Posted on 09/25/2008 12:53:20 PM PDT by Onerom99
House Republicans say they have significant leverage on the revamped bailout package, claiming that Democrats will scramble for votes unless they make changes to it. Republicans in the lower chamber are balking at the bailout package, saying that Democrats will be solely responsible for the ramifications of what they see as a flawed compromise.
Reps. Eric Cantor (R-Va.) and Paul Ryan (R-Wis.) are leading an effort by House Republicans to circulate the set of principles to their colleagues and like-minded Democrats, according to a senior Republican.
Asked whether the effort comes too late, the GOP official said the votes would be leverage enough to have the principles considered by congressional negotiators.
House Speaker Nancy Pelosi (D-Calif.) has indicated that a bill will not be brought to the floor without broad Republican support.
GOP presidential candidate Sen. John McCain (Ariz.) and the White House have been made aware of their alternative.
Reps. Cantor, Ryan and Jeb Hensarling (R-Texas) discussed the proposal at a press conference Thursday afternoon.
Other Republicans involved in this effort include Reps. Mike Castle (Del.), Judy Biggert (Ill.) and Spencer Bachus (Ala.), who is the ranking member of the Financial Services Committee.
During a meeting of the Republican Conference on Thursday, House Minority Leader John Boehner (R-Ohio) made it clear that, although Democrats have announced they have brokered a deal, House Republicans would not be a part of it.
“As I told our conference this morning, there is no bipartisan deal at this time,” Boehner said. “There may be a deal among some Democrats, but House Republicans are not a part of it.”
The GOP’s “economic rescue principles” advocate adopting a mortgage insurance approach to solve the financial problems facing the country, according to a fact sheet obtained by The Hill.
Roughly half of all mortgage-backed securities (MBS) are insured by the government, and House Republicans have advocated that the other half also become insured by the Treasury Department.
“We can ensure the rest of the current outstanding MBS; however, rather than the taxpayers funding insurance, the owners of these assets should pay for it,” the fact sheet says.
The Republican proposal backs the removal of regulatory and tax barriers to help facilitate the use of private capital to produce liquidity; temporary tax relief provision to help companies free up capital; and temporary suspension of dividend payments by financial institutions.
The proposals call for Wall Street executives to “not benefit excessively”; for the creation of a “blue ribbon panel” of officials from the Securities and Exchange Commission (SEC); and for the Federal Reserve to make recommendations for reform of the financial sector by Jan. 1, 2009.
Additionally, they direct the SEC to report to Congress on the ability of credit rating agencies to assess the risks of the failed investment securities and to audit the books of the failed financial institutions so that their standing is accurately portrayed.
Let's see how much of a spine they REALLLLLY have.
Maybe this will be the least destructive way to get out of this mess.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
They will fold like a house of cards, bet on it!
She wants the Republicans to cover her sorry @$$...don't give it to her. Make them own this mess! It's theirs anyway!
This is good...go reps make them bailout the bailout!
GOP needs to go for the throat on this.. ZERO CORPORATE TAX.. ZERO CAPITAL GAINS TAX.. REGULATIONS SLASHED.. OPEN OFFSHORE DRILLING... OPEN ANWR.. BUILD NUCLEAR POWER PLANTS.
‘least destructive’ are the key words.
No matter what they do, it’s gonna hurt.
Let's hope not. The stakes are too high.
I hope these are the same Republicans who stayed in WA while the democrats left to go on vacation back in August when gas was $4.00/gallon. Where are the commercials proclaiming just what has been GOING ON up in Washington during Nancy Pelosi’s REGIME of the House. Taxpayers are ANGRY for this BAILOUT, ANGRY for the Gas Price, and we NEED to express this ANGER at the BALLOT BOX in 5 weeks!
Katie Couric in her interview with Palin....was hammering her on McCain getting money from Fannie Mae. Palin just took it and did not respond in kind....what’s up?
Sheesh, it has become quite apparent that McCain has totally dusted Pelosi, Reid and Obama.
Owl_Eagle
There are people who are surrounded by bigots
and know it is wrong, but are afraid to be vocal against it.
These people are going to pull the lever for Obama
and they are not being polled.
angee_is_mad, DUmmy
FLAT TAX!
I do hereby formally demand that you add the following provisions to the bill:
1. BEnough funding and law to build a fence along the entire Southern border of the United States.
2. A fine for those employing illegal invaders of $200,000 per count(to help fund the "bailout").
3. Remove the anchor baby clause.
4. Limit "free" health care to legal citizens and persons here with the proper paperwork.
Adding those provisions will insure my support of this folly.
Sincerely,
Mad
If House GOP kills this and replaces it with their own bill, we re-take the House.
Bump for my Congress critter.
“ZERO CORPORATE TAX.. ZERO CAPITAL GAINS TAX.. REGULATIONS SLASHED.. OPEN OFFSHORE DRILLING... OPEN ANWR.. BUILD NUCLEAR POWER PLANTS.”
While they’re at it throw in ZERO INCOME TAX, ZERO SOCIAL SECURITY TAX
What if McCain supports the House bill and votes against the Paulson bill? That would be a huge coup for McCain.
Where's the accountability?
"As mortgage rates fell and the market boomed, investment firms argued the risks in housing were small."
I'm appalled by what I (think) I'm learning about the shenanigans in the financial market. The 700 billion dollar "bail out" is another amnesty bill if I understand what I'm reading.
Is the collateralized debt scam what I think it is? A scam for example where S&P and Moody's could earn much more for grading complex CDOs? And why would the CDO handlers be willing to pay so much extra if they were not getting the ratings they wanted?
This article states "Flawed grades on securities that later turned to junk now lie at the root of the worst financial crisis since the Great Depression."
Much of the $3.2 trillion of loans to homebuyers with bad credit and undocumented incomes from 2002 to 2007 was packaged (collateralized debt obligations) and graded AAA.
This article states "Home mortgages, auto loans and credit-card receivables offered higher returns for CDO managers."
Auto loans and credit-card receivables, so yes there will be more to this than mortgages, I bet.
No amnesty!
bookmark
I have to believe that this is a two-fold thing-—designed to take back the house AND elect John McCain, I think they can do it if they play their cards right.
To expand on that:
Properly interpret the Constitution so as to show that there is no anchor baby clause.OK, same thing I know...
McCain camp has said they are not satisfied with the protection for taxpayers and that this deal has NOT been agreed to at all.
Nancy doesn't realize that she is setting up McCain to be able to take credit for any deal. After saying she won't bring up the bill, McCain pushes through some changes that gain the Republican support she demands. A bill is passed, the economy is "saved", and McCain gets the credit as the person who brought both sides together to find a solution. Obama just looks on and votes "present"...
Hang on they did good on Drill baby Drill. They need our support on this issue as well.
L
Obama is in over his head on this, I wish the meeting right now was transparent so we could actually watch the negotiations so we can see Obambi just sitting there repeating his talking points (the ones he memorized because he is without his telly-tubby prompter)
Situation in House [Rich Lowry]
A friend following it closely says Pelosi wants 110 Republican votes as cover. But the House GOP isn’t close to having that kind of support. It’s more like 50. If Republicans aren’t going along with it, Pelosi will be even more swayed by her most liberal members pulling the package to the left. And the whole thing might end up on the “continuing resolution.” What a mess. Meanwhile, apparently Senate Republicans are relatively passive. The whole game is the House Republicans.
09/25 03:38 PM
They are showing video from in the meeting, Obama looks like he doesn’t belong or feel comfy....afterall he may gget questioned...lol
And this shows McCain is leading the party how?
Sigh.
We know the answer to that.
Who’s leading the REAL GOP? That would be Bunning, Dole and the GOP House..
In other words, they issued junk bonds and claimed AAA.
Michael Milken went to jail for FAR less.
But do you have the Cojones?
That's a very good point!
No amnesty for Wall Street and Washington, D.C.!
Raise a point of order on the floor, when the debate on the bill actually hits the floor of the US House.
The Point of Order is - this bill is not in compliance with "PayGo" requirements. It has to be offset with 700 BILLION DOLLARS of either tax increases, or spending cuts from other sections of the budgets.
You'd hear DIM heads exploding in Wasilla, Alaska!!
Amen brother.
You forgot three:
5. Any profit eventually made after selling the assets go to replacing the Social Security IOUs with real money.
6. Evict the U.N. from American soil and stop all funding to it.
7. All Federal government employees, excluding the military, take an immediate and permanent 25% pay cut.
1. Suspend the mark-to-market on certain classes of investments.
2. Set the capital gains tax to 0%.
3. Require all banks to suspend issuing dividends so they are seen as weak by individually not issuing them.
4. Insure the bad loans, not buy them.
Also:
5. Open up every practical place for oil drilling.
6. Suspend EPA regulations, which are quite costly.
7. Offer to fast-track power plants of any type.
Good Lord! You know none of that would pass in DC. It makes too much SENSE!
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