Pelosi Statement on Bush Administration Proposal To Address Financial Crisis

[babylonsister]

http://www.speaker.gov/blog/?p=1522

Pelosi Statement on Bush Administration Proposal To Address Financial Crisis
September 20th, 2008 by Karina


Speaker Pelosi issued the following statement today on a sweeping legislative proposal by the Bush Administration to confront the historic financial crisis:

Congress is reviewing the Bush Administration’s proposal to address the extraordinary crisis in our financial markets. It’s clear that the Administration has requested that Congress authorize, in very short order, sweeping and unprecedented powers for the Treasury Secretary to confront a financial crisis of historic proportions.

Democrats will work with the Administration to ensure that our response to events in the financial markets is swift, but we must insulate Main Street from Wall Street and keep people in their homes by reducing mortgage foreclosures.

In working with the Administration, we will strengthen the proposal by ensuring that the government is accountable to the taxpayers in any future actions under this broad grant of authority, implementing strong oversight mechanisms, and establishing fast-track authority for the Congress to act on responsible regulatory reform.

As I told President Bush yesterday, we will also seek to protect lower- and middle-income Americans, who need to be protected from the fallout of the ongoing Wall Street crisis, by enacting an economic recovery package that creates jobs and returns growth to our economy.

[Eric J in MN]

1. "oversight" - Does that mean that Henry Paulson gives Congress a report...

...now and then, or that the courts have authority?

Congress shouldn't pass any bill with, "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."

http://money.cnn.com/2008/09/20/news/economy/treasury_proposal/index.htm

[Name removed]

2. Deleted message

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[dkofos]

3. Just say NO!!

[Jeanette in FL]

4. She is already folding

We all have to call her office tomorrow and tell her NO.

Let's shut down her phones.

We wouldn't be in this mess if she would have left impeachment on the frigging table.

Just Say No, Nancy!

[YellowRubberDuckie]

6. I hope you didn't expect more than this.

She is spineless. And she will continue to be spineless until she stops worrying about getting reelected.
Duckie

[YellowRubberDuckie]

5. It's only fair...

...if you are going to bail out wall street, you have to bail out the tax payers who will pay for it too...
I don't agree with bailing out people who should have read the fine print on their mortgages. Everyone knows to read stuff before they sign it. Especially when you're agreeing to pay back a note of more than $200,000 at a variable rate of interest. People used to bitch at me all day about not sending them $100,000 in insurance funds. Well, duh, stupid. Had you read your mortgage/note, you would have seen that in entering into the agreement with the bank, I get to give it to you as you need it to pay people to fix your house. If I gave you $100,000 how do we know that you wouldn't go blow it and not repair your property?
This is the same thing. Why did you agree to something without reading that you would have a variable rate and a 700% increase in your mortgage after three years? While I don't hold the banks 100% innocent, the mortgagor (that's what they are called in the business) wasn't either. When it sounds too good to be true, it probably is.
Duckie

[adamuu]

7. that's not enough.

NO BLANK CHECK DAMNIT

[azul]

8. Protect away, Nancy. But wouldn't you be more effective by being on the offensive?

Making better proposals than this bungling criminal administration? Time to get some credibility back and take the reins. These crooks are history, don't let them make it worse.

[VP505]

9. Senator Obama

has laid out what he feels must be included in any Bail Out Plan, I agree and so should Pelosi. http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4052382