For Immediate Release Friday, October 3, 2008
Senate, White House Pressure Trumped Principle for 58 Members
‘It didn’t take much to buy a House vote, only about $130 billion in so-called sweeteners,’ says Bob Barr, the Libertarian Party candidate for president, referring to the 58 members of Congress who changed their vote from ‘no’ to ‘yes’ in support of the bailout bill. ‘So now the House has joined the Senate in taking $700 billion-plus worth of Main Street’s money to bail-out Wall Street. Congress spent money it doesn’t have to get reluctant members to vote even more money that they don’t have.”
“When will it end?’ asks Barr.
‘The bailout was supposed to pacify the markets, but the stock market dropped after the bill’s passage,” Barr continues. “And no wonder; the 2008 federal deficit ran more than $400 billion. Even without the bailout, Washington will run up a half-trillion in red ink in 2009. The national debt already is $9.5 trillion, with the debt ceiling now pushed to $11.3 trillion. Toss on top of that the total unfunded liabilities for Social Security and Medicare, which exceed $100 trillion,’ observes Barr. ‘Again, when will it end?’ Barr asks.
‘The bailout will set back the economy’s recovery. It tosses good money after bad. It also punishes companies that attempt to work through their problems without taxpayer largess. Now only a fool will take tough steps to clean up his firm’s balance sheet,” Barr explains.
“Instead, they will put in a call to Treasury Secretary Henry Paulson to ask for help,’ notes Barr. ‘Moreover, Congress is creating a bailout culture. No matter how foolish or irresponsible a borrower, lender, or investor may be, they can count on the government to bail them out,’ observes Barr.
‘Congress already has approved money for the automakers. How long before other industries begin lining up in Washington with their hands outstretched? Congress will have no good argument to use in saying ‘no,” warns Barr.
‘Finally, who will bail out Washington when the government can no longer pay its bills?” asks Barr. “What happens when the Chinese stop buying America’s debt? If Uncle Sam can’t learn to say ‘no,’ the entire financial house of cards will soon collapse,’ Barr says.
‘Congress must say ‘no’ more. There must be no more special interest bailouts. Fannie Mae and Freddie Mac must be privatized. There must be no more government pressure on banks to increase lending. We need oversight and transparency at the Federal Reserve. Political meddling in the economy must come to an end,’ notes Barr.
‘Neither the Republicans nor Democrats can be trusted to protect the taxpayers,’ warns Barr. ‘Sen. John McCain called the bailout a ‘rescue’ — a rescue of the most irresponsible and short-sighted borrowers, lenders and investors in America. This is the politics-as-usual railroad, not the Straight-Talk Express. Yet again, those who scream loudest and contribute the most money have their voices heard in Washington. Only a vote for Bob Barr and the Libertarian Party will change the Washington operates,’ says Barr.
Libertarian Party presidential candidate Bob Barr represented the 7th District of Georgia in the U. S. House of Representatives from 1995 to 2003.
The Libertarian Party is America’s third largest political party, founded in 1971 as an alternative to the two main political parties. You can find more information on the Libertarian Party by visiting www.LP.org . The Libertarian Party proudly stands for smaller government, lower taxes and more freedom.