$700 Billion Dollar Bailout

$700 Billion Dollar Bailout

 

Michael Crimmins, candidate for Congress for California's 53rd Congressional District in San Diego, takes issue with the way that the current political layout is affecting all Americans in a negative way.
 
FOR IMMEDIATE RELEASE

 

PRLog (Press Release http://www.prlog.org/10128010-700-billion-dollar-bailout.html )

 

Oct 13, 2008

 

Crimmins states the United States House of Representatives reversed course and passed the historic bill on the $700 billion dollar bailout (not a rescue as some are calling it) of Wall Street and US banks with their institutionalized corrupt and incompetent practices. The change in course by the House was prompted by fears of a global economic meltdown, and by old-fashioned political inducements added to the bailout bill by the Senate: a portfolio of $150 billion in popular tax provisions, including credits for the production of solar, wind and other renewable energy alternatives, and an adjustment to spare middle-class families from paying the alternative minimum tax (AMT).

 

By passing, the bailout plan has allowed for the United States government to purchase devalued mortgage backed securities, resulting from the sub prime mortgage crisis, from troubled financial institutions. Treasury Secretary Henry Paulson has said that the plan could potentially cost taxpayers up to $700 billion. A truly staggering sum indeed!
There had been considerable debate over several parts of the plan, which passed with 263 votes supporting and 171 opposing. Stunningly, Susan Davis voted for this bill twice which will ultimately in debt and cost every citizen thousands of dollars. The rest of our local San Diego congressional delegation (Bilbray, Filner, Hunter, and Issa) all voted "NO" twice! What do they know that apparently Susan Davis does not? Possibly they recognize, like her constituents, that the bailout remains only a costly band-aid that did not address the core problems existing in our financial systems.

 

Michael Crimmins says "what Susan Davis doesn't understand about this issue is that this is our money being placed on the line to "high-flier" institutions that played fast and loose with it originally. Crimmins also says we should not be surprised that once again Susan Davis proves she is totally out of touch with her district and in the back pocket of Nancy Pelosi with her 98% pro-liberal voting record. Susan Davis's second recorded "Yes" vote merely captures not only her inability to accurately gauge the pulse of her constituents but her inability to protect and look out for their best interests. Simply amazing and arrogant taking us for granted yet again. Enough is enough. Time to wake up in the 53rd and vote her out on November 4th!"

 

For More Information Visit This Web Address:  http://www.crimminsforcongress.com/

 

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America is no longer the country of our fathers' and grandfathers' And sadly, much less so of our Founding Fathers!  Unless we return to the Constitution's first principles and arrest America's incremental slide into failed
socialism, the America of today that our children and grandchildren will inherit tomorrow will not be recognizable. The time is now for all patriotic, freedom-loving Americans to 'draw the line in the sand' and take our country back!" Vote for Michael Crimmins, District 53, San Diego, CA. 

 

http://www.crimminsforcongress.com/

 

Issued By  : Michael Crimmins
City/Town  : San Diego
State/Province  : California
Country  : United States
Categories  : Business, Government
Tags  : 700 Billion Dollar Bailout, Crimmins For Congress, District 53 San Diego Ca, Michael Crimmins