What were the options again?

Signed, sealed, delivered….we are theirs!  Were their any other options?  Did we just have to do whatever the monied interest….the ruling class wanted?  Below is from Congressman Darrell Issa…the day before the vote.

We fully support the following:

 

Opposition to Bailout Bill Continues

Dear Friend,

 
Like many of you, I am deeply concerned about the credit crisis in the financial markets.   I want to take a moment to update you regarding the Wall Street bailout bill that was rejected by the House of Representatives on Monday, assure you of my continued opposition to the bill, and outline my ongoing efforts to find solutions to alleviate the distress in the financial markets without a taxpayer-funded bailout.
 
The core of the Paulson-Bush-Pelosi scheme gives Treasury Secretary Paulson the authority to use $700 billion taxpayer dollars to purchase at-risk sub-prime mortgage backed securities from Wall Street banks and investment firms.   Secretary Paulson has stated that he would use that authority to purchase troubled investments from foreign banks as well.    I believe strongly that this is not the best approach, that taxpayers should not be stuck with the bill or the responsibility of liquidating troubled mortgage assets, and that any plan should put U.S. banks ahead of foreign banks and investors. 
 
For the past two weeks, I have worked in a collaborative and bi-partisan fashion with Members of Congress, private sector economists, current and former bank regulators, and others to develop substantive alternatives to a taxpayer-funded bailout of the financial markets.   Here are a few of the many ideas that are being discussed:
 

 — Restore the Net-Worth Certificate Program at FDIC, the government agency that regulates banks and insures bank deposits.  This proven program was used successfully to provide capitalization to 29 ailing banks in the early ‘80s, but it has expired.  Congress could quickly and easily pass legislation to recreate the program so it is available to regulators in the current crisis.

— Rebuild consumer confidence in banks by increasing the FDIC insurance amount on bank deposits from $100,000 to $250,000 so individuals and small businesses know their bank accounts and payroll funds are safe.

— Use Guaranteed Recovery Bonds to create a Rescue Loan Fund, so taxpayers aren’t stuck with worthless mortgage securities.
— Restrict “naked” short selling and suspend Fair Value or “mark-to-market” accounting standards to provide market stability and to assist firms holding troubled securities
 
Additionally, I have authored an amendment to the Paulson plan that would put America first, by giving preference to U.S. banks, and limit payments to speculators who purchased troubled securities after January 2008.
 
These provisions would provide help to the struggling financial markets while limiting the cost to taxpayers.
 
Finally, I appreciate the many emails and phone calls from all of you who took the time to share your suggestions and ideas.  More than 2,500 constituents have contacted me to comment on the Paulson-Bush-Pelosi Plan, with opinions running strongly against.
 
These are difficult times and the volatility in the financial markets is unsettling, but the American economy has time and again weathered political shocks and financial hardships and proven itself resilient.  I am confident that we will get through the current turmoil, overcome the losses now being incurred, and return to financial prosperity.  Harnessing taxpayers with an additional trillion dollars in debt, as the Paulson-Bush-Pelosi plan would do, won’t advance that process.
 
Thank you for your time and consideration.
 
Sincerely,
 
 
Darrell Issa
Member of Congress


About Ron & Anna Winship

Independent News Producers/Writers and Directors for Parker-Longbow Productions. Independent Programming which includes a broad variety of Political, Entertainment and Professional Personalities. Cutting Edge - a talk show...is the flagship of over 30 URL websites developed or under development. The Winships have been blogging for the Orange Juice since back when nickels had buffalos on them, and men wore onions attached to their belts, because it was the fashion back then.