A Reply from Congressman John Carter (R-TX) (Scoopthis.org EXCLUSIVE)
Posted by Kelsey Golden on Monday, September 29th, 2008 at 6:32 pm
As I have already mentioned, I have been in contact with my congressman regarding the Bailout bill just as I hope many of you have. Shortly after my Congressman voted "No" on the bill, he sent me (and likely others) the following email:
Dear Kelsey:
Thank you for taking the time to contact me regarding federal involvement in the current financial market. Your input is important to me, and I appreciate the time you took to share your thoughts.
As you may know, H.R. 3997, the Defenders of Freedom Tax Relief Act of 2007 nicknamed the Wall Street Bailout Bill, failed to pass the House by a vote of 205 to 228. I had serious concerns regarding this bill and was not prepared to commit $700 billion of taxpayer dollars to a plan with so many unanswered questions, as a result I voted against H.R. 3997.
Now that this plan has failed, I am ready and willing to go back to the drawing board and come up with a plan that won’t put taxpayers on the hook for another government bailout. I also think we should see the evidence from all sides of the issue, not solely the advice from the administration.
I hope to help craft a common sense alternative to the $700 billion Bush/Paulson Bailout Plan, one that mandates Wall Street fund the recovery of the economy rather than American taxpayers.
Again, thank you for taking the time to contact me on this important issue. Please do not hesitate to contact me in the future should you need any further assistance.
Sincerely,
John Carter
Member of Congress
Today, I am sure of only one vote I will be making on November 4th and that is the vote to Re-Elect my congressman, John Carter. Click Here for a list of the congressmen that voted for or against the bailout and please vote accordingly.
(2 Ratings)
Filed Under: = BREAKING NEWS =, News & Politics
September 30th, 2008 at 7:44 am
I’m glad to hear a republican take responsibility instead of saying “Nancy Pelosi hurt my feelings”. Seriously, I respect John Carter’s explanation.
September 30th, 2008 at 9:35 am
Nethaniel,
The blame lies squarely with the people who refused to take the 700 billion dollar bailout part of the bill out.
The GOP instead wanted to create government inurance, which wall street pays for, to cover mortgage backed securities. This insurance would presumably cover any mortgages which meet certain criteria taken out AFTER the bill was passed. One of the criteria should be that the borrowers actually qualifiy to pay the loans back… none of this “affordable housing” bullcrap.
As for the banks that failed, well, they should be SOL and so should their borrowers. We need a bill that simply insures that this situation won’t come up in the future to begin with. We don’t need to be passing bills that set precedents which tell companies that if they take a big enough risk and lose, the government will bail them out. Such a precedent would create a win/win situation for risk taking investment which defeats the whole purpose of capitalism.
September 30th, 2008 at 1:02 pm
Kelsey,
We are on opposite sides of the political spectrum, but it’s obvious (even Michael Moore said it) that this bailout bill was a bunch of crap. Nobody should have to make excuses about voting against it, and I’m happy to hear somebody telling it like it is.
I don’t know if the government insurance plan is a good one (even though I’d be happy to take advantage of it). I don’t know if “wall street” has enough money to fund it. Most larger companies are leveraged to the hilt as it is; this entire investment bank failure was precipitated by ridiculous debt to capital ratios.