Anyone who doesn’t want to bankrupt the USA is ok in my book.
Congressman John Culberson released the following statement today voicing his strong opposition to the Paulson-Pelosi $700 billion Wall Street bailout:
“The $700 billion Paulson-Pelosi bailout forces Americans to choose between bankrupting our children or big Wall Street banks. The revised plan was just released a few hours ago, and while it contains some oversight, eliminates golden parachutes for bad actors, and creates an investment banking insurance program for the future, the bottom line requires me to oppose it.”
“This bailout will saddle our children and grandchildren with at least $700 billion in new debt on top of the existing $9.8 trillion national debt. It will double the budget deficit overnight, and it will lead to additional bailouts as the multi-trillion dollar credit default pyramid scheme collapses.”
“I fought to help Congressman Richard Baker enact essential reforms of Fannie Mae and Freddie Mac, which would have prevented this crisis today. I was one of only seven congressmen to vote against loosening FHA loan requirements and I have opposed efforts from liberals like Congressman Barney Frank to push Fannie and Freddie to encourage banks to make loans for politically correct reasons rather than sound financial reasons.”
“I will not vote to bankrupt future generations to protect Wall Street investment banks from their own mistakes. The best solution to this crisis is to suspend mark-to-market accounting rules, establish a mandatory insurance/guarantee program to cover the banks’ losses at no expense to taxpayers, cut the capital gains rate to zero, cut taxes for offshore dollars repatriated back into the U. S., and cut corporate tax rates dramatically to encourage investment and lending. Changing the mark to market accounting rule alone will allow banks to keep non-performing assets on their books until they recover their value, and solve a huge part of the problem.”
“My principal, long term goal in Congress is to balance the budget and protect the treasury from bankruptcy – which is why I have opposed so many spending requests as a member of the Appropriations Committee and voted ‘no’ so often against big spending programs like the Farm Bills, the Medicare Prescription Drug Program, fighting AIDS in Africa, and so many others pushed by this Administration.”