U.S. Senator John Cornyn (R-Tex) released a statement this afternoon on the failure of the bill in the House:"The American people demand accountability from Wall Street and deserve transparency when it comes to how their tax dollars are being spent. Many are angry about the current economic situation and frustrated about being presented with an all-or-nothing proposal. I share their anger and their frustrations. The perception surrounding this bill was that it rewarded Wall Street at the expense of Main Street, and I believe that was reflected in today's vote.
"However, simply doing nothing is not an option. The reality is that there has been too much partisanship in Washington, and too much excess by some in our financial markets. A major reason we find ourselves in the current situation is precisely because Congress did nothing to reform Fannie Mae and Freddie Mac, when so many of us were calling for reform in recent years.
"It is my hope that the debate this week signals the beginning, and not the end, of a bipartisan effort by Congress to strengthen the economy. Both parties need to continue working together and improve this bipartisan plan to protect taxpayers, small businesses' access to affordable credit, and our economy in the global marketplace. At the same time, the Department of Justice must continue its investigation of those on Wall Street who may have broken the law and contributed to our financial problems.
"I for one am committed to working with members of both parties to do what is needed to get America back on more stable economic footing. To be clear, the current crisis must not be used as an excuse to grow the size of government and increase the tax burden on working Americans who value personal responsibility. Bigger government and higher taxes will only make matters worse, and not better. It is my hope that Congress can set the rancor and partisanship aside and get back to work for the American taxpayers."
10 comments:
Please vote NO on the Bail-Out Bill.
The federal government should not be bailing-out financial institutions that made poor finacial decsions.
The federal government should be closing down or selling off anything to do with Fannie Mae and Freddie Mac. Mortgages should only be given to people who have a chance at paying the loan back to the lender. Mortgages should require 20% down by the buyer. The confidence in the U.S. dollar will slide further if this situation is not corrected soon.
The House bail-out bill provided funds for Acorn, an unwholesome organization which does not look out for the best interest of the United States. No bill should ever fund Acorn.
I hope that you will stand on your principles that look out for the best interest of citizens of texas and the United States of America. Please vote NO for a bail-out.
Please vote NO on this Bill today. I know you've got a tough race ahead next month. As a Precinct Chair, I have spoken with many of my (and your) constituents. Every single one has said that they would vote against ANY candidate that chooses to vote FOR this bailout in any form (even with the nice tax cuts). Likewise, many have said (even the Democrats I've spoken with) that they would seriously consider voting FOR any candidate that had the backbone to stand up and vote this bill down.
I would recommend making sure this is not settled on by a voice vote. People have gotten fed up with that game and will just assume you voted for it. It only takes ONE person to call for a division of the house (roll call vote).
Please vote no to this bailout of Wall Street. Politicians rarely listen to the American people, I hope you listen this time. We do not want to borrow another Trillion dollars to clean up Wall Street and Congresses mess.
That was a gutless statement that said absolutely nothing. It could have just as easily come from Barney Frank's mouth. Why doesn't he talk about going after wrongdoers in congress? He should explain why he thinks "simply doing nothing is not an option?"... when in reality, allowing the markets to work is the conservative thing to do. Since he thinks we must do something, what would he propose?
If it involves anything other than privatization of Fannie and Freddie, along with bringing up ethics charges against some of his fellow congresspeople... I say NO!
Please vote no on this bill. There are dozens of measures that encourage the private sector to loosen credit and spur investment. Using a tax payer backed bail-out should be used as a last resort, should all other measures fail.
These measures should start with:
Common Sense Plan.
I. INSURANCE
A. Insure the subprime bonds/mortgages with an underlying FHA-type insurance. Government-insured and backed loans would have an instant market all over the world, creating immediate and needed liquidity.
B. In order for a company to accept the government-backed insurance, they must do two things:
1. Rewrite any mortgage that is more than three months delinquent to a 6% fixed-rate mortgage.
a. Roll all back payments with no late fees or legal costs into the balance. This brings homeowners current and allows them a chance to keep their homes.
b. Cancel all prepayment penalties to encourage refinancing or the sale of the property to pay off the bad loan. In the event of foreclosure or short sale, the borrower will not be held liable for any deficit balance. FHA does this now, and that encourages mortgage companies to go the extra mile while
working with the borrower—again limiting foreclosures and ruined lives.
2. Cancel ALL golden parachutes of EXISTING and FUTURE CEOs and executive team members as long as the company holds these government-insured bonds/mortgages. This keeps underperforming executives from being paid when they don’t do their jobs.
C. This backstop will cost less than $50 billion—a small fraction of the current proposal.
II. MARK TO MARKET
A. Remove mark to market accounting rules for two years on only subprime Tier III bonds/mortgages. This keeps companies from being forced to artificially mark down bonds/mortgages below the value of the underlying mortgages and real estate.
B. This move creates patience in the market and has an immediate stabilizing effect on failing and ailing banks—and it costs the taxpayer nothing.
III. CAPITAL GAINS TAX
A. Remove the capital gains tax completely. Investors will flood the real estate and stock market in search of tax-free profits, creating tremendous—and immediate—liquidity in the markets. Again, this costs the taxpayer nothing.
B. This move will be seen as a lightning rod politically because many will say it is helping the rich. The truth is the rich will benefit, but it will be their money that stimulates the economy. This will enable all Americans to have more stable jobs and retirement investments that go up instead of down. This is not a time for envy, and it’s not a time for politics. It’s time for all of us, as Americans, to
stand up, speak out, and fix this mess.
Please vote NO on this bailout. Main Street should not have to bail out those who have heavily profited off OUR backs! Freddie Mac and Frannie Mae need to be cleansed and those involved in this tragic unveiling of pocket lining need to be thrown so far in the jail cell, their assets seized and their ability to work in anything fiancial stripped! Not only those two institutions but all those that were involved in making this situation what it is today. I remember the credit crunch of 1987, it did affect me, but you know, it was a good thing. I could not afford a credit line at that time and I am thankful to all those rejections back then. It caused me to build me first!!! VOTE NO!!!
Well I see The Senate passed the 700 Billion dollar Pig. Since all three presidential Senators voted yes I guess I will have to now vote independant. I have not yet seen how senators Cornyn & Hutchinson voted but if they supported the bailout they are out also. At least the Texas House members showed some BALLS by voting no to this piece of crap.
I see both our "Republican" senators voted in favor of this perversion of our Republican government. They decided to steal from citizens who oppose this graft to give public corporations and quasi-government companies our money. How amazingly shameful this is.
I can not believe this is bill could possibly pass. What is everyone thinking? If this bill does wind up passing I hope that everyone will follow my lead in voting against any and all incumbents’ that voted yes on this bill. This is insane.
I am sorry, sir.
Not that I think you actually read the blogs you link to from your campaign website...
and not that I think you are a "bad guy"...
and not that I am a democrat,
but my wife and I will be voting for the "other guy" next month. We live in Mesquite, TX.
It's a sad commentary, but I just wanted to let you know why I was changing my vote...
it's because this is the only way my voice will be heard.
I am sorry you didn't think my voice was important or "educated" enough to listen to. =(
P.S.
We *will* be voting for our incumbent republican House representative... because he listened to us... and represented us with his vote.
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