Hensarling: “If we lose our ability to fail, we will soon lose our ability to succeed.”
Thank you, GOP Rep. Jeb Hensarling, for defending core conservative principles:
Congressman Jeb Hensarling (R-TX), Chairman of the House Republican Study Committee, today issued the following statement on the agreement reached by House and Senate negotiators on the Paulson plan, and his intentions on the final bill:
“My top responsibility as an elected official is to protect the families and people who trusted me to represent their interests in Washington. I do not take lightly the critical nature of the credit crisis that our capital markets face today and the grave situation that every American will face should our credit markets freeze and remain frozen. Inaction has never been an option, but the Paulson plan should have never been the only option.
“In my heart and in my mind, I believe that this plan is fraught with unintended consequences, would force generations of taxpayers to pick up the tab for Wall Street losses, and could permanently and fundamentally change the role of government in the American free enterprise system. Once the government socializes losses, it will soon socialize profits. If we lose our ability to fail, we will soon lose our ability to succeed. If we bail out risky behavior, we will soon see even riskier behavior.
“I also believe that this Congress, in a rushed effort to provide stability to a troubled credit market, did not adequately discuss or investigate potential alternatives that would have constituted a work out and not a bail out. Even at this moment, it still remains more important for Congress to do it right than to do it fast. I stand ready, as do many of my colleagues, to stay here for as many days as it takes to do this right.
“For the last week, House conservatives have fought to protect innocent taxpayers from an unprecedented government raid on their wallets to bail out Wall Street from their bad decisions and financial losses. Principled Republicans like Paul Ryan and Eric Cantor helped improve the legislation before us by adding increased taxpayer protections and additional Wall Street accountability. But mere improvement is not the test for support. The test is whether, after weighing both the good and the bad, you believe that the plan ultimately leads America in the right direction. Using that test, I cannot in good conscious support this legislation.”
Where’s your congressional rep?
202-224-3121.
See what others have said
Note from Michelle: This section is for comments from michellemalkin.com's community of registered readers. Please don't assume that I agree with or endorse any particular comment just because I let it stand. A reminder: Anyone who fails to comply with my terms of use may lose his or her posting privilege.
Trackbacks
- The Other McCain: Jeb Hensarling: 'I cannot in good conscious support this legislation'
- Democratic Socialists, President Bush, and Big Money Bailouts « I Took The Red Pill (and escaped the Matrix)
- Michelle Malkin » Kill the bailout: The House floor debate is on
- The Good, The Bad and The Ugly… | Jeffrey A. Setaro
- "If we lose our ability to fail, we will soon lose our ability to succeed." - XDTalk Forums - Your HS2000/SA-XD Information Source!
- Truth, Lies and In Between
Comments
You must be logged in to post a comment.
Categories: Subprime crisis
Right Wing Nut House
» IS ALL THE ECONOMIC DOOM AND GLOOM JUSTIFIED?
Right Wing Nut House
» NOT EVEN A BONE FOR THE NETNUTSGateway Pundit
» Eric Holder Defended the FALN Terrorist Pardons (Video)Redstate
» Thus Begins The TerrorRedstate
» The Brutal TruthPower Line
» Obama to Delay Tax Increase?Stop The ACLU
» Left Already Disappointed With Choosing ObamaBelmont Club
» Bad mannersNewsBusters.org
» Kate Calling For Coup?
Jeb Hensarling for President!
Dole states that she is against this bailout. Hopefully she can influence others.
Gordon Gekko approves this bill.
Jeb, if they don’t listen to you, come on back to Texas and help us secede!
I spoke with Congressman Graves’ (MO) office this morning, and it sounds like he’s against this, too. Is there someone or somewhere that is posting a list of the Congresspersons who actually have a spine and are standing up against this idiotic bailout?
The greed that created the “need” for this bill will be the same crowd of thieves who will administer it.
It will be a long setting sun for the United States.
that’s what this is all about, the pc’s infiltration to every area is now complete. there is no winner and there is no loser not if the pc’s can help it! now we can go through life with out risk of failure. we can never have to consider the consequences of our actions, because big nanny government will come in and rescue! this is the biggest con job played upon the people by frank, dodd and paulson. obviously, the financial bigwigs own our congress. they are not in office to serve us but them, we need to boot these bums out. term limits!
Mike Pence, R-IN, is against it.
We were already heading for a cliff, all this bill does is hit the accelerator. The crash will happen eventually.
There is nothing in the bill stipulating any overhaul of Fannie Mae and Freebie Mac.
Why hasn’t Jamie Gorelick been fired?
How much is the administrative cost tab for running this roach motel?
Suspend the capital gains tax now and flush these poodle floaters now.
Get rid of Paulson. Suspend Frank and Dodd from Congress now.
Put Ralph Nader in as acting Treasury Secretary to dole out the money. Ross Perot as acting Deputy Treasury Secretary to draft a tax recovery plan that prevents any of these companies affected by their speculative trading of mortgage backed securities from CLAIMING losses for any kind of tax break. Also, contract with his companies and business allies on how to count and track the flow of money in and out of Washington—- I dont trust a dog to guard my dinner, so i do not trust the government to guard my money.
There’s the acid test that should sink this thing, but as long as the MSM are at the ready to eviscerate any Republican that opposes it, while giving a free-pass to any Democrat who does the same, it will unfortunately succeed.
This bill as I see it sets up the 4th branch of government. It enshrines the power of the treasury above all others. And more importantly the individual charged with running the treasury as king-maker.
This person can fund any group he wants and prop up any institution for any reason. No one can stop him.
Welcome to socialism and the long winding road it will take us down.
I have listened to the reasons for immediately doing this and cannot help but be struck by the fact that it is primarily a group of elected lawyers screaming the sky is falling unless we cede complete authority over us to them.
Your father knew when he took the training wheels off, that you would fall. He also knew you could go farther wothout them. We have now reattached the training wheels. And they may not come off again.
There it is. Hammer, meet nailhead.
The headline is good.
This is even better.
Government subsidized “risky behavior” is what got us here. We are on a dark road, my friends. With every bailout, it gets darker. I deeply fear what’s coming.
“Know this also, that in the last days, perilous times will come.”
The drastic measures that these drastic times call for do not include a bailout. Hensarling has nailed it on the head.
If this passes, socialism is here again, and it’ll be worse than the FDR-style socialist empire of the 30s and early 40s.
My understanding is that under the terms of the Lone Star state entering the union, Texas has the option of voting NOT to stay in the country and thus automatically secede.
On September 29th, 2008 at 9:59 am, bear1909 said:
Collectivists and socialist activists always run around screaming about the evil “big corporations.” They never seem to get that the big corporations are the primary movers towards collectivism.
Huge companies love collectivism. They are protected by the State. They have the manpower to deal with all the red tape. Small businesses and start-ups never get off the ground in such environments.
Collectivism crushes their competition.
Airbus, Volkswaggen, Citroen, Mitsubishi, Sony, etc.- they all love their little socialist pigpiles in their respective countries, because they are the top pigs. And screw the little piglets: let them feed on bread and circuses.
I agree; this will end very, very badly for our republic.
Adde parvum parvo magnus acervus erit!
my congress man Darryl Issa is opposed. now i guess i am gonna call bono’s office to see where she stands..
Were Screwed, Bigtime.
No If’s, And’s or But’s.
Don’t look now, but the stocks are in a free fall, with or without the bailout. This is much worse than the great depression. Back then people were use to taking care of themselves. Now they are dependant on government services. Back then no country had nuclear missles. Today we are surrounded by enemies.
It is looking very, very grim.
Virginia state motto: Sic Semper Tyrannus.
How far we have fallen from G. Washington, T. Jefferson, Patrick Henry, etc.
bono’s office doesn’t know where she stands on this.. great..i gave them my suggestions..anybody from bono’s district call her..they ask for zipcodes to make sure you are from her district…
Uhangtight, I just read Bono’s website and by the sounds of her comments it seems she will vote for it. sad, if she does. It doesn’t come out and say flat out one way or the other.
Well said. We have seen how the Globalists (who support Bush) have teamed up with the (collectivists) to produce the current downward spiral. The globalists will just take their money else where. We will have to deal with the riots in the streets.
And amidst all this craziness, I stll get calls & letters offering me unsecured credit cards, unsecured loans, or no-low down payment on housing. Last week I got a recorded message offering a sweet loan deal for minorities. However, since I’m a white guy, have no debt, paid off all my loans early, pay my taxes, prepared for my future & my daughter’s college, I guess I don’t qualify. Where’s the free money for a chump like me?
If this happens, please have a talk with Governal Jindal and see if there’s a way for Louisiana to get in on the deal.
I am literally sick to my stomach right now.
How exactly can you justify an alarmist statement like that?
On September 29th, 2008 at 10:17 am, Mister P said:
If only there were a way for the responsible “ants” as MM describes us to organize and march on D.C. - with our automatic-firing pitchforks crooked in one arm, and a torch in the other.
We need righteous riots against the enemies of freedom. We should start with Capital Hill.
Nihil tam munitum quod non expugnari pecunia possit!
aj, that is what i got from the child that answered the phone, too. it was a stuttering, of uhh, um, er.. i dunno, let me ask..leaves comes back.. uh.. um.. er.. can you just give me your opinion.. i said: this doesn’t penalize those that created the mess and it doesn’t stop this from happening again and it places the treasury above all else.. doesn’t pass the constitutional muster.. then the child says.. what’s your zipcode??? omg.. how did this woman (bono) get her husband’s job and keep it?
As far as Bono goes I have been at odds with her on a small percentage of her votes, shes doing well, especially compared to the Senators from our state. I realize thats a no brainer, bozo would do better than them, but I like the job Bono is doing.
I’m from here I will give her a call.
thanks.
Clearly, Rep. Jeb Hensarling is right about this, just as he was right about Energy Freedom Day, which is only two days away. I question the timing of the credit crunch and bailout bill. Reid and Pelosi didn’t give up the fight…they just moved to a bigger battlefield.
Senator DeMint joined Rep. Hensarling in the Energy Freedom Day video.
Will Senator DeMint also help stop the
bailoutSocialist Coup d’état?The Dow is voting with it’s feet. Down in real time over 300 points.
Price of gasoline down an average 17 cents per gallon over the past 10 days…. price of oil expected to fall below 100 a barrel due to fears of a protracted global credit freeze as Wachovia falls and European banks beginning to teeter due to overexposure to the US housing markets.
Small construction businesses in US unable to get lines of credit renewed, expanded- or are getting them slashed by up to as much as 25 per cent.
Pelosi Galore and Reid have no idea what they have just done.
Dollar is pressing upwards toward the 80 cent mark against the Euro. The Euro was at or around this exchange rate when it was first installed as the fiat currency of Euro.
The brake pads are off the US economy.
Spot gold price: over $900 an ounce. May drop and retest….. but say goodbye to under $1000 an ounce pricing for a good while.
This message was not approved by Keith Olbermann or Katie Couric. ROFLMAO
The same way I predicted the current crises. I see a black hole in the current economic system. Throwing money in the black hole does absolutely nothing as it just eats anything up it touches. Wachiovia is the latest to get swallowed up in that hole, following Lehman, WAMU, AIG, Sherson etc. After this come the states and cities. Illinois already needs 44 Billion to bail out its pension plan. California is way out of whack. They can not print money.
Without the financial engine in place, our debt ridden economy can not function. It is falling faster than any body could have imagined. The ripple effect is far worse than what we are seeing right now.
Bono is married to my Congresscritter, Connie Mack, who is dead set against this.
She’d better get on the same page as her husband, or that’ll be a nasty household to be around for awhile!
Another thought…
If the ship is sinking, you don’t set it on fire to dry out the water coming in through the leaks. This bailout is torching a bonfire that spans the entire deck.
I hope this event isn’t the answer to Joel C. Rosenberg’s question of why the U.S. isn’t a player in the next big world war…
Sarbanes-Oxley created the Daily “Mark to Market” requirement that is a key factor in exacerbating the “credit freeze”. We would be better off without it.
1) Kill this bailout bill.
2) Repeal Sarbanes-Oxley.
3) Pass the Fair Tax.
4) Extract oil from shale, offshore, and ANWR.
Do those four things, and our economy will boom.
Consider this…
How do you get an animal into a trap?
You frighten it into thinking the trap is it’s only way out.
How do you get an animal into a trap?
You frighten it into thinking the trap is it’s only way out.
Oops! How’d I get my quotes backwards??? SOrry!
When I was younger, I couldn’t imagine why Bible prophesy never mentions USA. Now it is obvious that there will be no USA.
You said that stocks are in a free fall and this is worse than the Great Depression.
The market is currently down around 300 points, less than 3% of its value. In 1929, the market dropped 40% from September to November. How much has the market dropped recently? How about 22% over the last year. Not exactly a crash.
Let’s look at unemployment. Six percent. Hmm. Not too bad compared to the Carter years.
I’m not saying that whatever action/inaction takes place now won’t lead to a financial catastrophe. What I’m saying is that the Chicken Little philosophy doesn’t accomplish anything except getting people worked up. Of course, that does play well into the hands of the MSM and Dems, who won’t let the public believe that the fundamentals of our economy are strong until after the election.
Remember, one aspect of our economy is consumer confidence and that’s what the MSM and statements like yours play on.
Shadeggs office is busy. Although he has a call for the resignation of Paulson on his website.
Paulson, and every member of congress who is behind this bill (ESPECIALLY those who tried to put in earmarks!) all MUST GO!
Wall Street runs on hope and fear. Right now, fear is winning.
Saying no is not a plan. I’m seeing nothing reasonable coming out of the House Republicans who are standing on principle. This is nothing more than posturing if they don’t come up with an alternative. They can afford to vote no, knowing that the bailout package will pass anyway. If they thought their vote would really sink the bailout, you would see congressmen finding a way to change their minds.
You should look to root causes of problems. The root problem of the crisis is Barney Frank and his ilk forcing lenders to make bad loans to minorities. That scum is nothing less than a stain on our republic. Get him and his buddies out of power and things will get better.
The only reasonable alternative to the current plan is to have the government insure the bad loans. But, this is a quibble - a distinction without a difference. The taxpayer will still have to backstop the crisis caused by congressional democrats decades ago. As the financial institutions in the worst shape are being scooped up, it seems that about 10% of the loans are bad. This means less of a bailout figure than originally thought.
The price of inaction, or delay, is too high. The insurers that went out of business (both literally and figuratively), like MBIA, guaranteed a level of creditworthiness on financial instruments based on the mortgages. Institutions and local governments bought these instruments based on that guarantee. When the guarantee disappears, these investors are forced to sell, even if the investment may pay off in the long run. This sets off a cascade of selling that would induce panic and, I fear, a worldwide depression.
Waiting is also not an option. These instruments often have very short terms and become due daily. This time pressure causes more forced selling and more losses.
The tv pundits are using too much economic babble, either because they want to sound sophisticated or because they don’t have a clue as to what they are talking about, so main street doesn’t hear what it means to them. Sure, the added debt is terrible, but a credit freeze is worse for the working stiff. Not only will it crush housing prices, the only place most Americans have real equity, it will crush retail sales.
Most retail sales depend on credit cards. If there is no money to lend to retail borrowers, stores will cut back on their purchases and personnel. Small businesses routinely rely on short term loans (weeks and months)to fund their daily operations and payrolls. This isn’t bad business practice, it is smoothing out of cash inflows and outflows. If big business has to shut down capital expenditures for even a short time, wage earners will feel it on the factory floor.
If we are having bad thoughts, i.e. that we will violate our capitalist principles, it is bad policy to get rid of bad thoughts by chopping off your own head.
#26 ccs i think texas also has the option of splitting itself into 5 states giving it 10 senators. imagine what an influx of 6 conservative texas senators (austin will still be a blue state)would do to the makeup of the senate
they should eliminate CRA and Sox, eliminate capital gains tax, and business tax.
simple plan. it would do wonders for our economy, but it’ll never happen.
Can he, in good conscience, support proper syntax?
its even worse policy to not fix the problem, rather cover it up, and hope it’ll get better in the future.
actually this plan will turn a downturn into a long-term slow economy, little growth, etc. welcome to the USSA
Like I said last week, we are just waiting for John Wayne to rise from the grave and we will retake the Alamo for good.
I just don’t think that there is anyone left in Washington that even knows what being a Conservative means anymore. They have all bought into this “Appease the left” mentality and think that the way to actually succeed is to cowtow to the Liberals and to throw aside the very ideals that got them elected in the first place.
When the Congress goes Conservative, they succeed.
Having the lowest approval rating in the history of this country should be all the proof anyone needs to demonstrate that Liberal politics DO NOT WORK and that no one wants to support Liberals…even other Liberals, which is why even the most staunch Liberal in the Congress denies and runs from that label and title.
Liberalism and Socialism has failed EVERYWHERE it has been attempted. The only thing that it has succeeded in is getting millions and millions of people murdered and plunging the populace into despair and abject poverty.
On September 29th, 2008 at 11:35 am, Klaatu said:
Wall Street runs on hope and fear. Right now, fear is winning.
Saying no is a great plan. No to socialism, no to collectivism, no to enslaving the people to the State.
Let Wall Street collapse. Better that than slavery, than working 40 hours a week to pay off their bad decisions.
Let Wall Street collapse. I and my children are not responsible for their mistakes and misfortunes.
Let Wall Street collapse. I would rather be free on the street than working for the State at the point of a gun.
I do not exist for the State.
I hope Sarah Palin drives this point home Thursday…assuming McCain lets her.
Actually, there is a more precise wisdom which holds that Wall Street is driven by Greed and Fear.
Check into James Dines “Mass Psychology” for a full explanation of his famed “DIGFOI” paradigm upon which many a winning long term position in the market has been taken. DIGFOI stands for Dines Greed Fear Oscillation Index.
Great Stuff!
Good luck everybody.
Bear1909 out.
PS: I agree. This is not a Great Depression occurence. It is the beginning of a severe recession. The cards are being reshuffled and there will be fewer players at the table. As for consumers? Well, it depends if we have been piggies over the last 15 years or not in our borrowing and consumption habits…..piggies get slaughtered.
If we been good, well, in a storm, even turkies can fly.
The stock market will serve as a mass encephalogram for our Nation’s psychological profile, as it always has. The party has ended…but in true market fashion, it can reignite at a moment’s notice.
And the party isnt just on Wall Street.
and who is going to want to invest in wall street in the future? with or without this plan??
In the next debate, all Biden or Schieffer (the moderator) has to do is to ask her ONE question:
“So, Mrs Palin please explain in detail YOUR position on undocumented workers (e.g illegal immigration).”
At that point, she is dead in the water no matter what her answer might be.
This is all true. It will just take too long to work out. What is really pixxing me off is that we are going to punish the average Joe (and Jane) without punishing the creeps in congress that gave us the CRA. We even have to listen to them blame the institutions they wrecked.
Hensarling was my Rep before I moved and I am so glad he stioll represents the people.
I’ll say only this:
Jeb is MY Congressman, and Jeb, I’m proud of you!
I am not so sure Palin has to present her personal political views on illegal immigration. She will have to present the McCain view and demonstrate her willingness to be a team player on a McCain administration.
The real killer question would be: Governor Palin, how are you preparing to function as President of the US Senate? What do you see as your biggest challenges in that position?
FUD -fear, uncertainty and doubt. Not only is that a Microsoft marketing strategy, it is a driving force on Wall Street. There is an interesting article in the Wall Street Journal that says letting Lehman fail caused the FUD that brings us to the problem today.
And so can loans that keep small businesses functioning.
Check Out this article over at Power Line (right side bar of this page today)
» From little ACORN grows
I repeat: “…and hell followed with him.”
I am proud to be a fellow Hoosier with Mike Pence. I just wish he was representing my district.
After the smoke (stench?) clears from this mess, let’s not forget who stood by us, and who sold us out.
I knew this was a house of cards just waiting for a breeze to knock it down. So why didn’t congress know? Too busy with their whinny-we-lost-the-election-to-Bush-impeach-him-now agenda. Pushing loans to unqualified people, doing nothing about illegals, whining about the war, etc… NinnyNan has embarassed all women with her pathetic leadership. She wanted to be top political female first and her country got skewered.
Jeb is my representative. I saw that our former representative for this district…who moved to a newly created district…Pete Sessions, voted for this boondoggle.
I’m happy to say that I’ve supported Jeb and will continue to do so.
Jeb…thanks from the 5th District of Texas.