Paulson Plan May Spark Showdown Between Democrats, Republicans

[struggle4progress]

By Alison Fitzgerald

Sept. 21 (Bloomberg) -- Congressional Democrats want to use the Bush administration's $700 billion rescue plan for U.S. financial companies to curb executive pay, spur the economy with infrastructure spending and help people avoid foreclosures, setting the stage for a possible fight with Republicans and the Bush administration.

Republicans object to adding extras to Treasury Secretary Henry Paulson's proposal, which would authorize the administration to spend an amount almost 50 percent larger than the Pentagon's annual budget to buy banks' bad mortgage debt ...

Democratic lawmakers including House Speaker Nancy Pelosi of California and Schumer promised to act on the plan by end of next week. So far no leader has voiced objections to what Pelosi called the ``sweeping and unprecedented powers,'' such as barring courts from reviewing actions taken by the Treasury under the measure, that Paulson is asking for ...

The Treasury yesterday asked congress for unchecked power to buy $700 billion in bad mortgage investments from U.S. financial companies to help stabilize the financial system. In the last two weeks the government has seized three major firms, Fannie Mae, Freddie Mac and American International Group Inc., while watching another, Lehman Brothers Holdings Inc., go bankrupt ...

http://www.bloomberg.com/apps/news?pid=20601087&sid=almXrJDtT2TY&refer=home

[spag68]

1. Schumer

He could redeem himself in one fell swoop, if he makes this bill more fair and resists the urge to give away the farm. I'm not holding my breath.

[yurbud]

2. are the DLCers on board or siding with their fellow corporate employees, the republicans?

[boomerbust]

3. Here's a start

I'm disabled and owe $2,400 in Federal back taxes from a profit sharing plan that I had to use to live on while awaiting SS disability. Bush, if you are reading this, here goes. If you want your back taxes you are going to have to come and get me and throw me in jail, you awol, fascist mother fucking coward. I'll be waiting.

[Yuugal]

7. amen

I lost my house to the same crooks they want to give the treasury to. They called me up and asked me if I wanted to refi my 7.3 fixed mortgage to 6% fixed with most closing costs waived. Who wouldn't want that? I ended up with a 9.5% adjustable at closing and 23k in closing costs, all hidden in the 500 sheets of paper the bank guy gave us. I'm not asking for a bailout. I made a dumb move and signed something I shouldn't have and lost my house.

Its bad enough they can steal homes from disabled people like me and the elderly as well. Its bad enough there is no legal recourse for those of us who were robbed. But now, on top of this, we are to hand over the treasury to these crooks as well?

I will renounce my lifetime membership in the Dem party if this crap goes through. I'm 43 yrs old and have never seen the congress pass even 1 law that helped regular people but yet we are supposed to sit by and do nothing why they first rob us and now rob both us and our kids of their future?

If this goes through we need to arm ourselves and take back our country.

Edited to add: The irony is my lawyer says I don't qualify for bankruptcy. Can you imagine? I'm 70k in the hole living on my disability check and these fuckers won't even let me clear the slate.

[boomerbust]

8. yuugal

I was sending the feds $50 a month for back taxes and that wasn't even covering the late fees and interest that I owe. So fuck it. If I'm in jail at least I'm garaunteed three squares a day. That's all I have to show for 32 years of factory work.

[Yuugal]

9. Feds got my money at closing

It turns out the money I took out of my pension to cover my wage losses from disability wasn't taxable.......BUT, the money my wife took out of hers to cover my loss was. So at closing, the govt took everything the greedy crook bankers hadn't already stolen. These are the people so many on DU want to trust with our treasury for a "bailout".

No bailout of us though right?

[ixion]

4. what the article doesn't say

is that what we have here are a bunch of COMMIE rethugs who want to nationalize a mountain of bad paper to help out their "capitalist" buddies, who suddenly no longer love the "free market".

The hypocrisy here blows the meter to smithereens, but not a word is spoken.

Astounding.

[Waiting For Everyman]

5. I'd love to be a fly on the wall...

to know what's being said behind closed doors by those in Congress about this. Especially by Obama and Biden.

[NoFederales]

6. So what do "We" do? Stop paying taxes? Go on strike? Start Waffling on the Job?

Speaking to so-called pols is like shouting "Yes" to rapists.

NoFederales

[dgibby]

10. It damned well BETTER spark a showdown

'cause if the dems go along with this, they'll NEVER get another dime or vote from me!:grr: :nuke:

[MasonJar]

11. NO!!!!!!!!! Fill up their phone lines and e-mail systems with NO!!!!!!!!!!!

[dixiegrrrrl]

12. Actually that is a good idea

I can sit here in the comfort of my box fan and hit "send" key all day long.
And I have 4 different e-mail accounts.

And I have those 5,000 free AT&T minutes on my cellphone that I never use.
WTF...can't afford to go anywhere or so anything, so might as well bea fly in the ointment.

We get enuff people keying and calling and we can explode the Congressional servers...
or something.
Now, where is that page a fellow DU-er made of all the Congressional phone numbers???