Alert: Bailout Deal Reached … With Videos
They played fast and loose politics with the war and with our troops … What’s to stop them doing the same thing with our economy … especially, in the end game, THEY want to control EVERYTHING.
I just want to puke when I see Barney Frank and Chris Dodd out there spouting off that the last eight years are what led our economy to this … When, in fact, the opposite is true. We have shown you through stories and videos how this whole FUBAR originated and was coddled along by the democrats.
And now this … which via the democrats will be ‘credited’ to Obama … while in the course of doing his job as senator Sen. McCain was savaged by the rabid democrats for coming back to DC and ‘ruining’ the ‘deal’ …Bullshit! There was NO deal heading into that White House meeting a couple days ago.
So, if the democrats and Obama want to take credit for this hand-out, they can have the blame when it falls apart in due time, and when the American people (hopefully) finally wake up to the covert moves these people are making to “change” our system of doing things in this country …
They obviously don’t give a damn about what the American people want … you know, the people whose taxes will be paying for this … you know, the dog damned money this country’s Congress thinks belongs to THEM and not the American people … Marxists all.
(Hotair)
The funding of the Housing Trust Fund, the slush fund that feeds ACORN and La Raza, is out. You can thank House Republicans for enough obstructionism to get that result. Other changes made to the final version of the bailout, according to a source on the Hill, were the removal of several provisions (the bullet points are items removed from the plan):
* Provision to provide unions and other activist groups with proxy access for corporate boards
* Provision to mandate shareholder votes on compensation issues (union priority)
* Diversion of funds into a housing fund to support left-wing activist groups like ACORN
* A provision to allow trial judges to arbitrarily adjust mortgages, creating bonanza for trial lawyers
* A provision to require the government to sell to state and local governments at a discount homes the government acquires as a result of foreclosure
* It also suspends mark-to-market rules and requires a study on their effects on the collapse.
The Bailout Deal: What Is It?
by John Hinderaker - (Powerline)
The outlines of bipartisan legislation to address the current financial crisis have been agreed upon. House Republicans negotiated on behalf of the taxpayers; without their resistance to the original deal that the White House and Congressional Democrats signed off on, the bailout unquestionably would have been worse.
The question is, how much did the Republicans succeed in improving the legislation? They had bargaining power only because the Democrats knew the bailout is unpopular and wanted the political cover of bipartisanship. (That, actually, describes just about every occasion on which the Democrats are interested in bipartisan action.) But that bargaining power was limited by the fact that the Republicans are in the minority, and under House rules could have done nothing to stop the bill if the Democrats had decided to proceed without them.
This morning the House Republicans circulated a side-by-side comparison of the original Paulson plan; the Barney Frank-Chris Dodd version proposed by the Democrats; and the compromise legislation that emerged last night. Here it is, in four parts:
Side-by-side 1
Side-by-side 2
Side-by-side 3
Side-by-side 4
So, what did the Republicans achieve? They put strings on the availability of funds beyond $250 billion, requiring fresh Congressional action for the last $350 billion. They added a requirement that Treasury establish an insurance program which would be funded by participating companies. This may be a big deal; I’m not sure exactly how it is intended to operate or how much, in the end, it will reduce the exposure to the taxpayer. They established a bipartisan oversight committee, rather than a committee run only by the Democrats, as Dodd and Frank had proposed. They took out special interest boondoggles for unions and for ACORN, the voter fraud organization. They removed a provision that would have allowed bankruptcy judges to arbitrarily reduce mortgages, an ill-conceived measure that would have aggravated a central cause of the current crisis, the difficulty of evaluating mortgage-backed securities. And they mandated a GAO study on the impact of the mark-to-market accounting rule, implicitly encouraging regulatory agencies to revise or abandon that principle, which is a key reason why banks that have little to do with the origins of the crisis are currently threatened.
The insurance approach was always central to the House Republicans’ alternative to the Paulson and Frank-Dodd proposals. Whether their impact on the final product is profound, as opposed to merely helpful, depends on whether the insurance program is implemented and becomes a significant brake on taxpayer exposure.
The role played by John McCain appears to have been a constructive one. He supported and worked with the House Republicans. The Democrats no doubt wanted his support for the final product, and that must have enhanced the Republicans’ position at the table. The Democrats would not have wanted an unpopular bailout plan to be supported by Barack Obama and opposed by McCain.
If voters understood the events of the last week, they would probably return control of the House, and perhaps the Senate, to the Republicans. The mainstream media will make sure that doesn’t happen.
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