GOP conservatives present rescue alternative

[Wretched Excess]

this is developing fast.  I hadn't heard anything about this until late this afternoon; perhaps it will gain
some momentum.  mccain has never been known for listening to house republicans, though.

GOP conservatives present rescue alternative

WASHINGTON (AP) - A group of conservative Republicans in the House on Thursday proposed a financial rescue package of tax breaks and a new government-sponsored insurance program for mortgage-backed securities as an alternative to President Bush's proposed $700 billion bailout of Wall Street.

Instead of the government buying the toxic mortgage securities, banks, financial firms and other investors holding them would pay premiums to the Treasury to finance the insurance coverage.

The idea is that the insurance would give investors enough confidence to buy the illiquid securities and establish a market for them.

Rep Eric Cantor, R-Va., said the plan would be to remove the burden of the bailout from taxpayers and instead place it, over time, on Wall Street.

"Instead of a purchase scenario where you have the government injecting $700 billion right up front into the markets, what you have here is an insurance plan," Cantor told reporters. "In order to get this insurance, the banks with these failed assets would have to pay for the government backing, pay for the insurance."

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[DixieBelle]

Funny, I haven't even heard about this in the media.

[Willow]

Newt Gingrich was on last night and explained it as a "loan" rather than " a bailout" and the Republicans are revolting against giving ACORN 20% of the 700B. I hope they hold to it.

[Crazy Horse]

the Republicans are revolting against giving ACORN 20% of the 700B.

140B to ACORN......................WTF

[Wretched Excess]

the Republicans are revolting against giving ACORN 20% of the 700B.

140B to ACORN......................WTF

there are all sorts of bitter pills in that bill regarding what is done with any revenue that is generated.  it really is a POS piece of legislation.

[Willow]

http://hotair.com/archives/2008/09/26/the-democratic-acorn-bailout/






good explanation. watch the Graham interview with Greta.

[Splashdown]

140B to ACORN......................WTF

That pays for a hell of a lot of community, er, activising?

[NHSparky]

140 Billion buys a lot of dead 'Rat voters.  Maybe they can do like they did in Ohio in 2004 and pay their people in crack cocaine...

[Uhhuh35]

140 Billion buys a lot of dead 'Rat voters.  Maybe they can do like they did in Ohio in 2004 and pay their people in crack cocaine...

http://michellemalkin.com/2008/09/25/kill-the-bailout-more-acorn-funding/
Well it's not exactly 120 billion, more like 100 million. But it's still 100 million too much.

[Thor]

Since ACORN is so blatantly biased, I don't see why the taxpayers need to give them a damned dime.

[jukin]

Check out this video.  It takes ten minutes but is one of the best and most concise on the democrat party fingers in this meltdown.

<a href="http://www.youtube.com/watch?v=H5tZc8oH--o&eurl=http://hotair.com/archives/2008/09/26/video-financial-crisis-in-10-minutes-or-less/>

Community reinvestment act[/url]

Socialism just does not work.

[Jim]

Newt Gingrich was on last night and explained it as a "loan" rather than " a bailout" and the Republicans are revolting against giving ACORN 20% of the 700B. I hope they hold to it.

Its better than that.  Its insurance against true default and the investors have to pay the premium.

I'm proud to say that MY rep Eric Cantor is the force behind this ! 

I knew that they had alternatives that they could get nobody to listen to but not much in the way of specifics till today.  McCain made them have to listen.  Quietly.  Of course the babies had to cry a bit but the steady hand held the class together and now things can proceed.