Bailout is Just Too Much

Manion calls for more work on the economic crisis

(Sept. 30, 2008) – Doylestown, PA. (Manion for Congress)

“I would have voted no on the bailout, but I do see the value in both sides of this historic vote” said Tom Manion. “I don’t want taxpayers to bear the burden of government mistakes within our banking and finance systems. On the other hand, I am opposed to using these huge sums of taxpayer dollars to support a free market economy. I think we need to take more time to react and balance both of these concerns at this point. I will continue to monitor developments but won’t support any legislation that is not in the best interest of the taxpayers.”

Manion’s opponent Congressman Patrick Murphy voted in favor of the bailout bill rejected by the House, stating that “Politicans voting against this bill today caused the biggest point drop the Dow has ever recorded.” According to the Wall Street Journal and CNN Money, however, there were many factors that brought the stock market to this point.

Congressman Murphy’s vote would have saddled taxpayers with a $700 billion dollar bailout of mistakes made by our government. Perhaps this is no surprise, since Murphy has a history of spending taxpayer dollars. The citizens watchdog group CCAGW rates Murphy’s fiscal policies as 15 out of 100.

Just last week, in the midst of this fiscal crisis, Murphy voted yes on a $60 billion dollar spending bill that contained nearly $7 billion dollars worth of earmarks.

Today’s price tag for taxpayers?
Murphy: $760,000,000,000
Manion: $0

Tom Manion is calling for legislators to return to the drawing board and look at other options like infusing private capital, reforming Fannie Mae and Freddie Mac and changing the mark to market accounting.

Sources:
The Intelligencer, Sept. 30, 2008
The Wall St. Journal, Sept. 22, 2008
CN Money, Market Report, Sept. 29, 2008