Read the Bills Act Coalition

Thursday, October 2, 2008

Statement from Congressman Randy Forbes on Economic Crisis and the bailout bill

Forbes Statement on Bailout Bill

Congressman Randy Forbes released the following statement after voting against the Wall Street bailout bill:


"While many agree that our unstable economic situation calls for decisive action, there were many concerns that the bailout bill voted on Monday was not the appropriate way to address our economic situation. This was made clear in a bipartisan statement on the House floor when I - along with 208 of my colleagues (95 Democrats and 133 Republicans) - voted against the bailout bill.

"First, I am not confident that the bailout bill would work. Over the past ten days, I have spoken with senior Treasury officials and the former Chairman of the FDIC. All of them cautioned that this plan may not work, and a $700 billion federal government commitment would leave the government crippled to take any secondary action if the plan did not succeed.

"Additionally, the plan did not provide enough protections for American taxpayers who were being asked to shoulder the $700 billion cost. The bailout bill put taxpayers on the line first, instead of using alternatives like an insurance plan that would require firms to put up funds first through insurance premiums. I could not support a bill that did not give adequate consideration to taxpayers.

"Finally, the bill significantly increased our federal debt in such a way that it could handicap our nation's economic future. The bailout bill would have increased our federal debt limit to $11.3 trillion. There is a chance that this money would be provided by foreign countries, like China. Senior Treasury official that I spoke with could not be certain what the long-term impact of this much foreign-owned debt would be. For instance, if China chose to finance the $700 billion, it could give them leverage over our foreign and domestic policy choices, and that was not a risk I was willing to take.

"The House will reconvene this week to continue addressing this issue. I believe we should continue to work until we have created a responsible vehicle that has greater likelihood of improving our economy as a whole with real protections for taxpayers at less taxpayer cost."

2 comments:

J. Tyler Ballance said...

Want to help release China's grip on America's balls?

Stop shopping at Wal Mart and other big box stores that carry mostly goods made in Communist China.

1. Buy local. For example, instead of buying lunch at the big chain store, buy lunch at local businesses like Virginia Barbecue.

2. Buy American. When you can buy products made here in the USA. Yes you may pay a little more, but that good feeling of re-building our national economy will return, every time you use your American made products.

3. If the item you want just isn't made here, ASK FOR IT to be made here. Write emails to manufacturers and ask for them to make the product here. If the product isn't made here, and you need it now, at least try to find a free market economy, instead of a Communist country, from which to buy the products.

We are not in economic crisis. We can restore strength to our American economy by insisting that politicians and corporations work together to restore America's manufacturing infrastructure, by removing much of the overhead required to do business here and placing severe tax penalties on firms like WalMart (and other big box stores) who exploit the slave labor of Communist China, while at the same time destroying local American owned businesses.

Step one is to go out to a locally owned restaurant, like Virginia BBQ, and have a nice lunch with someone who will brighten your day and put a happy song in your heart.

To Hell with Wall Street. Rebuild our local economy by buying from our locally owned businesses.

Anonymous said...

J.T.B. I would but I already get my bbq from Perrins BBQ in Powhatan. I was happy to learn that VA BBQ was opening at Courthouse Road.