Saturday, September 27, 2008

Bailout bill filled with Dem pork for special interest groups.

Politics: Including the corrupt ACORN group.

Boehner is charging that the proposal is "loaded with special-interest pork." He handed the following document to reporters:

"House Republicans are fighting to ensure the economic rescue bill doesn’t give a blank check to Wall Street at the expense of taxpayers on Main Street. But House Republicans are also fighting for the removal of pork-barrel provisions added to the working draft of the bill by Democrats for the benefit of special-interest groups and political contributors. Who else stands to benefit?

TRIAL LAWYERS – Instead of investigating the scandal-plagued American trial lawyer industry, the Democratic Congress has showed it in pork, tucking special benefits into major bills to benefit the industry at the expense of American taxpayers – and the economic rescue bill has been no exception. Working drafts of the bill include so-called 'cramdown' provisions allowing bankruptcy judges to reduce mortgage principal under the guise of helping those at risk of foreclosure. If enacted into law, the provision would be a bonanza for trial lawyers and undercut the effectiveness of any economic recovery effort by making it even harder to value mortgage-backed securities.

WASHINGTON LABOR BOSSES – Washington’s powerful big labor bosses – another special-interest constituency closely aligned with the Democratic Party – also get a big handout in the working draft of the bailout bill. So-called “say on pay” or “proxy access” provisions have been added to the bill by Democrats proposing to mandate a nonbinding shareholder vote on proxy access and other issues for all companies in which the Treasury Department buys a direct stake in certain assets. The proposal can and should include restrictions on executive compensation for participating firms in a responsible manner without allowing Washington labor bosses to have an undue say on corporate governance at the expense of American workers and their prosperity.

ACORN – The draft bill includes a left-wing giveaway that would force taxpayers to bankroll a slush fund for a discredited ally of the Democratic Party. At issue is the Association of Community Organizations for Reform Now – better known as ACORN – an organization fraught with controversy for, among other scandals, its fraudulent voter registration activities on behalf of Democratic candidates. Rather than returning any profits made in the long-term from the economic rescue package, Democrats want to first reward their radical allies at ACORN for their (often illegal) help in getting Democrats elected to office. Families, seniors, small businesses, and all American taxpayers deserve better.

MORTGAGE INDUSTRY BAD ACTORS – The draft of the bill includes “foreclosure mitigation” provisions that essentially establish a preference for purchasing assets with the goals of modifying or restructuring loans. House Republicans believe the goal of the rescue legislation should be to stabilize the markets and protect taxpayers – NOT to use taxpayer dollars to identify assets to purchase in order to improve loan workouts. Congress has already enacted one irresponsible housing bailout to deal with the mess created by the Democrats’ refusal to reform Fannie Mae and Freddie Mac. We don’t need another.

Just say no HELL NO to this bill until all this crap is taken out.

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