The Gang of 18 Hypocrites are those 18 Senate GOPers who voted "Yes" to give $700,000,000,000 taxpayer dollars to Wall Street banksters with essentially no strings attached, but voted "No" to give just 2% of that amount in order to stave off liquidation of the domestic auto industry, the one that directly or indirectly employs 3,000,000 Americans.
From breathtaking hypocracy to stunning ignorance to home-state-firstism, blatant double-standards, to just outright lies, below I have gathered, for the record, Statements from the Gang of 18. You will learn how much Wall Street and Main Street are the same, except when one is blue collar and the other is a Big Campaign Contributor. May their words come back to haunt them the next time they have to face their constituents for re-election, or at very least to enshrine them in infamy for history.
WARNING! Keep items that you will want to throw at your computer screen out of reach!
I won't even try to dignify the blatherings of the GOP gang of 18 with an attempt to explain their positions. Below I let them convict themselves in their own, unvarnished words -- with a brief riposte to each:
Bob Bennett, R-UT
http://www.jsonline.com/...
Apr. 7, 2008
Utah Sen. Robert Bennett, a Republican, noted that the fortunes of Wall Street and Main Street are "inextricably linked." He was defending Bernanke against charges that the federal government is willing to risk billions of taxpayer dollars to aid big business while being miserly with help to struggling homeowners.
http://dyn.politico.com/...
september 28, 2008
Sen. Bob Bennett (R-Utah) warned publicly that another major U.S. bank was “teetering” on the edge of failure, and Republican Senate leaders — plus GOP Sens. Pete Domenici (N.M.), John Sununu (N.H.) and Gregg — laid out doomsday scenarios in a Republican Senate Conference meeting.
http://www.chicagotribune.com/...
http://bennett.senate.gov/...
“Tonight we came together in a bipartisan manner and made the right decision for the country. After the drastic decline in the stock market earlier this week, many have finally realized the gravity of this financial crisis and the affect it has on ordinary Americans in our communities. This financial rescue package will not solve our financial crisis entirely, but it will help stabilize the economy and restore confidence in the market so our American businesses will not be paralyzed by a credit freeze. Further, the extension of federal insurance for deposits will reassure those who are afraid their money might not be safe in a bank.”
Sen. Bob Bennett (R-Utah) put his finger on an important issue: A bailout of Detroit amounts to creation of a government-mandated industrial policy for the U.S.
http://www.myfoxdetroit.com/...
Sen. Bob Bennett, R-Utah, observed: "to come up with the answer to those complicated questions (in) 72 hours, is something that Congress is frankly not equipped to do."
http://www.businessweek.com/...
Senator Bob Bennett (R-Utah) is proposing that the government loans be contingent on forcing GM to merge with Chrysler, because of the enormous cost savings going forward—$8-$10 billion a year.
So, according to Bennett. Main Street and Wall Street are inextricably interlinked, so if a major Wall Street bank is failing, you must intervene immediately. But if a major Main Street industry is failing, intervening means "industrial policy" and you can't do that. Well, not immediately. Well, actually you can and GM and Chrysler should be forced to merge.
Geez, can't you even keep your cover stories straight???
Richard Burr, R-NC October 2, 2008
http://hamptonroads.com/...
Burr voted yes, saying "the fundamental reason the Senate is compelled to act today is to stop an economic collapse of Main Street."
....
But Burr said the bill's failure would trigger "the worst economic state" in the nation's history. The plan has been improved in the Senate, he said, "with important protections for taxpayers, limits on executive compensation for Wall Street, and strong measures to ensure proper oversight and accountability."
http://search.citizen-times.com/...
“While many believe that this action is a bailout of Wall Street, the fundamental reason the Senate is compelled to act today is to stop an economic collapse of Main Street,” said Sen. Richard Burr. “We must act to get to the roots of this financial turmoil and get our financial system moving again.”
http://www.mcclatchydc.com/...
Sen. Richard Burr, R-N.C., who supported the bank bailout but not the auto package, said the two are different circumstances.
"Without a financial market, we really don't have the economy," Burr said.
http://projects.newsobserver.com/...
Sen. Richard Burr, a Winston-Salem Republican, had received just a handful of pro-bailout calls as of about 10:30 this morning, a spokesman said.
Burr has said he would only support a bailout with a top-to-bottom restructuring of the auto companies' business models.
Once again, Wall Street and Main Street are kissin' cousins, so when Main Street comes calling, it gets the cold shoulder unless there is a "top to bottom restructuring", but when Wall Street comes hat in hand, it also gets "top to bottom" .... ummm, "massaging".... umm, wait no .... I'm sure Burr has proposed lots of reforms to ensure that Wall Street's act gets cleaned up .... ummmm .... right?
Saxby Chambliss, R-GA
http://chambliss.senate.gov/...
I want to be clear about congressional action: we must act because inaction will do serious harm to American families, farms, and small businesses as well as community banks and other lenders.... The American taxpayers should never find themselves in this situation again, and that is why there must be confidence that what Congress passes will work – not for Wall Street but for Main Street.
Before I give my support and work to pass legislation, it will have to have strong safeguards, accountable oversight, provisions that those who abused the system and the public trust will be punished, salary controls for the managers of the companies the taxpayers assist, and a commitment that any revenue earned by the treasury on this effort will be used 100% to retire the debt and not one penny used to expand government. I will fight any legislation that proposes to use one cent of these funds for pork barrel projects. ...
As the Senate debate unfolds, any proposed legislation must protect the citizens and taxpayers of Main Street, their savings, their retirement funds, their small businesses, their careers, their homes, and economic well being. This financial debacle on Wall Street must not be allowed to infect Main Street anymore than it already has.
Ashley Nelson, a spokesperson for Senator Chambliss, gave the following statement:
"Senator Chambliss believes the auto industry has some deep seeded issues that they need to address. He is not in favor of giving the auto industry any federal dollars at this time."
Unlike those "deep seated issues" that got Wall Street $700 Billion and phony-baloney oversight, right? Because, Wall Street could affect Main Street, whereas Main Street ...ummm....
But Chambliss deserves some kind of award for the shear, brazen lying about not voting for pork.
Tom Coburn, R-OK
http://hotair.com/...
“Taxpayers deserve to know that there is no guarantee this plan will work, but there is a guarantee that we will face a financial catastrophe if we do nothing. If banks continue to fail and stop lending the average American could lose their job, be unable to secure a loan for a car, home or college education, and find their life savings and retirement in jeopardy. Our economy depends on having liquid assets available for credit and lending just as an automobile engine needs oil. If those liquid assets stop flowing, our economy will be seriously damaged and will require far more costly and lengthy repairs.”
http://www.msnbc.msn.com/...
Sen. Tom Coburn, R-Okla., voted for the TARP but is joining other fiscal conservatives in trying to torpedo the auto industry loan.
“The $700 billion was to unfreeze credit, to allow the whole economy to work,” Coburn said. “I’m not necessarily pleased with how they used the first $335 billion of that. They didn’t do it to buy mortgages, which I think would have made a big difference.”
But how, a reporter asked, could Coburn assist bankers but spurn factory workers? The TARP “wasn’t for bankers,” he insisted. “It was for anybody in this country who does commerce. If you didn’t put that money in there, we would have a credit freeze today. Instead of having 533,000 jobs gone last month we would have had 1.5 million gone.” The TARP “averted that. How do you measure something that doesn’t
You know, unlike all those jobs that will be gone if the domestic auto industry collapses. Because we need for Wall Street to lend so that we can secure a loan to buy a foreign car.
Norm Coleman, R-MN
http://blogs.twincities.com/...
"Clearly, the public has very strong feelings. For me this is doing what's right for the country it's what right for the moms and dads that I represent. I've got an election coming up. I'm not putting a finger to the wind on this and measuring the phone calls. I'd rather lose an election on this than see this economy crumble. If I can make any difference and strengthen this economy than I'm going to do it."
http://coleman.senate.gov/...
Money market accounts, retirement savings, college and small business loans, and home mortgages are all at stake. This isn’t about Wall Street but about Main Street and it’s about every street American families live on.
I want to assure the folks back home that I will not move forward on a plan unless it puts taxpayers first and holds Wall Street accountable.
I will not support a plan that lacks effective oversight and transparency – we must not give the Treasury Department a blank check.
I will not support a plan that fails to hold Wall Street executives accountable for the terrible mistakes they made that got us into this mess. Any institution that is thrown a life preserver must do so at a cost. Its executives must not receive bonuses or golden parachutes.
http://www.cnn.com/...
"I have concerns about the power of the czar," said Sen. Norm Coleman, R-Minnesota, a moderate who Democrats have hoped would vote for the bill, "that he actually has some real power. And I think that's a concern a lot of my colleagues have right now."
How touching that Tom wants a "car czar" with real power. I'm sure he wanted a "financial czar" with "some real power" to rein in abusive Wall Street practices. Right?
Bob Corker, R-TN
http://64.233.169.132/...
There has been a tremendous amount of misinformation circulated, so let me assure you: if this plan were about bailing out Wall Street, I would have opposed it. Without congressional action, I believe an economic calamity would have resulted, affecting every Tennessean’s and every American’s ability to get a car loan, a home loan, a student loan, use a credit card or even cash a paycheck. I supported the rescue plan to prevent a catastrophe on Main Street.
http://www.swamppolitics.com/...
The last thing Washington should be getting involved in are issues like product development and shedding excess capacity -- that should be left up to the boards of these companies. Our role should be swift and simple and centered around two areas where we can force immediate and transformative change: addressing the unworkable capital and labor structures that cripple these companies. I cannot support the proposed loan package as written by Democrat lawmakers and the White House because it doesn't tackle these critical issues.
To that end, I have put forth several measures that need to occur for any government-backed loan to be successful:
• One, give existing bondholders 30 cents on the dollar to help reduce their overall debt load.
• Two, bring wages immediately in line with companies like Nissan and Volkswagen.
• Three, GM owes $23 billion to the United Auto Workers' VEBA (voluntary employees' beneficiary association) account. The union must agree to take half of that payment in GM stock.
• Four, the union must agree to do away with payments to workers who are still receiving almost full compensation up to four years after their jobs ended.
For shear brazen chutzpah, it's hard to beat Coburn. For the record, here are the equally tough labor and capital restrictions he put on Wall Streeters earning 100 or 100,000 times as much as those big bad UAW workers:
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John Ensign, R-NV
http://ensign.senate.gov/...
Inject Confidence for Wall Street and Protections for Main Street
Our country is bearing witness to what could be the largest financial crisis since the Great Depression. The stakes are far too high to let this problem fix itself entirely on its own. The risks posed to the taxpayer are far too great to rush legislation forward that will ultimately leave Americans vulnerable in the long run. Our country must walk a very fine line between a government bailout of our financial institutions and placing an undue burden on American taxpayers. It is absolutely vital that any legislation to address this economic crisis include substantial taxpayer protections. I believe that any profits generated by the government through the bailout must go directly toward paying down our nation’s debt.
http://voices.washingtonpost.com/...
Moments ago, Sen. John Ensign (R-Nev.), one of the Senate Republicans who killed the $14 billion package of emergency direct loans to struggling Detroit Big Three automakers, blamed the United Auto Workers for the bill's death.
"The UAW walked away from a very reasonable deal because they knew the White House was going to use TARP funds," Ensign said on CNBC, referring to the $700 billion rescue/bailout package.
Who cares about the "largest financial crisis since the Great Depression" when there's a union to be broken?
Judd Gregg, R-NH
http://www.youtube.com/...
"Make sure americans are able to go to work and enjoy a prosperous lifestyle.... We are not throwing money at Wall Street.... This is not $700 billion out the window. This will free up credit for Main Street.... We are going to try to relieve that pressure so that Main Street can operate as it should".
http://www.npr.org/...
If we don't act now, we won't just punish Wall Street but punish innocent people on Main Street
http://www.nhpr.org/...
Senator Judd Gregg has listened to the automaker’s requests, and says he isn’t sure a federal bailout is the right thing to do.
He asks what will stop other businesses from requesting the same treatment Detroit wants.
Senator Gregg says it might be better to just let the automakers declare bankruptcy, as have many other corporations.
Not like, you know, bailing out Wall Street set a precedent or something, you know? It's good to know that if Wall Street fails to provide credit to Main Street businesses, then the Main Street businesses can go pound sand. Oh, wait ....
Orrin Hatch, R-UT
Sen. Orrin Hatch (R-Utah) today hailed the Senate’s passage of the Economic Stabilization, Tax Extenders and the Alternative Minimum Tax (AMT) relief package.
At the suggestion of Hatch and other Senate Republicans, the tax extenders and AMT relief provisions were added to the Economic Stabilization Act (H.R. 1424) that cleared the Senate late Wednesday....
The Senate-passed version of the Economic Stabilization bill also contains full funding for the Payment In Lieu of Taxes (PILT) program. The PILT program is extremely important to Utahns. The large majority of PILT funding goes to rural western states with large portions of federally-owned land. The program helps many counties around the state to provide essential services to citizens, including the important Secure Rural Schools initiative.
http://blogs.chron.com/...
Sen. Orrin Hatch, R-Utah, told the Wall Street Journal:
"We don't want our automobile industry to go down, but on the other hand, they've made a lot of bad choices."
Translation: They can only get my help if My State gets a lot of pork.
Kay Bailey Hutchison, R-TX
http://hutchison.senate.gov/...
“The credit markets are showing signs of distress, and if not addressed quickly, could have consequences that many will not be able to endure. I believe there are steps Congress should take to help alleviate this credit crunch, but I do not believe those steps should come at the expense of taxpayers.
“Congress needs to take into consideration both the short term and long term consequences of the proposed legislation. I believe efforts to stabilize our financial markets must meet several important criteria. First, we must protect taxpayers by asking Wall Street to fund their own rescue, not saddle the next generation with additional debt. If taxpayers must take the financial risk, there must be potential financial reward.
“For the American people to have confidence that this legislation is not simply a band aid, we need immediate transparency, oversight, and market reform. The final principle is that Wall Street executives cannot receive excessive compensation if they are relying on taxpayer funding.”
http://www.valleymorningstar.com/...
Texas Republican Sens. Kay Bailey Hutchinson and John Cornyn refused to support the measure earlier this month, but left open the possibility that they could reach a compromise with Democratic lawmakers if the bill had strong accountability and showed that the automakers were willing to drastically change how they operate.
"Before we start looking at more bailouts, we need to look at the big picture," Hutchison said Nov. 18 on CNBC. "Is there going to be a difference in the cost structure that will allow these companies to succeed in a global competitive market?"
That faux-oversight and business reform in the Wall Street Bailout bill really tugged at your heartstrings, didn't it, Senator?
Johnny Isakson, R-GA
http://isakson.senate.gov/...
I think there are four component parts that must be a part of this package I believe our leadership is working on. First and foremost, they need to understand we have to worry about Main Street and not Wall Street.
....The people who live on those streets, who have life savings and 401(K)s and IRAs, have concerns. Let's talk about the prospects for the future. The prospects for the future right now are quite grim without an arrangement, without an agreement in this Congress to deal with the current financial stress that is taking place in our financial institutions.
We are going to have some protracted, difficult times. But if we rise to the occasion, if we, in fact, do what things we need to do in the next 48 hours, we can change the future for the better. It is our responsibility, and it is our job.
....
It is an opportunity that can work and, finally, an opportunity that will make our financial markets much stronger. Will it bail out Wall Street? No....
We do not want Main Street to take it. This proposal has the opportunity to solidify the balance sheets of the local savings and loan and of the local bank that your customers and your citizens on Main Street deal with every day, which right now are under stress.
The second thing we need to do is to ensure the American people understand we have the oversight over the Treasury during the disposition of these funds so that we know the funds are being handled in an accountable way. Our leaders are negotiating right now precisely that type of oversight, so the Congress knows, not on a quarterly basis but on a daily basis, what the Treasury is doing and how the program is working.
Third, it has to include and address the fact that a lot of CEOs in a lot of troubled companies have run away with large packages of money.
http://www.myfoxdetroit.com/...
Opponents say the auto companies have only themselves to blame for incurring excessive costs and lagging behind foreign manufacturers, and express fears about what federal aid to them might mean.
"I have serious concerns if you open the door for one industry, how do you close it for another," said Sen. Johnny Isakson, R-Ga., who said he was telephoned by General Motors chief executive Rick Wagoner.
http://www.timesfreepress.com/...
“The only thing this legislation will accomplish is making sure the auto industry comes back in three months to ask for another handout. ”
Yeah, spot-on, Johnny. There's some fantastic oversight in the Wall Street bill, right? But if you "open the door" for Wall Street, then how do you close it for ... umm, wait, wait, pretend I didn't say that....
But that's OK, if there's one thing we know for sure, it's that companies like AIG won't come back for more.
[Does this guy buy Stupid by the bucket or what?]
John Kyl, R-AZ
http://kyl.senate.gov/...
Many have been led by the media to believe that the bill was a “bailout” of Wall Street. While it is true that the Treasury Department and Federal Reserve engineered bailouts of Bear Stearns, insurer AIG, and Fannie Mae and Freddie Mac several weeks ago, the economic stabilization bill addresses a different problem in a different way and is not a “bailout.”
The problem the bill seeks to address is the decreasing availability of credit which was brought on by overinvestment and speculation in home buying. Like it or not, most of our economy runs on credit, and if it’s not available, economic activity can grind to a halt. Most families cannot afford to buy a new car or a refrigerator – let alone a house – with cash. ...
The Arizona Republic recently ... reported that automobile sales are down sharply: down 34 percent for Ford, 32 percent for Toyota, and 16 percent for GM. Taxable vehicle sales in Arizona are down 23 percent compared to a year ago.
What all of this indicates is that the credit crunch is spreading to Main Street and threatens severe economic disruption.
http://tfitz.wordpress.com/...
Kyl: The business model of Big Auto is a failure. And when I say “business model”, I mean that the fucking unions are to blame. For everything.
Wallace: Well then what about a second economic stimulus?
Kyl: Where does the money come from? From the American people. You can borrow it and saddle future generations, or print more money and inflate the currency.
driftglass: Or you could roll back some more of those huge Republican tax breaks for billionaires…
Kyl: Stimulus packages never work.
You see, there's one kind of money which is "actual money" is a stimulus package and runs up debt for future generations, and then there's "pony money" that doesn't.
But who cares "that the credit crunch is spreading to Main Street and threatens severe economic disruption" when there's a union to be broken?
Mel Martinez, R-FL
http://blogs.orlandosentinel.com/...
U.S. Sen. Mel Martinez, R-Fla., told reporters this afternoon that Congress must act quickly to pass a bailout package for the shattered mortgage loan industry, noting that failure to do so could put the U.S. in a “deep recession that could last years.”
...;
Martinez acknowledged the concern, noting that there’s a general “anti-bailout sense in this country,” but said the maneuver was critical to steady an economy crippled by problems in the housing market. “We are in the midst of an unprecedented crisis so I believe … this has to be done,” he said.
http://www.breakthematrix.com/...
What has happened is that the credit markets have quit functioning. Credit cards, car loans, home equity loans, home mortgages, business loans.
Business loans to keep large and small businesses operating have ceased to exist. The financial markets are not functioning putting in jeopardy our entire economy.
Without timely government intervention, the financial system as we know it will no longer exist.
This isn’t a Wall Street versus Main Street argument. This is about every American’s ability to pursue his or her American Dream. Without liquidity in the marketplace, financial transactions come to a halt – and that will create a complete collapse of the financial system.
So the need to act has become clear. Treasury Secretary Paulson has asked for the authority to purchase illiquid assets from financial institutions in an attempt to get the markets functioning again.
But with that authority, comes great responsibility and Congress has an obligation to the US taxpayer to ensure that any program is crafted and carried out with appropriate oversight.
http://martinez.senate.gov/...
Late last night, U.S. Senator Mel Martinez (R-FL) voted to protect taxpayers from an auto bailout plan that would have spent $14 billion dollars without assurances the auto industry is prepared to take steps necessary to survive....
“This plan was essentially a cash infusion that would have served as a bridge to future infusions,” said Senator Martinez, a member of the Senate Banking Committee. “The government ought to be helpful but we need a plan that brings viability to the auto industry without further government help.”
Senator Martinez backed an alternative plan crafted by Senator Bob Corker (R-TN) that would have allowed auto companies to reduce their debt and brought wages in line with competing automakers.
Yep, if there's one thing we know for sure, it's that companies like AIG won't come back for more. And once again, the sweet smell of phony oversight in the morning...
But who cares about "a complete collapse of the financial system" "putting in jeopardy our entire economy" when there's a union to be broken?
John McCain, R-AZ
http://www.politico.com/...
“The first thing I'd do is say, let's not call it a bailout, let's call it a rescue because it is a rescue. It's a rescue of Main Street America,” McCain said in an interview on CNN’s “American Morning.”
“We haven't convinced people that this is a rescue effort, not just for Wall Street, but for Main Street America.”
http://www.motorauthority.com/...
Senator and Republican presidential candidate John McCain has reiterated his tough stance against supporting a bailout for the Detroit 3 by refusing to lend his backing to proposals that entail federal government guarantees for loans taken out by America’s carmakers.
While the proposals have been varied and abounding from different camps, McCain is consistent with his thoughts on bailing out domestic auto manufacturers. His stance thus far is that it’s not the role of the government to be a crutch to these businesses, a view also shared by current president George W. Bush.
Wall Street = Main Street again. So it's not a "crutch to these business" when it's Wall Street, it's a rescue! Straight talk lives!
Mitch McConnell, R-KY
http://money.cnn.com/...
In a press briefing after the vote, Senate Minority Leader Mitch McConnell. R-Ky., said, "This is a measure for Main Street, not Wall Street. [It will help] to unfreeze our credit markets and get the American economy working again."
http://www.swamppolitics.com/...
"Some argue that the effects of an auto industry collapse would be too acute and far-reaching for an already-struggling economy to bear. This is impossible to know. And even if we grant that these companies would fail without taxpayer help, we would still have to ask ourselves whether the proposal before us achieves the goal that everyone claims to embrace -- namely, the long-term viability of ailing car companies -- and, in my view, it does not.
Because if there's one thing we know by now, it's that companies like AIG won't come back for more.
Lisa Murkowski, R-AK
http://www.ktuu.com/...
Sen. Lisa Murkowski says she also voted yes, along with 73 other senators despite phone calls to her office from angry Alaskans urging a no vote.
Murkowski says she felt she had little choice and feared a "no" vote would mean Alaskans could lose their homes or businesses.
"For all those people that are angry right now for what they're seeing I would rather them be angry than hear their calls being frightened and scared because their home is being foreclosed," Murkowski said
http://murkowski.senate.gov/...
I do not support the proposals that have been offered so far. Nobody wants the Big Three automakers to fail, or for thousands of hard-working Americans to be laid off, but throwing more money at the situation doesn’t make these companies more sustainable; it just delays the inevitable. In my view there needs to be a retooling of the industry that will make it more competitive and successful in the long run.
If we provide a bailout to the Big Three automakers, where do we draw the line on other industries that are also hurting? Before any taxpayer funds are even considered, the industry needs to put forward a responsible business model that provides for a long-term fix. Federal intervention should be a last – not a first – resort.
Translation: Alaska first! And there are no car manufacturers in Alaska. And "where do you draw the line" if you bail out Wall Str ... umm, wait, wait, pretend I didn't say that....
John Thune, R-SD
http://thune.senate.gov/...
"[T]he sober facts are that without intervention, our credit markets will freeze, our economy will grind to a halt, and the impact will be severe and felt by every South Dakotan.
"To be clear, this legislation is not intended to bail out Wall Street, but rather insulate main streets across South Dakota and the country. I am frustrated that the government is being forced into this position, but the authority this bill provides is temporary. It also ensures strong oversight and strong taxpayer protections and it prevents Wall Street executives from walking away from their failed companies with golden parachutes.
http://www.constantconservative.com/...
I still think the best thing that can happen to the American auto manufacturing industry is for them to go into Chapter 11 bankruptcy, reorganize, and deal with some of these issues that they need to deal with that will get their costs under control and then they emerge as stronger companies.
I think the issue I have with providing taxpayer assistance is: 1) does that solve the problem? Unless they are willing to make changes and fix their way of doing business, we’re probably just delaying the inevitable. We’re going to end up coming — they’re going to come back six months from now, a year from now asking for more taxpayer assistance. So, they have got to make changes in the way they do business. If they don’t nothing is going to work.
And secondly, where does this then end? Because you establish a precedent.
Yeah, spot-on, John. There's some fantastic oversight in the Wall Street bill, right? But if you "open the door" for Wall Street, then how do you close it for ... umm, wait, wait, pretend I didn't say that....
But that's OK, if there's one thing we know for sure, it's that companies like AIG won't come back for more.
Chuck Grassley, R-IA
http://grassley.senate.gov/...
Despite assertions to the contrary, the executive compensation provisions in [the Wall Street bailout] are window dressing rather than a legitimate attempt to prevent golden parachutes and multi-million dollar paychecks for failed leadership. The legislation before us also falls short in making reforms to the laws and regulations plaguing the housing and financial sector. Yet the legislation before Congress this week remains necessary because of what’s at stake for Main Street America. ... The trouble is, Wall Street is going to take the rest of the country into a recession, and the government buying up bad debt is a way to stop them from doing so and protect retirees, near retirees, parents and students paying for college, everyone in agriculture, and credit-dependent small and independent businesses that drive the engine of our economy and employ America’s breadwinners.
http://iowapolitics.com/...
In my November 14 letter to you, I expressed my concerns about providing financial assistance to the major auto manufacturers unless any legislation providing such assistance contained adequate protections of taxpayer dollars. ...
First, I do not support Chrysler Corporation receiving any federal dollars until its owner, Cerberus Capital Management L.P. (“Cerberus”), explains why it cannot provide the $8 billion loan Chrysler has requested. .... If Congress does award taxpayer funds to Chrysler, it must ensure that Cerberus and its other investors are not able to access those funds.
Second, I do not support the provision in AIFRA that would bail out certain state departments of transportation and public transportation agencies (“Transit Agencies”).
You know, I almost want to excuse Grassley. In the first place, he's telling the truth. And his criticism of bailing out Chrysler i.e., Cebrerus private equity, is absolutely correct. But if he really believed what he wrote, then he should've voted down the Wall Street bailout too, and then he wouldn't be on my list!