Skip to comments.DeMint Says He'll Oppose Government Bailout Plan
Posted on 09/23/2008 10:40:48 AM PDT by Jet Jaguar
(The Greenville News) - Saying that Americans can "no longer trust the economic information they are getting from this administration," U.S. Sen. Jim DeMint broke Monday with the Bush White House and will oppose what he calls its "irresponsible" bailout plan.
But fellow South Carolina Republican Sen. Lindsey Graham continued to lean toward some form of buying up banks' problem mortgages, although "it's too early to say" if he will support Treasury Secretary Henry Paulson's still vague plan, said Graham spokesman Kevin Bishop.
"The administration said the bailout of Bear Stearns would stop the bleeding and solve the problem, but they were wrong," DeMint said. "They said $150 billion in new government spending using rebate checks would solve the problem, but they were wrong again. They said new authority to bail out Fannie Mae and Freddie Mac would solve the problem without being used, but they were wrong again. Now they want us to trust them to spend nearly $1 trillion on more government bailouts. It's completely irresponsible."
DeMint placed the blame for the crisis on "misguided government policies" and said that "socializing an entire sector of the U.S. economy" could make matters worse.
Late last week, Graham hinted at support for a bailout, but had no additional 'comment Monday.
"Getting bad debt out our financial system may be the only way to recapitalize our nation and prevent an institutional collapse that would jeopardize the financial future of all Americans. I know the price to fix this problem is enormous. However, at the end of the day, it may be less than the price of doing nothing and risking a complete financial meltdown," he said Friday.
But Graham has said he thinks limits on executive compensation for corporate leaders whose companies will participate in the bailout should be on the table and would like to see it included in any package.
Instead of saddling taxpayers with "every asset some investor doesn't want anymore, DeMint called for reforming government policies that created the crisis, including what he described as the Federal Reserve's easy-money policy, the congressional charters of Fannie Mae and Freddie Mac, and the Community Reinvestment Act.
That should be followed by "permanent and proven pro-growth reforms to encourage capital formation and boost asset values," he said.
Rep. Gresham Barrett of Westminster is reading through the proposal and digesting it, said his spokeswoman, Colleen Mangone. Rep. Bob Inglis of Travelers Rest couldn't be reached for comment.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Where is Failed Speaker Nancy Pelosi demanding an investigation of this whole thing? Something stinks and it looks like it’s the Democrats.........again. If there were anything to gain politically by pointing fingers at the GOP, the Dems would be demanding a full investigation ASAP!!!!!!!!!!!!!!!!!!
"I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. . . . Corporations have been enthroned and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands and the Republic is destroyed."-- President Abraham Lincoln, letter to Col. William F. Elkins, Nov. 21, 1864
Night and day difference between Demint and McCain’s valet, Grahamnesty......
To the gov bailout.
Great, at least one in congress is opposed to this POS bill.
I'm still going skiing every day this winter (Insallah) no matter the value of my portfolio.
Good to know there are some conservatives around...this bailout stinks.
We would be better off with no bailout. There is not guarantee that a bailout would fix the problems with bad loans...and the whole bailout deal would be very inflationary.
Of course, its the liberal globalists who want the bailout...since most of that bailout money would be given to foreigners and foreign banks
Paulson and the banking committee speak in private only, and they offer NO real information. Notice just how many times that Paulson says uh, uh, uh, er, er. They know that if the American people really knew the truth, that they would be shaking in their boots. Paulson has not brought anything out into the open. All we know is that the “sky is falling”, if we do not do quickly, whatever Paulson says.
A year ago on this forum I asked why we can’t just convert people with ARMs to fixed rates, or have partial interest forgiveness, loan mods, etc. We did not. And now we are bailing out the stupid companies with perhaps 50% of the bailout going to foreign governments/investors.
Thank God for DeMint.
Kill the deal. If the Dow falls 2,000 then so be it. The buck stops here. America needs to get its financial house in order.
All of that has been available. People are just too stupid to do it.
“We would be better off with no bailout.”
Doing nothing is better? It pretty clear the pain of doing nothing will be greater. The credit system got into a meltdown mode. What’s your alternative?
“Of course, its the liberal globalists who want the bailout...since most of that bailout money would be given to foreigners and foreign banks”
This is mostly about bailing out the credit system itself.
“If the Dow falls 2,000 then so be it. The buck stops here. America needs to get its financial house in order.”
These statements are contradictory. We cannot and will not get our ‘house in order’ by going through another depression.
Cool video, but there are typically only (short) lift lines on Saturdays in MT. The singles line on Saturdays allows yet another day of yo-yo skiing.