Rep. Joe Courtney, who voted against the financial bailout, voted for this one. Here’s why:
“The loan from already approved funding serves as a bridge for the American automakers to survive while requiring companies to restructure their businesses in order to regain their competitive advantage. Detroit executives will not be able to profit with a golden parachute, unlike the Wall Street bailout that carried no penalty for the financial industry’s failings and irresponsible behavior.”
“Taxpayers are protected. Oversight and transparency are at the core of this loan to the auto industry and is clearly laid out, unlike the Wall Street bailout that I voted against twice that has zero accountability and very little oversight.”
“I carefully studied other options, including bankruptcy for the industry, but in the end, bankruptcy would be more costly and not viable because of the larger expense, the hundreds of thousands of lost jobs and will create a generation of Americans who refuse to purchase American made cars and trucks. The lost confidence may never be regained.”
Courtney opposed the financial bailout because of a lack of oversight. He seems to have been right about that, by the way.
The bailout passed the House by a wide margin, but may run into trouble in the Senate.