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

[SFkid]

YOU are ALL getting hood winked by your own government. They are stealing YOUR tax dollars and WE the PEOPLE are doing absolutely nothing...for shame.

[StarfishusBovinae]

Oh, B.S. I'm watching everything and will relocate to Finland if necessary.

[Shaddup]

Not everyone can pick up and leave if the shite hits the fan, as you describe. Geezus, have a little compassion for your fellow American.

[hannitysux]

I just wrote Pelosi now what? Grab my torch?

[StarfishusBovinae]

Un flambeau, Jeanette, Isabelle!

[BBDisk]

Writing Pelosi is not going to be effective. I think garlic, holy-water, and a wooden stake are good places to start...

[esquire07]

Yea - Push it through just like the Patriot Act... while nobody is looking and nobody is reading the fine print.

You can bet the Bailout is wrtitten to protect the richest of the rich and the same Bush/Cheney scum that have been raping the Nation for almost 8 years.

The Game is almost over for the American Empire - but hey - at least Marriage is safe from the threat of Homosexulas !!!

Well done America !!!

McCain/Palin 08 Real Change Lol.

[FrankFurter]

Homosexulas?!?!

I like it!

[StarfishusBovinae]

BWAHAHAHA

That's Columbian style!

[Pdubya]

"Not so fast, we want our cut too."

Just like Iraq.

and this good Americans is why we have a left wing and right wing of the socialist plutocracy.

meanwhile most citizens wear a red or blue cape and argue over who can save us.

"Allow me to issue and control a nation's money and I care not who writes its laws!". Amshell Rothschild

END THE FED

[StarfishusBovinae]

Well put.

[goldcoastsailor]

Bush needs to get his hands off our money and let these bastards go under. We need to stop paying taxes to this corrupt regime now. The fed should be dismantled. Ron Paul was right.

[peterg76]

If Little George is endorsing the plan, how about the Democrats just label it "the Bush Bailout", and then fiercely oppose it? Sure, they'll lose campaign contribution bribes, but they would be so popular they wouldn't need them.

[lechatnoir]

First they try to stir sh it up with I ran, then the failed provocation in Geor gia, then they go for glamour, throw in Pa lin, which turns out to be a total dud, and now this...
It looks like they are scared ;)

This new 700 billion$ comes on top of the 350 billion$ for the bailout last week, right? Does this mean that next week, there'll be another bailout? How many bailouts should we expect to foot the bill for, I mean, might be good to know...? Also, will the money vanish like the 8 billion$ the British transferred to Lehman Bros hours before they went bankrupt? Where is that money by the way?

Let's NOT bail them out, see what happens. Let the bankers sweat a little, it does the body good. Let's not blink.

(Meanwhile, Newsmax, clueless as ever, is fishing around asking whether "Obama [is] Finished?" THX 4 THE LULZ Y'ALL!)

[esquire07]

Still.... all the Bailouts combined are cheaper than the illegal occupation and destruction of Iraq.

And not a single dead troop !!!

What a deal !!!

[dezzertguy]

Sen Dodd sholud be removed from the committee due to his lack of ethics. He was playing with Countrywide, Fran and Fred. Why is he even there. Who can clean up the Senate?

[Shaddup]

Weel, gee, since that's not going to happen until elections, if there are elections, then perhaps you must do as Don Rumsfeld did, "...work with the senate you have, not with the senate you WISH you had."

[jhwkr]

AMEN! I'll second that one!

[SFkid]

Gimme a break, your so full of it. People like you like to single people out, when there are tons more Republicans like yourself that are "IN" with these Corps. Go home loser.

[Bushwillresign]

Hey there DG, how are those high gas prices you voted for working out for you? Get a fill-up for less than a c-note lately?
How about your insurance prices? Going up like everyone else in the good old USA? Good vote on that one too.
How about prescription drug prices? Got um under control or do you use a credit card to pay for your meds? Good vote on that one too.
Most foreclosures ever?
22 million new jobs? Sorry, you didn't vote for that one. No credit where none is due.
Gimme a hint, who are you gonna vote for this year?

[tomfl78]

ReneeinLA whats not true

[ProFromOre]

"Treasury Secretary clause"

In your loudest voice possible please speak for me and say, "NO!" to this assault on the Democratic process.

When I first heard rumors this bailout was a further attempt by the Bush crime family to plunder our treasury, I dismissed it as paranoid rantings, now I'm not so sure.

-----------------

This is the message I have sent to my Rep, Senators, (challenge the Failure Party members if they are your Rep or Sen, tell them to put up or make a political enemy), Speaker of the House, Leader & Majority Whip - THEY are all available via their web-pages. Send them a loud message to stop this 'blank-check, no oversight BS. WE ALL KNOW the Bush crime family is not to be trusted. THEY are taking advantage of the fear created by their 'mysterious' meeting with words TOO SCARY for us, the common people to hear.

Watch yesterday's This Week when George S. tries to get Dodd to repeat the 'scary' words. It's the Shock Doctrine in action, folks, wake up...

[breakingnews]

I agree, if we are going to be on the hook for this, then they need to tell us in clear, concise terms what exactly we are facing.

[dezzertguy]

Did George S. ask the senator about his dealings with Countrywide? Did he ask the senator if it was appropriate for him to be in this process given his past record? The MSM is really protecting the Dems on this one.

[Shaddup]

*yawn*. Whatever, bro-

[StandUpAmerica08]

Palin's town charged women for rape exams

http://www.cnn.com/2008/POLITICS/09/21/palin.rape.exams/index.html?eref=rss_politics&iref=polticker

Wait for it.... wait.....

WARNING WARNING WARNING WILL ROBINSON! P.O.W. P.O.W..... IRAQ!

[tomfl78]

kasinca sub -prime numbers from 1994 to 1999
5% ($35 billion) in 1994 [44] , 9% in 1996 [45], 13% ($160 billion) in 1999

Most sub-prime loans went bad under President Bush b/c sub-prime loans are ARM's

[Twopennygal]

So we, the taxpayers, buy this "bad" debt and then what? What if none of it is collectible? What happens to the home buyers? Now that the "state" owns their loans, can they still go through foreclosure? Can they do a quit sale/short sale? Is bankruptcy no longer an option? Can the loan be restructured? This is so wrong!!!!

[breakingnews]

No, if you are late on your mortgage payment, you will still lose your home, and then be on the hook for the remaining balance once the home is sold at auction.

AND you get to pay an average of $7,000 per person for that luxury!!

[tomfl78]

The Bailout will make it so we do not have a prolonged malaise Japan experienced in the 1990's

[jhwkr]

Last time I checked the Republicans wanted more capitalism and less socialism. This sounds a lot like corporate welfare AGAIN! You may want to check on that, my friend.

[LoyalOpposition]

ooooh, malaise, big word. Can you spell dupe? As in the Bush plan wants to (again) dupe the U.S. Public?

[Shaddup]

Good grief, tom... you're one of the illuminati no doubt that stands to lose his shorts if there is an election. And you know it, that's why you're scared and spamming lies all over a Democratic forum. Dolt.

[FaceYourFears]

Mr. President.­.....anyth­ing left for me?

[LoyalOpposition]

The United States presently does not have a sitting president. What we have is an oligarchy the people of latin america are only too familiar with. They want to empty the treasury!

[FrankFurter]

Why yes, Ginormous Debt.

[GrammieJ]

I don't know about anyone be me, folks. I do not appreciate bailing out this mess unless those who made and will make all the millions in CEO packages. I pay taxes, too much, I worked for many years and paid SS, I do not want to bail out anyone.

McCain is full of bull, does not understand main street America, how could he? He is married to someone worth 100 million. There is no way he knows what we are going through, he owns 7 houses and 13 cars.

We are in deep doodoo caused by McCain/Bush. Go away McCain/Bush!!

[BBDisk]

"McCain is full of bull, does not understand main street America, how could he? He is married to someone worth 100 million. There is no way he knows what we are going through, he owns 7 houses and 13 cars."

Where does that place John Kerry in the scheme of your prejudice?

[breakingnews]

John Kerry just won his seat in Congress.....did you have a point??

[CaliTLC]

In case you didn't notice, John Kerry is NOT on the ticket this year. McCain with his 9 houses and private plane is.