Kaptur, Latta hold firm, but bailout passes

Tom Jackson
Mar 23, 2010

 

By a 263-171 vote, the U.S. House has accepted the Senate's version of a $700 billion bailout bill.

North-central Ohio's two House members, U.S. Rep. Marcy Kaptur, D-Toledo, and U.S. Rep. Bob Latta,

R-Bowling Green, voted "No" Monday on the bill, and again voted Friday against the latest bill, resisting pressure from the media and party leaders to change their votes.

Latta has already released a statement explaining his vote. Here's the key quote:

"Unfortunately, the core language of this bill did not change from the bill that we voted on earlier this week.  This is still a $700 billion package with few details on how taxpayer money will be spent and how the Treasury Department arrived at the $700 billion figure.  In addition to the price tag of this legislation, there is still questionable language within the bill that fails to define financial instruments.  Without a clear definition, the Treasury Secretary has the authority to purchase almost any debt that he determines the purchase of which is necessary to promote stability.  Because these issues were not resolved during the latest negotiations, I could not support this legislation.  It is my firm belief that Congress must do all it can to protect the taxpayers' money and the bill fails to do so."

Comments

Anonymous

Average Joe will pay for this. Not the wealthy.

Anonymous

This is all borrowed money they are giving away. The USA is flat broke.
We are borrowing money from China and Japan to bail out a bunch of crooks.

The republicans in the Senate vote no,
load it up with pork, then vote yes.
These are people that call themselves
conservatives.

Anonymous

Good for Kaptur and Latta. However their vote is largely symbolic.

The govt. is using debt to pay down debt. It's a form of high-level money laundering. The Treasury will be buying ‘bad’ paper and substituting it with ‘good’ paper.

Today the financial markets belched and asked, 'So what else ya got?'

There's talk now of the need for a Fed rate cut. That'll make the mkts. happy for a day or two.

Who will buy the Treasury’s debt to fund this ‘bailout’? It’ll be the Chinese, Japanese and others.

The U.S. no longer has the capital to fund all its unfunded health and welfare liabilities. Soon the U.S. will be a wholly owned subsidiary of the People’s Republic of China.

Invest in overseas equities – that’s where the future lies.