Ryan skeptical of simpler plan to help banks

Rep. Paul Ryan is weary of a new plan emerging in Washington to infuse cash into banks to get them to lend money again. The new plan is a much simpler, and more direct, plan than the one at the core of the $700 billion bailout passed by Congress last week.

But the new plan, which is similar to the one used in Great Britain, also amounts to the government buying a share of the banks. It's this government ownership that worries the free-market-minded Ryan. Here's his quote to the Wisconsin State Journal:

"It has to be non-voting stock and that's what we put in the (law). You can't get the federal government into the boardroom and start running these companies and I want to make sure that is adhered to."

The problem with Ryan's worry is that it may be too late. The initial bailout plan is being criticized as too complicated, slow and ineffective to impact the financial markets.

That could lead to the ironic result of the conservative Bush administration taking the ultra-liberal step of nationalizing an industry. It'll be interesting to see if Ryan sticks with his principles on this one, or goes along with the plan in an attempt to save the economy.