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McCain Adviser: Treasury Doesn’t Need Congress for Bailout
Jeff Poor
Business & Media Institute
Wednesday, Oct 1, 2008
Since the $700 billion bailout plan went down in the House of Representatives by a 228-205 margin, talking heads and politicos have been looking for ways to circumvent Congress and give the executive branch the authority to perform a bailout without their consent.
Republican presidential nominee Sen. John McCain, R-Ariz., first made the suggestion to NBC News correspondent Kelly O’Donnell. His senior economic adviser, Douglas Holtz-Eakin, later confirmed to MSNBC that McCain said Congress has already given the Treasury Department authority to bail out Fannie Mae and Freddie Mac to the tune of a trillion dollars.
“This past summer, Congress passed and the President signed a housing relief bill that had a variety of things in it,” Holtz-Eakin said in an interview with NBC Washington correspondent Andrea Mitchell on MSNBC Sept. 30.
(Article continues below)
“Among them,” Holtz-Eakin said, “in addition to appointing a new regulator for Fannie Mae and Freddie Mac, that legislation contained the authority for purchases of mortgage-backed securities and other housing-related instruments. It simultaneously increased the debt limit of the United States by a trillion dollars. So in effect, the government could borrow up to – nearly a trillion more dollars and use those funds to purchase these housing-related securities.”
Holtz-Eakin explained this wouldn’t be the first choice of action but said it is an option that is available to the Treasury.
“So this looks like something that’s on the books. Obviously everyone thinks it would be better for Congress to take proactive action, provide the necessary tools for the Treasury to broadly deal with the problems in our financial markets,” he said. “But in the interim, there’s something that looks to be on the books that could be done and the senator just thinks we ought to take every option that is available to us and start to act to protect the American family and the business community against the fallout from this awful credit crunch.”
But CNBC “Street Signs” host Erin Burnett explained this wasn’t something that was likely under the current rules. Burnett told viewers of her Sept. 30 program the toxic mortgages distressing many of the beleaguered banks hoping for a Congressional bailout aren’t the same mortgages the Treasury Dept. has the authority to buy.
“We’ve been looking into this,” Burnett said. “And there is room for Treasury to maneuver in many ways. The best sense of this that we have gotten, though, is that money – even if it is all available and not all of it still is – would have to be used to buy Fannie and Freddie-backed mortgages and as we know, those are not really the toxic mortgages that are the problem here.”
Burnett said one possible solution would be for the Treasury Dept. to have Freddie Mac and Fannie Mae purchase these mortgages from the banks to get them on their books. However, Burnett said that would be unlikely under the current rules that govern the two former government-sponsored enterprises.
“Now some might say the Treasury could tell Fannie and Freddie to go out and buy some of the bad stuff, but keep in mind – Fannie and Freddie are right now owned by the government in a conservatorship,” Burnett added. “They would have to take some insurance out to do that is our understanding. That would cost quite a bit of money – likely not be a business decision which would be approved by the conservator. So it doesn’t seem that that plan in its simplistic sense make sense. Bottom line, though, is that there might be some ways for Treasury to maneuver.”
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33 Responses to “McCain Adviser: Treasury Doesn’t Need Congress for Bailout”
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October 1st, 2008 at 3:41 am
Christmas pageant on wall street this year to be cancelled….
because they cant find three wise men,
let alone a virgin.
They’re having a pantomime instead: The Goose That Laid Golden Eggs.
Story
A man and his wife had the good fortune to possess a goose which laid a golden egg every day. Lucky though they were, they soon began to think they were not getting rich fast enough, and, imagining the bird must be made of gold inside, they decided to kill it. Then, they thought, they could obtain the whole store of precious metal at once; however, upon cutting the goose open, they found its innards to be like that of any other goose.
Moral of this story : THOSE WHO WANT TOO MUCH LOSE EVERYTHING
October 1st, 2008 at 3:56 am
You can’t help but wonder what part of ‘NO’ means ‘YES’.
Oh, let’s see….. I remember now: Black is white, evil is good, wrong is right, up is down, in is out….
WTF?
October 1st, 2008 at 4:21 am
This is the beginning of NAFTA. The US and our Constitution will be dissolved as the US will no longer exist. Congress will be rendered irrelevant. Our King has implemented this illegally, without consent.
This administration has done so many wonderful things for this country.
October 1st, 2008 at 4:28 am
What do you mean the beginning of NAFTA? That was back in ‘92. . .
October 1st, 2008 at 5:02 am
http://www.thepentacon.com http://www.obamacrimes.com http://www.donaltrumphair.com
October 1st, 2008 at 5:20 am
The Wall Street Bailout Bill:
Bush McCain Obama et al.
The Realignment of American Politics:
Anderson Baldwin Carter Choate Clemente Gonzalez Gravel Kaptur Kucinich McKinney Nader Paul Perot Sheehan Ventura
October 1st, 2008 at 5:21 am
“Obviously everyone thinks it would be better for Congress to take proactive action…”
If “everyone” thought this wouldn’t the bailout have passed? I guess “obviously”
black is white.
October 1st, 2008 at 5:35 am
Hello PeacefulAmerican.
Strange you should say : `this is the beginning of NAFTA`
Read this one:
US Sends $800 Billion In New Amero Currency To China
http://www.whatdoesitmean.com/index1148.htm
okay, yep, that article is by Sorcha Faal – but on many things, S.F. appears to be not that far from the truth – and whether you like the news or not, thats what I believe.
You can all believe differently if you wish.
October 1st, 2008 at 5:42 am
Financial crisis: Bailout stall threatens to bring down banks throughout the West
UK Telegraph –
http://www.telegraph.co.uk/fin.....-West.html
October 1st, 2008 at 6:14 am
new video
http://ca.youtube.com/watch?v=3rrWRNJ2lOs
October 1st, 2008 at 6:17 am
If we bail these crooks out. They will then show the next ecomomic castastrophe that is coming TO OUR ECONOMY. TIME TO BITE THE BULLET Let them FAIL!!
October 1st, 2008 at 6:34 am
Here is the effect of the greedomongers on Wall Street, specifically Chase Bank. A personal horror story.
I have reason to believe Chase is a predatory lender totally lacking in morals or ethics. I was baited into a 7 percent annual APR only to find the interest quickly escalated to 29 percent APR, seven percent above usury law limits of the state where I reside and where I do business with Chase, on the basis of fraudulent late-payment claims. My protests were ignored as fraudulent charges began to appear on my account. I believe those charges were placed there by Chase employees in India. When I refused to go along with the rip-off and fraudulent extra charges added to my account, and began sending in “token” payments, Chase turned all the Indians in the world loose on me. But I was not intimidated into paying off the account, as I had done earlier in a similar situation and as suggested, by the hundreds of phone calls received from India. Those calls came day and night, Saturday, Sunday and holidays included, in violation of state and federal law. I finally stopped them by putting blocks on the phone calls. As the plot thickened, Chase continued to report me to credit agencies and then turned the situation over to a collection agency with its heavy handed tactics. Despite the fact that I have paid all other creditors on time, Chase has single handedly destroyed my credit rating and now others, like CITI, WAMU and even our auto insurance company, are doing Chase’s “dirty work” and have increased my rates based on “bad credit reports” here. Chase has declared that this account has been settled and that I agree. WRONG!!! IF IT HAS BEEN SETTLED WHY DO I CONTINUE TO GET DAILY HEAVY HANDED PHONE CALLS FROM A COLLECTION AGENCY IN MIAMI USING PHONE NUMBERS THAT CANNOT BE BLOCKED. THIS ACCOUNT WILL BE SETTLED WHEN CHASE SHOWS SOME SEMBLANCE OF BUSINESS ETHICS AND FAIR PLAY AND RECALCULATES FAIRLY WHAT I LEGITIMATELY OWE. AND NOT BEFORE. I CONTINUE TO SEND THAT INCREDIBLE BAND OF THIEVES A TOKEN MONTHLY PAYMENT. NOW, THANKS TO CHASE, I HAVE NOTHING TO LOSE BUT MY CHAINS SHOULD I FILE BANKRUPTCY. THANK YOU CHASE FOR DEMONSTRATING TO ME THE GREED AND CORRUPTION THAT IS BRINGING WALL STREET AND THE NATION’S FINANCIAL INSTITUTIONS TO THEIR KNEES. I SEE YOU BUY BANKRUPT FINANCIAL INSTITUTIONS FOR 6 CENTS ON THE DOLLAR, WITH TAXPAYER FUNDS, WHILE DEMANDING, THROUGH HEAVY HANDED COLLECTION AGENCIES, THAT I PAY YOU $1.50 ON THE DOLLAR. GET REAL, ALL OF YOU. YOUR PLUNDER OF THE AMERICAN FINANCIAL SYSTEM AND DREAM WILL END IN DISASTER. MR. ROTHSCHILD, YOU WILL FIND NO GOLD AT THE END OF THAT RAINBOW WHERE A VERY UNFRIENDLY, HEAVENLY TRIBUNAL AWAITS YOU. SOME OF THOSE YOU HAVE DESTROYED HERE WILL SIT IN JUDGEMENT OF YOU THERE.
October 1st, 2008 at 6:52 am
Perhaps the most humorous line in the entire article was this “to protect the American family, and the business community” If one substitutes ” our wall street cronies”, then the truth will have been spoken. I fear they fully intend to to “go beyond” the norm in order to have us serfs pay their bad debts, just as they always have in the past.
I am sure Congress will once again stab their constituents in the back as they’ve done time and time again. I personally believe a vote in favor of this travesty should be considered an act of sedition, if not treason. But then I’m merely a taxpayer and a voter. . What say do I have in such things. . I’m just supposed to shut up and pay. . as we all are. .
October 1st, 2008 at 7:11 am
Lying FASCIST NeoCon @$#%^$@
They all act like lawyers and sneak around in the Dark!!!
Something needs to be done about these evil people who say they represent us
If we let Mcslime or Osama get to the white house this Repulic is DEAD if it is not already
The time for Revoulution is almost at hand and the powers that be know it
Speak the Truth and it will set you FREE!!
Long live the Republic!!!
October 1st, 2008 at 7:13 am
About the Chase rant. You are very right! Chase will gain handsomely by the “bailout”. They are an integral part of the “Money Master” manipulators.
I just finished a lawsuit with Chase Bank where they added fees to the account calling them “purchases”. A complaint to their friends at the Comptroller of the Currency produced a non-plussed, “so what”, in essence. The court case was decided in Chase’s favor despite the legal wrongdoing of their sleazy representatives, Weltman, Weinberg & Reis [not sending notifications, pretending they had, winning judgment, etc.]
If it will make you feel better to see more Chase horror stories, visit http://www.budhibbs.com
What is happening to you with Chase is the NORM, not an exception. Isn’t that disgusting?
October 1st, 2008 at 7:39 am
DoomCroaker1…………I AGREE WITH YOU AND FEEL YOUR FRUSTRATION. I KNOW THEY HAVE BRANWASHED EVERYONE INTO FEARING THEIR “CREDIT SCORE”. TOO BAD PEOPLE FORGET SO EASILY THAT THE ONLY OTHER TIME PEOPLE WERE NUMBERED LIKE THAT THEY WERE ALSO TAKEN BY TRAIN TO THE OVENS. I HOPE THESE IDIOTS WAKE UP AND REALISE THEY ARE NOT A NUMBER, THEY ARE AN INDIVIDUAL. !!!!!!
October 1st, 2008 at 7:41 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
October 1st, 2008 at 8:29 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
October 1st, 2008 at 8:35 am
McCain and his crew – Obama has his too – all scrubbing there way-out to sea..
They sail-away with our money, thinking is’t funny – laughing at you and at me…
All done again, with the stroke of their pens…as the USA slowly ends.
Keep an eye on these two – and the Congress, for what they do…bottom line is: they hate me and you.
We can rant and rave…but it is our country to save…
… do it now, or we will all soon be enslaved!
( Together We Stand..as One…alone we fall..one at a time)
October 1st, 2008 at 8:57 am
Thats a very nice poem “C”. I had to copy it and show it to my friends !!!
Thank you!
eve
October 1st, 2008 at 9:29 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!
October 1st, 2008 at 9:31 am
The 2008 presidential election is over except for the official results. Obama will win by a landslide. Every national poll in the nation has Obama leading by over 5 Points and gaining. In the next few weeks McCain should quietly go out with as much dignity as possible The wisest thing the Republican Party can now do is to get prepared for 2012. McCain tried his best but that was not good enough for a nation that needed real change not tired rhetoric. Nations are waiting impatiently for the day when the new president takes the throne. When that happens we will witness the loudest demonstration of approval all through the world. His powerful mind and earthly experience will lead the way to a more peaceful life for all of us.
October 1st, 2008 at 10:43 am
Zeig heil, comrade.
October 1st, 2008 at 10:52 am
They are just going to do what they want anyways. We have no hope until we get off our asses and do something. You guys should check out http://www.rawair.com there is a bunch of info on the site. Just go to the info page. The guy talks about how computers give off toxic gas and stuff. Check it out.
October 1st, 2008 at 10:53 am
That was rewair.net sorry
October 1st, 2008 at 11:28 am
( Together We Stand..as One…alone we fall..one at a time) True statement, and to all those racists out there, it’s time to get over it, the Revolution ain’t about Black & White, it’s about Rich & Poor, and this constant racist ignorance only further clouds our judgement for when it’s time for us to unite and fight the real Powers that be. Check out your Minds, it’s been with U all the time!!! Blacks and Whites alike still have to pay green for this high ass gas, high ass food, etc. Blacks and Whites are having their houses foreclosed on. Get your mind right!!! They try to class us as working class Blacks & Whiteswith no college education, Blue collar, White collar, it’s that gang mentality that poisons our minds!!! Wake up, we are in the presence of our future!!!! End the Racism and Start the Revolution!!!
October 1st, 2008 at 1:22 pm
Your welcome eve: how bout’ another…
The Elections are right around the corner…
OH…a fairytale…like “Little Jack Horner”…
They stick out thier thumbs…
Hitch-hiking…those bums…
Making new laws and orders…
The time is now my friends…for this fairytale too end…
As we make the Little Jack(ass) sit back in thier corner…
October 1st, 2008 at 2:41 pm
Comment to : melvin polatnick Says: October 1st, 2008 at 9:31 am
Melvin, are you ready to drink the Kool-Aid???? Don’t ask any questions, just take a nice long swallow… Umm, doesn’t it taste good. Good night
October 1st, 2008 at 4:09 pm
5.56 or 7.62 or 50 cal.. So many choices so many targets..Makes me giddy just thinking about it. You people lost your country when you quit giving a fuck about it…about 50 years ago…Now my generation must fix your fuck ups. Make no mistake we will all pay with the lives of someone we cared about, but I never supported these fucks, and they still get none of my money.
(I refuse to pay)…How many of you armchair warriors can say that? Pay your taxes and take it in the ass like good sheep, we will kick this off without you..It amazes me how many of you waste time here posting religiously. I use it as a guage of how ready you are, and let me tell you you are still talking..THEY STOLE YOUR COUNTRY-RAPED YOUR LANDS-TOLD YOU TO FUCK OFF-AND NOW THEY ARE CLEANING UP THE REMAINS..WHAT ELSE DOES IT TAKE TO GET YOU SOB’S TO STAND UP..YOU SPINELESS FUCKS DESERVE ALL OF THIS. KEEP WASTING YOUR TIME-I HAVE WORK TO DO-
October 1st, 2008 at 6:21 pm
TYRANNY !!!!!!!!!!!!!!!!!!!!!!!!!
http://www.youtube.com/watch?v=uCF0FBdcicE
October 1st, 2008 at 6:58 pm
none required:
You have every right to be angry and it sickens me that more people are not screaming bloody murder over the way America has been raped by the international bankers.
But hear me clearly: We can pull the rug right out from under these banking criminals without firing a single round. All we need do is start using an alternative currency. Their banking system will disappear. And the corrupt politicians’ tax revenue will disappear when we stop using their boss’ money.
Don’t fight the system:
Replace it
Check it out:
http://www.youtube.com/watch?v=73×8uOXQjag
October 1st, 2008 at 8:14 pm
They are right about the advertisements moving (that’s one way to mess with a persons focus, it’s not cool) and what ever happened to David Ray Griffins interview on 9/24 ????? I am a member of Prison Planet, I am an activist and I give out videos and talk to whoever will listen. I support Alex’s quest for truth, however in good conscious I cannot recommend to people to come to a website with moving billboards that mess with your mind. Sorry Alex, the adds can stay, but the movement has got to stop!!!
October 1st, 2008 at 9:06 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.