Conservative Revolt Brewing?
By Greg L | 3 October 2008 | National Politics, US Congress | 27 Comments
I’m getting a lot of traffic from conservatives who are outraged at the prospect that the House might approve the bailout bill tomorrow and are looking at sending a rather clear message to the Republican Party that supporting a taxpayer-funded socialist takeover of the financial markets is an apostasy that cannot be tolerated. With reports that there are Republican Congressmen out there who may switch their votes to be in favor of this boondoggle, it’s like throwing gasoline on this fire of frustration that’s been building over the past several days.
Is this the death-knell for McCain among conservatives previously resigned to supporting this guy? Might this erode Frank Wolf’s safety margin against Feder?
What are people hearing out there?
UPDATE: TQ has more information what’s in this bill, and as one might expect with the Senate, it’s worse than what has been reported.
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27 Comments
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If Wolf votes for this I will not vote for him. I wil write in someone else because Feder is a loon.
Call Wolf today and tell him to vote NO on this bill. We will not accept all of the pork rolled into this!!!!!
Rep. Wolf 202-225-5136
Wolf already voted for this bill the first time, so I doubt he will change his mind for round two.
Darn it, ya just never know quite what to believe anymore…:(
Where is the revolt against all the Senators that has filled this measure with PORK - I would have been proud of McCain to have stood up and declared this bill full of Pork and Earmarks - and voted it down. He says he would Veto such legislasion - but not yet.
Our Senate and House of Representatives are getting close to not being able to function - if a bill is worthy, you would expect it to be passed based on its own merits - it should not have to contain sweetners to entice someone to vote for it.
It will probably pass. McCain voted FOR it and they will twist the arms of the other Republicans to do likewise. They don’t want the appearance of a revolt.
In fairness, I expect the Democrats to do the same since Obama voted FOR it as well. They also don’t want egg on the face of Obama
I’m hearing that people are easily distracted sheep. And our Congress knows this well.
Let’s enjoy the “sweetener” i.e. the date rape drug they’re mixing in with the Bailout bill.
Financial Amnesty I call it. Following the rules in America gets you a last place finish these days.
And when we wake up in the morning and see both sides pulling up their pants, we can start to listen to them argue in front of us about which side slipped us the GHB and whose fault it is. Excuse me, gotta go pull that lever for the Republocrats/Demicans. It’s very important, the other side is trying to kill babies/starve the poor/lose the war/hurt minorities.
it’s gonna pass, I’m pretty sure of it and so is wall street.
Wolf ALREADY voted for this. I donated to Feder’s campaign minutes after his vote became public and I talked to his staffer. Wolf needs to know without a doubt that we, his constituents, mean business. Vote him out. He has proven time and time again that he works for corporate interests and not for us. Even if Feder is an ultra-liberal moonbat you still have to vote for her. Until these people realize that their actions have consequences then they will always keep shafting us. Re-electing the same old charlatans year after year after they screw us has got to stop. Vote Wolf out.
Why the bailout bill is bad …
“Worse yet, there has been no effort to address and reform the root causes of this crisis. Imagine for a moment that the bailout bill voted down on Monday had actually passed and been signed into law. On Tuesday morning, nothing about the regulatory scheme that got us into this mess would have changed. The Community Reinvestment Act would have still required banks to give loans to subprime consumers. Fannie and Freddie, now operated by and backed by money from the US Treasury would still have been required by law to buy those loans, which will make even other lenders not subject to CRA requirements comfortable continuing to generate and off load these loans. So, if Monday’s bill had become law and been successful at “unclogging” our system, we still would not have been taking steps towards recovery. We would merely have begun a new progression towards the next bailout.”
James Terry, Chief Public Advocate, Consumers Rights League
The Consumers Rights League is a non-profit, non-partisan, educational organization dedicated to preserving consumer choice in the marketplace. Its members share a commitment to protecting the benefits we receive from competition and innovation. Its organization was formed because many of the options we rely on are presently under threat. Numerous, self-appointed “consumer advocacy” groups are aggressively lobbying to restrict the choices we have. These groups often believe that we (consumers) are unable to make informed, responsible choices for ourselves.
Wolf is an avid bow hunter, so maybe he is voting to keep the manufactuer of his favorite arrows from going out of business. Term limits need to become an active point of discussion again. Washington corrupts every politician over time.
Kick ‘em all out. Every last one. Politics should not be a career. It should be a service rendered for the good of the nation.
Term limits. Period.
I agree with the comment that people are easily distracted sheep.
I don’t want this bailout/rescue/whatever you call it. I’m an investor and I stand to lose. But why should we all collectively react in fear when a market does what it’s supposed to do?
The government interferes too much already. Markets equalize. Sometimes that hurts. Sometimes it hurts a lot. But we all knew that when we chose to participate.
I don’t favor bailing out or rescuing banks that made bad loans or consumers that chose to take those bad loans. There is FDIC insurance that the government guarantees depositors of failing banks. That’s as far as I’m willing to bail out anyone. The depositors are innocent. The banks and the people who had no business taking bad loans are not innocent.
I don’t feel sorry for people who took no money down loans, interest loans, or any of a zillion other foolish decisions that led them to foreclosure. Not everyone has to own a house. Or a shiny new car or whatever it is they covet.
I work, I save, I pay my bills. I want the government to leave me the heck alone. I don’t want to pay for others who did not work, save, and pay their bills. If I choose to, that’s charity. I like charity. I do not like the forced redistribution of wealth.
We need to take away their retirement plans. There is absolutely NO reason that an elected official should have an expectation of that. It builds in the idea that getting elected is a career move rather than one of public service.
Anonymous said on 3 Oct 2008 at 12:30 pm said, “I don’t want this bailout/rescue/whatever you call it. I’m an investor and I stand to lose. But why should we all collectively react in fear when a market does what it’s supposed to do?”
I agree with you, Anonymous, except the fact that the market did NOT do what it was supposed to do…the market was unwisely and unduly influenced by socialistic government meddling. The “Community Reinvestment Act” (CRA) is responsible for controlling “the market,” forcing the lending institutions to make loans to uncreditworthy home buyers.
I want to see those Congressmen AND the unscrupulous CEOs responsible for the CRA and socialistic mismanagement of Fannie Mae and Freddie Mac prosecuted and imprisoned.
Of course, that won’t happen.
:(
freedom, you really think this is about that? You don’t think there’s a lot more than that going on here?
The cretins in congress should be limited to a max of twelve years in congress split any way they want it. Legislation should preclude them for lobbying after their 12, or when they get booted out, and a period of five years before they could be appointed to any federal agancy in any capacity.
Mighty Putty said on 3 Oct 2008 at 11:56 am:
Term limits need to become an active point of discussion again.
You saw how that worked out the last time it was brought up. I agreee, limits are needed but who will vote them in? (The people in office will never vote to have their jobs cut.) Look at McCain and Obamarama. They have spent very few days on the job this year alone, yet are drawing a full six figure salary. FOR WHAT? It should be the law that if you put your name in the ring to run for another office, your current job ceases at that point and you cannot come back without being re-elected. Again, do you think anyone in Congress will vote on something like this? The have the next best job in the country! The President has the best (benefits for life.)
http://www.washingtontimes.com/news/2008/oct/03/spread-of-gangs-tied-to-border-control-failure/
Hmmm…
I think McCain was done before this bill. He simply did not punch back. Obama has provided enough material for a ton of commercials, yet McCain either refused to use it, or simply is out of touch.
BothPartiesColludeAgainstUsAndMarketToYourFears said, “freedom, you really think this is about that? You don’t think there’s a lot more than that going on here?”
Oh yes, there’s more going on here…but to mandate through Freddie Mac and Fannie Mae that lending institutions make imprudent loans for purposes of social reengineering was at the crux of it all.
Of course, there was greed, both on the part of CEOs and politicians, but the really “big dollar” problem was in the handing out of home mortgages like popcorn to people specifically because they had little or no money and/or they were minorities. Some taking advantage of this “creative financing” were scamers, trying to get away with something, but many of these poor people with no background whatsoever in finance — had no idea what an ARM was, what “interest only” meant and certainly no idea of what “foreclosure” meant…even IF these concepts were carefully explained. “Wow, look at me, I don’t even need money…I’m a home owner, just like I always wanted…” Make payments?? Hunh?? What payments??
I hope that the sleazy politicians who led these people (and I’m talking about those who had no idea what they were getting into) into this mess are proud of themselves. In the end, they “did it” to all of us.
Hey, guys!! I know you are all pissed off because Frank Wolf doesn’t listen to us as much as we’d like. But, put Feder in there? Are you kidding? She wouldn’t even take our phone calls! Please, guys. I live in Sterling Park. At least Frank helps us out with funding for the NoVa anti-gang units. Feder would probably take those same funds and give them to ACORN…or the UN!
If all of you really think that the GOP stood a chance before this bailout, spare me.
The passage of this bill only further signals the useless passage if a platform at the RNC Convention which strictly prohibited actions such as this. As usual, our politicians bailed on us and forced us to bail them out of their mistake–REGULATION.
I am sick and tired of supporting a party that does everything the LEFT does, just at a slower pace. Why should I continue to stand and fight for those who only seek the same results, more government influence in our lives. I can’t stand the double talk that I hear from our pols anymore.
Most sad was I to see Eric Cantor bail on the party. It seems like over the past decade I have watched politicians bail on us. They make promises that they never intend to keep. Look at it, has Bob McDonnell taken a steps to shrink the Attorney Generals office? He preaches smaller and limited government every day! I would like to see what he has done to decrease the size of his office before I EVEN consider casting a vote for him in 2009.
Even more sad is having to listen to those supporters of the GOP who still think McCain is better then Obama (neither one is good) who forget just who was behind this legislation–MCCAIN! He helped this pass as did Obama. If you really think McCain is going to be better, you should tell me which medicine you are taking, I would like some of that.
After the bailout, I can’t vote for Wolf OR Feder. I’m voting for Neeraj Nigam.
Regarding the bailout - here is an overview of Lehman while they were failing - http://www.ajc.com/blogs/content/shared-blogs/ajc/bookman/entries/2008/10/06/wall_street_excess_symptom_or.html
the most important aspect of this, is that while they were failing, they continued to pay out bonuses. The cousin of GWB even appologized because some underlings (ready) suggested that excecutives go without bonuses (gasp), could you imagine.