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Tiahrt: Economic Plan Must Put Homeowners and Taxpayers First |
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Sunday, 28 September 2008 00:00 |
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Rejects Bush-Paulson’s $700 Billion Wall Street Bailout Proposal WASHINGTON—U.S. Representative Todd Tiahrt (R-Goddard) issued the following statement about the $700 billion Wall Street bailout plan proposed by the Bush Administration. "Helping families keep their homes and protecting the American taxpayer should be the top priority of an economic relief plan," said Tiahrt. "We must only take actions that encourage responsibility and accountability in the private sector. The plan should emphasize free-market solutions while minimizing risks for taxpayers.
"Rewarding the greed of Wall Street executives with a $700 billion taxpayer bailout is not a responsible solution I support. Unscrupulous New York power brokers squandered America’s trust, and we should not reward their reckless decisions with a hastily-crafted bailout. "Kansans are angry that Washington would consider a multi-billion dollar bailout for Wall Street without first looking out for taxpayers and homeowners. A rushed bailout plan could reward bad investment decisions, add hundreds of billions to our national debt and create distorted incentives where Wall Street becomes dependent on taxpayer bailouts. "Bad investors who have made corrupt decisions should be penalized. And under no circumstances should an executive who has broken the trust of the American people and cheated investors walk away with a lavish compensation package. "More importantly, we need to address the underlying problems of how the markets got into this situation. Failing to do that only throws taxpayer money at a problem that could make it worse." |
