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House Republicans Float Alternate Plan

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posted on Sep, 26 2008 @ 05:47 AM
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House Republicans Float Alternate Plan


www.washingtonpost.com

At a meeting at the White House that included President Bush, top lawmakers and both presidential candidates, House Minority Leader John A. Boehner (R-Ohio) floated a new plan for addressing the crisis that has hobbled global markets.

Under the alternative Republican plan, the government would set up an expanded insurance system, financed by the banks, that would rescue individual home mortgages. The government would not have to buy up the toxic mortgage-backed assets that are weighing down...
(visit the link for the full news article)




posted on Sep, 26 2008 @ 05:47 AM
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Well, finally at last we are witnessing an alternate idea besides the oh so touted "Bail-out" of irresponsible CEO's, Board Members, American Citizens, and even Illegal Immigrants (In regards to the Mortgages and Loans). If we must, then putting forth a massive amount of Governmental Tax-Payer based support funds will be acceptable as long as it is streamlined to the point of ONLY propping up TRUE necessities. However, under no circumstances can "Golden Parachutes" be handed out. NO WAY.

I do like this Alternate Idea however, in that it at least provides a Fresh View, and hope for those who feel the American tax-payer must not fund this, but are still afraid of a total Economic Collapse.

www.washingtonpost.com
(visit the link for the full news article)



posted on Sep, 26 2008 @ 06:46 AM
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Very interesting development for me.

1. Bush, Ben and Paulson try to get an unpopular bill passed

2. Dems go along with the plan

3. GOP creates a division between the current GOP administration and itself. Opposes this unpopular bill, thus 'fighting for taxpayers'

4. GOP starts up a new bill, supposedly drafted by McCain, which is 'more friendly towards taxpayers' (probably still significantly expands FED powers).

5. If Dems oppose this new plan, they lose popularity as the previous bill was more friendly towards bankers and less friendly towards taxpayers.. while this one is the opposite. If they support the bill however, they are just boosting the authority and leadership of McCain. In any case most likely new bill would go through

6. People are non the wiser - they though that they had averted a financial crisis, while they were played - McCain made more popular and FED got its expanded powers... which is what it actually originally wanted when it created this crisis.


I do not believe for a second that the people at FED are that incompetent that they get US into this mess by ACCIDENT. They are playing all of us and you... And many on this forum will also say this new bill is so so so good compared to the old one...



posted on Sep, 26 2008 @ 08:16 AM
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Originally posted by TheAgentNineteen

House Republicans Float Alternate Plan






Under the alternative Republican plan, the government... would rescue individual home mortgages.
The government would not have to buy up the toxic mortgage-backed assets that are weighing down...





Exactly what i posted on ATS several days ago..


the much touted 'Bailout', aka: TARP (troubled asset relief program)
that was demanded by Paulson was a Black Swan idea...
how so you ask?
Because the Paulson remedy was only a massive Marketing Strategy to move the 'products' that were deteriorating in the vaults.

the products are; over-valued, mortgage-related-paper, bundled into mortgage-based-assets known as CDS & CDOs.

Paulsons idea is to have the USA throw $700Billion on the table, to make the now toxic assets appear to have some higher intrinstic value, and thereby generate renewed interest and demand in the global & domestic marketplace.



the lawmakers let Paulson present his spiel, and so the false impression by some lawmakers that a deal is immenant. The crafty Paulson has met his equals...a group of astute lawmakers who saw through his 'crisis' projections
and his hurry-rush rants for a law before 1 Oct. A rush to judgement scene is what the Treasury secretary wanted.




the Alternate plan is the real way to 'fix' the problem.
Break open all those CDOs and the CDS, then inspect each singular mortgage contract they contain. Re-structure the mortgage rate, reprice the property benchmark....
After all the individual debts are restructured, only then will the repackaged CDO or the CDS have a realistic value,
and be a tradable item/product.... thus freeing up the securities markets.


There are no short-cuts to this credit market seizure. The Paulson & Bernanke 'Marketing Campaign' to try to free-up the financial markets was a nonsense strategy.


It really sickens me to see 90% of the MSM, stock market reporters, pizzing & moaning that the Repugs have killed the deal (the Paulson ploy)that would have saved the USA financial system.....
Sheeze Zuz Kripes


[edit on 26-9-2008 by St Udio]



posted on Sep, 26 2008 @ 08:25 AM
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reply to post by Alphard
 


Nowhere in the cited article does it suggest that this alternative plan is McCains in fact...



But, Bachus said, "John's not trying to call the shots for the House caucus, I can tell you that. He's just opposed to the plan in its present form."


Plus since both houses are mighty protective of their rights and privilages it would be highly odd and unlikely that a senator would be allowed to draft a proposal put forward by the house.



posted on Sep, 27 2008 @ 08:12 AM
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From what I have seen of the proposed alternative plan it looks like little more than more corporate tax cuts since the only thing in it that directly addresses the issue is the mortage insurance plan while all the other points that I saw were continued tax cuts for corporations and the well heeled.

Of course its coming from the house of representives and you don't have to have a lot of brain power to be a representive... one of our local ones, Virgil Goode proves that.




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