GOP Members Forging Alternative Bailout Plan!!!

cnbc ^

[West Pointer]

Thanks for taking Action - hope you have inspired your family and friends to do so, too.

NOW we need to get to our Representatives:

Vote NO to “Rescue Bill”

Please rally your Conservative Representatives to vote “NO” to the “Rescue Bill” passed by the Senate.

BASIS
1. Label the “Rescue Bill” as the “Foreign Investor Rescue” and “Wall Street Bail-out”. Foreign Investors can “launder” their bad assets by selling or swapping them with any bank domiciled in the U.S.

2. Refuse to substitute Taxpayer Money for Wall Street’s Money to gamble on Mortgages we already know are Toxic.

3. Reject the use of 300 pages of earmarks: We know attempts to put “Lipstick on a Pig” when we see them.

BACKGROUND

The underlying assets involved do not even have to be in the United States!

Here is the Bill’s definition of a “troubled asset”:

“(9) TROUBLED ASSETS.—The term ‘‘troubled assets’’ means—

(A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability;

and (B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress.”

Notice that conspicuously missing from the definition is the requirement that the asset’s underlying thing (that is, the property that was mortgaged, etc.) lies within the United States.

Also note that Treasury must tell Congress if they add “new types” of debt, but that Congress has no right of review or censure.

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Added to Original 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