Here's his press release. This is getting REALLY interesting politically. Democrats won't do anything without Republicans so they don't get left holding all the political baggage, and (some) Republicans are making stands against the heavy hand of government, in direct opposition to their President's wishes.
WASHINGTON—U.S. Representative Todd Tiahrt (R-Goddard) today issued the following statement about the Wall Street bailout bill.
"Over the last few weeks many Kansans have expressed concerns about the state of our markets that have been developing for some time. Clearly something needs to be done. We need a lasting solution that keeps families in their homes, creates stable jobs, reforms how mortgages are marketed, and ensures good small businesses can get loans.
"But this bailout bill is a rush to judgment that fails to address the underlying problems in the market. That is why today I rejected the corporate bailout proposal by Democrats and Washington insiders.
"Wall Street did not get itself into this debacle overnight, yet they expect honest people like teachers, engineers, clerks and construction workers to bail them out over the weekend. The arrogance of corrupt Wall Street stock brokers who want the little guy to sacrifice his children’s future so they can turn billions in profits is a violation of American decency.
"This is a plan crafted by Washington insiders to give money we cannot afford to greedy people who live the lifestyle of the rich and famous.
"I cannot support a sell-out plan that throws our money at a problem without addressing the reasons our markets are in this situation. This is a bill of no reforms that raises our national debt by $1.3 trillion – more than 10 percent. But that is what should be expected when Wall Street greed gets together with Washington insiders to craft the largest corporate bailout plan in our history.
"Although this is a difficult decision given market uncertainties, there are better solutions than the one being pushed by President Bush and Democrat leaders in Congress."
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5 comments:
Wow! Heavy hitter. Yup, it's a pickle. No doubt about it.
President Bush is a lame duck, so fellow Repub.'s don't feel compelled to follow his lead. (some even distancing themselves)
Congressman Tiahart makes a good argument in his letter.
I don't know what to think anymore.
I do believe that this is bigger than the Demo.'s or Repub.'s. Let's hope they can work something out to keep this fragile thing we call "The American way of life" held together.
Thanks for printing this, David.
so I wonder....did the stock market lose more than the $700 million bailout plan. Down over 600 pts. I know I lost thousands of dollars and I'm just a small fish
Congrats to Tiahrt and the others who voted the same way. This was the right thing to do. I know we need to do something but this wasn't it. I am glad they stood up to the pressure to get something done before the election so they could hold on to do the right thing instead. That is what I call principled leadership.
I think I heard it was 1.2 trillion lost when the stocks plunge monday.
I agree with Representative Tiahrt that we should not bailout the Banks and Wall Street. Once the shakeout takes place the economy will be stronger in the future. If we bail them out we just artificially keep the balloon from bursting for a couple of more years. Bad loans are bad loans and they do not get better with time.
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