I heard both Congressmen Paul Ryan and Jim Sensenbrenner interviewed on Jay Weber's radio show this morning. (Hour 4 Part 2). Since I trust the opinion of both of these men, I was curious as to why Ryan voted YES and Sensenbrenner NO on the latest bailout bill. 

First Congressman Ryan, who does have a degree in economics. The following are some notes I took from the interview--they are not direct quotes. Listen to the podcast if you can.

Ryan said the bill yesterday was the Paulson plan with quite a bit of tweaks.

The original Paulson bill was 3 pages: Give me a blank checkbook with $700billion.

We wrote a [Republican] alternative. Ours said, Let's make the firms buy insurance.

We rewrote the bill, added stock options--warrants to taxpayers, so the taxpayer is first in line to get money back (if there are profits--that means ACORN would not be getting funding as the orig. Paulson bill stated.) Executives won't get a Golden Parachute.

This bill was $350 billion: $250b immediately and $100b later. An additional $350b would need to be voted on in the future.  

Over the weekend, credit markets went crazy. The problem is not just on Wall Street. Credit markets are shutting down. [That means cash flow for payrolls is unavailable.] There is a fear of recession.

"I'm now sincerely worried this could lead to recession."

Jay Weber: Can we move slowly or do we need to move quickly?

Ryan: Tax money goes out the door either way, this way (bailout) or from FDIC (if banks fail.) Paulson mishandled this so badly.  We added 107 pages to his bill. 

I have never seen things like this [credit freezing up]--ever. Businesses won't be able to cash flow payrolls.

Weber: There is a deep distrust of Congress.

Ryan: 2,300 calls [to my office] almost all against the bailout. [That is changing a little now.] We have to corral Wall Street so it doesn't spill to Main Street.

Weber: Why aren't Republicans hammering this?

Ryan: I am. Since 2002 I have voted against Freddie and Fannie every time.

I think Paul Ryan voted for this measure because he is genuinely worried about our economy shutting down. He knows that if businesses cannot get credit to meet their payrolls, that means workers do not get paid. With many Americans just a paycheck away from being broke, we cannot afford to let that happen. Businesses also use credit to purchase supplies and equipment for future production.

Then it was Congressman Jim Sensenbrenner's turn:

Paulson [Barney Frank] plan fatally flawed from the beginning. That money all came from taxpayers.

The word was, $700billion would not be enough.

America can't afford this. We are wealthy, but there is a limit. 

All of this is inflationary. Interest rates will shoot up. [Remember] 20% prime rates during Carter? 

We should go back to the regular order [of crafting legislation] with committee meetings, rather than Paulson saying we have to do this.

Weber: We're racing against the clock.

Sensenbrenner: When markets opened [today] they were up 200, so hopefully the markets have calmed down.

Paulson is pushing for now. It bailed out the people who caused the problem.

I'm prepared to go back when Pelosi calls us back.

This is a case of Congress serving the people. 

Weber: What angers people is Frank and Dodd in charge of the fix. Is there any mechanism to say when you failed the people, get off the committee!

Sensenbrenner: The Community Reinvestment Act was a significant factor [to what is going on.] 

The process worked yesterday. The speeches like from Pelosi need to stop. She also knew there were not the votes to pass. Why did she bring the bill to the floor? [To fix blame on the Republicans]

Weber: Would you change the Community Reinvestment Act?

Sensenbrenner: Repeal of that law should be in the new package now.

The Security and Exchange Commission dropped the ball--enforcement was not vigorous. 

The Justice Department should investigate if any fraud was committed. [Imprisonment would serve as a deterrent.]

So there you have the Yea and the Nay. Where is Solomon when you need him? 

Conservatives would hope the next version of the bailout bill would be better for taxpayers, that it keeps money from ACORN and repeals the Community Reinvestment Act. With this crew I don't have much hope.

My fear is that the next version will included ACORN funding again or worse. The Democrats will vote for it, and President Bush, who is really over a barrel here, will have to sign it.

Calls from Americans running 500 against, to 1 in favor, of the bailout might be the only thing that saving us from an UGLY pig of a bill.

Post Script: Along the lines of Sensenbrenner's request that they craft this bill carefully, 165 Economists rip bailout plan:

The economists say they are well aware of the current financial situation and agree there's a need for bold action but ask Congress "not to rush."

They urge lawmakers to hold appropriate hearings and "to carefully consider the right course of action." 

Right now the market is up 307 points from yesterday's close. You can check anytime on USAToday. (If you leave it open, it automatically refreshes.) 

Please, comment content should relate to the subject of the post. Although I try to respond to many, do not interpret my lack of a response as agreement.

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Remember Rep. Nancy Pelosi's Remarks Upon Becoming Speaker of the House two years ago? (Emphasis mine) 

I accept this gavel in the spirit of partnership, not partisanship, and I look forward to working...

I look forward to working with you, Mr. Boehner, and the Republicans in the Congress, for the good of the American people.

... and the American people told us they expected us to work together for fiscal responsibility, with the highest ethical standard and with civility and bipartisanship.

... After years of historic deficits, this 110th Congress will commit itself to a higher standard: Pay as you go; no new deficit spending.

... Our new America will provide unlimited opportunity for future generations, not burden them with mountains of debt.

... My colleagues elected me to be speaker of the House. The entire House. Respectful of division of our founders, the expectations of our people and the great challenges that we face, we have an obligation to reach beyond partisanship to work for all America.

... Let us stand together to move our country forward, seeking common ground for the common good.

Did her performance yesterday live up to her promise? Blaming Bush for all of this? (There is plenty of blame to go around. If our economy is in such danger, and I think it could be, is this the time for finger pointing or "seeking common ground for the common good.")

Pelosi let 16 Democrat Congressmen in tight races off the hook--they could vote NO. Obama campaign co-chair Jessie Jackson Jr., Democrat from Illinois, voted NO.

If Speaker Nancy Pelosi was so sure this bill needed to pass, why did she poison the deal with her rant and not insist her own party support it? Was she hoping it would fail so they could get the ACORN funding back in? Who knows.

I think it all comes down to a matter of trust. Do you trust this Congress to come up with an acceptable solution?  

About this time 2 years ago, before the majority shifted to the Democrats, the Congress' approval rating was 25%. Last year it was 11%. In July it was 9%: "The overall national approval rating is at 9 percent. The first time in history that the rating has fallen to a single digit. ...So you see, history can be made. All it took was some hard work and bipartisanship."

Rep. Jim Sensenbrenner said, "Now is not the time to fix the blame, it is time to fix the problem."  I pray they will be able to do just that before credit totally freezes up and businesses can't make payroll.

Please, comment content should relate to the subject of the post. Although I try to respond to many, do not interpret my lack of a response as agreement.

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Remember the story about the Trojan Horse? The Greeks gave a huge horse statue to Troy. The unsuspecting Trojans brought the gift into their city. During the night, the Greek warriors inside the horse came out and took the city. Hence the saying, Beware of Greeks bearing gifts. The gift ended up being the undoing of the citizens of Troy.

Well, I am saying, Beware of Dems bearing drilling bills. It is not what it seems, in fact, it is worse than doing nothing.

On the surface, it looks like the House Democrats are concerned with high energy prices in America. In reality, this bill does very little to increase domestic oil production. I think they are only concerned with reelection. 

Considering that 90% of the oil available exists within 50 miles of the shoreline, what will allowing drilling beyond 50 miles do for us? This bill essentially bans access to 100% of the oil on the west coast, including Alaska. It is all show and no go.

This is what happened in the House. From GrasstopsUSA:

On Monday evening at 9:45pm, Pelosi dropped a 245 page bill on Congress (H.R. 6899, the so-called "Comprehensive American Energy Security and Consumer Protection Act.").

...she effectively stifled substantive debate, by-passed the committee process, prohibited amendments and forced a vote within 24 hours! 

And on Tuesday evening, the House of Representatives passed this "sham bill" on a mostly partisan vote of 239-189! And Pelosi's bill is NOTHING BUT SMOKE AND MIRRORS and will ACTUALLY PROHIBIT DOMESTIC DRILLING, RAISE YOUR TAXES, and has a 'mother-load' of Congressional pork!

OK, right there that should tell you something. Democrats have been against drilling all along and Republicans for it.

If the majority of Democrats voted for H.R. 6899 and the Republicans didn't, doesn't that tell you something? It isn't real! 

What does this worse-than-nothing H.R. 6899 bill include? (My emphasis)

The bill would allow states to “opt-in” to drill in the Outer Continental Shelf 50 to 100 miles off of their coast, as well as explore for oil shale on federal lands. The bill excludes the eastern Gulf of Mexico as well as Georges Bank, and does not include any revenue sharing provisions for States. States therefore have little incentive to “opt-in”. It also allows for lease sales in the National Petroleum Reserve in Alaska (NPR-A), but does not include any provisions regarding the Arctic National Wildlife Refuge (ANWR). In addition, it would prohibit 48 companies from competing in future OCS oil and gas lease sales.

H.R. 6899 requires the sale of at least 20 billion barrels of oil from the Strategic Petroleum Reserve within sixty days of enactment. It imposes a new 15 percent renewable energy requirement on private utilities. The bill also includes several green housing initiatives for the Department of Housing and Urban Development and creates a new $2.5 billion Residential Energy Efficient Block Grant Program, as well as a $5 billion Alternative Energy Sources State Loan Fund.

H.R. 6899 extends current and creates new tax credits and other incentives with the stated goal of promoting energy efficiency and conservation. Many of the tax credits that are being extended by this bill are set to expire December 31, 2008. The bill includes $17.744 billion in tax increases on oil companies by denying them manufacturing deductions and limiting the ability of U.S. companies to utilize foreign tax credits with respect to foreign oil and gas extraction. [Tax increases will be passed onto  us.]  

The bill does not include lawsuit reform, nuclear energy, clean coal, or refinery provisions.

Guess the House Democrats did not listen to Obama's acceptance speech: "As President, I will tap our natural gas reserves [that involves drilling], invest in clean coal technology, and find ways to safely harness nuclear power."

So much for wanting to end America's dependence on foreign oil.

Whatever the case, a similar energy bill faces long odds in the Senate this week - potentially leaving Congress without a major legislative accomplishment on an issue of top concern to voters.

...Rep. Paul Ryan, a Janesville Republican, accused the Democrats of trying to fool voters about where they stand on drilling: "It's very clear this is written in such a way to make it look like they're in favor of drilling."

The Senate will vote on their own versions. I am not hopeful. All we can do at this point is contact our dynamic duo senators and request that they vote against this drill-nothing version and the President veto this farce.

Senator Kohl (Phone: (414) 297-4451, (202) 224-5653) and Senator  Feingold (Office of Senator Russ Feingold | 202/224-5323) and let them know what you think about this bill.

President Bush  comments@whitehouse.gov.

It is pretty sad that the best we can hope for is that Congress will run out of time before they can each pass a do nothing drilling bill or for a President's veto pen. The Congress' greatest gift would be to do nothing and just let the moratorium expire. 

House Republican quotes regarding this bill:

Republican House Minority Leader, John Boehner, "It would permanently lock up 80% of our nation's offshore energy resources--holding hostage billions of barrels of American oil."

Congressman Jeb Hensarling called it, "a hoax bill that would permanently prevent exploration of nearly 90% of the Outer Continental Shelf for American energy and block energy production in arctic Alaska and the Inter-Mountain West." 

House Minority Whip Roy Blunt said, "I'm offended...And the American people should be offended that we're not doing the job for them that really matters." 

Brookfield District 7 Info meeting, Wed., Sept. 24, 2-3 or 6:30-7:30pm

Please, comment content should relate to the subject of the post. Although I try to respond to many, do not interpret my lack of a response as agreement.

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Brookfield7, Fairly Conservative, Betterbrookfield, Mark Levin,  Vicki Mckenna