Big Three Bailout Passes House

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.

Advertisements

4 responses to “Big Three Bailout Passes House

  1. [quote post=”2411″]He seems to have been right about that, by the way. [/quote]
    How so? Specifically, how do you know what would have happened to the markets, which were in near free-fall, if the bailout had not passed?

  2. So who’s in line next? How much should I write my check for? What kind of post-it has enough adhesive to the wall that I can write the IOU on?

    By the way – who’s up for a PROTEST / RALLY at the State Capitol at 12:00 noon Saturday?

    Hopefully the Senate will add amendments and delay it long enough for it to fail… I’m calling them now.

  3. [quote comment=”39159″][quote post=”2411″]He seems to have been right about that, by the way. [/quote]
    How so? Specifically, how do you know what would have happened to the markets, which were in near free-fall, if the bailout had not passed?[/quote]
    Or the banking system. Or the entire economy.
    Joe’s voting yes because he’s being told to

  4. Just spreading the wealth around.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s