Bush Asks Congress for Federal Bailout of Mortgage Market

Already knew it was coming....

"Opposition, From Both Parties, Over Bailout Plan"

WASHINGTON — The Bush administration’s plan to rescue the nation’s two largest mortgage finance companies ran into sharp criticism in Congress on Tuesday as some lawmakers questioned the open-ended request for money that could be used to help the companies.

The criticism prompted House leaders to push back their timetable for approving emergency housing legislation, saying final action would take at least until early next week. The move came after a growing number of Republicans voiced skepticism and, in some cases, angry opposition, to the administration’s proposal to help the two companies, Fannie Mae and Freddie Mac.

The rescue plan, which was hastily prepared over the weekend after a bruising week in the stock market for both Fannie Mae and Freddie Mac, calls on Congress to give the administration the authority for up to 18 months to inject billions of dollars into either company through investments and loans.

Henry M. Paulson Jr., the Treasury secretary and the plan’s architect, said"

“If you’ve got a squirt gun in your pocket you may have to take it out. If you’ve got a bazooka, you may not have to take it out. By making it unspecified, it will greatly expand the likelihood it will not have to be used.”

By that logic, sir, Iran should build a nuclear weapon.

These guys are incredible, aren't they?

Thanks for reaffirming an UNFETTERED SECOND AMENDMENT, too, Hank!!!

But the logic did not seem appealing to several Republicans and Democrats on the banking committee, who raised concerns about taxpayer exposure, and left unspoken the view that Congress would not quickly surrender the power of the purse.

If the administration were to put a specific dollar request in the plan, it could force budget officials to recognize that amount on the government’s books, adding to the deficit or possibly prompting lawmakers to insist, under the pay-as-you-go rule, to raise taxes or cut spending elsewhere.

The strongest criticism came from Republicans.

Senator Jim Bunning, Republican of Kentucky, said at the hearing:

“Where will the money come from if, in fact, we have to use the backstop?”

Mr. Paulson: “From the government.”

Mr. Bunning: “And who is the government?”

Mr. Paulson: “The taxpayer.”

Democrats found themselves in an unusual alliance with the Bush administration.

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Gee, those DemocraPs sure are a disappointment, no?

I oppose Bush on principle now: If he's for it, then I'm against whatever globalist scheme he's pushing, period!

And how did the markets react to the soothing words of the AmeriKan government?

"Dow closes below 11k for first time in 2 years; Stocks end mostly lower even as oil prices retreat" by Madlen Read, AP Business Writer | July 15, 2008

NEW YORK --Wall Street ended a whipsaw day mostly lower, as fears of escalating instability in the financial sector kept investors on edge despite a steep retreat in oil. The Dow Jones industrials on Tuesday had their first close below 11,000 since July 2006.

Shares of Fannie and Freddie -- which together hold or back nearly half of all the nation's mortgages -- tumbled again.

The Dow fell 92.65, or 0.84 percent, to 10,962.54. It was the blue chips' lowest close since July 21, 2006; the high price of oil is one of the major reasons the Dow has been trading at nearly two-year lows.

Overseas, Japan's Nikkei stock average fell 1.96 percent, Britain's FTSE 100 fell 2.42 percent, Germany's DAX index fell 1.91 percent, and France's CAC-40 fell 1.96 percent.

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The rest is either all good news, or it omits the dollar falling to a new low today.

You know, it is the same crap Bush spewed this morning (I watched for a change, and what a god-damn liar):

"Bernanke Is Pessimistic, but Bush Urges a ‘Deep Breath’" by Steven R. Weisman

WASHINGTON — President Bush urged Americans to have faith in the country’s financial foundation.

Bush, speaking at a White House news conference, urged Americans to “take a deep breath.”

“My hope is — is that people take a deep breath and realize that their deposits are protected by our government,” the president said.

That means they are "protected" by YOU, taxpayers!

The president said that the economy and the pillars on which it rests were “basically sound.” And he dismissed questions about reports that wholesale prices rose 1.8 percent in June, the fastest 12-month inflation rate in more than a quarter century.

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Well, whatever, Georgie, the PUBLIC AIN'T FOOLEYED by you and your lies no more!!!!

"Poll: Public unhappy with country's direction

President Bush has sunk to record-low approval ratings in the latest Associated Press-Ipsos poll.

Congress gets even worse reviews, according to the survey released today. And, as the economy tanks and wars in Iraq and Afghanistan continue, the number of Americans saying their country is headed in the right direction is also at an all-time low.

Only 16 percent said the nation is moving the right way, down slightly from the 17 percent who said so last month. Only three in 10 Republicans and fewer than one in 10 Democrats and independents were optimistic.

Among those polled, 28 percent said they approve of the job Bush is doing, tying his low in the AP-Ipsos survey set last April. That figure includes just 63 percent of Republicans and 46 percent of conservatives.

I don't believe he is even that high; just proves that polls are rigged.

A new low of 18 percent said they were happy with Congress, down 5 percentage points from last month."

And they just proved my point right there!

Congress is in SINGLE DIGITS!!!!

"On another front, the current U.S. Congress has the lowest approval ratings in the history of polling by Rasmussen Reports. It scores at just nine percent. (2)"

So the "poll" was rigged, huh? Consider the source.