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The End of the U.S. Financial System as We Know It? (ACORN back in bailout bill?)
National Review Online: The Corner ^ | Larry Kudlow

Posted on 09/29/2008 1:53:23 PM PDT by TenthAmendmentChampion

A number of Republican House members and staff, along with others who are plugged in, are telling me that Nancy Pelosi and the Democrats will come back with a new bill that includes all the left-wing stuff that was scrubbed from the bill that was defeated today in the House.

As this scenario goes, the House Democrats need 218 votes, and they have to pick up a number of black and Hispanic House members who jumped ship because the Wall Street provisions, in their view, were too benign. So things like the bankruptcy judges setting mortgage terms and rates, the ACORN slush-fund spending, the union proxy for corporate boards, stricter limits on executive compensation, and much larger equity ownership of selling banks through warrants will all find itself back in the new bill. Of course, this scenario will lose more Republican votes. But insiders tell me President Bush will take Secretary Paulson’s advice and sign that kind of legislation.

Personally, if this scenario plays out, I would probably withdraw my support for the rescue mission and switch to plan B, which would center on the FDIC and its bank-recapitalization powers. The bank-ownership issue, in particular, could lead to heavy nationalization of America’s financial system with a three-house Democratic sweep in November.

I’m not forecasting, because I don’t know the next bill’s content. And while McCain’s polls are heading south, he could still win. But a three-house Dem sweep to implement some off the very onerous provisions being talked about could set up the end of the U.S. financial system as we know it.

I’m gonna wait and see. Obviously, the financial markets are in total collapse today. And the economic outlook is suffering.

Tough day. One of the worst I can remember.


TOPICS: Business/Economy; Front Page News; Government; News/Current Events; Politics/Elections
KEYWORDS: 110th; 2008; acorn; acornslushfund; bailout; congress; democratcongress; democrats; donothingdemocrats; kudlow; paulson; pelosi; wallstreet
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Thoughts?
1 posted on 09/29/2008 1:53:24 PM PDT by TenthAmendmentChampion
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To: TenthAmendmentChampion

She might try, but it will not fly and she will be seen for the partisan marxist that she is! The American people are not all stupid!


2 posted on 09/29/2008 1:56:32 PM PDT by penelopesire ("The only CHANGE you will get with the Democrats is the CHANGE left in your pocket")
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To: TenthAmendmentChampion

Let ‘em all sink. It’s time to embrace the horror. We should take this bad tasting medicine now and get it over with rather than drag this out for years with what will become the most massive government boondoggle in American history.


3 posted on 09/29/2008 1:57:26 PM PDT by JamesP81 (George Orwell's 1984 was a warning, not a suggestion)
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To: TenthAmendmentChampion

If you want the entire turd sandwich, be my guest.

The said the same thing after the AMNESTY bill collapsed.


4 posted on 09/29/2008 1:57:29 PM PDT by Tarpon (Barrack Obama will ban all the guns he has the votes for ...)
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To: TenthAmendmentChampion

I hate to say it, but this is what I thought all along. The GOP was going to fight against this stuff, not vote for the final compromise - and then find itself facing a far worse bill that actually will pass handily, because it doesn’t even need the GOP to pass.

One of the reasons some Dems didn’t vote for the compromise is that this stuff was stripped out of it. But they’ll all be on board with the new bill.


5 posted on 09/29/2008 1:58:01 PM PDT by livius
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To: TenthAmendmentChampion

W and McCain have the Dems in a box.


6 posted on 09/29/2008 1:58:29 PM PDT by Cedric
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To: Tarpon

Yeah, with the result that nothing has been done yet and Obama is going to do whatever he wants with it, and you’re not going to like it. That’s what having your hair on fire does to you.


7 posted on 09/29/2008 1:59:25 PM PDT by livius
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To: TenthAmendmentChampion

If they do this....expect Republicans who voted for it to jump ship........there where 65 of them who voted yea. The question is how many of the Democrats who voted ney willing to change their vote to yea but are worried about getting re-elected especially if their constituents have been screaming .......no bailout.


8 posted on 09/29/2008 1:59:33 PM PDT by thingumbob (McGenius-Palin beats O'bomber-Hide'n (Remember, dead terrorists don't make more terrorists!))
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To: TenthAmendmentChampion
First comment ~ we all read elsewhere that McCain's state by state by state numbers are not tanking. We also see that the pollsters are claiming more Democrats than there really are.

Second comment ~ in a Parliamentary system Pelosi would have called for new elections and stepped down. In Medieval Japan she'd asked the President permission to commit seppuku.

Third comment ~ why isn't AG Mukasey working on getting some indictments on Barney Frank and his little friends who appear to have "looted" the bank ~ he has plenty of time for part time petty chisler's like Rep. Jefferson, but why not Barney? Is it the "gay thing" or something. We need some action on this front.

9 posted on 09/29/2008 1:59:46 PM PDT by muawiyah
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To: TenthAmendmentChampion
Obviously, the financial markets are in total collapse today. And the economic outlook is suffering.

I wonder how many companies are using today's market colapse to buy back shares of their own stock.

10 posted on 09/29/2008 2:01:47 PM PDT by NRG1973
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To: TenthAmendmentChampion

Wow...you’ll probably see a few more Republican “Nay’s” if the lib pork gets added back in. This will be a completely partisan bill at that point, and could actually be a good thing for the election.

IF this happens, it could actually be a blessing in disguise.


11 posted on 09/29/2008 2:02:07 PM PDT by woweeitsme
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To: livius

Interesting point. Did Pelosi torpedo the bill so she could get something more to her liking? But, if the Republicans all vote no and a few conservative dems (who want to keep their jobs) go with it then she won’t be able to do it.

Bush needs to be told that the American people are overwhelmingly against this. If he wants to go into retirement as the pariah of the republican party then by all means sign it.


12 posted on 09/29/2008 2:02:30 PM PDT by misterrob (Obama-Keep the Change!)
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To: TenthAmendmentChampion

Yup we’re gonna see the ACORN money back in and a lot of Dems will be on board.


13 posted on 09/29/2008 2:02:41 PM PDT by byteback
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To: TenthAmendmentChampion
I bet the Democrats will now put everything in the bill that they want and pass it without any Republicans. If we have to have the New-Depression bill it is far better that it be a purely Democrat+Bush bill so that the Democrats will, at least, share the blame. Once a new purely Democrat bill is on the floor, unless no amendments are permitted, the Republicans need to load it up with a hundred billion ơr so of earmarks and pork (and then not vote for the bill) to make it unpalatable to Bush and maybe he will veto it. If that bill is going to pass, no matter what, then it does not matter how much additional garbage is attached to it. The disaster is total, anyway. If it passes with the ACORN money then the immediate reaction of the citizenry should be to stock up on ammo. ACORN with billions of dollars will divert lots of it to non real estate purposes and the Democrat Brownshirts will have real power and will start acting like they have wanted to.
14 posted on 09/29/2008 2:04:06 PM PDT by arthurus (Old age and guile beats youth and enthusiasm.)
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To: rabscuttle385

Financial Ping


15 posted on 09/29/2008 2:04:42 PM PDT by TenthAmendmentChampion (Lord please bless our nation with John McCain as president and Sarah Palin as Vice President! Amen.)
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To: TenthAmendmentChampion

Wow...you’ll probably see a few more Republican “Nay’s” if the lib pork gets added back in. This will be a completely partisan bill at that point, and could actually be a good thing for the election.

IF this happens, it could actually be a blessing in disguise.


16 posted on 09/29/2008 2:05:17 PM PDT by woweeitsme
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To: livius

“One of the reasons some Dems didn’t vote for the compromise is that this stuff was stripped out of it. But they’ll all be on board with the new bill.”

46 blue dog moderate/conservative dems will never for this bill because if they do the Repubs will win the majority back this cycle. I highly doubt that most of the other 48 dems who voted against the bill will change their votes because if they do and the plan fails, which it would, they will be blamed for it. If Pelosi was going to pass a dem only bill she would have done it, she’s knows politically that it’s impossible.


17 posted on 09/29/2008 2:05:34 PM PDT by moose2004 (Drill, Drill, Drill, Drill, Drill, Drill And Then Drill Some More)
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To: byteback
Yup we’re gonna see the ACORN money back in and a lot of Dems will be on board.

Yeah but all of that ACORN spending would be very easy for 41 Republicans in the Senate to block from getting cloture.

18 posted on 09/29/2008 2:05:34 PM PDT by NRG1973
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To: TenthAmendmentChampion
No doubt in my mind they will do everything in their power to sneak massive ACORN funding into the bill. ACORN is their engine for stealing this election, recruiting for nothing but Dim votes and massive vote fraud. They are desperate.

I don't think I'm exaggerating when I say that we're seeing the rise of CPUSA, and they smell blood in the water.

Just look at Obama's attempted legal threats against his opposition. He's running for dictator. Thin-skinned, supremely arrogant and clueless.

19 posted on 09/29/2008 2:07:30 PM PDT by FlyVet
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To: livius

If the Dems propose and manage to pass their bank take-over bill, Obama will lose and the GOP will start to regain Congress. This bill will never get fully implemented.


20 posted on 09/29/2008 2:09:41 PM PDT by kenavi (BHO: The only constant is change.)
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