Friday, October 3, 2008

The Plan

Giveaway Bailout Plan passes

House Minority Leader Boehner:

The passage of this flawed but necessary bill is not cause for celebration.

The financial crisis is not a failure of the free-market system. It is a failure of a broken Washington, and a government culture that allowed executives at Fannie Mae and Freddie Mac and other firms to run amok, ultimately imperiling our nation’s economy. For years Republicans warned of this danger and advocated reform of these government-sponsored enterprises. And for years such reforms were thwarted by legislators with deep political ties to the worst offenders, putting the companies’ interests ahead of the interests of our country.

House Republicans stood on principle throughout this process. We secured numerous reforms on behalf of American taxpayers, such as raising the FDIC insurance cap, the SEC’s change to mark-to-market rules for certain assets that have worsened the credit crisis, and an insurance program that forces Wall Street to bear a financial burden in the rescue package. Republicans also were successful in stripping from the original Paulson-Democrat bailout plan of its special-interest earmarks for trial lawyers, labor bosses, and thinly-veiled political organizations like ACORN. This significantly improved legislation is much stronger than the initial Paulson plan and protects the interests of families, seniors, small businesses, and all taxpayers.

Ain't that the truth! Others have referred to this bill as a "crap sandwich" which is putting it mildly. What started out as a 3 page bill last week is well over 450 pages now. Politicians caused this mess and made money off of it, told us how important and necessary it was for us all to come together to fix it and then lined their pockets even more. What pigs. They all should be ashamed but as politicians, you know they will not be.

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