Conservative Ally

The bailout bill has passed the House and President Bush has signed it. There are a lot earmarks in the bill that should not be in there. Many people did not want to pass this bill, but did so anyway, because they felt it was in dire need to fix the economy.

Here is the bill. And here is an analysis I found on the Flopping Aces blog :

1 page 9 line 23:
- The government has to buy loans at original sale price, not current market value. - Yeech
page 12 lines 6-11
- However, may adjust this to remaining principle owed. - A little better.
2 pages 9 line 24 through 10 line 3
- But is not required to buy if the company has already been merged or bought out by another company. That at least eliminate some of the transfers. - Okay fine
3 page 11 lines 13-24
- The treasure secretary can reset premium payments, term of loans, & interest rates. -Okay fine
4 page 14 lines 1-11
- This could be a loophole for exploitation by Acorn & bring them into play. All they would have to do to qualify is to transfer funds & property from it’s housing arm to reduce assets to under 1 mil. Pretty easy for them to accomplish.
5 page 16 lines 1-5
- There is a fraud clause. - Good
6 page 21 lines 3-9
- The Secretary can suggest to Congress that some financial market participants be subject to regulation. This was one of the problems with Fannie Mae & Freddie Mac, they weren’t.
- The over-the-counter swap clause is a loophole that be abused to extend the bill’s expiration requirements.
7 page 23 line 16 through 24 line 6
- Another potential area of exploitation by the likes of Acorn.
8 page 26 line 18 through 27 line 2 & 28 line 23 through 29 line 3
- This allows renegotiation of loan terms by the borrower with Treasury Secretary approval. - Good but could be used to overflood the Treasury office with requests & bog down the system.
9 Section 124: page 28 line 20 & page 69 line 16 through
- Oh-oh. HOPE for homeowners amendment includes Acorn. I’m particularly concern over the language of page 70 line 8-15 where making payments can be considered payments in full. - A lot of people are outraged over this little addition. So Yes, Acorn crap is still in there but it isn’t as obvious as before.
10 page 31 line 16 through 32 line 11
- Eliminates “Golden parachutes” (Applies to only those given out AFTER the treasury takes over, doesn’t stop them if they bail now) & collection forcing senior (top 5) executives to return previously received bonuses (Only if they are proven inaccurately reported). - Loophole Alert.
11 Page 47
- Part of the fast-track includes the senate bill placing limitations on the house’s review process; can’t review it in committee and other non-sense.

It’s grandfathered only to loans that occured prior to March of this year. It incorporates either additional loan gaurantee insurance or buy-out, but Treasury decides which is more economical. There is oversight, but it isn’t only Congressional, which could have resulted in more corruption if it was Democrat majority or only like many commissions. The oversight committee reports monthly to Congress. It’s has an expiration clause, so it doesn’t create more big government. Includes transparency. The starting price is only $250 Billion, but allows president to bump this up by $350 Billion at any time by just informing Congress (Bush could do it immediately), and it can be boosted to the full $700 Billion with Congressional acceptance.

The American people said, they did not want a bill on Monday, but the House hastily but another one through anyway. It seems to me like America is turning away from capitalism and more to socialism everyday.

If you do not want America to be a complete socialist or communist nation like China, then do not vote for Obama this November. He is following the socialist lines and he may think he is doing good, but he will destroy America and its’ many freedoms. The Democrat-controlled congress was a large part of this economic crisis and pork laden bill, so do not vote a Democrat into the White House, especially a radical left one!

The McCain/Palin ticket is known for reforming and rejecting earmarks. They are not afraid to go into Washington and stop the corruption, where as Obama is the most radical liberal senator and when he does not vote present (no vote) he votes with the democrats almost every time. The McCain/Palin ticket want to protect the constitution and America’s freedoms.

Vote McCain/Palin 2008

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