Posted on 09/29/2008 12:56:27 PM PDT by Monitor
Menomonee Falls Congressman Jim Sensenbrenner issued the following statement today on his ‘NO’ vote on HR 3997, the Emergency Economic Stabilization Act of 2008:
"I am voting ‘NO’ on the bill the House will vote on later today because it will subsidize Wall Street on the backs of hard working taxpayers and small businesses on Main Street.
"To put it plainly, this legislation will not work. It will put an unbelievable amount of taxpayer money at risk, and penalize those who used common sense during a time when others elected to ignore reason by making decisions that led them to live beyond their means. It is unfair and irresponsible to ask conscientious taxpayers to now shoulder the burden and debt of those with poor foresight.
"Moreover, the federal government has no business injecting itself into the free market system, and essentially, taking it over. This completely defeats the purpose of such a system, and will have a chilling effect on future businesses that may think twice about entering the market if they have to compete with the American government. This is contrary to the spirit of American entrepreneurialism that is the foundation of our nation, and would turn our American Dream into an American Nightmare."
The government forced banks to make bad loans.
Then the government forced banks to treat the loans as if they were trying to sell them, and value them based on what they would get if they dumped them on the market without regard to underlying value.
Consequently, banks have no money to lend to anybody, and ANY loan they make immediately becomes worthless because nobody will buy the loans, and “mark-to-market” means those loans are worthless.
Again, keeping the banks from loaning anybody any money.
This wasn’t a free market, and it’s absurd to ask the banks to bite the bullet for the wrongs our government committed.
So if the government has to take over these assets, I don’t see that as the worst thing in the world.
Although I would hope that good plans to rectify the previous mistakes would be considered. If we got rid of mark-to-market, and set up a plan to make a market for these assets for banks who had to sell them, we might get out of this without buying up all the bad debt in the world.
Frankly, it would be nice if they could put together a $100 billion dollar bailout based on the existing plan, and then stay for a month to have hearings to decide how to shape the remainder of the bailout.
Thanks for posting this excellent response:
http://sensenbrenner.house.gov/News/DocumentSingle.aspx?DocumentID=103981
Sensenbrenner Wants No Part of Bailout
Washington, DC, Sep 29 -
Menomonee Falls Congressman Jim Sensenbrenner issued the following statement today on his ‘NO’ vote on HR 3997, the Emergency Economic Stabilization Act of 2008:
“I am voting ‘NO’ on the bill the House will vote on later today because it will subsidize Wall Street on the backs of hard working taxpayers and small businesses on Main Street.
“To put it plainly, this legislation will not work. It will put an unbelievable amount of taxpayer money at risk, and penalize those who used common sense during a time when others elected to ignore reason by making decisions that led them to live beyond their means. It is unfair and irresponsible to ask conscientious taxpayers to now shoulder the burden and debt of those with poor foresight.
“Moreover, the federal government has no business injecting itself into the free market system, and essentially, taking it over. This completely defeats the purpose of such a system, and will have a chilling effect on future businesses that may think twice about entering the market if they have to compete with the American government. This is contrary to the spirit of American entrepreneurialism that is the foundation of our nation, and would turn our American Dream into an American Nightmare.”
“Moreover, the federal government has no business injecting itself into the free market system, and essentially, taking it over. This completely defeats the purpose of such a system, and will have a chilling effect on future businesses that may think twice about entering the market if they have to compete with the American government. This is contrary to the spirit of American entrepreneurialism that is the foundation of our nation, and would turn our American Dream into an American Nightmare.”
OMG, music to my music-starved ears! Republicans really do exist!
Now, if they hold this course they will be true statesmen.
But I want one more thing: I want them to show the American people exactly what caused this situation.
It was socialism NOT capitalism. Home-ownership entitlement programs are not examples of capitalism — TELL THE PEOPLE! POINT THE FINGER! FOR THE SAKE OF OUR FREEDOM!
The old “Mulwaukee Journal” used to call my congress critter “Jim Senselessbrenner”. Looks like they were wrong, but then, aren’t they always? He’s got more common sense sense then the whole lot of ‘em down there at the Urinal.
And the unbelievable gall of Pinko Pelosi to stand and blame Republicans for this — ARRRRRGH!
I want blood!!
These people need to be defeated so soundly as to take decades to heal their political wounds.
Down with the socialists!
So, why should I a taxpayer bail out two wrongs! Government, Frank and Dodd basically, and the bank for not speaking out and just went along with it. Any bank CAO should have realized this was rotten. Fredeeee and Fanieeee was Government worst nightmare. No bailout will work. Temporary relief will just stall and will reappear again and take us to a depression. I say, no bailout and let it fail now.
I remember listening to her throw a temper tantrum fit for a three year old during a Wisconsin Senate hearing being chaired by Senator Alberta Darling.
And I remember telling Senator Darling, the next time I saw her, that she deserved an award for keeping her cool and remaining professional during this hours-long tantrum. She just said thank you, and unconvincingly claimed to not remember the incident. And she was classy enough to have absolutely nothing to say about Gwen Moore.
To those who are reading this and don't know who Gwen Moore is, think Maxine Waters, but with even less class, intelligence, and maturity.
Thank you kind Sir or Madam, as the case may be. We few, we unhappy few, band of conservative brothers/sisters being held hostage in Milwaukee appreciate your empathy (sniffle).
Then why did Cong. Paul Ryan (R-WI) vote FOR it?
Call him and find out, and report back.
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