A $700 Billion Bailout: Not the Best Deal for the American Taxpayer

Floor Speech

A $700 BILLION BAILOUT: NOT THE BEST DEAL FOR THE AMERICAN TAXPAYER

Mr. ISSA. Mr. Speaker, the deal that is being presented to us is not the best deal that can be had. I know this because of 20-plus years in business, borrowing from banks. There is a better deal. We are not getting it. As the gentlelady from Ohio said, there are other advisers, including Bill Isaac and others, who are weighing in and who are trying to get us to see reason.

A plan that I have put forward has been endorsed, not only by Peter Tanous but by Art Laffer, certainly no liberal. The fact is we can bail out these entities without giving away. We can, in fact, loan to them against their substantial assets and not simply buy the bad assets and leave them free to take their good assets and our taxpayers' hard-earned money and walk off into the sunset to do what they want to do, which in this case is unlikely to be to extend a home loan to someone who needs it or a business loan to an innovator.

Mr. Speaker, I expect to vote against this bill. From what I've seen of it, not yet fully drafted, it does not do what the American people are asking it to do, which is to protect their tax dollars. That is the fundamental thing we're supposed to do. That's what we are charged to do. That is what we are being told not to worry about because this is an emergency.

If a drowning man asks you for a lifeline, you give him a lifeline, but you don't give him your boat and let it sail away. That's what we're being asked to do today.

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