I sent my Congressional Representative John Linder an email stating my opposition to the Wall Street Bailout bill. Below is his reply...
Dear Mr. Noble:
Thank you for contacting me to express your opposition to legislation to provide $700 billion of taxpayer funds in an attempt to stabilize America's markets. I share your skepticism and appreciate hearing from you on this important matter.
As requested by President George W. Bush, Treasury Secretary Henry Paulson submitted a preliminary proposal to Congress last week outlining a plan for the Federal government to purchase troubled assets in order to stabilize financial markets and inject liquidity into our cash-hungry economy. Congressional leaders worked throughout the week and weekend to improve this legislation, but they never found a way to limit the federal government's role or to rely on private capital rather than taxpayer dollars to fund the solution. As such, I voted against the bill on Monday, September 29, when the House rejected it by a 205-228 roll call vote. Better options exist and must be discussed before we rush to judgment on an issue of this magnitude.
I recognize the importance and urgency of unclogging our markets to ensure the availability of credit to credit-worthy small business owners, students, homebuyers, and consumers. However, the $700 billion price tag on the Treasury Department proposal is staggering and was coupled with an increase in the Federal debt ceiling to $11.3 trillion. The even greater cost of this legislation is the improper intrusion of the Federal government in private business, which undermines the free market principles that have guided our economy and ensured our prosperity for over 200 years.
In light of the House defeat of this $700 billion bill and subsequent fluctuations on Wall Street, some are on edge and believe that this crisis demands an immediate, though flawed, response-such as a new vote on the same bill we have already defeated. However, my concern is not the stock market on Wall Street; it will sort itself out. My concern is only for the corner market on Main Street. We must remain vigilant to ensure that the excesses of Wall Street, Washington, and even some of our neighbors are not allowed to spread in a way that undermines all that so many responsible American families have worked and saved for. It is for that reason that I remain focused on keeping the credit markets accessible for responsible businesses and individuals, but letting the remainder of the chips-from high flying Wall Street tycoons to over-borrowing and over-indulging consumers-fall where they may.
The actions we take in the next few days will have ramifications on our economy for the next several decades. I remain committed to properly vetting any proposal to ensure both that the American taxpayer is protected and the American dream of free markets and limited government remains intact. In the end, knowing that our free markets have the capacity to cleanse irresponsible behavior provides us with certainty during an otherwise anxious time. That economic law remains irrespective of actions taken by Congress.
Again, thank you for sharing your views and concerns with me. Together, we will fight those in Washington who would see us undermine our economic system any further.
Sincerely,
John Linder
Member of Congress
Posted by Perlwizard on October 3, 2008 11:36 AM
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