President Bush Will not Support House Republican’s Alternative Bailout Bill

The house Republicans are busy crafting an alternative Wall Street bailout bill even as the senate looks to revive the one trillion dollar bailout. A bill that would not require taxpayers to carry the burden of the Wall Street crowd, and the failures of “equal opportunity” lenders who were forced to give out loans to all too willing recipients who everyone knew couldn’t afford them.

This bill would require higher premiums on risky mortgages in order to pay for insurance against the loans. The higher the risk the higher the premium, the lower the risk the lower the premium. At least this bill wouldn’t be a government takeover of the economic system balanced on the back of the taxpayers. This bill is better than a taxpayer funded trillion dollar bailout. And it keeps the economy more free market than the presidents proposal.

President Bush does not support the idea of the house Republicans free market friendly bailout proposal.

the White House rejected considering a more free market alternative proposed by House Republicans

He prefers the senates government takeover bailout bill. He supports you and I paying for the irresponsible, whimsical behavior of Wall Street and “equal opportunity” lenders and borrowers.

“I know the RSC wants only the insurance option and not the purchase option. We disagree with that and believe that the purchase program needs to be part of the solution here,” Fratto said.

President Bush will not be happy unless the bill that comes to his desk includes the government taking over the free market institutions that this country was based on. If you agree with the president on this issue just remember who the other two prominent politicians are who also support the senate proposal and not the free market house bill; John McCain and Barack Obama.

President Bush, John McCain, and Barack Obama all agree on this issue, that should be enough to scare the hell out of you.

The bill being negotiated by house Republicans may not be perfect, hell I think no action by the government would be perfect, it may not be the be all end all, but it is a hell of allot better that a one trillion dollar taxpayer funded bailout and something that I would much rather support. My feeling is that as long as we are going to get screwed in this deal it should be as painless as possible. I think the house Republican’s proposal is much less painless.