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Friday, October 17, 2008

Economic Bailout Bill .... Bad For Small Business And The Tax Payer

My Congressman, Randy Forbes (R-Chesapeake), shared this tidbit on his feelings about the bailout bill rammed down our throats by Congressional Democrats. I agree with him. What's more .... if it's bad for the average citizen (sic tax payer) it's bad for small business. And vice versa.

Congressman Forbes Voted against H.R. 1424, the Senate version of the Emergency Economic Stabilization Act of 2008, after also voting against H.R. 3997 – the House version of the bailout bill.

Congressman Forbes released the following statement after voting against the bailout: “When I voted against the first Wall Street bailout bill on Monday, I did so because I was not willing to risk $700 billion of taxpayer dollars on a plan that I, after talking with senior Treasury officials and the former chairman of the FDIC, was not confident would work. The revised bailout bill we voted on today contained a number of positive provisions, including increasing FDIC insurance coverage for American families and businesses. Even with these improvements, the core of the bill remained the same – the federal government will purchase $700 billion in bad assets from private corporations who have made poor financial decisions, and there is still no assurance as to whether the expenditure of $700 billion will solve the problem at hand. It became a bit like adding ornaments to a Christmas tree that no one wants; no matter how many ornaments were added, the problem was still the tree. I could not support a bill that leaves us with no backstop if it fails.”

Click here to learn more about the initial bailout plan and its potential effect on the economy, and here to read Congressman Forbes’ analysis of the proposal and the reasons he chose to oppose it.

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