Conservative Classifieds

Add Some Zip to Your Web Site!

Have your own web site? Pick up a web sticker to direct your readers to information on legislation, congressional votes, candidates, elections, and more!

Just choose your favorite sticker, and copy the code for easy installation.


E-mail this story to a friend
Have comments? Send them to the editor.
Printer Friendly Version
Subscribe for Free!
More Government Bailouts May Be on Way
By TOM RAUM
Associated Press
March 27, 2008

WASHINGTON (AP) -- The economy is listing. So it must be time to bail. While there is little enthusiasm for government bailouts in general, voters are increasingly demanding immediate government relief as the economy ebbs.

The Fed-engineered bailout of investment banker Bear Stearns and other assistance to financial institutions has further raised expectations. To some, the $30 billion JP Morgan-Bear Stearns deal also raised a fairness issue: Should the government bail out a prestigious investment bank while doing little to address the hardships of Americans facing foreclosures on their homes, or caught in other troubled segments of the economy, such as laid-off factory workers?

Members of Congress, particularly Democrats, will press the issue when they return from their spring break next week. Bailout proposals for homeowners abound, including several measures to get lenders to rework home loans. There are also bills to increase federal regulation over the nation's financial system.

''The big thing about the Bear Stearns bailout -- if you want to call it that -- is that it kind of opens the doors for other types of bailouts like for homeowners and individuals,'' said federal budget expert Stanley Collender.

''If the Fed is thinking about the business community, the lending community and the credit markets, then members of Congress are tending to think about individuals,'' said Collender, with Qorvis Communications, a Washington consulting firm.

All three major presidential candidates gave what their campaigns billed as major speeches on the economy this week.

Democratic Sens. Hillary Rodham Clinton and Barack Obama both called for direct federal intervention to help burdened homeowners. Sen. John McCain, the certain GOP presidential nominee, has called for caution.

Clinton wants a $30 billion fund for states and communities to assist those at risk of foreclosure. Obama is pushing a a $10 billion relief package and a simplification of the tax code to allow more families to claim a mortgage income tax deduction.

McCain said that, while he would evaluate various rescue proposals put forth, it is ''not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers.'' He previously proposed cutting the corporate tax rate to 25 percent from 35 percent and making permanent the Bush administration's first-term tax cuts, cuts he initially opposed.

Budget hawks can only cringe at the raft of possible bailouts and expensive new federal programs that may be coming down the pike.

Controversy still swirls around some earlier big bailouts.

In the 1980s and 1990s, more than 1,000 savings and loan institutions failed, leading to a federal bailout totaling roughly $125 billion.

The 1998 collapse of hedge fund Long-Term Capital Management, amid the Asian financial crisis, rocked Wall Street and prompted the Federal Reserve to help arrange a $3.6 billion private bailout.

In 1975, President Ford first ignored pleas from a struggling New York City for help but later relented with a $7 billion loan package. President Clinton came to Mexico's aid in 1995 after a sharp devaluation of the peso, persuading countries and banks to lend the country $50 billion.

>> Continued -- Page 1 2

Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.



advertisement


Obama accuses McCain of 'losing his bearings'
Unions focus against McCain as Democrats still battling
Hillary, Barack, want my vote? Just $20 million, please
Cindy McCain says she'll never release her tax returns
Senator says ban torture but give CIA interrogation leeway
Go to News Central


The Other Obama
John McCain's 'Reverend Wright Moment'
Petronomics 101
Why Hillary Won't Get Out
Government Of The People Or By The Faction?
Read More Commentary


Obama accuses McCain of 'losing his bearings' by FlaJim
A human rights crime by antiliberalism
John McCain's 'Reverend Wright Moment' by MISSL
The Other Obama by MISSL
Discuss Issues in the Forum


Is McCain Itching To Get Into the Game?
Illegal Aliens Demand 'Rights' and 'Reforms'
Obama's 143 Days of Senate Experience
Visit The Loft

Legislative Action Center
Protect America's Border! -- Support the SAVE Act!
Support the Contract with Conservatives
No Tax Rebates for Illegal Aliens!

Grassroots Survey Team
View recent survey results
Join the survey team!

Latest Online Poll
Which Democrat do you think will be the presidential nominee?
View poll archives

Check out these resources at GOPUSA!

There is even more information in GOPUSA's Resources section.

Seen a good resource?
Let us know!

FOX News: Poll: Obama’s Favorable Rating Drops

The Chavez Democrats

NASA Wary of Relying on Russia

Do House Democrats Take Terrorism Seriously?

Boeing's Audacious Allies


"No, I will not run for president, but I will speak out to try to get people to really focus on the issues and to get rid of partisanship and special interests."
-- Michael Bloomberg ~ 12-31-07
Get our RSS news feedSign up for e-mail updates
Read us on your wireless deviceAdd us to your web site
Download us to your PDASend letter to the editor
E-mail this pageContact us

   
Web     GOPUSA Web Site

   

Get your daily dose of wit at GOPUSA's Cartoon Central.

Place your ad for FREE and get noticed at GOPUSA!!.

 

Conservative Classifieds

Declaration of Independence

United States Constitution

Federalist Papers

Presidential Inaugural Addresses

Searching For The Gipper

Scrolling Text provided by JPowered,com