• “A Main Street Rescue” That “Deserves to Pass”

• “Thanks to the House GOP's intervention, the Paulson plan is also better than it would have been” 

• “[The] law will help U.S. employers draw routine loans to buy inventory, meet payroll and hire new workers to grow their businesses” 

• “Sufficient improvements were incorporated to justify passage, especially given the critical need to unfreeze credit markets” 

• “At the insistence of House Republicans, the deal would give the government an option of insuring the assets of troubled banks and investment houses, rather than buying them outright … Republicans seem to have rid the package of pork for Democratic special interests”

The Wall Street Journal Editorial: “A Main Street Rescue. … [I]t deserves to pass because in reality it is an attempt to shield middle America from further harm caused by the mistakes of Wall Street and Washington. … Thanks to the House GOP's intervention, the Paulson plan is also better than it would have been. Republicans helped to eliminate the Barney Frank-Chris Dodd slush fund for liberal housing lobbies; a plank to let judges shield deadbeat homeowners from bankruptcy laws; and a ploy to stack bank boards with union members.” (9/29/08)


The Washington Post Editorial: “The government buy-up should permit banks to raise new capital and to resume lending to one another. If all goes really well, the eventual cost to the government will be nowhere near $700 billion, since the government could end up selling at least some of the securities for more than it paid for them. … The plan also contemplates that the Treasury will use its new market clout to encourage loan modifications and other workouts for troubled homeowners; and in a concession to House Republicans, there will be an option to insure rather than buy some mortgages.” (9/29/08)


Jim Cramer, host of CNBC’s Mad Money, on The Today Show: “It's also actually not a bad plan for the taxpayer. I wish I could invest in this plan. I think we'll come out great. … I wish there was a side plan where somebody like me, anybody like you, could put their money on this plan. That's how good the protections are.” (9/29/08)


USA Today Editorial: “Of the many things to say about the latest deal, which goes to the House for a vote today, the most important is this: No matter how unpleasant, it has to be done. The nation faces a credit crisis that has toppled several once-mighty financial firms and threatens to inflict widespread damage on Main Street. … Ultimately, the bailout's biggest impact could be in forcing the next president to act a more fiscally responsible way.” (9/29/08)


Chicago Tribune Editorial: “If whatever the president eventually signs into law will help U.S. employers draw routine loans to buy inventory, meet payroll and hire new workers to grow their businesses, it may well be worth the high cost.” (9/29/08)


Washington Post Analysis: “In fact, even in its original form, the Paulson plan would not have cost taxpayers anywhere near $700 billion, nor was Wall Street ever to be the primary beneficiary. The aim all along was to restore the flow of credit to Main Street's homeowners and businesses through banking and credit channels that have become dangerously constricted in recent months, threatening to choke off capital to the entire economy.” (9/29/08)


Washington Examiner Editorial: “Negotiators working overtime through the weekend agreed on a compromise Wall Street bailout. It should be approved by Congress and signed by the President as soon as possible. Fundamental problems remain with key aspects of the bailout but sufficient improvements were incorporated to justify passage, especially given the critical need to unfreeze credit markets” (9/29/08)


Detroit News Editorial: “At the insistence of House Republicans, the deal would give the government an option of insuring the assets of troubled banks and investment houses, rather than buying them outright. That could ultimately save taxpayers money. … Republicans seem to have rid the package of pork for Democratic special interests, but vigilance will be necessary today to make sure it isn't reinserted. Democrats wanted 20 percent of any profits the government makes on the sale of the purchased assets to go to community-based housing groups such as ACORN, which is spending $16 million in this campaign to sign up Democratic voters and whose members are under investigation in several states for vote fraud.” (9/29/08)


Newt Gingrich on ABC’s “This Week”: “Sure, look, something has to be done. The question is whether it has to be this and whether it has to be in the next 48 hours. … I suspect were I still in Congress, in the end George [Will] is right, and I probably would end up voting reluctantly yes, because I think when you’re given no choice.” (9/28/08) 


National Review Online: “Five Things to Like About the Republican Effect on the Deal … 1.  No ACORN money:  All money goes to debt reduction. 2.  No blank check:  Treasury is required to develop an insurance program. 3.  No union power grab:  Dodd-Frank permitted unions to force themselves into the board room.  This proposed compromise eliminates that. 4.  No “cram down” bankruptcy provision (aka, trial bar giveaway). 5. No tax hikes:  The proposed compromise simply requires a proposal to Congress to recoup any potential losses.” (9/28/08)


The Washington Post: “House Republicans won a major victory, persuading negotiators to include a provision that would require the Treasury Department to create a federal insurance program that would guarantee banks and other firms against loss from any troubled asset…” (9/28/08)


Bill Kristol, Editor of The Weekly Standard: “I wasn’t a big fan of the Paulson deal, but it’s been improved, and obviously they have to pass it now. It would be totally irresponsible not to pass it as soon as possible.” (Fox News Sunday, 9/28/08) 


The Wall Street Journal: “Protections against golden-parachute awards had made it into the final deal, along with an insurance component sought by House Republicans as an option for the Treasury to use if necessary and requirements that Treasury is seeking to mitigate and reduce foreclosures where possible.” (9/28/08)


The Chicago Tribune: “House Republicans also have won a federal insurance plan as part of the deal, enabling financial institutions to purchase insurance for troubled assets - at their cost.” (9/28/08)


Associated Press: “At the insistence of House Republicans, some money would be devoted to a program that would encourage holders of distressed mortgage-backed securities to keep them and buy government insurance to cover defaults.” (9/28/08)

CongressDaily: “At the insistence of the House Republicans, the agreement would allow an option for Treasury to create a program to insure the half of all mortgage-backed securities that the federal government does not already guarantee… The insurance would be available based on Treasury coming up with a plan to ensure taxpayers would not suffer losses and that the premiums would be paid by participating firms.” (9/28/08) 


The Hill: “House Republicans’ idea for an insurance pool to protect mortgage-backed securities — expanded to include other troubled assets — and funded by premiums on financial institutions is in the plan, supervised by Treasury officials who will set premiums.” (9/28/08)


The Politico: “The ACORN issue is off the table. After several days of rage from conservative activists regarding a provision in the bailout bill that would send some of the profits from the sale of distressed assets the goverment buys into an affordable housing trust fund, congressional negotiators have removed section 105(d) of the bailout proposal.” (9/28/08)


Gateway Pundit Blog: “House GOP Removes Pelosi Pork to ACORN From Bailout Plan. ... The House GOP members were able to remove the Pelosi pork going to the Far Left group ACORN from the bailout bill during negotiations last night.” (9/28/08)


TIME Magazine:  “To the three-page outline Paulson delivered over a week ago, the Hill added provisions to help American homeowners avoid foreclosure by reducing principals or interest rates and giving people more time to pay back their mortgage. Congress also got a guarantee that taxpayers will get their $700 billion back, and ensured Congressional oversight and transparency of Paulson's transactions.” (9/28/08) 


The New York Times: “Officials said they had also agreed to include a proposal by House Republicans that gives the Treasury secretary an additional option of issuing government insurance for troubled financial instruments as a way of reducing the amount of taxpayer money spent up front on the rescue effort.” (9/28/08)


Bloomberg: The plan “includes a proposal by House Republicans, whose objections scuttled an earlier agreement in principle, that provides for government insurance of mortgage-backed securities.” (9/28/08)


Reuters: “In the end, House Republicans won support for a provision that would create a privately funded insurance program for mortgage-backed securities.” (9/28/08)


Roll Call: “Republicans were able to attach several of the provisions that they sought in a final bailout package. These include requiring an insurance guarantee program in lieu of spending taxpayer dollars outright, making only $350 billion of $700 billion available until Congress has an opportunity to rescind the funds and authorizing the Securities and Exchange Commission to suspend mark-to-market rules.” (9/28/08)

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