A reader of RF asked me over the weekend to look into who Congresswoman Bachmann (R MN6) was referring to when she was on Bill Bennet’s radio show. The reader said that she said she was working with someone who helped solve the S&L crisis back in the 80s on an alternative plan to the financial crisis. 

A piece in the Wall Street Journal today sheds light on the guy who is lending experience in solving financial problems with out soaking the taxpayers. 

An Old Hand Counsels Lawmakers

WASHINGTON — Members of Congress are turning to a veteran of the country’s previous banking crisis, William M. Isaac, as they search for alternatives to the Bush administration’s $700 billion financial-rescue plan.

Mr. Isaac, who was chairman of the Federal Deposit Insurance Corp. in the 1980s and guided the rescue of Continental Illinois National Bank and Trust, is emerging as a key figure in the debate. In marathon meetings at the Capitol on Sunday, Mr. Isaac spoke against the proposal to dozens of lawmakers. He offered ideas that stop short of a taxpayer-financed bailout of the nation’s financial institutions.

Many lawmakers who voted against the plan have credited the views of Mr. Isaac. Some are introducing legislation that incorporate them.

I believe this is the alternative, or a summary of it. ECONOMIC RESCUE ALTERNATIVE PLAN 

Back to the WSJ story.

“In my first term of office, I’ve seen how easy it is for lawmakers to spend other peoples’ money; it makes your head spin,” said Minnesota Republican Rep. Michele Bachmann. She said Mr. Isaac has a unique historical perspective.

 

“He was a credible valuable voice because he’s been there and done that,” Rep. Bachmann said. “We’re told on the one hand that we’re facing financial Armageddon, but we weren’t given evidence to explain why … and we weren’t given information to show why this bailout was the only solution.”

I remember hearing Democrats scream bloody murder over a $70 Billion request for the war on terror and block such requests for months. This $700 Billion bailout just seems to be on the fast track with absolutely no oversight of the Legislative process. It is 10 times bigger than appropriations requested before, but is getting .00001% of the scrutiny. Seems fishy to me and luckily others. 

Mr. Isaac said he came to Washington reluctantly on Sunday. He had planned to take his two children to see the Tampa Bay Buccaneers play the Green Bay Packers. Several lawmakers in both parties had called after the Washington Post published a column he had written questioning the administration’s proposal. “They just said, ‘This bill is being forced upon us, we don’t understand it … can you help us?”‘ Mr. Isaac said. He agreed after encouragement from his wife, and arrived Sunday at 1 p.m.

Mr. Isaac said he hopes the administration and Congress will come around to some of his ideas. “If they do, I think the bill will pass,” Mr. Isaac said. “If they don’t, I think the bill is stuck.”

The US Senate is set to vote on their version of a proposal tonight.

This entry was posted on Wednesday, October 1st, 2008 at 7:56 am and is filed under 2008, MN 6th - Bachmann, National, Politics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.