Bush Pushes To Pass Bailout Package.... Dems Say Not So Fast

Bush urged Congress to move fast on the $700 billion bailout package for Wall Street. Democratic lawmakers urged caution, citing warrantless wiretapping as an example of what happens when a bill is passed in haste. Below is an excerpt on Bush's statement regarding the rescue plan. Underneath the excerpt is a quote from Senator Leahy, comparing Bush's urgency today with his push to pass the Patriot Act, legislation that has been criticized for giving the government enhanced powers to spy on the public.

From The Washington Post:

President Bush this morning warned lawmakers against trying to make too many changes to the proposed financial bailout legislation, saying the plan needs to be passed quickly and relatively intact to stem damage to global financial markets.

Weekend negotiations "made good headway" in crafting a bill to bolster a system weighed down by problem home mortgages, Bush said. But with proposals circulating to include provisions for homeowners in the bill or to use it to limit executive compensation, Bush cautioned that too many added provisions could impede approval of critically needed legislation.

Patrick Leahy on the bailout package:

"We will do something this week -- but if we learned anything from right after 9/11, it's that the biggest mistake is to pass anything they ask for just because it's an emergency," Leahy says.

The Senate Judiciary Committee chairman knows of what he speaks. He sponsored the original Patriot Act, only to feel betrayed later when the Bush administration used it to justify domestic wiretapping.

Katharine Zaleski is the Senior News Editor at HuffingtonPost.com. She can be reached at [e-mail]

Comments

[Ray46]

An example of corporate welfare and greed at its best.

$3300 from every man, woman, and child in the USA to pay for Wall Streets and the Banks 1 Trillion in problems ( more money will be needed later).

Wall Street paid 39 Billion in bonuses in 2007 while they were making this mess and will still pay huge bonuses in 2008 while being rescued.

The average person does not get a penny from the government when they go bankrupt.

[mostlybluedot]

Not only that, declaring bankruptcy has gotten much harder for the average person. Not so with the fat cats. They even get to keep their ill gottne bonuses.

[BabsfromKansas]

MUST READ

Jason Linkins

"A crit ical - and ra dical - component of the bailout package proposed by the Bush administration has thus far failed to garner the serious attention of anyone in the press. Section 8 of this legislation is just a single sentence of thirty-two words, but it represents a significant consolidation of power and an ab dication of oversight authority that's so flat-out astounding that it ought to set one's hair on fir e. It reads, in its entirety:

"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."

In short, the so-called "mo ther of all bailouts," which will transfer $700 billion taxpayer dollars to purchase the d istressed assets of several fail ed financial institutions, will be conducted in a manner unchalle ngeable by courts and ungovern able by the People's duly swo rn representatives. All decision-making power will be consolidated into the Executive Branch - who, we remind you, will have the incentive to act upon this privilege as quickly as possible, before they leave office."

[mostlybluedot]

If the dems leave that in, then we should collectively throw their asses out!!!

[CaptainStormfield]

I wonder if you start trying to post that on the MSM comments and blogs if they will "moderate" it.

[BabsfromKansas]

I'll take my chances!

[paixa3]

it is time for everyone to flip the bird to the idiot in the white house.

[Nyla785]

Yup...we end up regretting ANYTHING this administration 'rushes through.'

[mostlybluedot]

The Dems have to get some oversight with some teeth to reverse clearly stupid actions,whatever else they do. No one in this world is infallible least of all Paulson or bush. If they give Bush and Co another blank check then they deserve to be thrown out on their collcective ears.

[tsloan]

GWB rushing to push anything should send up red flags and set off fire alarms everywhere.

[LeawoodKansas]

"Not so fast." ??? How about "Thanks, but no thanks."

[gtposse]

The Congress canot alllow themselves to be bamboozled again by these bunch on deceitful white house swindlers. Paulson must not be given the authority o a czar, it would be criminal if Congress abdicated their responsibilities.

Compensation must alsobe addressed in this bailout package.

[paixa3]

"""""it would be criminal if Congress abdicated their responsibilities. """"" You mean like have been doing for 8 years? oh, I see.

[dgscol]

There is political suicide in passing this legislation, believe me.

According to the Bush doctrine : ask no questions. There are weapons of mass financial destruction out there. He knows because Paulson has told him so, who heard it from the Chinese, who believe they have to get their own banks.

[princessofnowt]

I don't know about you, but I am getting my news today from Democracy Now (LInk tv/pbs)(and Huffpo, obv.)
I think it's the only major independent tv news org left?

www.democracynow.org

Screw this bailout bullshit.
Congress better not break for vacation.
If they do, they are all under suspicion of being in on this.

Ponzi scheme is right, whoever's been saying that here. It is exactly that.

The rest of the world knows it-- now Americans are beginning to know it, now that just needs to translate to sinking in and somebody 'in charge' listening.
If they dont listen to the people, I dont think this will be a very sunny place for a good long while.

[Underdog311]

This financial meltdown was planned!!! wake up people.
Do you think it really matters whether McCain or Obama is elected? This whole division between the Democrats and Republicans is just a diversion. The president has no real power and hasn't for decades. There is an elite group of bankers who are running the entire show and have planned this for years. We are now under their complete control and there is nothing we can do about it.
95% of the people never saw it coming. And now it is too late. The plan for a one-world government is nearly complete and it is too late to stop it. Obama vs. McCain could matter less than what you have for dinner tonight.

[mostlybluedot]

I guess we might just as well hang ourselves. If things are so bad why are you bothering to rant about them??? It is all beyond your control, right??

[katok]

Yes, but they have framed the debate. Skipped right over right or wrong straight to how much, how soon, how little oversight . Demorats starting with initial Paulson/Wall Street Edict, rather then using that document as a "How not to do it".

[ron071]

ANOTHER Bush/Chene­y/McCain/R­ove FEAR RUSH JOB. We've seen this hand before and know full well that NOTHING THIS CROWD PUSHES IS GOOD FOR THE AMERICAN PEOPLE! Bush should have been impeached long ago and he should be removed now. The man is a menace and every day he remains in office is a clear and present danger. Hurry, hurry, hurry, after it took me only 8 years to screw everything up. The audacity of this man is breathtaking. He has no shame but deserves condemnation in full measure.

[mostlybluedot]

yep!!

[CTtransplant]

For those who continue to say we will pay more taxes under Obama, how about looking at this Washington Post comparison:

Obama and McCain Tax Proposals
According to a new analysis by the Tax Policy Center, a joint project of the Urban Institute and the Brookings Institution, Democrat Barack Obama and Republican John McCain are both proposing tax plans that would result in cuts for most American families.

Obama's plan gives the biggest cuts to those who make the least, while McCain would give the largest cuts to the very wealthy.

For the approximately 147,000 families that make up the top 0.1 percent of the income scale, the difference between the two plans is stark. While McCain offers a $269,364 tax cut, Obama would raise their taxes, on average, by $701,885 - a difference of nearly $1 million.

[Hondo 2008]

....I am Barack Obama and I approve this message.

[mostlybluedot]

Sooner or later we will all have to pay more taxes. You just cannot print money with no tax base to fund your toys like neverending wars and bailouts and cut taxes at the same time. If we don't then we will pay another way with inflation, serious kind of inflation.

[Bushwillresign]

"Okay George, you go out there and scare the people and they will all go for the bailout and give us $ 700 billions more on top of all they have given already."
George Bu$h: "No one in their right mind will be fooled again. How many times have we taken these people in the last 7 1/2 years."
Who are the ones that are FOR the bailout, blank check, Bu$h rides into the sunset policy?