5 Reasons to Like the Economic Rescue Plan
September 28th, 2008 at 11:02am Kevin Patrick
The devil will be in the details (and I haven’t seen the final bill), but if the provisions below are true, this bill will be a good compromise. From The Corner:
1. No ACORN money: All money goes to debt reduction
2. No blank check: Treasury is required to develop an insurance program
3. No union power grab: Dodd-Frank permitted unions to force themselves into the board room. This proposed compromise eliminates that.
4. No “cram down” bankruptcy provision (aka, trial bar giveaway):
5. No tax hikes: The proposed compromise simply requires a proposal to Congress to recoup any potential losses.
Note: Here is the office of Roy Blunt’s side-by-side comparison of a) The original Paulson Plan, b) the Dodd-Frank bill, and c) the final bill (according to Blunt).
This final bill is looking much better than the original iterations.
Here is a summary of the draft proposal.
Entry Filed under: Congress, Economy, Grassroots
4 Comments
1. rob | September 28th, 2008 at 1:03 pm
i’m angry about this bailout. no part of it is good. i’ve not been for obama strictly because i’m anti-socialism, but it looks as if even IF mccain wins we’ll still be full speed ahead to becoming europe.
2. neocon | September 28th, 2008 at 2:18 pm
rob,
There’s no part of this bail out that is palatable, but going forward we need not to spiral down into the socialist quagmire that Obama would steer us towards but rather the fiscal responsibility path that McCain will implement.
This bail out is not because of the failure of the markets but rather the failure of a liberal government and their social engineering desires.
3. Jersey Joe | September 28th, 2008 at 7:54 pm
Anything from this Congress is BAD for America. Stop drinking this kool-aid. Blunt is neck-deep with lobbyists and all other forms of Washington scum. This bill will be nothing but pork for democrats and have a no-drilling clause. There is a reason Congress’ approval ratings are lower than Dubya’s not even the media can help them.
4. JinnyB | September 28th, 2008 at 9:54 pm
I’m sorry, but I’M FURIOUS about what has taken place here tonight.
I just watched Nancy Pelosi and friends come out and give what amounted to being a glowing, 45 minute campaign speech for herself, Dodd, Reid, and the HERO of the bailout bill, Barak Obama. They claimed credit for every improvement that Republicans suggested.
They claimed that they had singlehandedly rescued the American taxpayers from being fleeced, and that Barak Obama was the HERO OF THE HOUR. If that bunch had patted themselves on the back any harder, they’d have all broken their arms.
If they had turned that little press conference into any more of a rah-rah campaign speech for Barak Obama, they’d have needed to register as a PAC.
Three hours later the Republicans wander out and say “we recommend that members who’s conscience allows them to, vote for this”. They had to be asked about John McCain by a reporter - and the response was “yes, I suppose he was helpful. We’d have been railroaded otherwise”.
Would someone in the Republican Party kindly explain to us party members what the HE*L is going on here? Has our entire party just decided to commit political suicide via apathy and inaction?
I think every current member of John McCains campaign advisory staff should resign in disgrace, out of utter shame, at their own incompetence. Whatever these guys are paid, it’s WAY TOO MUCH, even if they are UNPAID volunteers.