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Acorn Give-Away and Other Problems with Dems Bailout Plan

Larry Kudlow of CNBC reports in A Paulson-Cantor Plan Is a Win-Win that House Republicans have five major problems with the Democrat’s original economic plan.

Sources also tell me that other conditions will be necessary to bring the House GOP along. First, the ACORN slush fund must be removed. Second, the so-called union proxy to run a slate of corporate directors is a big problem. Third, all profits from the Treasury rescue mission must be used to reduce the national debt — 100 percent. Fourth, Republican members are opposed to bankruptcy judges setting mortgage terms and interest rates (Sen. Obama also is opposed). Fifth, the so-called government equity ownership of banks is distasteful because it effectively creates a corporate tax increase on banks at a time when they are struggling. And last, the Treasury secretary’s request for $700 billion is regarded as way too high.

With all the grandstanding by Harry Reid about Senator McCain causing the Dem’s economic deal to fall apart, and even though it’s unlikely McCain had anything to do with the plan not being accepted, in reality it’s a good thing that the original plan was rejected. It appears the Dem’s loaded the bill with extras like a payoff to questionable groups like ACORN, redirected funds away from reducing the national debt, and inserted union perquisites, making this bill anacceptable. Those who opposed the bill deserve credit for not being rushed in to a plan that would have given tax payer money away to special interests.

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7 Responses to “Acorn Give-Away and Other Problems with Dems Bailout Plan”

  1. Thank God that someone in Congress has had the courage to stand up to the leadership’s ridiculous ACORN slush fund! While it is important to solve the credit crisis, it should not be an opportunity for Demorcrats to reward all of their special interests.

  2. There is almost no part of this plan that I find acceptable. The taxpayer should not be forced to finance the failed housing programs run by ACORN. Just the idea of making home mortgages available to all low and no doc income applicants is ill advised. Home ownership is nice, but it should be earned by those who have shown that they are willing to do whatever they must to pay the motgage. The very idea of the federal government taking over ownership of those bad mortgages brings to mind a massive new federal agency with more red tape and slower response time to resolving the issue of non payment of debt owed. The insurance idea brought about by the republican house members makes much more sense. The owners of the bad mortgages are much closer to the debtor and thus better able to decide if there is a likelyhood of ever getting the payments back on track. The house and senate need to understand that moving too fast usually means repenting at leisure. This time though they are asking the American taxpayer to invest money that they have not yet collected or even figured out how to collect. I could continue but I suspect that readers will get the idea.

  3. NO way will Americans fork over their dollars to pay for some greedy, stupid jerks who took out loans & mortgages they KNEW they coujld never pay!

    WHO the he11 is RUNNING this country (into the ground)??
    It sure does not seem to be Our beloved President!!???

    WHO is in charge here?

    WHAT’s next???

  4. i do not support this bill the way it is now….if we have to do it then i think the republican insurance plan makes more sense..i DO NOT want my tax dollars ( and i pay plenty) to go to bail out acorn or any special interest group on either side.

  5. If the Democrats (Carter & Clinton) had not pushed for housing loans for low/no income people we might not be in this situation today. If Obama gets in he will have the IRS create a new simplified tax form. It will ask how much did you made and the next line will say “send it in”.

  6. RE: Genes, on comment on Sept 28,2008 at 3:38 pm

    You said: If Obama gets in he will have the IRS create a new simplified tax form. It will ask how much did you make and the next line will say “send it in”
    I predict that Obama will make it in, and before too long he will do just that. Imagine all the hard working Americans working all week long…reminising of those days when they looked forward to payday….but now payday is now POOL DAY where every American persons hard earned money goes into the POOL (THE SLUSH POOL) for Obama and his kingdom to issue out to the once FREE Americans. It wouldn’t matter how much you made, it would go by how many live in the house hold. So if a 2 working person household made 3000.00 a month, all The Obama Kingdom would allot the couple is 1000.00 a month. However if a household of 5 people and only 1 working making 2500.00 a month, The Obama Kingdom would allot that family 5000.00. Think about this…AMERICA NEEDS TO WAKE UP!!

  7. It blows my mind that the leaders of our country are giving our money away to groups such as Acorn … if I thought I could pull it off I would sue the folks in the House & Senate that have been pushing this … this give away has to be illegal … is it time for the American people to pick up arms and revolt against the robbers and thief’s in Congress? This is nothing more than stealing this has to stop and stop now

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