Apparently, the Republican "plan" isn't good enough.
The verbiage is sketchy, general, and not addressing the real issues here, which is the homeowners who got ripped off. The banks ripped themselves off trying to cheat others to meet their monthly quotas in loan closures.
This draft proposal of Bush's mentions not a damned thing about 'homeowners victimized by sub-prime lending'. It was constructed strictly around the rich lenders and the upper income "taxpayers" who have the bulk of their money invested in REITS and Capital Markets. Again, to protect the upper income sector who got rich ripping off the poor in the first place.
There is no consideration for the poor and the homeowners (according to John McCain that's "anybody making less than five million a year") who got burned in this Bush "bailout plan," not a dime's worth of consideration for them. You'll need to take that one to the people who don't do their homework and didn't see this coming years ago.
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Sec. 3. Considerations.
In exercising the authorities granted in this Act, the Secretary shall take into consideration means for--
(1) providing stability or preventing disruption to the financial markets or banking system; and
(2) protecting the taxpayer.
http://www.nytimes.com/2008/09/21/business/21draftcnd.html.
This Wall Street market crash, as Pat Robertson and John Hagee would say, must be "god's punishment" upon the rich. And rightfully so.
This bailout plan had better include giving those people who were cheated in the predatory lending market back their money and/or their homes...period. Because Wall Street asking for a $700b welfare check (a reward for screwing up the mortgage industry to prove a -wrongful- point about low income and minority borrowers) isn't going to cut it.
http://www.hud.gov/library/bookshelf12/pressrel/treasrpt.pdf
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