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Congressman Carter Against Bailouts
Central Texas Representative John Carter, in an exclusive interview with News 10, says he has serious concerns about the proposed $700 billion bailout of the financial industry.
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(September 22, 2008) - The Bush administration and leading members of Congress have agreed to include mortgage aid and strong congressional oversight to the administration's $700 billion financial bailout.
"In a world where everyone is given a level playing field and they go out and make bad choices, then they have to suffer for those choices," said Rep. John Carter, R-Round Rock, in an interview with News 10.
According to the current plan, the feds would buy up about $700 billion worth of illiquid assets at an extreme discount from banks.
Meanwhile, the program has been expanded beyond just problem mortgages and will now include other problem assets, with the Treasury Department running the program directly.
Along those lines and siding with fellow Republican and current presidential candidate John McCain, Carter went on to say he has concerns about the amount of power being placed in the hands of Treasury Secretary Henry Paulson.
"This is an awful lot of money and it can easily go to one trillion dollars before we blink our eyes," said Carter.
The Congressman, who voted against the recently passed American Housing Rescue and Foreclosure Prevention Act, says the price tag on the American taxpayer is too high.
The housing rescue bill has an estimated cost of $100 billion, meanwhile the current bailout for the lending industry and mortgage industry being discussed in Congress could end up costing seven times that much.
The final draft of the bill has not been presented yet and many say there are still some major details to be worked out.
Carter said he would decided whether or not to support the legislation once he reads the final draft, although he says as a financial conservative, he has a hard time supporting bailouts.
Rep. Chet Edwards, D-Waco, said he wants to know more about where the billions of dollars will go before making a decision.
"I believe we need to take bold action to stabilize the economy, but before I vote to put at risk $10,000 in taxpayer's money for each family of four, I want to see more details about how the money will be spent,” he said Monday.
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Latest Comments
I read where the trucking company now want tarp money to cover the retirement plan. All this is turning out to be is buying votes first the auto unions then acorn now the teamster . You don't have to be a rocket scientist to figure this out. It's your money put a stop to this.
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I will vote against you and any other congressman who voted against the bail out and then left town in your own selfish interests to attend to politics
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Carter has not said he won't vote for the bailout. He said he will wait for to see the final bill before deciding. All of us must watch this process closely. I have already called Carter's office and both Senators Cornyn and Hutchison's offices urging them all to reject this "bailout" regardless of the final wording. I will call again before they vote. This is a blatant move to socialize the American economy--right out of the Hugo Chavez school of economics.
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