Posted on 09/29/2008 5:10:06 AM PDT by Renfield
Nancy Pelosi has a draft financial rescue plan this Sunday morning, according to Fox News . It's scarier than anything else you'll see this Halloween season.
Here is one statement from that plan:
If the government loses money, the financial industry will pay back the taxpayers.
Only one of two things can happen here. If the government loses money because the financial industry goes broke, then there is no financial industry to pay us back. If the financial industry does not go broke, it means those companies that ran their firms well will bail out the government who bailed out the companies that did not run their firms well. If we think the financial industry can stay that healthy, then what are we doing this for?
Here's another scary line.
Allows the government to purchase troubled assets from pension plans, local governments, and small banks that serve low- and middle-income families.
Do you know how many pension plans are in trouble? Only about all of them. This little clause now tells every city mayor to go for broke. It's olley-olley-ox-in-free for them. They no longer have to worry about their police pensions and firemen's pensions when writing their local budgets, because Uncle Sam's got them covered. But it's not only pension plans, but all "troubled assets". This thing is a blank check for government to acquire every asset in the United States. (Except the untroubled ones, of course.)
Those are the things in the plan. What's not in the plan? Anything to do with any rule or regulation that got us here in the first place. No changes in HUD rules. No changes in lending rules. If the Democrats think the Gramm-Leach-what's-his-name bill caused all this, not a word of reforming it is in this plan. What is in the plan regarding reform?
A strong oversight board appointed by bipartisan leaders of Congress.
That's comforting. More oversight by Congress. So they won't change any of the rules and regulations that got us here, but they will add more layers of bureaucracy. Not to mention, Congress already had oversight of everything about this from the git-go. In fact, that was the problem.
I had been on the fence about this whole bailout thing, leaning slightly against. Now I'm dead set against it. I'm not sure there is a crisis. But even if there is, I cannot imagine it could be worse than the effects of this kind of plan to fix it.
The only thing we have to fear is Congress itself.
Question: Are those legislators who took money from Wall Street required to recuse themselves from this vote?
Hi ALL, PLEASE CONTINUE TO MAKE CALLS TO YOUR REPRESENTATIVE TO THE HOUSE THIS MORNING! THE PHONE LINES ARE OPEN. I JUST CALLED AGAIN. 800-828-0498 800-965-4701
A BETTER PLAN CAN BE PROPOSED! THIS PRESENT PLAN WILL NOT WORK! DO NOT GIVE UP AND KEEP CALLING. CONSERVATIVES IN CONGRESS NEED OUR ENCOURAGEMENT! THANKS!
This is the critical line. Because, we were told last week that if the plan wasn't passed by last Friday, the world as we know it would come to an end.....it didn't. Not much changed, and it doesn't appear this bill is really going to solve anything, just muddy the waters.
Just called my Senators in N.C.. Burr’s office took my call, Doles’ office switched me over to voice mail which was full.
Will call Senator Dole later. The current proposal is not acceptable. NO BAILOUT!
I just called Conoway’s Washington office. Got right through. I asked where Conoway stands on this, the girl said she didn’t know, but would be happy to take my message to give him.
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