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

[eddiebly]

You know what, since I have to pay for these bad loans, how about a 4% fixed refinance on ALL AMERICANS that DID THE RIGHT THING...re­gardless of credit score of course?

It's the least they could do.

[LeawoodKansas]

I could go with 2%.

[Freesia2]

I would think by now it would be a matter of common sense, or self preservation, that if Bush is pushing for anything, if he's for anything, and if he's eager to do it quickly...­.Look for the exit signs. Stand and walk out single file in an orderly fashion. Do not push. Do not shove. But move quickly and get out.

What will it take for people to realize that this man can't be trusted, neither his judgement nor his motivations?

[Obamadaman]

First the Democrats vote for perverse regulations that penalize banks for not loaning to people who can't pay it back, then they call conservatives who oppose such penalties uncaring of the poor. Then they vote against Bush's 2003 proposal for better oversite of Fannie Mae and Freddie Mac, saying that it would hurt the poor and that Fannie Mae and Freddie Mac were not in financial trouble. Then when their policies cause a financial crisis they blame Republicans for deregulating financial markets when it was DEMOCRATS' regulations that were the main cause of the crisis. It's almost like Democrats are not TRYING to make any sense. It's like they're taunting us (conservatives) saying "Look how much lying we can get away with. Look how wrong and dishonest we can be and still claim the moral high ground." Over and over again on the campaign trail Obama has repeated the lie that Republican deregulation caused the mortgage crisis. I just have to shake my head. That's all I can do.

[BabsfromKansas]

"A critical 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 abdication of oversight authority:

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 "mother of all bailouts," which will transfer $700 billion taxpayer dollars to purchase the distressed assets of several failed financial institutions, will be conducted in a manner unchallengeable by courts and ungovernable by the People's duly sworn representa­tives."

http://www.huffingtonpost.com/2008/09/22/dirty-secret-of-the-bailo_n_128294.html#postComment

[bbbbmer]

The most important book of the past year has been Naomi Klein's SHOCK DOCTRINE, which we seem to be living out, at least if the Republicans have their way, especially in vesting all authority over this bill, if enacted as currently written, in the Treasury Secretary. I hope the Democrats can thwart this power grab and provide remediation for the millions of people victimized by the predatory lending practices that predicated this mess, and made Paulsen's cronies wealthy beyond their wildest dreams...

[wordvarc]

MAIN STREET NOT WALL STREET!

[Provit2me]

Sooo, tired- I work 2 jobs pay my taxes for 1 house and 1 car. I can no longer rely on my gov. or my hard work ethics to support me. I'm tired - I hate to think when I can retire - I started out 8 years ago looking really good for retirement­...no more..Taxe­s are part of life so that's off the table for me..it will happen. I hear figures like billions and trillion like it's nothing anymore. The military taught me 1 thing, if it happens on your watch it's your responsibility, you're the one who gets court marshaled. Who? I just want to know Who was on watch? 9/11, wall st. subprime..­. Who? (Insert cricket noise here)....

[boing007]

We are all POWS now: Prisoners of Wall Street.

[boing007]

I wouldn't do anything to aid and abet our Lame Duck President. Let him twist in the wind.

[nancytheragingliberal]

How outrageous and more hideous can this get? The American people are getting hoodwinked, bigtime. Why should I/we have to bailout these thieves? The American people should not bend over, but contact congress, and voice their rage.

[Bobleblah1]

You live in a fascist dictatorship

still doubt it?

Just wait until they pass this bill and sentence your children to modern day slavery.
As the banks steal all REAL ASSETS, they will leave the public holding this debt that is leveraged out into the hundreds of trillions. The US dollar will be totally worthless in less than 5 years.
All real assets will be owned by the banks.

And Yes: American's will wake up homeless on the lands that their Forefathers conquered.

[pc51]

Oh please, if recent history has taught us anything it is that the Dems will do some yip yip barking and then roll right over and play dead. Bush wins again.

[lindaqqq]

This is the same way Bush screwed the taxpayers in Texas when his companies went bankrupt.
It's the way the whole Bush family operates. They're playing us with the same game now.
http://www.campaignwatch.org/more1.htm

[LeBelAge]

Call your Senator to vote against the bail out.

http://www.senate.gov/general/contact_information/senators_cfm.cfm

[BethStuart]

I for one am very grateful that the Democrats have control of both houses of Congress. If the republicans were still in control, I suspect they would have given Bush carte blanche to do anything he wanted. We know how that has worked out in the past.

[Hondo 2008]

I am not a fan of Bush, but do you honestly think that Congress is any better? Congress has an approval rating of only 18 percent in a recent Gallup Poll. I for one am not holding my breath that Congress will help make a difference.

[Bushwillresign]

Congress has a low rating because the republicans didn't provide the oversite listed in their job description. If they did, THEY would have impeached Bu$h and Cheny. They had six years to do their jobs.
Then the dems get in control of the house and pass many good laws. What are the repubs doing the whole time? Fillibuster, stall, dirty trick.
Dems in congress 60 %
Repubs 12 %

[viflyer]

Paulson should NOT be involved in this. He should be REMOVED. Congress should demand he be removed and a NON Wallstreet Secretaary be installed chosen by CONGRESS and approved by the President. ENOUGH!

[ThunderclapNewman]

That's not how it works.

Presidents choose their own cabinet secretaries, who are confirmed by the Senate.

We have this pesky little thing called a Constitution, you know.

[viflyer]

You just don't get it do you IDIOT. THINK about how Congress could force his had stupid Republican SHILL

[viflyer]

Don't lecture me on the Conbstitution! If Congress had any guts, they could demand that Bush remove Paulson. AND they could politely suggest who they want the President to appoint or NO BAILOUT. Of course thinking in those terms requires some imagination rather than clever gotcha statements.

" pesky little thing like the Constitution" GIVE ME A BREAK!!