Stop The Housing Bailout!
Posted by papundits on 05/15/2008
Bloggers – please help FreedomWorks take down Senate bailout bill
From Nan E. Swift Campaign Coordinator FreedomWorks (202) 942-7675 www.freedomworks.org
Housing Bailout Moves Forward in Congress
Last Thursday the House of Representatives voted 266-154 to advance a $300 billion program of taxpayer-financed mortgages to home speculators and their lenders.
The bill does not protect taxpayers. The bill gives six-figure taxpayer loans to people who have terrible credit scores and to people who have made fewer than 12 payments on their existing mortgages. The bill even provides these taxpayer handouts to non-citizens. The plan lets banks cherry-pick the worst loans in their portfolios and sticks taxpayers with 100 percent of the risk.
However, our “Angry Renter.com” campaign is making a difference and the opposition is growing to this bailout plan. Renters and responsible homeowners are the “forgotten man” of this debate, as Rep. Tom Feeney of Florida put it in his speech on the House floor. (< click on Tom Feeney to see video)
Can you help spread the news about this legislation so we can stop it?
On Tuesday President Bush came out strongly against the bill, saying “First of all, we are committed to a good housing bill that will help folks stay in their house, as opposed to a housing bill that will reward speculators and lenders. I will veto the bill that’s moving through the House today if it makes it to my desk.”
Even though the bailout bill passed the House, it was not by margins large enough to override the president’s veto.
This week the battle turns to the U.S. Senate.
There, Senator Bunning of Kentucky is leading the charge against a flipper bailout in the Finance Committee. Senate rules make it easier to offer amendments, so we should see greater debate about the risky and unfair aspects of the bill.
FreedomWorks has identified five key senators as targets on the housing bailout bill. Please take a moment to call them and urge them to oppose this flawed piece of legislation.
Sen. Dole: 202-224-6342
Sen. Bennett: 202-224-5444
Sen. McConnell: 202-224-2541
Sen. Bayh: 202-224-5623
Sen. Carper: 202-224-2441
This is a great opportunity to encourage your friends to get involved. These issues affect everyone and a robust opposition has the power to do great things. Ask your friends to sign the Angry Renter petition, and to join you in calling their senator.
Farm Bill Fiasco
Another disgraceful Congressional idea is the wasteful and redistributive farm bill. Here is an excerpt from an article on the farm bill by FreedomWorks Chief Economist Dr. Wayne Brough.
Despite a record $175.5 billion in crop production, with the price of all major crops continuing to rise, Congress is seeking to expand subsidies for farmers.
In fact, the bill now pending in Congress would allow married couples with an adjusted gross income of $1.5 million to receive subsidies from the government, and even individuals who are not full-time farmers would be eligible for subsidies with an adjusted gross income of $500,000!
The White House has suggested a lower cap of $200,000, which is still more than four times the median household income in the United States.
Read more > Farm Bill Fiasco
Help us hold the politicians accountable as they consider economically harmful ideas like the mortgage bailout and the farm bill.
Sincerely,
Dick Armey
Chairman
FreedomWork
Michael said
This Bailout Bill looks grim, but there is a chance to stop it from passing. It will pass the senate and then go back to the house for final passage. There is a House Coaltion known as the “Blue Dog Democrats.” These guys claim to be fiscally responsible. However, they vote for a bill that pays off reckless borrowers and lenders, rewarding foolish business practices w/ TAXPAYER money! the 4% who goofed up get a free ride while the 96% are punished for their good economic sense. Up to $30 Billion goes to cover bad mortgages, and the deficit will be raised by this bill $22 Billion. The Blue Dogs ALL VOTED FOR THIS (save one in TN who didn’t do anything at all…)
What can you do? Call Kristen Hawn, the communications director for the Blue Dog Coalition at 866-887-5841. ask her politely to tell her bosses to get their act together and follow what they have on their own website, namely, be fiscally responsible and help us keep taxes down and money in the consumers pockets.
I feel strongly about this. Folks already have a hard enough time affording gas that can’t seek out alternative energy sources at he moment. And No one has even talked about what the winter is going to look like in the N.E. Now is NOT the time to slap on more (in essence) penalties for being fiscally responsible for those who were negligent…