Sen. Jim Bunning: The Bailout Is Un-American

September 23, 2008 RSS Feed Print
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Republican Sen. Jim Bunning of Kentucky came out swinging during a hearing on Capitol Hill Tuesday, calling Treasury's plan for the biggest financial bailout since the Great Depression "un-American."

From Bunning's prepared statement:

The Paulson proposal is an attempt to do what we so often do in Washington—throw money at a problem.

We cannot make bad mortgages go away. We cannot make the losses that our financial institutions are facing go away. Someone must take those losses. We can either let the people who made bad decisions bear the consequences of their actions, or we can spread that pain to others. And that is exactly what the Secretary proposes to do—take Wall Street's pain and spread it to the taxpayers. The plan has not even passed, and already Americans are paying for it because of the fall in the dollar as a result of all the new debt we will be taking on.

I know there are problems in the financial markets, and I share a lot of the same concerns that our witnesses do. However, the Paulson plan will not fix those problems. The Paulson plan will not help struggling homeowners pay their mortgages. The Paulson plan will not bring a stop to the slide in home prices. But the Paulson plan will spend 700 billion taxpayer dollars to prop up and clean up the balance sheets of Wall Street. This massive bailout is not the solution, it is financial socialism, and it is un-American.

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Jim Bunning,
Wall Street,
government intervention

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We are in the problem we are in because of spending money we do not have. I am for extending the benifits to people who need them, but we must find the real money to pay for them. If we continue to spend money we do not have the US in in for Chapter 11 or worse. How can any of us face our sons and daughter along with our grandkids with the debt we have saddled them with of $40,000.00 per person in this soon to be second or third world country the USA.

We should be giving Sen. Bunning all the support we can. Wake up America the free ride is over and should have never started. I blame both parties for their inability to face up to their responsibility to make hard decisions. Both parties are more worried about their election in two years and in the Senate their election in two or four years.

A very good start to changing the way we elect our public servants is to fund the election of the congress via federal funds. No personal wealth or resources from lobbist would be allowed for you own election NOME. No lobbist would be allowed to give money to any elected official ever NONE. I feel we would soon see elected officials start doing the right thing working for the good of the country. There would be no thought of how it would effect their fund raising, because they would not have to spend 300 day a year trying to get enough money to get relected from special interest groups. Its an idea, you can't beat somthing with nothing its a start.

If the goverment is looking for addtional revenue start taxing the internet. There must be a trillion dollars in revenue laying around in internet. the other day I bought a hat on the internet. No sales tax no federal tax no nothing how nice. Addtionally there is a hugh under ground cash economy. We called to have our sewing machine to be fixed at our house. The first person we called said he would be happy to fix it for $45.00 cash. If we wrote him a check it would be $65.00. This is a small example but this goes on in every field that provides services to the public. Amy time a small business man or woman can put through a service without leaving a paper trail many do. This area is systemic with leaving out the goverment and does a lot of harm because many people resent their neighbors for doing it and getting ahead of taxpaying families who are playing by the rules.

I guess it's we have met the enemy and it is us. It goes to the people who had their house appraised for more that it was worth with the help of the lending instution. In turn the bank bundled these unworthy loans with 80 or 90 good ones and sold them to people who did not do the due dilligents. Which were sold to bigger finanical companies who did not understand the new field of derivatives but saw the big bonuses to be paid out to them for reaching the goal of (xyz) which the company had set. All along the line people got what they wanted money. What are we leaving our kids and their kids? We can do better.

Larry Collings of IL 12:23PM March 02, 2010

Jim Bunning you were right. I am a Democrat that that would have voted against you, but not bow. You told Allen Greenspan that he had been their to long, and you were right. You voted against the Bail Out and you were right. The Banks are going to prove you were right when they give all of rheir Executives this money.

I am now a Bunningite.

Robert Belcher of KY 10:56AM October 30, 2008

I'm mad. I am against any bailout of any kind. I would rather live in a recession than give money to the dishonest companies, banks, etc that created this problem. To the people who are behind on their mortgages, I'm sorry, but you signed on the dotted line. To Voters: if your rep in Washington votes for this, they don't deserve another term. Vote them out.

LDC of TN 8:21PM September 27, 2008

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