GOP Members Forging Alternative Bailout Plan

Charles Gasparino
CNBC
Wednesday, Oct 1, 2008

A group of House Republicans is cobbling together a proposal to stabilize financial markets that can serve as an alternative to the plan proposed by Treasury Secretary Henry Paulson, legislative sources have told CNBC.

The failure of Monday’s vote on the $700 billion bailout package—which these Republicans doubt is likely to cause an economic “doomsday” scenario—emboldened the group to press forward with its own plan, sources said.

The group pressing the alternative plan is doing so for largely ideological reasons: They’re opposed to the federal government taking a large role in financial markets, sources say.

(Article continues below)

Components of the alternative plan including the following, according to sources:

Require the Treasury Department to guarantee, at up to 100 percent, bank losses resulting from failed mortgage-backed securities originated prior to the plan’s enactment. Such insurance, supporters say, would provide immediate value to the securities and a foundation for which they could then be sold. The Treasury Department would finance that insurance by assessing a premium on outstanding mortgage-backed securities.
Allow companies to carry back losses arising in tax years ending in 2007, 2008, or 2009 back five years, generating a tax refund and immediate capital
Allow a “repatriation window” for profits earned by U.S. firms overseas. Such repatriation amounts would not be taxed if invested in distressed debt (as defined by Treasury) for at least one year.
Allow banks to treat losses on shares of preferred stock in Fannie Mae and Freddie Mac as ordinary losses, not as capital losses
Suspend the capital gains tax rate for two years
Limit backing of high-risk loans by Fannie Mae and Freddie Mac
Schedule Fannie and Freddie for privatization
Suspend “mark-to-market” accounting until the SEC can issue new guidelines that will allow firms to mark these assets to their true economic value
Stabilize the dollar by repealing the Humphrey-Hawkins Full Employment Act, which alternative bailout supporters say diverts the Federal Reserve’s attention from long-term price stability to short-term economic growth
Require the Treasury to write rules prohibiting excessive compensation or golden parachutes to executives of failed companies
Task the SEC with regular, annual audit reports of entities the federal government has brought under conservatorship or now owns

Full article here

Prison Planet.tv Members Can Watch Fall Of The Republic Right Now Online - Don't Miss Out! Get Your Subscription Today!

CANCER CONSPIRACY? Are "they" suppressing the cure? Will YOU be the next victim? Learn the Secret Truth! - READ FULL STORY

Comment Terms Of Use

14 Responses to “GOP Members Forging Alternative Bailout Plan”

Protestant Christian Says:
October 1st, 2008 at 4:28 am
While looking a better alternatives than pursuing a very bad one is prudent, we should remember how deeply in debt the U.S. government already is. Repealing dysfunctional laws and creating incentives for the private sector to take care of the problem looks very attractive. The U.S. has little extra “cash”, just what it can charge on its government “credit card”. The Bible cautions against more debts like the current bailout plan mandates. We should insure any solution won’t add further to the staggering national debt. “Don’t promise to be responosible for someoone else’s debts. If you should be unable to pay, they will take away even your bed.” (Proverbs 22:26-27)
Marc Schlee Says:
October 1st, 2008 at 4:51 am
CONTACT YOUR SENATORS:

http://www.senate.gov/general/.....rs_cfm.cfm

FREE AMERICA

REVOLUTIONARY (DIRECT) DEMOCRACY
borneveryminute Says:
October 1st, 2008 at 5:50 am
Tax refund ? Let’s carry forward the profits made in the last five years to this year and then offset them against losses 2007/2008. The picture would look a whole lot different then.
mythicshadow Says:
October 1st, 2008 at 6:15 am
new video

http://ca.youtube.com/watch?v=3rrWRNJ2lOs
"C" Says:
October 1st, 2008 at 7:38 am
The Elephant and the Donkey? isn’t the time, Now for a new animal to star in the Circus?
Time for us to set the LION loose! what do you think?
Lorenzo Thomas Says:
October 1st, 2008 at 7:42 am
They want a fascist planet with the superwealthy ruling it all
Since we’re too independent, America must be led to fall
When our credit’s been exhausted to subdue the Middle East,
They’ll install our debtor nation in the body of The Beast
Traitor…Dare call it treason

http://www.youtube.com/watch?v=uw5dP5gy2Vs
Lorenzo Thomas Says:
October 1st, 2008 at 7:43 am
http://www.youtube.com/watch?v=uw5dP5gy2Vs
They want a fascist planet with the superwealthy ruling it all
Since we’re too independent, America must be led to fall
When our credit’s been exhausted to subdue the Middle East,
They’ll install our debtor nation in the body of The Beast
Traitor…Dare call it treason
AmericaIsAwkening Says:
October 1st, 2008 at 8:19 am
My senator has been contacted. Took 25 minutes to ever get through, when i did a human answered! He voted nea monday hopefully he’ll do the same tonight. Burn up those phone lines guys and gals emails will not be read.
Klonkin Says:
October 1st, 2008 at 8:30 am
Andrew Jackson
“You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out.”

http://www.youtube.com/watch?v=ErFOsoKzpD0
Anthony Says:
October 1st, 2008 at 9:10 am
i know this maybe a little of topic but its about this bailout deal.

i have seen ENDGAME and in the video it goes on to blame the large banks of the world for alot of modern wars and the EU and north american government.
but if the banks are controlling everything then how come there is even a bailout in place you would think that if the banks “incharge” then why would they let themselfs get in a hole this big?
i know my views are most likely a little off but i am only 16 and wish to know whats up with this whole ENDGAME thing cause so far everything that Alex Jones has siad in that video has been disclaimed. but i really want to belive him so can some one please jsut tell me whats up
WeirdjoeI Says:
October 1st, 2008 at 9:31 am
1pm go to http://www.larouchepac.com and listen to the live international webcast in regards to the state of the world financial system, and the proposed steps to take, and even check out the Home Owners & Bank Protection Act to lobby to your elected officials!
Genesis Says:
October 1st, 2008 at 9:58 am
I can’t see you mama
But I can hardly wait
Ooh to touch and to feel you mama
Oh I just can’t keep away
In the heat and the steam of the city
Oh it’s got me running and I just can’t brake
So say you’ll help me mama
Cos it’s getting so hard – oh

Now I can’t keep you mama
But I know you’re always there
You listen, you teach me mama
And I know inside you care
So get down, down here beside me
Oh you aint going nowhere
No I wont hurt you mama
But it’s getting so hard – oh

Ha ha, ha ha ha ha, ha ha, argh
Ha ha, ha ha ha ha, ha ha, argh

Cant you see me here mama
Mama mama mama please
Cant you feel my heart
Cant you feel my heart
Cant you feel my heart oh
Now listen to me mama
Mama mama
Youre taking away my last chance
Don’t take it away
Cant you feel my heart?

Ha ha, ha ha ha, ha, argh

Its hot, too hot for me mama
But I can hardly wait
My eyes they’re burning mama
And I can feel my body shake
Don’t stop, don’t stop me mama
Oh make the pain, make it go away – hey
No I wont hurt you mama
But it’s getting so hard – oh

Now I can’t see you mama
But I know you’re always there
You taunt, you tease me mama
But I never never can keep away
Its the heat and the steam of the city
Oh got me running and I just can’t brake
So stay don’t leave me mama
Cos it’s getting so hard – oh

Don’t go no no, don’t go
No no no, don’t go…
LukeAir08 Says:
October 1st, 2008 at 11:00 am
I smell a rat. This is all bullshit. The Fed/Bank of England (Same Firm) have already created and loaned out hundreds of billions of dollars/pounds. Apparently over a couple of days they loaned out more than 700 billion. Now they’re saying that if the country doesn’t sign up to this so called ‘Bail-out’ of 700 billion all hell will break loose! This is a ruse. I don’t think they want the senate/congress to sign it. Then they can blame the people when there’s an economic disaster and they have to declare martial law!
Lee Says:
October 1st, 2008 at 9:07 pm
Alex your new web site is starting to look like Vegas with all the moving glitter. This is going to put a cog in the wheel of your quest for the movement of truth.