Tuesday, September 30, 2008

Bennett Would Have Supported Bailout

Shortly before the news broke that LV Congressman Charlie Dent had voted against a $700 billion bailout, challenger Sam Bennett issued a news release supporting this legislation as "a patch, not a permanent fix." She provides four reasons.

"* 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.

14 comments:

Anonymous said...

She calls $700 Billion a "patch?" I call her "nuts."

Joe Hilliard said...

So Sam Bennet supports bailing out Wall Street millionaires?

My, how the parties have switched.

I thought the GOP was the Party of Wall Street and the Dems were the party of the working person.

Sam supports taking the working persons tax dollars to give to the Wall Street wealthy?

Am I living in the Twilight Zone?

Anonymous said...

I really believe she'd have criticized Dent no matter how he voted.

The Banker

Uncle Grinny said...

"* It limits excessive compensation for the executives who got us into this mess.

Sorry, there is a consensus that it is in fact Congress who got us into this mess by requiring lenders to knowingly make loans to borrowers who could not repay

A.J.C. said...

Joe...

It's not the first time we've seen Republicans and Dems do a 360.



Banker,

You're probably right. If Dent's shoes were untied, she might deem him a physical danger to the Valley.

A.J.C. said...

By the way, didn't Bennett say in the past that we need to stop bailing out everyone? Didn't she say something along the lines of no more checks or something?

Bernie O'Hare said...

AJ, Bennett did say she weas opposed to blank checks.

Chris Miller said...

Uncle Grinny
You are correct. Yesterday Rush played a tape from 2005 where Frank Raines said that the paper he held, MBS, were "riskless". The Democrats on that committee were tearing the regulator in front of them apart on his critical report of Fannie and Freddie. On top of that McCain was critical of those two institutions as was the administrations. Pat Toomey has pointed out that the Dems. in Congress created "predatory lending" with the Community Reinvestment Act and then were critical of it.
Let's also not forget that by the dark of the moon a $25 billon loan went to the auto industry and the bill that was defeated yesterday called for bailing out union pensions. Barney Frank wanted a slush fund so he could give an additional 20% of what treasury made to ACORN, known for voter registration fraud, and NCAC lead by Bruce Marks who extorts money from lenders in undesireable neighborhoods if they do not make loans to those who cannot afford them. It should be obvious to one and all that political correctness has run amok.

A.J.C. said...

Bernie,

Bennett's follow-up on this, I think, is proof that she will take any side as long as it's opposed to Dent. I'm convinced that she has no real stance on anything anymore.

Again, Banker is right. She would have critized Dent no matter how he voted.

(Someone slap me. I can't agree with The Banker. I just can't!)

Anonymous said...

Hey a.j.,

Slap!

The Banker

Anonymous said...

Seriously though, Bennett's whole claim to be the better candidate is that she isn't Charlie Dent. Pretty thin platform in my opinion.

Joe, there is so much culpability to go around here it's insane. Chris makes good points, most I agree with and others I have a bit of a different spin.

There's an old saying though - "We are where we are." We need to find a way to deal w/ this mess, and unfortunately I believe that doing nothing is not an option. I do think the package that was voted down yesterday will come back in a slightly different form and will pass.

The Banker

Anonymous said...

Bernie-

Glad to see Sam Bennett is now voting with President Bush. Now THAT is what I call a hypocrite!

Anonymous said...

Dent playing politics. This bill is going to be clammed on the heads of the American People.

Why because there stupid.

Anonymous said...

http://drakeminder.blogspot.com

We where scr$wed either way.

PENNSYLVANIA

Democrats - Altmire, N; Brady, Y; Carney, N; Doyle, Y; Fattah, Y; Holden, N; Kanjorski, Y; Murphy, Patrick, Y; Murtha, Y; Schwartz, Y; Sestak, Y.

Republicans - Dent, Y; English, N; Gerlach, Y; Murphy, Tim, N; Peterson, Y; Pitts, N; Platts, N; Shuster, Y.

looks like write candidate Drake Minder is our man.

http://drakeminder.blogspot.com