The White House has dispatched a team of politicians and advisers to Capitol Hill in an effort to push Congress into passing the $700billion mortgage (bank) bail out this week.*
Cheney and other top officials met today with House conservatives in an effort to ward off a growing rebellion against the plan that offers no oversight and disallows for court intervention. While Cheney and the Treasury Secretary have been all over the news talking about this plan, our “good” President Bush refuses to discuss it or even be questioned about his own plan. I can’t help but wonder if he even knows about it.**
Treasury Secretary Henry Paulson is Bush’s salesman according to White House Deputy Press Secretary Tony Fratto. As the official salesman of this disastrous plan, Paulson is urging Congress to immediately pass it. Paulson, when asked about Congress passing the legislation said, “We must do so in order to avoid a continuing series of financial institution failures and frozen credit markets that threaten American families’ financial well-being, the viability of businesses both small and large, and the very health of our economy.”***
Fratto added that it would be “unthinkable” for Congress to wait on passing the legislation. He later insisted that the bail out plan was not hastily “slapped together” but had been planned out over the previous months, just in case. He did admit that lawmakers were only given days to review the plan but was adamanet that it was plenty.****
In an effort to combat Democrats’ attempts to limit pay of CEOs whose companies take assistance under the plan, Fratto stated “If you provide disincentives for companies and firms out there that are holding mortgage-backed securities and other securities from participating in the program.”***** He also noted that some of the firms with troubled securities are otherwise successful. “They were not necessarily irresponsible players, and so you ahve to be careful how you deal with them.”******
And, in case anyone isn’t clear, this bailout will not work. It will only delay the inevitable crash and burn. Sorry, folks!
*Also known as the biggest disaster to hit the American tax payers
**Surprising, no?
***Fear mongering was perfected by this administration – and here we see it at work again. Last time we saw fear mongering at this level…we got the PATRIOT ACT
****First, I am disgusted that the administration was betting on our economy failing. Second, if they have been working on it for months (IF they have) why was Congress not consulted, why did no one say anything to the Americans…you know the ones who will foot the bill for this joke of a plan?
*****Companies who do take these funds NEED to limit executive pay. No more golden parachutes. If the companies don’t want to follow the rules and don’t take the money, all the less we have to pay!
******They were not responsible players. Had they been responsible, we wouldn’t be where we are now.
Posted on September 23rd, 2008 by the lion
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