Congressman Mike "Baghdad like Indiana market" Pence brakes rank speaks out against bailout

[sabra]

http://www.swamppolitics.com/news/politics/blog/2008/09/bailout_opposed_republican_spe.html

The Indiana congressman warns against 'nationalizing every bad mortgage'

Here's one certain prediction for the $700 billion bailout of bad mortgage debt that the Bush administration is pushing through Congress: It will not pass unanimously.

The question is how many will speak out against a buyout of bad debt that the Treasury and Federal Reserve insist is necessary to keep the American consumer's line of credit from freezing.

Rep. Mike Pence, Republican fron Indiana, is speaking out today: "Our financial markets are in turmoil and the administration was right to call for decisive action to prevent further harm to our economy, but nationalizing every bad mortgage in America is not the answer.''

Pence (pictured at work in the halls of Congress in a Getty Images photo by Alex Wong) cites in a letter circulated to his colleagues, cites the criticism of columnist Bill Kristol: "I acknowledge that there are serious people who think the situation too urgent and the day too late to allow for a real public and cCongressional debate on what should be done. But -- based on conversations with economists, Wall Street types, businessmen and public officials -- I'm doubtful that the only thing standing between us and a financial panic is for Congress to sign this week, on behalf of the American taxpayer, a $700 billion check over to the Treasury.''

"The administration's request amounts to the largest corporate bailout in American history.''

And he cites columnist George Will: "To avoid a slide into socialism for our financial sector, Congress must consider all available options to put our nation's economy back on its feet. There are no easy answers but there are alternatives to massive government spending. ''

"I urge you to join me and other conservative voices in opposing the bailout plan,'' Pence calls on his colleagues. "Republicans should demand that Congress take time in deliberating the merits of any legislation until the facts and competing solutions can be fully debated.

"We should demand consideration of free market alternatives to massive government spending and we should fight to pay for the solution through budget cuts and reform instead of more debt or taxes.''

[DJ13]

1. Nothing turns a conservative into a liberal faster than an economic crisis

[orwell]

2. "put our nation's economy back on its feet"...

...so much for the great god of the "free market". I guess now the invisible hand comes from a red, white, and blue sleeve.

What frauds all these bastards are...

[VP505]

3. Let me guess,

Pence noticed which way the constituency wind is blowing on this issue and being up for reelection he joins we the people in his opposition to the bail out.:puke: