McCain urges Bush to bypass Congress

Well, I'm glad someone brought this up. Because I've been thinking of doing something rather rash at work. Getting on the intercom to inform people about what a ripoff all of this bailout business is. I think I will do it tomorrow, and I don't care about the consequences. There comes a time when we must draw a line, forget about ourselves, and think of all those folks affected by this madness. I'm not one for collectivism, as I believe that mentality kills a country. But in this case the people must know and be informed.

[edit on 10/2/2008 by ludaChris]

reply to post by jam321


WOW! I have never found no one on this site that had so many opposite views against me and still have a good time exchanging ideas and info! I should buy you a drink!!

Now to business

From you source:

The bill grants the Treasury Department broad authority to safeguard the nation’s two mortgage finance giants, Fannie Mae and Freddie Mac, potentially by spending tens of billions of dollars in federal money to prevent the collapse of the companies, which own or guarantee nearly half of the nation’s $12 trillion in mortgages.

To accommodate the rescue plan for the mortgage companies, the bill raises the national debt ceiling to $10.6 trillion, an increase of $800 billion and the first time that the limit on the government’s credit card has grown to 14 digits.

www.nytimes.com...

Nothing new here, as I already acknowledge that H.R. 3221 Section 1117, A,B, and C allowed for this to happen. It gave a cushion of 1.1 trillion dollars to spend on Fannie and Freddie assets at that time, AT THAT TIME. (I didn't knew that I must say)

The underlying issue is that still H.R. 3221 DO NOT allow the goverment to buy distress assets from private institutions

From your source:

The bill grants the Treasury Department broad authority to safeguard the nation’s two mortgage finance giants, Fannie Mae and Freddie Mac, potentially by spending tens of billions of dollars in federal money to prevent the collapse of the companies, which own or guarantee nearly half of the nation’s $12 trillion in mortgages

www.nytimes.com...

Which is what I been saying all along, and it shows that Sen. McCain dont know what he is talking about.

Think about it, why would they have come back to Congress for this bailout if they already could have done it? It done make any sense, what H.R. 3221 did was to restraint Sec. Paulson's hand to his true intentions that has been shown during this new bailout bill. Thats why when they introduce this new legislation this was what they wanted:

First, let's focus on the aspect that should get the proposal dinged (or renegotiated) regardless of any possible merit, namely, that it gives the Treasury imperial power with respect to a simply huge amount of funds. $700 billion is comparable to the hard cost of the Iraq war, bigger than the annual Pentagon budget. And mind you, $700 billion is not the maximum that the Treasury may spend, it's the ceiling on the outstandings at any one time. It's a balance sheet number, not an expenditure limit.

But here is the truly offensive section of an overreaching piece of legislation:

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

This puts the Treasury's actions beyond the rule of law. This is a financial coup d'etat, with the only limitation the $700 billion balance sheet figure. The measure already gives the Treasury the authority not simply to buy dud mortgage paper but other assets as it deems fit. There is no accountability beyond a report (contents undefined) to Congress three months into the program and semiannually thereafter. The Treasury could via incompetence or venality grossly overpay for assets and advisory services, and fail to exclude consultants with conflicts of interest, and there would be no recourse. Given the truly appalling track record of this Administration in its outsourcing, this is not an idle worry.

www.nakedcapitalism.com...

Can you now see the difference between H.R. 3221 and this BAILOUT BILL?, they might sound the same but they are far from it.

[edit on 2-10-2008 by Bunch]

[edit on 2-10-2008 by Bunch]

Originally posted by NGC2736
And this mindset, that the will of the people doesn't matter and that the elitist should be in control because the citizenry is stupid, is the main reason this man should never reach the White House, IMO.

If he thinks it's OK this time, then just like Bush, whenever he doesn't get his way in the future, he'll try to find a loophole to dodge the will of the people. Such concepts of bulldozer leadership are the reason, IMO, that our nation is in such shambles.

Right on! But first:

To people outside the US it is unbelievable what is happening over there.

The fact that somebody as old and sick as McCain (30% chance of dying while being President) is running for Pres and has an obviously very unintelligent running mate that could be President in the near future boggles our minds.

The fact that so many people are still ready to vote for a guy like that really frightenes us.

The bail out should be: Buy stocks in the failing companies so that the can be sold when the market picks up. If you have to buy the whole bank as the people.

Let's be honest shall we...

John McCain did NOT say to bypass Congress. His EXACT quote is as follows:

"The Treasury has at its disposable a trillion dollars that they could begin, without Congressional authority buying up some of these terrible mortgages and help to stabilize the situation."

That is MUCH different than saying that they should bypass Congress altogether and GIVE the treasury a trillion dollars.

I'll explain it once more... He is saying that the Treasury ALREADY has access to a trillion dollars in DISCRETIONARY FUNDS for which it is already ALLOWED to use WITHOUT Congress needing to pass ANY additional bills.

Again, he is NOT saying that the Paulson plan - or whatever you want to call this bailout plan - should be passed WITHOUT Congressional approval. A BIG difference.

Also, your source - the Iranian news agency: You do realize that everything printed in Iranian papers is pure propaganda don't you? Even Obama recognizes the threat Iran poses to us (at least now he says he does). Why in the world would you listen to a country that has set themselves up as our enemy for information? We can't even trust our own MSM, and you are going to trust the Iranian Government to explain to you what is going on in your own country? That seems a little foolish, IMHO.

BTW, and just for the record -- I am AGAINST this bailout plan. The markets should be allowed to work themselves out, and Congress does NOT need to be stealing our tax dollars to prop up Wall Street.

Originally posted by Zubbles
Let's be honest shall we...

John McCain did NOT say to bypass Congress. His EXACT quote is as follows:

"The Treasury has at its disposable a trillion dollars that they could begin, without Congressional authority buying up some of these terrible mortgages and help to stabilize the situation."

That is MUCH different than saying that they should bypass Congress altogether and GIVE the treasury a trillion dollars.

I'll explain it once more... He is saying that the Treasury ALREADY has access to a trillion dollars in DISCRETIONARY FUNDS for which it is already ALLOWED to use WITHOUT Congress needing to pass ANY additional bills.

Again, he is NOT saying that the Paulson plan - or whatever you want to call this bailout plan - should be passed WITHOUT Congressional approval. A BIG difference.

I can hear him quite clearly thank you, and if you'd read the rest of the thread, you would have known that the legislation he is referring to is NOT for bailing out the banks.

He actually says in the video that the bill didn't need to pass congress because becuase this existing legislation is in place - the legislation makes it perfectly clear that the money is NOT to be used except under particular circumstances, and as I have already posted, this means he either doesn't have a clue what he's talking about or is trying to railroad people.

What else does the quote:
"The Treasury has at its disposable a trillion dollars that they could begin, without Congressional authority buying up some of these terrible mortgages and help to stabilize the situation."
mean except what many people in this thread have written?

And just where do you think the money in the treasury comes from?

Have they magicked it out of thin air?
No, it's public money, from the taxpayers.

[edit on 2/10/2008 by budski]

Oi vey! (oh no! Now I'll be blamed for being a Jew!!! Oh wait... That was another thread......)

I cant believe the people that support mccain.

They try to make it sound like he is so american but there is nothing american about trying to go through the loopholes in the constitution its sneaky and its wrong.

If you caught me cheating in a board game you would feel the same way that I was sneaky and wrong, If you caught a business leader breaking the law with his business through some loophole you would feel the same way, that it is sneaky and wrong.

So why is it just fine and dandy when he isnt even close to being president and already he is disregarding the Constitution of The United States Of America.

Originally posted by Max_TO
Perhaps I am wrong but should the prez and anyone running for that job be telling the world , don't worry we are a great nation and we will over come , instead of saying , if we don't do this we will all crash and burn ? It seems that with there words alone they are feeding the panic and helping make the situation a hole lot worse . They are feeding the panic and not trying to calm the people or the confidence of the people or the world markets one bit . That in its self tells me that there is something very fishy going on .

terrorism –noun
1. the use of violence and threats to intimidate or coerce, esp. for political purposes.
2. the state of fear and submission produced by terrorism or terrorization.
3. a terroristic method of governing or of resisting a government.

Silly me , I thought that there were laws against that .

Yeah, you got it. Where's the calm leadership, the internal fortitude, the "if we all work together and don't panic this too shall pass" attitude.

There's no more confidence in our elected ones to do the right thing. The regular people will get screwed either way, those at the top will make sure of that!

reply to post by budski
Taxation without representation.

And he's not even president yet.

Another Bush, sneaky, lies, manipulation and does what he pleases without consulting THE PEOPLE OF AMERICA



[edit on 3-10-2008 by ofhumandescent]

Honestly Talking about this from the comfort of our living rooms is not going to change a damn thing... if you want change... a real change, go down to your local sporting goods store or gun shop, and buy a rifle... then stand at post with the real patriots!!!

In something that has the voice of the people being heard in every state, McCain certainly seems not to be concerned our view when I read this:

He then proposed that President Bush exercise his executive privileges and unilaterally spend $1 trillion to purchase home mortgages.

Hard to believe really.

Peace

Originally posted by CuriousFinger
Honestly Talking about this from the comfort of our living rooms is not going to change a damn thing... if you want change... a real change, go down to your local sporting goods store or gun shop, and buy a rifle... then stand at post with the real patriots!!!

I suggest trying to buy one (or more preferably) off the street rather than leaving a paper trail.... if possible.

Also buy lots of ammunition and a reloader.

Weird, who wants a pile of bad mortgage paper ... how many
layers deep.

Basically they didn't get their money back... some one has the money..
they do not have the money flow back in their pockets cause they
were asses.

The economic theory of the flow on money bogs down with these
people that should be indited for ruining the economy.

It will happen, same as the saving and lone... a patsy is due..

Oswald where are you.. Osama.. no .. yeah Tesla was old but
who did him in... autopsy... hospital visit.. no