Ryan at odds with White House over bailout

[undeterred]

THURSDAY 9/25/2008

2:54 p.m.: Ryan at odds with White House over bailout

U.S. Rep. Paul Ryan, R-Janesville and ranking GOP member of the House Budget Committee, moments ago released a set of principles that he believes should be the core of any government fix of the financial system. Ryan's views on the matter appear to put him at odds with the basic tenants of the plan being negotiated by the White House and congressional leaders.

However, Ryan has plenty of company -- at least among House Republicans -- in terms of his suspicion of the $700 billion Wall Street bailout being pushed by President Bush. An agreement in principle was reached this afternoon with House and Senate leaders, though details had not been released by early this afternoon.

Among Ryan's principles for the recovery plan he would like to see enacted:

-- Rather than providing taxpayer funded purchases of frozen mortgage assets, adopt a mortgage insurance approach to solve the problem.

-- Inject private capital to the financial markets, not tax dollars.

-- Increase transparency by requiring participating firms to disclose to Treasury the value of their mortgage assets on their books, the value of any private bids within the last year for such assets and their last audit report.

--By David M. Drucker

http://www.wispolitics.com/index.iml?Content=174

[dembotoz]

1. wouldn't it be nice if the republican party would shatter

just hope they don't try to take the rest of us with them

[undeterred]

2. Ryan emerges as leader in alternative bailout plan

House Republicans change pace of negotiations
By DIANA MARRERO
[email protected]

Posted: Sept. 26, 2008
Washington - Armed with their own ideas about how to rescue the financial industry, House Republicans have changed the dynamics of congressional negotiations over a $700 billion bailout plan by Treasury Secretary Henry Paulson.

Rep. Paul Ryan, a Janesville Republican, is at the center of the alternative proposal that threatened to derail agreement on the Paulson plan. By Friday afternoon, however, a top Democratic leader said congressional negotiators working on a fix were willing to consider the conservative proposal “if this will bring the House Republicans to the table.”

Ryan, who has emerged as a key player in the negotiations, said his caucus did not like Paulson’s plan. The administration proposal would allow the government to buy bad loans from troubled firms in an effort to give sluggish credit markets a boost.

Under the House Republican proposal, the government would offer companies insurance for their mortgage-backed securities for a premium. The government would pay up only on those that default. The government already insures roughly half the nation’s mortgage-backed securities.

“Our goal is to protect the taxpayer,” Ryan said.

Paulson already had considered an idea similar to the one offered by House Republicans but discarded it in favor of the plan that he recommended. Throughout the day Friday, Democrats accused Republicans of putting a kink into the carefully negotiated agreements between congressional leaders and the Bush administration.

http://www.jsonline.com/story/index.aspx?id=799852

[undeterred]

3. Maybe this is wildly irrational but I fear Sarah Palin

very soon will be dumped from the GOP ticket and they will pick up Paul Ryan. This will make the ticket much less scary to conservatives... I hope I stop having this nightmare after the election.