News Home
Info Center: Economic Relief Plan
Washington, DC,
September 26, 2008
A message from Virginia:
"Our country is facing an historic economic challenge that requires action on the part of Congress. Our main objective in confronting this challenge should be putting taxpayers first. But I am very concerned about the directi
Info Center: Economic Relief Plan A message from Virginia: “Our country is facing an historic economic challenge that requires action on the part of Congress. Our main objective in confronting this challenge should be putting our country first—which ultimately means taxpayers and future generations. The people of Northwest North Carolina have clearly expressed their outrage over the current proposal and have indicated once more that they are more intelligent than our so-called leaders. “I am very concerned about the unprecedented direction that this bill would take our country. This plan puts taxpayers, their children and their grandchildren on the hook for the bad decisions of Wall Street and government sponsored enterprises. Taxpayers deserve better. “Congress is considering another massive government intervention into America’s economy. It will fundamentally change our marketplace by rewarding financial companies that made bad decisions and placing those who exercised prudence at a serious disadvantage. And it does all this with the tax dollars of hard-working North Carolinians. Congress must protect American citizens who have played by the rules and not do long-term harm to the values we hold dear. “Also, this bill doesn’t adequately address the underlying causes of our current financial crisis. Freddie Mac and Fannie Mae have provided a poignant illustration of what happens when the federal government aggressively interferes in the marketplace. Freddie and Fannie helped lead the subprime stampede that contributed to today’s crisis. They must be dramatically reformed. “Furthermore, if the effects of the hundreds of billions of taxpayer dollars already spent bailing out insolvent and irresponsible financial entities just this year serves as any guide, the proposal before us today will not work, but rather will aggravate the underlying economic problems. “The plan before Congress does not deal with the real problem. There are superior alternatives that protect taxpayers and preserve our economic system but, unfortunately, the administration and those in charge of Congress are not willing to consider them. I and members on both sides of the aisle have pleaded with those in charge to consider these alternatives, but they refuse. “America is at a crossroads and the decisions we make today have profound implications for the future of our country and our economy.” Additional Resources
John Allison, president of Winston-Salem-based BB&T, has written three letters to Virginia, urging Congress to carefully consider alternatives to the administration's plan. The first letter laid out how this economic relief plan should be structured from a "health bank's perspective". The second letter offered some principles for an alternative to the proposed $700 billion plan. The third urges a carefully craftted housing tax-credit to get the housing market back on track. It is a must-read.
Read about the economic rescue plan that Virginia supports. Learn more about the House and Senate bailout plans Read the administration's proposal yourself. Let Virginia know what you think. Read the text of the bailout bill that Virginia opposed: On October 1 the Senate passed its version of the $700 billion bailout. Read a letter from House Minority Leader to Speaker Nancy Pelosi on the ongoing negotiations: |
