President Bush Will not Support House Republican’s Alternative Bailout Bill
The house Republicans are busy crafting an alternative Wall Street bailout bill even as the senate looks to revive the one trillion dollar bailout. A bill that would not require taxpayers to carry the burden of the Wall Street crowd, and the failures of “equal opportunity” lenders who were forced to give out loans to all too willing recipients who everyone knew couldn’t afford them.
This bill would require higher premiums on risky mortgages in order to pay for insurance against the loans. The higher the risk the higher the premium, the lower the risk the lower the premium. At least this bill wouldn’t be a government takeover of the economic system balanced on the back of the taxpayers. This bill is better than a taxpayer funded trillion dollar bailout. And it keeps the economy more free market than the presidents proposal.
President Bush does not support the idea of the house Republicans free market friendly bailout proposal.
the White House rejected considering a more free market alternative proposed by House Republicans
He prefers the senates government takeover bailout bill. He supports you and I paying for the irresponsible, whimsical behavior of Wall Street and “equal opportunity” lenders and borrowers.
“I know the RSC wants only the insurance option and not the purchase option. We disagree with that and believe that the purchase program needs to be part of the solution here,” Fratto said.
President Bush will not be happy unless the bill that comes to his desk includes the government taking over the free market institutions that this country was based on. If you agree with the president on this issue just remember who the other two prominent politicians are who also support the senate proposal and not the free market house bill; John McCain and Barack Obama.
President Bush, John McCain, and Barack Obama all agree on this issue, that should be enough to scare the hell out of you.
The bill being negotiated by house Republicans may not be perfect, hell I think no action by the government would be perfect, it may not be the be all end all, but it is a hell of allot better that a one trillion dollar taxpayer funded bailout and something that I would much rather support. My feeling is that as long as we are going to get screwed in this deal it should be as painless as possible. I think the house Republican’s proposal is much less painless.
America's Watchtower 
Well, of course GWB doesn’t want a free market. The way things are going, a handful of banks that are left standing will be able to buy out all of their competition, and the new regs that we can expect will make it extremely difficult for anyone to start a new bank.
What’s in it for Bush? Well, I’d bet dollars (gold one, 1/16 of a Troy ounce) to donughts that he’ll have an offer to sit on the boards of Goldman, Citibank, and Morgan the day after he leaves office.
-jcr
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Could someone, I mean anyone please tell me what is so hard about all of this? When did everyone (Bush and his supporters) become socialist, government controlled business leaders? I am so confused. Business is based on free market principles – now we all know that is not perfect, but with the proposed bills, the government will be running even more of our economic advantage out of the country.
These are scary times. No one wants any accountability and it appears all the people at the top want to protect their own. Political groups want to align with whatever makes them look best in the short term for election. Business wants a hand out to protect their golden parachutes and say ” things really are not that bad”. And all the time – the voting class is saying DO NOT BAIL THEM OUT and let them figure things out as they go. Instead, leadership talks about credit markets and tightening. Have they not noticed – yeah might have been hard from where they were sitting, but please – credit has been tight for some time and now since business is feeling it – we should all take notice.
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It’s not a bailout bill anymore. It’s a “rescue” bill. Even teh guy on CNN admitted that the previous bills failed because the American people don’t want it, ao now it’s a “rescue” instead of a bailout. Clearly an attempt to trick people with words. Propaganda.
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McCain also said that the first thing that needs to be done is to start calling it a recue instead of a bailout. Does he really think that that will fool us?
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