Bipartisan Support for Wall St. Rescue Plan Emerges

[FourScore]

Source: NYT

...The proposal, presented on Saturday, would raise the national debt ceiling to $11.3 trillion and would place no restrictions on the administration other than requiring semiannual reports to Congress while allowing the Treasury secretary unprecedented power to buy and resell mortgage debt.

With some estimates that the program could involve the purchase of as much as $1 trillion in assets from private firms, Mr. Paulson emphasized that the true cost would be “determined by how quickly the economy recovers and how quickly housing prices stabilize.”

Democratic lawmakers said Sunday that they shared the sense of urgency, though they called for “reciprocity” to ensure that not only Wall Street investors but also Main Street taxpayers would get relief. And they said they wanted to press ahead, probably in a parallel initiative, with a new economic stimulus package.

Senator Charles E. Schumer, New York Democrat, said legislators would not imperil the proposal by adding too many extras. “We will not Christmas-tree this bill,” he said Sunday on Fox. “The times are too urgent...”


Read more: http://www.nytimes.com/2008/09/22/business/22talkshow.html?_r=1&hp&oref=slogin

[IndyOp]

1. Go stick your head back in the quicksand Chuck. Hey - Let's all say, "Thanks. But No Thanks!"

Calling Paulson's Bluff
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x386380

[still_one]

23. I couldn't agree with you more. I avoided posting directly to the OP

because the language I would use about shummer would be quite profain, so I am biting my tonuge

[YDogg]

2. how long until china owns my house??

[Solly Mack]

3. “We will not Christmas-tree this bill”

Ah...

never mind

[DJ13]

4. Dems cave again

This is the IWR all over again.

They didnt learn their lesson last time about falling for a Bush proposal in dealing with an "urgent" crisis?

[mzmolly]

11. Yes and Republicans will divide us again because "Democrats caved."

Then we can play this game for another eight years. How exciting! :sarcasm:

[bluestateguy]

5. Grover Norquist was right

Bipartisanship is indeed a form of date rape.

[pattmarty]

19. AND, if this legislation passes, it looks like he won also.

Except it didn't happen in a bath tub, it drowned in the red ink of this horrible legislation.

[wellst0nev0ter]

6. Not One Thin Dime

Especially if the Wall St. crooks walk off with millions in compensation so they can use it to buy off more Lieberdems.

[Maven]

7. We have *zero* representation in government

when push comes to shove.

[Vincardog]

8. "Thanks. But No Thanks!" No Blank checks and no more power for the criminals who created this mess

If they are not planning anything wrong why do they insist on NO REVIEW? No oversight?

Yea Thanks but No thanks

[AzDar]

9. Schumer needs to GO.

:mad:

[Eric J in MN]

10. Just shout "crisis" and Charles Schumer caves. NT

NT

[cosmicone]

12. It's an election year blackmail

If the dems don't go along, they can be blamed for a meltdown. The spineless democrats in congress are better off with making amendments to the bailout to protect the public interest. However, I doubt they have it in them.

[bemildred]

13. They need to counter-attack.

They won't save their asses by going along with the guys that perpetrated these crimes.

[DearAbby]

24. They will be blamed anyway....

may as well do what is best for the People and this country. It's beyond party lines...They better not cave.

[magellan]

14. Wait till they see what this does to the dollar

Crash and burn, baby. More inflation. More unemployment. More foreclosures. And winter just around the corner.

This won't help the economy, it'll seal its fate.

DAMN THEM ALL TO HELL.

[flamingdem]

15. Schumer just wants to make sure that NYC remains the new rich haven

it has become ... with real estate at ridiculous prices.

Let's shake out the excess of stockbrokers and lawyers, yes!

[trthnd4jstc]

16. Disgusting. I do not want the Rich to not suffer about their Republican Deregulation.

Why should our tax dollars bail out their selfishness and greed? Without more safeguards, such as no Carte Blanche protection of the Secretary of Treasury, and only biannual reports. BS.

Here is a question and answer from the New York Times:

http://www.nytimes.com/2008/09/21/business/21qanda.html

[phantom power]

17. Democrats... once again making it hard to explain to people why I'm a Democrat.

[seasat]

18. This may be a case where I actually cheer on some Repubs

Some of our party leaders have pretty significant ties to the financial companies. Both Dodd and Schumer have received huge amount of campaign contributions from this industry and in turn passed some favorable legislation for them. I've noticed that some of the Repubs are balking at this plan. It will take a coalition of Democrats and Repubs to keep this from becoming a huge gimmie to the big banking industry combined with a new unfettered power to the Bush administration in their waning days.

I saw one insightful comment on a blog where they noted that we're giving huge power to Paulson who will be looking for a job at one of these financial behemoths in a couple of months. That doesn't favor him being objective. My personal problem is that we're buying a plan from a group that was at the helm when this crisis was building. Why should we trust them now?

The plan that seems to be more supported by economists on the left and right is for the federal government to take some sort of equity stake in these firms in exchange for financial support. That way we can at least have a chance at breaking even with the tax dollar injected in this mess. That combined with some support and protection for the rest of us sounds like a better idea.

[dee15644]

20. WRITE

I wrote ho him specifically stating that no bailout should occur with tax payer money without accountability and without a way to benefit taxpayers!!

[2Design]

21. if the dems give in to this stick up - they can stick it up n/t

[angstlessk]

22. schumer says 'bah humbug' let the rich keep their ill gotten gains and give em more

the rest of you can hobble without even the crutch tiny tim possessed!