OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Financial Bailout

Date: Sept. 24, 2008
Location: Washington, DC
Issues: Housing and Property


FINANCIAL BAILOUT -- (House of Representatives - September 24, 2008)

Ms. FOXX. Mr. Speaker, it's been a few short days since we first got news of the administration's $700 billion plan to bail out the financial industry.

In large part, the root cause of our current crisis is the mismanagement, failure and political cronyism at government-backed lenders, Freddie Mac and Fannie Mae. Some people are hoping to use Americans' tax dollars to bring about a government-backed solution to a problem that was essentially caused by decades of government incompetence.

An article in Bloomberg entitled How the Democrats Created the Financial Crisis and the transcript from Fox News tonight shed much light on how Republicans warned of the impending problem and the responsibility of Democrats for the problem.

I've heard a lot of talk about bailing out those who made very risky, even reckless decisions. My question is, what about all the American taxpayers who played by the rules? Who's going to bail them out?


Source
arrow_upward