"* This is not a blank check for the Bush Administration, the plan provides for oversight and transparency as taxpayer money is spent.
"* It contains major efforts to prevent foreclosures that threaten home values, including expanded eligibility for FHA refinancing programs and loan modification.
"* It limits excessive compensation for the executives who got us into this mess.
"* Taxpayers will be protected, with financial institutions sharing the burden for losses and ensuring that taxpayers will benefit from any future growth that companies participating in the program enjoy."
Incidentally, these are the same four principles that Barack Obama previously established as a guide.
Noting that Charlie Dent has accepted $643,000 from the financial sector in the last four years, Bennett goes on to claim that "he owes his political career to the very people who created the meltdown."
Gee, I thought it was Big Oil.
If Charlie is in the pocket of Big Finance, then why did he trash this bailout as a "Wall Street insider solution to a problem created largely by bad business decisions on Wall Street"? Why would he care that this is "a subsidy to investors at taxpayers’ expense"? And why on earth would he give a damn about increasing FDIC limits from $100,000 to $300,000?
If anything, Dent's vote is contrary to the interests of Big Finance.
Asking both parties to "step up to the plate," Obama reminds Congressman "We cannot forget who this is for. This is for the American people. This shouldn’t be for a few insiders.”
It seems to be that Dent was thinking of the American people while Bennett is just thinking about votes in the face of a major economic crisis.