Question re: Republicans obstructing progress in the bailout

[ObaMania]

I read that John Boehner and the house Republicans were being excoriated by Frank and Schumer for not passing "The Paulson" plan immediately and "obstructing progress".

Is this true? Were the Dems ready to push it through immediately with no changes?

[TwilightGardener]

1. What? That's the OPPOSITE of what happened. The changes

that help taxpayers are due to DEMOCRATS.

[kirby]

2. I dont think so...

I think the Paulson plan lasted for about an hour. Immediately the Democrats were saying it was laughable and additional oversight, CEO pay limits, etc.

The only think the Republicans have added to this bill is their 'insurance' program proposal. The insurance program sounds like another AIG type failure in the making.

[whistle]

3. Obstructionist politics they want Bush's original plan with no conditions

...no limits, no oversight, that was the repuke plan all along. Here was the report on testimony from seven days ago:

<snip>
Bernanke, Paulson: Congress must act now
Fed chief bluntly warns of recession risks without Wall Street bailout

AP/updated 7:17 p.m. ET, Tues., Sept. 23, 2008

WASHINGTON - Senators dug in their heels Tuesday, pushing back against dire warnings from the government’s top economic officials of recession, layoffs and lost homes if Congress doesn’t quickly approve the Bush administration’s emergency $700 billion financial bailout plan.

Congressional leaders still predicted passage — with significant changes — but Wall Street’s nerves were hardly soothed. The Dow Jones industrials sank 161 points and now are off more than 500 this week after initially surging on the bailout announcement last week.

Deepening market trouble was just one piece of the economic havoc that Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson told senators would ensue if Congress lags in acting on the administration’s proposal to rescue tottering financial institutions.
<skip>
The legislation the administration is promoting would allow the government to buy bad mortgages and other rotten assets held by troubled banks and financial institutions. Getting those debts off their books should bolster those companies’ balance sheets, making them more inclined to lend and easing one of the biggest choke points in the credit crisis. If the plan works, it should help lift a major weight off the national economy that is already sputtering.

Democrats were determined to wrest concessions from the administration on domestic spending and middle-class economic aid. And they said Republicans had to share in the politically tricky task of pushing through a financial bailout six weeks before the elections at a time when millions of everyday Americans are economically strapped.
<MORE>


http://www.msnbc.msn.com/id/26850571/

[stillcool]

4. No. After different proposals were made..

they had come to an 'agreement in principle' until Johnny came back. Then the whole thing got tossed out the window. Then the Republicans sent their 'plan' which included permanent tax cuts, and more de-regulation. And now, here we are with the final results of all that went before.