Rep. McCotter's (R-Mich) Forceful Rebuke of Bailout Plan on House Floor
Before I was elected to Congress we used to hear that when faced with a crisis, members of Congress would invariably soil themselves, throw money at the problem and hope that it went away.
Unfortunately, in these dysfunctional economic times, we find that this process has continued.
As Americans face a potential meltdown of the financial sector, we have seen what I believe to be an inappropriate response starting with this Administration.
From the time we were informed that a potential financial meltdown was going to occur, this separate equal branch of government which is the U.S. Congress was told that we had but one alternative and that if we did not pass it quickly — in the time specified *by* the executive branch — that our economy would be severely damaged.
It has been my opinion that we were elected, by the sovereign people of the United States, to make important decisions on their behalf, to do it with the due diligence and devotion that is due and to come up with a positive solution to their situation.
Last night, I was struck by the fact that again we were told [by the President] that again if we did not give unlimited amounts of money and unlimited powers to the Executive Branch that *we* were failing in our due diligence and responsibilities to the American people.
I heard the President of the United States say that we do not understand the need to act.
That statement is false. We understand the need to act.
We heard from the President of the United States that we did not care about American families.
That statement is false. We care very much about American families.
What we did not hear was a recognition that a three-page document that gives to the Treasury Secretary and the Chairman of the Federal Reserve powers — the likes of which Stalin and Mao killed people for — was not an acceptable response to give to this separate, equal branch of government.
Today, we are told that House Republicans are standing in the way of a $700 billion use of your tax dollars to bail out the very people who caused this problem!
Guilty as charged!
House Republicans believe there is an alternative.
The Administration tells us that their first, last, only resort is to go to the taxpayers and bail out Wall Street. We fundamentally disagree with this!
Wall Street should bail out Wall Street.
House Republicans believe that the toxic assets clogging up our economy should first attempt to be recapitalized by the very people sitting on the sidelines with their money waiting for you the taxpayer to be fleeced and put it in so they are “confident that the market will work”.
We can not re-inflate the bubble.
The people who on Main Street invested and saved and had good credit their entire lives should not be asked to go back in to help cowboy capitalists who shot themselves in the foot.
I have supported the President when he has been correct.
But he is in err now.
House Republicans stood and supported the Patreus surge.
Today House Republicans oppose the Paulson splurge so we can have prosperity in America in the long run.
We will not engage in a rush to judgment that destroys the possibility of the free market and prosperity for decades to come.
We will not walk out of this room after a forced vote waving a piece of paper in our hands claiming “fleeced in our time.”
We *will* do the job we were entrusted with.
Thursday, September 25, 2008
What He Said
Seen in a comment at Ace Of Spades: