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| From my congresswoman; Her response to the bailout | |
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| Tweet Topic Started: Oct 6 2008, 09:13 PM (55 Views) | |
| md11flyer | Oct 6 2008, 09:13 PM Post #1 |
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Assistant Coach
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This is the response from my congresswoman, Marsha Blackburn, about the letters I wrote about the Bailout bill. Thought you all may be interested to read what she had to say. She is a republican and voted against both bills. What a pleasure to hear from you. Thank you for contacting me with your concerns regarding H.R. 1424, the Emergency Economic Stabilization Act. Hearing from constituents on issues of concern is important to me and our office as we work to represent our district. The slump in the housing market led to a wave of defaults on risky subprime mortgages, and these defaults in turn destroyed the value of billions of dollars of complex mortgage-backed securities. The devaluation of these securities led directly to the collapse of investment banks, insurance companies and commercial banks. This uncertainty threatens not just Wall Street, but the financial well-being of each and every American. Poor Washington policy and regulators who simply did not do their job brought us to this troubling point. Now, a tightening of the credit market puts the health of small businesses in Tennessee at risk. However, I voted against HR. 1424, after fully considering both its merits and many short-comings, and determined the cost for Tennessee taxpayers was simply too high. Treasury Secretary Henry Paulson originally came to Congress and requested the taxpayer fork over $700 billion to spend on toxic mortgage assets. The bill rejected any administrative or judicial oversight, and instituted no institutional financial reform. No one in Congress found that suggestion reasonable or workable. Together with other House Conservatives, I presented our first principles to the Leadership. We pointed out that previous Wall Street bailouts, while not working as anticipated, had already put the taxpayer on the hook for more than $323 billion so far this year. Our proposals included: offering collateral-backed FHA loans to banks, insurance, suspending the Capital Gains Tax, cutting spending to offset costs, limiting short selling by reinstating the "uptick rule," and making financial instruments more transparent, all in lieu of a straight bailout for Wall Street ineptitude. We were able to make the proposal far better than what was originally presented, and many of my colleagues were satisfied with it. However, the central premise of the Paulson proposal, that taxpayers should be the lenders of first resort, was still one I could not support. The bill raised the national debt limit above $11 trillion for the first time, without asking for a single dollar in spending cuts. Instead, we advocated for passage of an alternative bill, H.R. 7232, which included free-market solutions without a $700 billion taxpayer bailout. While our alternative was not considered, we were able to eliminate provisions in the bailout bill that would provide a golden parachute for CEOs or a giveaway to liberal interest groups like ACORN. On Wednesday October 1st the Senate passed an improved piece of legislation, which included enhanced oversight demands on the administration, and regulatory solutions to provide instant liquidity, including an increased FDIC insurance ceiling. Even so, the legislation presented to the House on Friday October 3rd did not overcome the original proposal's critical failings: increased federal debt, and a $700 billion bill payable by the American taxpayer. The national debt has been steadily rising for over ten years, and this bill pushed it even higher without even an attempt at spending cuts. If the American people have to foot the bill for Wall Street greed and the Administration feels this is the most prudent way forward, then every non-defense or veterans-related agency should be compelled to do their part and reduce what they are spending. I voted no on final passage. Congress must now address the root of the problem. I believe that the Federal Government never should have intervened in the mortgage market as they did with the Community Reinvestment Act of 1977, which compelled banks to grant mortgages to low income households - some who could not afford the homes they bought. In the 90's that Act was strengthened and expanded, and Fannie Mae and Freddie Mac got into the game by backing or originating more and more risky mortgages and forming them into mortgage backed securities. As a government backed entities, Fannie and Freddie implied security and support for loans and products that did not exist. Wall Street greed took the crisis the rest of the way. The system that made constituents happy looked good on the federal books, but it was a bad idea. It didn't help that federal regulators were either asleep at the switch or ignored by Congress. Now the chickens have come home to roost. Next year Congress will be forced to consider real policy alternatives that will reform the financial services industry. When that day arrives you can be sure I will continue advocating for free-market principles that will protect taxpayers from Wall Street greed. Please know that I appreciate both your interest and time in contacting us on this issue. As the discussion moves forward on this and other issues, please feel free to visit our website at www.house.gov/blackburn where you can sign-up for our email update, learn about constituent services, and find the latest legislative news and critical information that affects and concerns the people of Tennessee. Sincerely, Marsha Blackburn Member of Congress Edited by md11flyer, Oct 6 2008, 09:21 PM.
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| yawnzzz | Oct 6 2008, 09:19 PM Post #2 |
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Coach
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Sounds like you've got a pretty competent person representing you. |
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| brumdog44 | Oct 6 2008, 11:19 PM Post #3 |
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The guy picked last in gym class
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My congressman (Pete Visclosky, D) voted no on both the original and final legislation. |
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| md11flyer | Oct 7 2008, 12:21 PM Post #4 |
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Assistant Coach
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I guess we have a couple of the good ones Brum. |
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2:34 PM Jul 11