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Do the Republicans, and candidiates John McCain and Sarah Palin support the 0 Billion Dollar Corporate bailout of the housing finance industry (of domestic and foreign investors) proposed by the GW Bush administration, in violation of Republican rhetoric against government involvement in the economy, that the government is best that governs least; and, if not isn’t that Republican deceit lying and hypocrisy, in light that they don’t bailout the average American citizen and accuse Barrack Obama of support bloated budgets, wasteful spending, and pork barrel politics?

Bush asks Congress for 0 billion for bailout By JULIE HIRSCHFELD DAVIS, Associated Press Writer
Sat Sep 20, 9:30 AM ET

Economists see financial bailout as necessary
By MARTIN CRUTSINGER AP Economics Writer
The economy could suffer a massive hangover from the government’s efforts to rescue the financial system in the form of a soaring debt burden. But the alternatives look infinitely worse.

The 0 billion the administration is seeking from Congress as the upper bounds of what it will need to take a mountain of bad loans off the books of financial firms is certainly an eye-popping figure.

To get the funds to buy up the bad mortgage loans that have threatened to bring the financial system to its knees, the government will have to borrow. And that borrowing will come at a time when the federal budget deficit is already soaring.

The deficit for this budget year, which ends on Sept. 30, is expected to rise to 7 billion, a figure that is more than double the 1.5 billion imbalance for 2007, reflecting what the economic slowdown and this year’s 8 billion economic stimulus program are already doing to the government’s books.

The Bush administration is estimating that the deficit for the budget year that begins Oct. 1, which will cover the new president’s first year in office, will hit 2 billion, a record in dollar terms.

And that forecast doesn’t include the 0 billion the administration committed to spending two weeks ago when it took over the nation’s two biggest mortgage companies, Fannie Mae and Freddie Mac.

And it doesn’t have any of the 0 billion the administration is seeking to soak up the bad mortgage-backed securities that have been at the heart of the severe credit crisis the country has been struggling with since August 2007.

The legislation Congress passed this summer that gave the authority to rescue Fannie and Freddie boosted the limit on the national debt by 0 billion to .6 trillion.

The legislation the administration is now seeking to authorize the financial system bailout, according to a draft obtained by The Associated Press, would boost that debt limit to .3 trillion, up another 0 billion.

It is the rapidly rising debt that is cause for concern. The government is already spending more than 0 billion a year just to pay interest on the national debt. The higher that debt goes, the higher the government’s borrowing costs and the less it has to spend on other programs.

Republican John McCain and Democrat Barack Obama are both running for president, making campaign promises about what new programs they will implement once in office, promises that could be severely constrained by the costs of a financial bailout.

The escalating borrowing also means that the government is competing with the private sector for loans, driving up interest rates. And then there is the matter of the country’s large trade imbalances which mean the United States has to borrow billion a day from foreigners.

Will foreigners still want to lend as much to the United States if there are concerns that all the borrowing could weaken the dollar’s value against other currencies.

But even with all these threats, economists said the government has to take decisive action because the alternative of letting the financial system slide into even deeper problems which could jeopardize the routine loans that businesses and consumers need was simply not an option.

"It was critical to arrest the downward slide in financial markets," said Sung Won Sohn, an economist at California State University, Channel Islands.

The dire situation was dramatically demonstrated this past week when the Federal Reserve, working with the central banks of other nations, poured billions of dollars into the financial system without any significant impact because of the fear keeping banks from lending.

The financial system has already been staggered with 0 billion in losses from the mortgage mess and the International Monetary Fund has estimated the ultimate price could be trillion.

What the administration’s plan would do is at least establish a price for the mortgage-backed securities, which at the moment no one wants to own.

Officials who have briefed Congress on Treasury Secretary Henry Paulson’s plan have suggested that one approach would be for the government to buy the toxic debt through a

Technorati Tags: 109 Congress, american citizen, ap economics writer, Associated Press, barrack obama, Bush Administration, debt burden, Deceit, dollar terms, economic slowdown, economic stimulus, federal budget deficit, finance industry, financial bailout, foreign investors, government involvement, gw bush, john mccain, julie hirschfeld davis, martin crutsinger, massive hangover, mortgage loans, pork barrel politics, republican rhetoric, sarah palin, Upper Bounds

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