BUCHANAN OPPOSES WALL STREET BAILOUT, SAYS CONGRESS NEEDS TO “GET IT RIGHT”...
WASHINGTON, DC (NS/CongBuchanan) – Rep. Vern Buchanan today voted against a $700 billion Wall Street bailout, saying the plan failed to protect taxpayers and was rushed through Congress without adequate review of other options... The bill was rejected in the House by a 205-228 vote... Buchanan urged Congress to come back and pass a plan that protects taxpayers while meeting our country’s economic needs... “This bill was a bad deal for the American taxpayer and another example of Washington not listening to the people,” Buchanan said. “My constituents are angry – and rightfully so – that as they lose their homes to foreclosure Congress considers bailing out the Wall Street banks that created this problem.” The bill would have cost every man, woman, and child an estimated $2,300, according to newspaper reports... “Our nation is at this point because Washington failed to provide proper oversight of the marketplace and allowed Wall Street excesses to flourish,” Buchanan said. “A better alternative without jeopardizing taxpayers or creating a massive bureaucracy would have been to explore enhancing the government’s existing lending facilities and guarantee programs with the goal of recapitalizing the banks without putting the taxpayer on the hook for $700 billion dollars.” Additionally, Buchanan noted, the bill makes foreign banks eligible for a bailout paid for by American taxpayers... Last week, Buchanan sent a letter to Treasury Secretary Henry Paulson, Federal Reserve Chairman Bernanke, and House leaders detailing his serious concerns with the bailout plan... Although they did make progress in addressing some of Buchanan’s concerns, in the end it did not provide enough taxpayer protection and did not give adequate consideration to other options... “Although I agree that some type of action is warranted and that the package was improved from the original Bush plan, in the end it did not justify the enormous risk of a taxpayer bailout that could reach $1 trillion dollars,” Buchanan said. “We should have taken a slower approach that explored in greater depth the option of capitalizing the banks directly without purchasing their bad debts with taxpayer dollars.” Buchanan noted the nation now faces a $10 trillion debt, a $400 billion deficit and no end in sight to budgets that are out of balance. “Now is not the time to be adding an enormous cost to our already burdened economy without exploring better alternatives.” Editor's Note: Kudos to Cong. Vern Buchanan for having the guts to stand up for the taxpayers of FL-13! The Congressman has once again shown his leadership on Capitol Hill. The American tazpayer should in 'no way' be financially responsible to bailout these institutions for the mistakes THEY made along with way with the help of former President's Jimmy Carter and Bill Clinton and their Administrations for failing to do what was in Americans best financial interests instead of 'bowing down' to the pressure from minorities who never should have gotten 'some' of these loans toi begin with because they could not pay them back...*MCB*... --~--~---------~--~----~------------~-------~--~----~ You received this message because you are a member of the "News Sarasota" Google group... To read more, go to: http://www.newssarasota.com http://newssarasotaezine.talkspot.com To hear more, go to: http://thecaptainsamerica.podomatic.com Enjoy the priviledge you now share with others who want to know what others don't... Thanks, Matt Bruce Managing Editor News Sarasota.com Retired 25 Year Fire-Rescue Captain Host Of: "The Captain's AMERICA" Show Heard From 12 noon to 1 PM ET Monday Thru Friday LIVE On Net Talk World.com Across America & Around The Globe At The Speed Of The Internet... Weekend's Overnight on The Accent Radio Network... Check Out: http://thecaptainsamerica.com http://www.nettalkworld.com For more options, visit this group at http://groups.google.com/group/News-Sarasota... To post to this group, send email to [EMAIL PROTECTED] To unsubscribe from this group, send email to [EMAIL PROTECTED] -~----------~----~----~----~------~----~------~--~---
