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Is this bill the biggest piece of pork ever to pass?

CCAGW posted a letter petitioning that the House NOT pass this bill. Is it pork or necessary? CCAGW Asks House to Oppose EESA Bailout Monday, September 29, 2008 By: Tom Schatz U.S. House of Representatives Washington, DC 20515 Dear Representative, You will soon vote on H.R. 3997, the Emergency Economic Stabilization Act and it will be a difficult vote. The more than 1.2 million members and supporters of the Council for Citizens Against Government Waste (CCAGW) are angry about this financial crisis because most of it can be blamed on Washington. Taxpayers are now being asked to provide up to $700 billion to the Secretary of the Treasury to buy failed mortgages and other troubled credit assets as a result of government meddling in the housing market. While the bill is much improved since the original draft that was circulating late last week, the bill is still too troublesome for CCAGW to support. On behalf of our members, I ask that you vote against H.R. 3997. Starting in 1993, the rules governing the Community Reinvestment Act (CRA) and Fannie Mae and Freddie Mac were re-written to force banks to establish new quotas for writing mortgages in low-income neighborhoods and to enter the subprime loan markets. The changes drove up the price of homes and the easy money was carried right into Wall Street where shaky loans were packaged and sold. While efforts were made several times to get a handle on Fannie Mae and Freddie Mac before the implosion of the housing market, these efforts were stopped in Congress by the companies’ political allies. CCAGW appreciates the efforts of several members of Congress that have improved the bill. Removing the 20 percent slush fund for groups like ACORN is an important policy change. The bill gives the Security and Exchange Commission the ability to suspend mark-to-market accounting. The bill will not give the $700 billion in one step but instead will require the President to certify that additional funds are needed. By establishing an advisory board, power is not left with one individual. But these changes are not enough to overcome the opposition to H.R. 3997 that has been expressed by CCAGW members and taxpayers across the county. Government created these programs, and CCAGW is not confident that government can correct them. I urge you to vote against H.R. 3997. All votes on H.R. 3997 will be among those considered for CCAGW’s 2008 Congressional Ratings. Sincerely, Tom Schatz http://councilfor.cagw.org/site/News2?abbr=CCAGW_&page=NewsArticle&id=11622 It's a rather simply worded letter, easy to read, kids. You don't need to be afraid of it.

Public Comments

1. Probably for both sides.
2. Don't talk about pork. You'll get whydoesanyonecare excited about getting on his knees next to truth seeker in the oval office if Obama wins. Their blood pressure will go up and they could potentially have a heart attack. Wait...on second thought...continue.
3. I think your question is an understatement. From 3 pages to 100 pages to over 450 pages - God help us if this bill gets another go around in Congress.
4. Freddy and Fannie are associated more so with Obama(since they're reps work for Obama) It seems to me that both candidates are liars, passing this porky pig! I guess were in for more of the same. Maybe thats not so bad.
5. I don't feel like reading a manifesto but I guess we will just have to wait and see.
6. Yeah yeah. Blah blah blah. You people complaining about the bill now would also be the first ones to complain when the economy started seriously tanking and everyone lost their jobs and their retirement benefits went down the sh*tter. Whoever's not scared right now is either naive or ignorant.
7. Citizens Against Government Waste is a lobbyist front organization. Why should anyone -- those for or those against this bill -- care what they have to say? Frankly, pdooma, I've come to expect better from you.
8. Grab your ankles taxpayers... Mandingo has arrived. It's bone simple folks: There must be NO Taxpayer purchase of bad loans, while our Government continues to enforce their CREATION. Burning Down The House: What Caused Our Economic Crisis? http://www.youtube.com/watch?v=1RZVw3no2A4&feature=iv&annotation_id=event_597487 It's astounding. As we are being billed for their bad decisions, which they show NO signs of correcting, they are slaping on the pork. I'm speechless.
9. This bail-out is the end game of "trickle down economics"...because only the government can borrow enough money to make it work and save us from the dark overlords of Wall Street. But by giving that money back to those same dark overlords, it's not just pork. This is the mother of all golden idols in the shape of a pig. This is a crime against us as citizens.
10. It's pork alright but I think poison would be better term. The fat cats in Congress from both sides of the aisle gave Wall Street and the banks the narcotic of free reign to give bad loans now that Wall Street is hemorrhaging from withdrawal symptoms they plan on giving them more of it.