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Article by Don White

WASHINGTON – Just as expected, Democrats want to load a lot of patronizing pork onto the Bush bill to bail out Wall Street and America’s Banks.

Treasury Secretary Henry Paulson can resist the Democrats all he wants, but in the end this will not be a quick bailout. On Saturday he requested that it be “clean and quick.” That is, the approval method. But Democrats do not know “clean and quick.” Nothing is clean with the Dems.

They can see a lot of political hay and pork that needs harvesting with this bailout and they want their pound of flesh, contrary to the Administration that merely wants to solve the credit dilemma prior to primary street enterprise grinds to a halt and we have far more Americans laid off. These businesses need bank loans to survive, and the banks need taxpayer help to survive. The men and women will also benefit by keeping their jobs. It is easy to see for all but the Democrats due to the fact they live in another world.

I’m an attorney and yesterday I gave the American public a legal opinion. In it I stated the 3-page proposed bill gives Secretary Paulson authority to set up an apparatus as he sees fit, operate the bailout as he sees fit–devoid of pork for this state and pork for that one, which is excellent–and to spend billion dollars to get American enterprise and jobs back on track.

Democrats have an uncanny way of twisting issues. They want to sell this also as a direct bailout of ordinary people so they don’t have to pay for the mortgage agreements they made. In other words, Dems would compound the issue that they created in the initial location. That would genuinely be something, wouldn’t it?

But if the Democrats will just back off, that is specifically what Paulson will be empowered to do. He will solve the difficulty which is systemic. Democrats believe it is not a difficulty with the method. They don’t have any thought of how the free of charge enterprise program works. All they can see is windfall pork for them to pass around.

Paulson is going around to all the talk shows talking up the urgency that this proposal has. If it’s not passed swiftly, you can kiss goodbye to millions of jobs which are with employers who depend on banks for loans. But, hey, is not that just what the Democrats want? They want far more failure of the economy in the course of the Bush administration so they can play the blame game and make individuals believe the Republicans caused it and don’t know how to deal with the dilemma.

See, Democrats envision a world a lot different than the average American. They really feel that although we the taxpayers are bailing out the stupid mistakes of agreeing with Charlie Rangle and Barney Frank that America’s greater off half owed it to the poor to see to it that they could own a house (thus the bills they passed to lower loan standards), that there ought to be some thing in it for politicians. I pegged the blame yesterday on the liberal Democrats. The loose credit situation caused the financial crisis and those loose credit rules were the brainchild of those who spout all this racial inequality stuff (Democrats and their ilk). Somehow, they really feel it their inalienable correct to deny you of your money by higher taxes and to redistribute the wealth of numerous directly to the poor in this crisis.

The poor will benefit if the banks are bailed out. They will be able to get out from under their loans. Some may possibly even end up owning the houses they bought, but at far far better terms–but only if Democrats stand aside and leave Paulson to his function.

Paulson stated Sunday that since financial markets remain under severe tension there is an urgent need for Congress to act speedily without adding other measures that could slow down passage.

Paulson said in an interview on ABC’s “This Week that “We will need this to be clean and to be quick,”

The secretary resisted suggestions becoming made by Democrats that the program be changed to include further direct relief for homeowners facing mortgage foreclosures and to consist of an further billion stimulus effort. Some Democrats have also suggested capping compensation of executives at firms who get the bailout help.

Paulson said he was concerned that debate over adding all of those proposals would slow the economy down, delaying the rescue effort that is so urgently needed to get financial markets moving once again.

“The biggest aid we can give the American men and women proper now is to stabilize the monetary system,” Paulson stated.

Then Sen. Charles Schumer, D-N.Y., weighed in, saying that he believed there would be adjustments to the 3-page Paulson plan and that agreement could be reached quickly. The a lot more changes, the longer the bill, the greater for Democrats. They like it lengthy and complex, so no one understands it except the politicos. Then the Dems can work their magic and squeeze out of it patronage for them. That is what this Democrat delay game is all about, and absolutely nothing more. They’re always thinking, what’s in it for me?

Schumer said that he was pushing to get a provision where the government would receive stock warrants in return for the bailout relief and for creation of a government oversight board to supervise the enormous operation, which under Paulson’s plan would be run out of the Treasury Department. He stated Paulson seemed receptive to modifications when he had discussed his tips with him. Maybe Schumer need to read Title five, section 3109. There are already provision for Congressional oversight. But it happens each three months. Americans would hate it if Democrats tied this thing up in controversy and hearings at every single turn of events. Plain and straightforward, this is a bill to allow a highly qualified man to add income to the credit markets and to do it in an expeditious manner. Too a lot of hands spoil the pie.

“I have told him… we will need adjustments related to housing, we will need to put the taxpayer very first ahead of bondholders, shareholders,” Schumer said on “Fox News Sunday.” This is typical Democrat talk. THE TAXPAYER IS Very first INSTEAD OF THE SHAREHOLDERS, DUMMY.

Shareholders have lost their shirts, or hasn’t Sen Schumer noticed? Taxpayers, all of us, are going to benefit if Bush’s bill passes intact. We will not benefit if this thing is laboriously delayed and much more and far more organizations go belly up due to Democrat haggling and delay. If that occurs, a lot of Democrats could lose their jobs speedily–and I’m talking about November 6th.

Paulson stated in the interviews that he had been talking to other governments about the will need for them to give comparable relief simply because the present financial crisis is global.

“The credit markets are still quite fragile appropriate now and frozen,” Paulson stated in an interview on NBC’s Meet the Press. “We need to deal with this and deal with it speedily.”

The Treasury secretary stated that the nation’s outdated regulatory system for monetary markets need to be overhauled but the first job is to get the most sweeping rescue package because the Fantastic Depression passed by Congress in coming days.

Paulson produced the rounds of the tv talk shows on Sunday to tension the will need for speed in obtaining the bailout package approved. The administration was negotiating the details of the proposal with members of Congress with the expectation that it can be passed in the next week.

Paulson said that “it pains me tremendously to have the American taxpayer put in this position but it is far better than the alternative.”

Both Paulson and President Bush have argued that the alternative would be credit markets that stay frozen, meaning that companies will fail since they can’t get the loans they need to operate and the economy will grind to a halt simply because customers will not be able to get loans to make the purchases that keep the economy moving forward.

On Saturday, Bush said the White House is prepared to work with Congress to speedily enact legislation to permit the government to obtain hundreds of billions of dollars worth of bad debt linked to the collapse of the housing market.

Congressional aides and administration officials were working to fill in the details of the proposal.

About the Author

Don White is a former AP newsman and insurance organization president/CEO. He holds both journalism and legal degrees, is a Chartered Property &amp Casualty Underwriter, and is married and father of 4. He has written four books such as a novel and is editor of 13 blogs which includes two political web sites: PolticialDisconnect.blogspot.com and AngstBlogger.blogspot.com

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