Posted on 09/28/2008 10:53:41 AM PDT by SE Mom
Dear Colleagues,
Our nation has been confronted by a serious crisis in our financial markets. The President and this Congress were right to act with all deliberate speed in addressing this crisis.
We now have a deal that promises to bring near term stability to our financial turmoil, but at what price?
Economic freedom means the freedom to succeed and the freedom to fail.
The decision to give the federal government the ability to nationalize almost every bad mortgage in America interrupts this basic truth of our free market economy.
Republicans improved this bill but it remains the largest corporate bailout in American history, forever changes the relationship between government and the financial sector, and passes the cost along to the American people. I cannot support it.
Before you vote, ask yourself why you came here and vote with courage and integrity to those principals.
If you came here because you believe in limited government and the freedom of the American marketplace, vote in accordance with those convictions.
Duty is ours, outcomes belong to God.
We have fought the good fight. Now we need to finish the race and make sure that posterity and the American people know there were conservatives who opposed the leviathan state in this dark hour.
And if you do this I promise you, I will stand with you and, I believe with all my heart, the American people will stand with you as well.
Mike Pence
That is what I wish, but it will not happen.
Actually, this might not get as far as the Senate according to the reports of continues House GOP resistance.
God Bless Mike Pence!
Do we know who in the house and senate oppose the bill?
BAIL OUT
BEFORE
PROSECUTION OF CRIMES
IS A PARDON!
"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
By the way, why are the Republicans not patriotic for not coming to the table per Pelosi but Obama gets a pass by not even being in DC?
Mr Pence,
Welcome to the New World Order. Freedom and liberty not required. Shortly there will be no difference between France and America
I’m in Anderson, IN working today, paying some bills...will swing by his offices and express my support, if anyone’s there, I doubt it.
Mike Pence is a standup conservative, unlike some who would spread Kiwi shoe polish on their fields and shine their shoes with ____.
>McCsin should miss the vote.<
If he would vote for it, he should certainly miss it. If he votes for it, he will lose the election.
Not really. However, we DO know the Senate GOP leadership seems much more amenable to the bill than our House GOP guys.
Well said. I'll stand with Mike Pence.
So where were all these republicans when bills were introduced 3+ years ago to reign in CRA, Freddie & Fannie...in a Republican controlled congress? I’m not being snarky...I truly would like to know where they were and what their votes were.
Or an honest broker like Pence?
You are exactly right. These Republicans should have stepped up soon, however, they would have been ignored. Bush was the one in a position to communicate to the American people what was coming. For some reason he chose not to, until it was too late. He should have exposed this corruption long ago. In his defense, he did take on Social Securtiy and didn’t get far.
No, he'll vote for it because he gave himself an out; ie he might change it if he doesn't like it after he's elected.
POLITICO
Obama would want bailout review if elected
By: Mike Allen
September 28, 2008 09:39 AM EST
Hours after a tentative congressional agreement on a mortgage bailout program, Sen. Barack Obama (D-Ill.) said Sunday morning that he is likely to support it but might seek changes in the program if he is elected.
“If elected President, I will order a thorough review of this plan to make sure that it fully lives up to the principles I've laid out,” Obama said. “And I will also move quickly to upgrade our financial regulations for the 21st century, establishing new rules of the road and tougher oversight to ensure that the American taxpayers are never again forced to put their money and their futures at risk because of bad decisions in Washington and on Wall Street.”
Suggesting he will support the plan, Obama said: “While I look forward to reviewing the language of the legislation, it appears that the tentative deal embraces [four] principles [he had advocated].”
Obama’s statement began: “The breakthrough between Congress and the Administration is the culmination of a sorry period in our history, in which reckless speculation and greed on Wall Street and lax oversight from Washington led to a meltdown of our financial markets. But regardless of how we got here, a failure to deal with the current crisis would have devastating consequences for our economy, costing millions of Americans their jobs and retirement security.
“To understand how this tentative deal was reached, it's important to remember how this all began. The Bush Administration initially asked for a blank check to respond to this problem, which I strongly opposed. It would have been unconscionable to expect the American people to hand this Administration or any Administration a $700 billion check with no conditions and no oversight when a lack of oversight in Washington and on Wall Street is exactly what got us into this mess. If the American people are being asked to pay for the solution to this crisis, their tax dollars must be protected.
“That is why over the past ten days, in conversations with the President, Secretary of Treasury and leaders of Congress, I laid out the four core principles I believed had to guide any solution: oversight by an independent board; protections for taxpayers to ensure that they are treated like investors and that they receive any profits - and recoup any losses - from this plan; measures to help homeowners stay in their homes; and rules to make sure CEOs are not being rewarded at taxpayers' expense. While I look forward to reviewing the language of the legislation, it appears that the tentative deal embraces these principles.
“When taxpayers are asked to take such an extraordinary step because of the irresponsibility of a relative few, it is not a cause for celebration. But this step is necessary. Now Washington has to show the same sense of urgency in dealing with the crisis facing Main Street and the middle class by passing an emergency economic stimulus plan that would create jobs by rebuilding our crumbing roads; shore up flagging state budgets to prevent drastic cuts in education and health care; and extend expiring unemployment insurance benefits for those who've lost their jobs in this downturn and cannot find new ones.”
Here are some elements of the plan, as provided by House Republicans to highlight changes they had negotiated:
Requires the establishment of an insurance guarantee program that in lieu of purchasing assets with taxpayer funds is available to insure assets at no cost to the taxpayer. Costs would be fully paid for by participating companies (i.e. those receiving the assistance). Assets insured by the program would count against the total funds the Secretary would otherwise have available to make purchases.
If after five years, the government has a net loss as a result of the purchase program, the President is required to submit a proposal to recoup those losses from the entities that benefited from this program.
Establishes a bipartisan Congressional Oversight Panel.
Established a Special Inspector General to monitor the program.
bttt
When the American people feel any economic discomfort they will be looking for scapegoats.
The Dems(socialists)will have the Lamestream Media to help them pin the blame on the Republicans.
The Republicans should be getting ready for that fight and to get the facts out to the public. - Tom
Good for Pence. Stand strong, GOP!
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