Coble on the bailout
I just sent the following to colleagues working on a story about the U.S. Government's proposed bailout of the financial industry:
Staffers for Rep. Howard Coble’s office report that reaction to the bailout plan has been steady and almost entirely negative.“My first thought is, who’s going to bailout the taxpayer,” Coble said Tuesday afternoon.
Coble said Vice President Dick Cheney met with Republican House members Tuesday morning, encouraging them to back the plan.
“He was advocating for the bailout, but I didn’t get a lot of out that,” Coble said. Meetings with House members are due to continue this week. As of right now, he said, there’s not formal plan on paper that Congressmen can read or evaluate.
In particular, Coble said, he is bothered by the lack of oversight included in the outline drafted by the administration.
Given the choice between voting in favor of the bill and seeing the economy encounter more turmoil, “I may be obliged to vote for it, but right now, my heart ain’t in it.”
Comments (4)
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Congressman Coble, you are on the correct track if you vote NO to this bail out.
What Congress should realize is that the Federal Reserve is un constitutional. Congress should be using this time and energy to come up with a "Sound Monetary System" and abolish the Federal Reserve.
They should be reading up on HR2755, that call s for the Abolishment of the Federal Reserve.
Posted on September 25, 2008 5:24 PM
As much as I am against the bailout, I have serious doubts, that the country may fail with out it. I think we are between a rock and a hard place.
Posted on September 26, 2008 6:44 AM
The scary part is that there is NO guarantee that the bail out will work. If it doesn't then we the taxpayers are on the hook for 700 Billion +++(it will more than likely top at several trillon) plus interest.
Then, you are bankrupting us! There are so many different opinions on what "will" happen, but the simple truth is, no one knows for sure.
I would prefer to see Congress take the time to work thru this and come out on the side of sane and rational decisions. Many different solutions could be offered without having the taxpayer being left holding the bag. This is not a one size fits all type of problem.
The bundling of all of these loans, good, bad, and &worse is part of the problem. Greed was another part of the problem. The Federal Reserve and its Fiat money was a HUGE part of the problem.
Let's not do a bundled and "bungled" solution.
Posted on September 26, 2008 1:36 PM
$700 billion was small change compared to what the country lost today. I am seeing my retirement destroyed while politics is played in Washington. Get to work and resolve this crisis now. This is no time for politics.
Posted on September 29, 2008 6:02 PM