John Boehner called the bailout bill a "crap sandwich", yet he still expects American taxpayers to pay for it:
In a closed-door session with House Republicans, Minority Leader John A. Boehner just called the financial rescue deal a “crap sandwich” – then said he’ll vote for it when it comes to the floor Monday.
This is obscene. Contrary to what I thought last night, the current bill is worse than the one proposed by Treasury Secretary Henry Paulson, according to anti-bailout conservatives. Michelle Malkin:
I listened in on a phone conference this evening with anti-bailout conservatives, congressional staffers, and other Hill insiders. With only one exception, the groups and individuals on the call all opposed the bailout in its current form. They also concurred that this deal is worse than the one Paulson proposed — on constitutional, policy, and fiscal grounds. Phone calls to congressional offices continue to show overwhelming public opposition to the massive, unprecedented government giveaway.
Among the many problems with the bill is the "blank check" given to Paulson. Think the bill just covers mortgages (which would be bad enough)? Think again:
Another staffer raises alarm bells about the unfettered authority the bill gives to Treasury Secretary Paulson to define “troubled assets” any way he pleases — way beyond mortgages:
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.
Think the bill corrects the underlying problems that caused this mess in the first place? Better rethink that as well:
Section 110 is the Democrat-backed “Assistance to homeowners” plan — driven by one of the bill’s key stated goals of “preserving homeownership.”
GENERAL.—To the extent that the Federal property manager holds, owns, or controls mortgages, mortgage backed securities, and other assets ecured by residential real estate, including multifamily housing, the Federal property manager shall implement a plan that seeks to maximize assistance for homeowners and use its authority to encourage the servicers of the underlying mortgages, and considering net present value to the taxpayer, to take advantage of the HOPE for Homeowners Program under section 257 of the National Housing Act or other available programs to minimize foreclosures.
(2) MODIFICATIONS.—In the case of a residential mortgage loan, modifications made under paragraph (1) may include—
(A) reduction in interest rates;
(B) reduction of loan principal; and
(C) other similar modifications.Yes, in the quest to “preserve homeownership” at all costs, it appears the government will be determining the value of homes directly in the marketplace — not only reducing interest rates but also loan principal.
Michelle has much more and it's all bad. IMHO.
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Dan Riehl notes what I consider an outright lie by Barack Obama in last week's debate. Referring to the current financial crisis, Obama laid the blame at the feet of President Bush and John McCain:
So, how did the egotistical upstart Obama play it? Just see one of his very first comments on that very topic itself:
Now, we also have to recognize that this is a final verdict on eight years of failed economic policies promoted by George Bush, supported by Senator McCain, a theory that basically says that we can shred regulations and consumer protections and give more and more to the most, and somehow prosperity will trickle down.
Just exactly who fought more oversight of Fannie Mae and Freddie Mac? This video tells the story:
Maxine Waters: We do not have a crisis at Freddie Mac and in particular at Fannie Mae under the outstanding leadership of Mr. Frank Raines:
It's clear that the Republicans wanted oversight but the Democrats did not. Why in the world would we want the Democrats involved in cleaning up the mess that they created? Why should we trust anything they do now? They looked the other way when the irregularities were uncovered and blocked legislation that would have given the government more oversight of Freddie and Fannie and now we have to pay billions of dollars to fix their mess! And yet Franks and Waters will be re-elected yet again because their constituents are clueless to the mess they've made of our economy.
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