Bailout Updates

  • Rep. Mike Pence: “Republicans improved this bill but it remains the largest corporate bailout in American history, forever changes the relationship between government and the financial sector, and passes the cost along to the American people. I cannot support it.” 
  • NTU: NTU urges all Members of Congress to vote “NO” on the $700 billion financial industry bailout plan. “Congress helped to create this debacle with the Community Reinvestment Act, poor tax policies, hastily designed mark-to-market regulations, and spectacular negligence with regard to the systemic risks posed by Fannie Mae and Freddie Mac. Instead of addressing those core problems, this disgraceful plan snatches $700 billion from the pockets of hard-working Americans, the vast majority of whom had no part in this horrific play.”
  • Open Market: Bailout Gets More Costly Due to “Bipartisan” Deal; Foolish Limits on Foreclosure Should Be Removed (“One bright spot is that the broad elements of the deal made public do not contain the massive slush fund for left-wing groups contained in the earlier version of the bill drafted by Senator Chris Dodd.”)
  • FreedomWorks: VOTE NO on $700 Billion WALL STREET BAILOUT. “The root government distortions that caused the housing bubble and contagion of bad financial paper in investment banks and other financial institutions – particularly originating from Fannie Mae and Freddie Mac – have been wholly ignored in this bailout. Failure to address these and other systemic causes of the current crisis ensures that Congress will be back again in the future, proposing yet another taxpayer bailout.”