bill, he’s lost the election.


185 posted on 10/01/2008 3:45:43 AM PDT by Miss Didi ("Good heavens, woman, this is a war not a garden party!" Dr. Meade, Gone with the Wind)
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To: Lady Heron
>>Limit backing of high-risk loans by Fannie Mae and Freddie Mac

It is about time! It is ridiculous to even think about a plan that does not address the cause of the problem in the first place.

Shouldn't this be the cornerstone of ANY plan that is put forward....??

Yet Barney Frank doesn't like this particular idea, even now.

186 posted on 10/01/2008 3:49:43 AM PDT by Cyropaedia ("Virtue cannot separate itself from reality without becoming a principal of evil...".)
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To: Scotswife

>>>It looks like europe isn’t appreciative of the delay.

europe? what’s that? some new kind of foreign car?


187 posted on 10/01/2008 3:53:46 AM PDT by seanrobins (blog.seanrobins.com)
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To: Cyropaedia

>>>Limit backing of high-risk loans by Fannie Mae and Freddie Mac
>>>It is about time! It is ridiculous to even think about a plan that does not address the cause of the problem in the first place.

>>>Shouldn’t this be the cornerstone of ANY plan that is put forward....??

>>>Yet Barney Frank doesn’t like this particular idea, even now.

Yeah! And we shouldn’t be surprised, given this: Watch...

>>Limit backing of high-risk loans by Fannie Mae and Freddie Mac
It is about time! It is ridiculous to even think about a plan that does not address the cause of the problem in the first place.

Shouldn’t this be the cornerstone of ANY plan that is put forward....??

Yet Barney Frank doesn’t like this particular idea, even now.

>>Limit backing of high-risk loans by Fannie Mae and Freddie Mac
It is about time! It is ridiculous to even think about a plan that does not address the cause of the problem in the first place.

Shouldn’t this be the cornerstone of ANY plan that is put forward....??

Yet Barney Frank doesn’t like this particular idea, even now.

http://www.youtube.com/watch?v=Yga7TlsA-1A


188 posted on 10/01/2008 3:56:07 AM PDT by seanrobins (blog.seanrobins.com)
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To: seanrobins

The RNC needs to make commercials out of that footage, ASAP.


189 posted on 10/01/2008 4:25:54 AM PDT by Cyropaedia ("Virtue cannot separate itself from reality without becoming a principal of evil...".)
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To: Jim Robinson
I’m all for prosecuting corrupt book cooking CEOs and execs, though. Along with bribe taking congressmen

"It is terrible to contemplate how few politicians are hanged." - GK Chesterton

190 posted on 10/01/2008 4:35:32 AM PDT by murphE (I refuse to choose evil, even if it is the lesser of two)
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To: WOSG
“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”

CALL McCain, Email McCain, If he can get front and center on this plan now, after going back to Washington to get the House GOP heard, he will win the election by a landslide.

Make the Democrats (who have proposed nothing) be Bipartisan with their votes.

191 posted on 10/01/2008 5:35:42 AM PDT by Gvl_M3
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To: Gvl_M3

Unfortunately, this plan will be vetoed by Bush. Why? Because it doesn’t bailout foreign banks, which is the REAL reason for the bailout:

http://www.freerepublic.com/focus/f-news/2094684/posts


192 posted on 10/01/2008 5:40:48 AM PDT by EarlyBird
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To: longtermmemmory
Now I understand it is going to come to vote early today. McCain would be smart to recommend waiting to see what the House conservatives have come up with. Why push a faulted, “comprehensive” bailout bill, if someone has an alternative plan that doesn't reward the perps by stealing from the tax payer.
193 posted on 10/01/2008 6:17:41 AM PDT by AMNZ
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To: AMNZ

I don’t understand why we keep failing to factually understand what is going on. The hyperbole and outright lies on some of these threads is ridiculous.

The only bill that will be considered in both chambers today is the enhanced compromise plus the tax incentives demanded by the GOP to guarantee their support.

The GOP has won on this issue. The RATS are terrified of the original Paulson bill, want GOP political cover, and want to get out of town. Regardless of how the MSM spins this, the GOP has won.

The so-called House GOP alternative is an even better bill but will NEVER be considered on the House floor. Pelosi would never allow her members to be exposed to such a vote. Therefore, this alternative is for political purposes only - to explain to constituents why they are still voting NO.

Therefore, it is the enhanced compromise that is on the table or nothing. It will pass overwhelmingly in the Senate but might still have rough sailing in the House. Pelosi will have to deliver more RAT votes, and they are furious with her because her Monday ploy failed.

Can we at least get on the same page with the facts of what is going on and stop the hyperbole and dreaming?

This is 8th grade civics, folks. Please stop the distortions of the facts. We are only wasting each other’s time and hurting our cause.


194 posted on 10/01/2008 6:33:04 AM PDT by mwl8787
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To: mwl8787

And nevermind the bailout loophole for foreign bankers?

Good grief.


195 posted on 10/01/2008 9:54:45 AM PDT by unspun (Tell the truth about Obama to all you know.)
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To: acapesket

like..that’s important now?
Go

************************

No, it’s not. But the man asked a question.
Stay


196 posted on 10/01/2008 11:35:21 AM PDT by ROTB (Our Constitution [is] for a [Christian] people. It is wholly inadequate [for] any other. -John Adams)
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To: West Pointer

Added to Posting:

ECONOMIC RESCUE ALTERNATIVE PLAN built a complete solution from Dave’s Common Sense Fix.
Please read it and come out swinging for it:
 
http://mikepence.house.gov/UploadedFiles/RSC_Economic_Rescue_092908.pdf


197 posted on 10/01/2008 3:52:21 PM PDT by West Pointer (NEW Republican Work-out Alternative)
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To: Miss Didi
Miss DiDi, I must retract a statement I made last evening about the vote for the original bail-out bill being already voted on in the Senate. The bill that was voted on by the Senate, referred to as the “Relief Bill” was evidently the “Tax Relief Bill”. A different bird altogether. I wrongly assumed (and I know better) that since the hot topic was the bail out... that was what the vote was about. But it does seem that the Tax Relief Bill has been attached in part, at least, to the bail out.

Note to Berdie, read the text of the bill and pay attention to it's name (or how it is being named in the media) or keep thy mouth shut. :)

Given the events of the day, this is pretty old news. I just hate to make a misstatement.

198 posted on 10/01/2008 7:36:50 PM PDT by berdie
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To: berdie

Berdie, thanks for clearning that up...it is I who needs to pay more attention to Congress. ;)


199 posted on 10/01/2008 7:44:09 PM PDT by Miss Didi ("Good heavens, woman, this is a war not a garden party!" Dr. Meade, Gone with the Wind)
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To: Miss Didi

Thank you for your generosity.


200 posted on 10/01/2008 7:47:45 PM PDT by berdie
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