Bailed out… Will the ship sink?
After the Senate passed their own version of the Bailout, the House voted to pass the same on Friday. Both of our Senators and one of our Representatives here in Northwest Florida voted to pass the bill. President Bush signed it shortly after its passage.
The Bill is still a bad idea. It was loaded with many incentives to get members of the Senate to go along with the entire idea. Once it was passed through the Senate, many of those who voted against the first proposal swapped sides to vote for it.
What does it mean for you and me? It almost certainly means higher taxes. Someone has to pay for it and I don’t think it will do what they say it will do. There are always some little loopholes that get exploited to the advantage of those who hold the money and the government will be the ones ending up holding the bag. In this case, bad securities that will have to be paid for by the people paying taxes.
Representative Jeff Miller kept his word on voting against this legislation.
Of course, since it passed there is nothing he can do about it other than hope it works and work to make sure it doesn’t make anything worse.
Our District 2 Representative Allen Boyd voted for the legislation. Many voiced their displeasure at Representative Allen Boyd’s vote of “Yes” for the first proposal. Representative Allen Boyd stuck to his guns and voted against that displeasure and right down the party line.
“I know that many of my constituents are angry, and so am I,” said Boyd. “While many may disagree with my vote in support of the financial rescue package, I owe the people of North Florida my best judgment, and I believe that a vote in support of the financial rescue plan, despite its flaws, to be in the best interest of the people and businesses in North Florida. The consequences of doing nothing would be disastrous for the people and for our country.” – Nwf Daily News
How does Representative Boyd know that doing nothing would be “disastrous”? He doesn’t. Neither does anyone else. It is just a knee-jerk reaction of pointing fingers. Something that Democrats are trying to deflect by saying that they are trying to fix the problem. Even though they had ample opportunity many times over the last six years as Republicans pointed out problems with Freddie Mac.
Where was Representative Allen Boyd the last time this came to light?
Is Representative Allen Boyd going to do the right thing and call for Congressman Barney Frank and Senator Chris Dodd to step down? Both of whom have claimed that there was nothing wrong with Freddie Mac or Fannie Mae. I doubt it since they are all Democrats. If either Barney Frank or Chris Dodd were Republicans, Representative Allen Boyd would have been on the “heads must roll” bandwagon that always follows.
Ed Morrissey over at Hot Air has more on thepossible conflict of interest of Representative Barney Frank.
While this will be controversial for some time, you still have to wonder if the Bailout will even work. Is it better than nothing? I’m not so sure. If it weren’t for government involvement to begin with we may have never had this problem. Now we are giving the government the go ahead to stick an entire arm in the pie instead of just a finger. Just another step down the road to socialism. Something which may ultimately sink the ship.
Of course that’s what most Democrats want. You don’t know what is good for you but they do. Just let them do all the work and they will take care of you. By his voting record, Representative Allen Boyd is no different.
While many may disagree with my vote in support of the financial rescue package, … I believe that a vote in support of the financial rescue plan, despite its flaws, to be in the best interest of the people and businesses in North Florida…
I guess we all need to be lemmings. It would be in the best interest of the people and businesses in North Florida.