Republican Congressman Opposed Current Bail-Out Proposal

Real Estate Agent with 1st Action Real Estate
9/29 issa newsletter California readers have long been aware of the high esteem I hold one of my Congressional Representatives, Darrell Issa (not). In my humble opinion, Issa is one of the emptier suits clogging the halls of Congress. He has rarely, if ever, come down on the right side as far as Realtor issues, banks in real estate, private property rights, etc. However, even a blind pig finds an acorn once in awhile. In his current newsletter, Issa makes some valid points on the current bail-out proposal and, giving the devil his due, I pass them along for your review and consideration.

Rep. Darrell Issa today took to the House floor and said of the announced compromise bailout proposal, "It does not do what the American people are asking us to do, and that is protect their tax dollars."  (click here to watch Rep. Issa speak on the House floor)

Rep. Issa, who has offered an alternative plan that uses private investments to fund a secured loan for struggling firms with failing mortgage assets, said that even after changes by Congressional negotiators, the Paulson plan is still deeply flawed at its core. “There’s been a lot of lip stick added, but this bailout is still a pig,” added Issa.

“I have spoken with numerous experts, including some who I know from my career in the private sector,” said Issa.  “The process in crafting this legislation has been deeply flawed and Congress needs to seek expertise beyond just the current leadership in the Department of the Treasury and the Federal Reserve.  I’m not opposing this because I believe Congress should do nothing, but because I believe it needs to take time and get it right.  Our economy faces serious challenges and buying Wall Street’s biggest mistakes won’t solve our problems, it will just get rid of our money."

Click here to read about Rep. Issa's alternative to the Paulson plan.

Republicans today are being portrayed as obstructionists to the proposal by everybody from La Pelous to Barney Frank, from W to the national media talking heads - but could they be right?  Is it possible that after years of bumbling and stumbling and abandoning their conservative principles, they have pitched in to collect a set of balls which they are finally putting on display? After all, this massive bail-out, unprecedented in scale in this or any other country, absolutely HAD to be in place last week or our financial institutions would fail. When Congress paused to regroup and reconsider, the deadline for failure shifted to Friday, then today, now probably later in the week. With the DOW already down 700 points today, financial players are making their voices heard but are they the ones we should be listening too?

It has been suggested elsewhere in this site that we need to get this right - and that a blue ribbon panel be convened composed of people like Bill Gates, Warren Buffet, T. Boone Pickens, Paul Volcker and other financial & business wizards to craft something that is both meaningful and workable for the American people. So far all we have is a documented crafted and fine-tuned by the very political and financial hacks who got us here to begin with and either have an axe to grind or an ass to cover. Take a couple extra days, folks, and get it right. We won't get another shot at a trillion dollars.

fraudJust as an aside, in this age where widespread fraud got us at least part way into this mess, wouldn't it be ironic if this bail-out turned out to be nothing more than a gigantic Ponzi designed to bail out the initial investors on the backs of the rest of us who got into the scheme too late to profit? It's a trillion dollars of OUR money. Don't you want to make sure?

Gene Wunderlich - Selling Southwest California Homes including Temecula, Murrieta & The Southern California Wine Country
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Remember, Don't wait to buy real estate - Buy real estate and wait.
' Republican Congressman Opposes Current Bail-Out Porposal'

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Leslie Prest
Leslie Prest, Prest Realty, Sales and Rentals in Payson, AZ - Payson, AZ
Owner, Assoc. Broker, Prest Realty, Payson,

Several times one of the house republican leaders appeared on TV, saying- well, if the Democrats think its important to do this quickly, they can go ahead and pass it, they have the majority. That doesn't speak well for them really thinking they can come up with anything better. It speaks to them wanting the dems to do it w/o them so they can later claim no blame.

Sep 29, 2008 01:54 PM #1
John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana

Thats right they have enough seats to pass it without the Republicans but Pelosi now we are talking about an idiot.

Sep 29, 2008 02:01 PM #2
Gene Wunderlich
1st Action Real Estate - Murrieta, CA
Realtor & Legislative Liaison

Well, they just defeated it so it's a moot point now. You're right Leslie - pretty much everybody knows this is a dog so the Dems don't want to pass it without the bipartisan support becasue they know they'll end up paying for it come elction time. A sad state of affairs.

Sep 29, 2008 02:05 PM #3
Richard Iarossi
Coldwell Banker Residential Brokerage - Crofton, MD
Crofton MD Real Estate, Annapolis MD Real Estate

Let's make sure the American people understand that Speaker Pelosi made a highly partisan speech lambasting the Bush administration and Republicans PRIOR to the vote in the house. Apparantly, this enraged enough Republicans to change their vote and cause the measure to fail.

Sep 29, 2008 02:07 PM #4
Gene Wunderlich
1st Action Real Estate - Murrieta, CA
Realtor & Legislative Liaison

Yeah I heard that last night. The best thing that could come out of this at this point is that both parties realize their leadership has been leading them down the primrose path and bring in some new leaders. At least Boehner & Blunt were relatively honest in appealing to a bipartisan effort - Dems really need to dump Pelosi. How can you expect bipartisan support if every word out of your yap is blatantly and brutally partisan in nature. I get ill just watching her. Another of our fine California exports.

Sep 29, 2008 02:13 PM #5
Ken Cook
Content, coding, marketing, host. - Marietta, GA
Content Marketer/Creator

Gene I am quite glad I am not a congressman today. And a little concerned that I am a non-depository mortgage banker. Chances are if something isn't done to calm fears and return liquidity to the market within the next few weeks I will lose my business - I've fought and battled and just cannot keep going if there is no improvement in credit. However, having said that, I think the right thing to do is for Congress to take their time, stop beating the crap out of Bush and McCain (which is mostly what I heard out of the majority last week and yes, I did actually watch all of it) and get this recovery process underway. I agree with Rep. Issa on many points. Would it be possible to sell enough of these investment vehicles to "save the industry"? I seriously doubt it. However, it's a good piece of a plan that is much better than using our tax dollars to socialize the banking industry. Then again if I were a member of Congress I would already know what economists and business people propose because my staff would have been on the phone calling people like the ones you mention and me, of course.

Sep 29, 2008 02:16 PM #6
Gene Wunderlich
1st Action Real Estate - Murrieta, CA
Realtor & Legislative Liaison

Ken - my oversight in not including you in the list of financial wizards. Obviously you should be in there as should a broad sampling of 'regular' people who will be impacted by this. Everybody in our industry is in a tough spot right now, with the possible exception of agents representing bank owned properties. They are lapping up the gravy right now. I agree also that something needs to be done to instill some confidence and liquidity in the market. I'm bright enough to admit I don't know what should be done - which sets me well apart from all of our reps in Washington who don't know what should be done either but have no shortage of advice and criticism for everybody else. Good luck and hang in there Ken.

Sep 29, 2008 02:23 PM #7
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Gene Wunderlich

Realtor & Legislative Liaison

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