House Speaker Nancy Pelosi and Financial Services Committee Chairman Barney Frank are the biggest cheerleaders for a Republican administration sponsored $700 billion giveaway. Both have caved in to administration whims so disgusting that most Republicans will not vote for this bill.



Please consider the New York Times article, Bailout Plan in Hand, House Braces for Tough Vote



The House braced for a difficult vote set for Monday on a $700 billion rescue of the financial industry after a weekend of tense negotiations produced a plan that Congressional leaders portrayed as greatly strengthened by new taxpayer safeguards.

The measure still faced stiff resistance from Republican and Democratic lawmakers who portrayed it as a rush to economic judgment and an undeserved aid package for high-flying financiers who chased big profits through reckless investments.



All sides had to surrender something. The administration had to accept limits on executive pay and tougher oversight; Democrats had to sacrifice a push to allow bankruptcy judges to rewrite mortgages; and Republicans fell short in their effort to require that the federal government insure, rather than buy, the bad debt.



“This is a major, major change,” Speaker Nancy Pelosi said on Sunday evening as she declared that negotiations were over and that a House vote was planned for Monday, with Senate action to follow.



It is virtually impossible to know the ultimate cost of the rescue plan to taxpayers, but Congressional leaders stressed that it would likely be far less than $700 billion. Because the Treasury will buy assets with the potential to resell them at a higher price, the government might even turn a profit.

Congressional Budget Office Review

New Fax Phone Campaign

Dear senator/congressional rep



If you vote for this Bailout Bill I will vote against you.



I will do more than that, I will work actively for your opponent, no matter who that person is, doing everything in my power to contribute to your defeat.



If you vote for this bill I will contribute my time, energy and money to your opponent, whoever that may be.



I will talk to my friends, my family and my co-workers and urge them to do the same. I have already contacted many friends and have asked them to do the same.

Second Fax



Bailout Bill Is A Disgrace

Dear senator/congressional rep



Nancy Pelosi and Barney Frank have agreed to the most preposterous taxpaper bailout in history. It is loaded with toothless provisions that are not worth a plug nickel when it comes to protecting the taxpayer.



Fox Oversees Henhouse



The bill sets up an oversight board, which is directed to “ensure that the policies implemented” by Mr. Paulson are proper. Mr. Paulson is to be one of the five members of the board watching over his own actions. He is joined by the chairman of the Federal Reserve, the chairman of the Securities and Exchange Commission, the Housing Secretary and the director of the Federal Home Finance Agency.



This is supposed to be an oversight committee?



New Proposal Cedes Congressional Authority To The Administration



Paulson, or whoever the next Treasury Secretary is, can buy whatever he wants, at whatever price he wants . Why should Congress give such authority to anyone at any time?



Note that the next Treasury Secretary is not even a known quantity!



The limit on any bailout should be no more than $250 billion flat out with no automatic escalations. If Congress thinks more money is needed it can vote to provide more money later. Ceding blank check power to the president and requiring super majorities to override would set a dangerous precedent.



I am appalled that the administration would ask for such power and I am even more appalled that Congress would be willing to structure a bill this way.



No Insurance



Ceding power to the treasury on how to best implement the insurance provision is also a terrible idea. Congress, not the Treasury should stipulate how insurance should work. Leaving insurance to the discretion of the Treasury is tantamount to agreeing there should not be insurance.



Broad New Powers For The SEC



A provision of the bill gives the S.E.C. permission to suspend the rule for any individual company if it thinks that is in the public’s interest. It is absurd that the SEC should be allowed to wave whatever rules it wants.



We got into trouble in the first place because of poor accounting principles!



No Help For Homeowners



This bill offers no help for homeowners. All it offers is a provision to " encourage " servicers of the underlying mortgages to take advantage of the Hope for Homeowners Program. Exactly what use is that?



Administrative Costs



Where are administrative costs hidden?



Recoupment mechanism



The recoupment mechanism does nothing except to require the President submit a proposal to offset such costs after five years. How could this be so poorly worded? Why should Congress require the president to submit a bill, any bill?



Bill Is A Disgrace



This bill is so full of holes and toothless provisions it is a disgrace to suggest it is close to being ready for a vote. Most importantly, th e bill will not create a single job, nor will it solve the underlying economic problems. Over 190 major economists agree.



If you vote for this Bailout Bill I will vote against you.



I will do more than that, I will work actively for your opponent, no matter who that person is, doing everything in my power to contribute to your defeat.



If you vote for this bill I will contribute my time, energy and money to your opponent, whoever that may be.



I will talk to my friends, my family and my co-workers and urge them to do the same. I have already contacted many friends and have asked them to do the same.

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