No Taxpayer Funded Bailout!!
by Randy
September 26th, 2008
Over the last six months we have watched as our financial institutions began to unravel starting with the take over of Bear Sterns by JP Morgan which was brokered by the government. The unraveling continued to progress as we watched Fannie and Freddie placed under government control and Lehman Brothers, an investment bank which has been around for over 150 years and one that survived the Great Depression, suddenly collapse. At that same time Merrill Lynch took shelter under the wings of Bank of America and AIG was taken over by the government. Most recently announced was the take over of Washington Mutual (WaMu) by JP Morgan. All of these events have led and contributed to our current economic crisis and it is now in the hands of legislators to do what is best for the American people.
Today, I released a statement saying that I am OPPOSED to the Bush Administrations $700 billion proposal. I am opposed to any plan that allows Wall Street executives to walk away with millions of taxpayer dollars accumulating in their bank accounts. This plan cannot and should not be a taxpayer funded bailout. Private companies will have to carry the financial burden in any rescue plan that I will support.
Over the last three days I have received over 500 phone calls and emails from you, my constituents, regarding the Bush Administrations proposal. I believe that all congressional action must be centered on protecting those who have done the right thing, those who took responsible home loans and have worked so hard to keep up with their obligations as the faltering economy has made it harder to do so. The economic livelihood of this country is the most important issue that my colleagues and I will take up and as such I feel it is vital to hear from all of my constituents. I urge you all to comment on this blog posting, call any of my offices, or email me and let me know your thoughts on the proposed financial market rescue plan.
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September 27th, 2008 at 9:09 am
Thank you for addressing our concerns and for sharing your views with us so quickly. The president was a bit confused/confusing during his speech.
He blamed credit for how our financials failed and then said they could fix the problem with the 700 billion. He then said the money would assure that ALL could get CREDIT again.
I think it is horrid that those of us who live with OUT taking out credit, NOT even car payments have to pay for all of the greed of the rest of the people to live above their means.
Thanks again, Deb
September 28th, 2008 at 7:57 am
If the plan removes ANY golden parachute for executives that participate in the bailout, and if it excludes any add-ons that remove individual responsibilities for poor judgements in taking out a loan, then I approve of it. I agree that loosening credit is important to keep our economy running, but credit should only be extended to those able to repair what they borrow. Like Deb, I have no outstanding credit, and I do not approve of any measure that loosens individual responsibility for poor decisions.
If this plan is a way of our government making a wise investment, and if the proceeds of future sales is used strickly to pay down this $700B debt, then I agree with the plan. If, however, the pay-down money is used for other projects besides paying off the debt, or if there are either of the conditions referenced above, I do not support it or any of my elected officials that do.
September 29th, 2008 at 8:41 am
Dear Mr. Kuhl:
It is the Wallstreet mult-millionaires and billionaires who are to blame for the economic collapse and it is these people who should be held accountable. They are economic terrorists and not much better than Osama Bin Laden and Zaiman Al Zawahiri. They must be forced to liquidate their second, third, and fourth homes, most of their bank accounts (all of their offshore accounts), their yachts, and their wives jewelry (except for their engagement and wedding rings), or they should be put in Leavenworth.
Mark
September 29th, 2008 at 10:18 am
I agree and appreciate what your blog offers and I absolutely agree with saying no to this proposed bailout. I believe the strong will survive and when the smoke clears we will all be farther ahead.
What can I do for my country? I can say no, I can say not again! This failing administration should not even be in the picture.
September 29th, 2008 at 3:06 pm
You should have voted for the bail out proposal. Are you worreid about getting relelected or doing the right thing. Yes wall street screwed up BUT the governement YOUR governement did not step in. Now you want them Wall street to fix what they broke, they can’t no–money. the bail out plan was just that a PLAN, a START now we have no start as you guy will leave to try and get relected and this mess it on us–SHAME ON YOU!!!Should have voted YES to the bail out.Stay on and bring the vote up again tomorrow is not too soon.
Al Gubiotti
September 29th, 2008 at 3:07 pm
I commend you on standing firm against the current bailout bill. Please let your constituents know what else we can do to support your efforts, our country’s financial strength, and protect our families financial stability.
You have my support and trust.
September 29th, 2008 at 3:14 pm
I understand your feelings but to think that these financial insitutions will be the only ones to feel the pain, think again, it is already hitting up-state NY. The firm I work for saw our interest rate on our IDA loan go from 1.9% two weeks ago to 8.4% this week, which is the highest it has been ever.
What do we tell our employees that are seeing there 401k plans shrink before their very eyes?
Was this plan the solution, no, but it would have stopped the maddness and given law makers time to put in place the proper accountability before the second $350 billion was spent.
I am truly afraid that this bill was voted down because of the number of people up for re-election and they needed to do what was right for the country not their campaign, which are not always one and the same.
Wondering why I have been a Life-Long Republican,
Kirk Slocum
September 29th, 2008 at 3:50 pm
Randy, while I agree that we should not reward those on the Street who created this mess at the same time I feel that action needs to be taken to help us out of the credit situation we are in. The Chrysler situation comes to mind whereby loan vehicles were implemented as opposed to a “bail out”. I’d go a step further with those who created the mess: punish them financially and with legal action. No one should be allowed to get away with having created this mess. Those in government should also be held accountable for their involvement. And as for lobbyists–get rid of the concept–it’s the root of the rotteness in government. That’s a primary reason Congress has a 17% approval rating. Imagine the result–true democracy.
September 29th, 2008 at 4:21 pm
Your position above and your vote today reflect only the most superficial analysis of the package that was on the table. Why do you expect private sources to step in and buy what the markets themselves are unwilling to value? And how do you propose to get the credit markets moving again? Your constituents must be seeing an awful lot of their hard earned wealth destroyed as the markets plummet. I hope you are ready to accept responsibility for your opposition to such an important measure.
September 29th, 2008 at 4:31 pm
Randy,
I must be one of the few that thinks the congress should pass this bill to back up the banks and credit institutions. Both you and I know that credit requirements were loosened to the point of insanity during the Bush adminstration. We both know that the the credit problems will affect everyone including the people that want to complain about greed on wall street. We also know that if insurance from the government would work that that Fanny, Freddie, and AGI would not have had so many problems. Why don’t you and the house do the right thing for the country and hold your nose and pass this darn bill? We both know that it will cost every one more money overall if this lack of confidence continues. Randy I have been a solid supporter of yours for a very long time but this is not the time to play poltics. By the way Randy, I and all of my children fall under the financially sound banner but I think we must do somthing soon and quit or bitching, and fault finding.
Thanks Jackie
September 29th, 2008 at 4:36 pm
Everyone needs to read more on this topic and think it through. There is much more at stake than an annoyingly high tax bill.
Mr. Kuhl, I urge you to represent ALL of your constituents–not just those rallying against higher taxes– and consider the consequences to our livelihoods if you stay with your pandering position. Please represent your constiuents beyond poorly informed callers who probably also vote down every school budget vote. This is too important for typical politics, sir.
September 29th, 2008 at 4:43 pm
Your vote today all but killed any chance your constituents had at a better life. Saddled with debt for the future? There is no future without a yes vote. You should reconsider your vote so the credit markets free up. Vote with your fellow democrats not against them and stop playing politics with the future of the people.
September 29th, 2008 at 4:47 pm
Mr. Kuhl,
Either you have minimal understanding of the current financial situation or you are ignoring it to pander to the masses. There is real danger here of the collapse of the financial system. What have you done to help prevent that? Then again maybe you will have the last laugh. With all of your pandering, you will probably be the only one left with a job.
September 29th, 2008 at 4:57 pm
Thank you Congressman Kuhl for voting on behalf of your constituents. This bailout is absurd and should not happen! You are one of the only members of Congress to actually listen to your constituents.
September 29th, 2008 at 5:42 pm
Ahh, don’t worry about us, really. Aside from ridiculuous taxes in ny state, a lack of jobs, an infrastructure that’s falling apart, a dying city, heck, what’s one more crisis? If we lived through the fast ferry, I’d imagine we can live through being screwed over again by the government and wall street. you just go ahead and keep doing photo ops or whatever it is you guys do.
September 29th, 2008 at 6:26 pm
Representative Kuhl,
Your vote today proves that Congress is only interested in politics and helping themselves. The partisan bickering is despicable. In the meantime the economy is going to pieces.
As a small business owner, I feel that your vote today has damaged our prospects significantly. We work very hard to provide decent jobs for our employees. Like it or not, in New York Wall Street is our Main Street.
If the vote should come back to the floor, I urge you to reconsider. Please keep in mind that the welfare of many small businesses and their employees depend on the easing of the credit crisis.
Please vote YES for the ‘Emergency Economic Stabilization Act of 2008′.
September 29th, 2008 at 6:59 pm
I hope that you are aware of what your “no” vote did to the stock market, pension accounts, and other savings. The largest one day drop in the Dow ever. Are you proud of that?? Unfortunately, the congressional pension benefit that you will receive will not be affected. Your voting record has been as close to Bush as anyone in Congress except for this vote. You really screwed up and hurt most people in your district who will rely on their own investments. Do you understand economics?????
September 29th, 2008 at 11:11 pm
I applaud your courage going against the Paulson / Bernanke /Bush plan. The bailout plan sets the wrong precedent and rewards those who were greedy and stupid and make the hard working tax payer to foot the bill and does not do anything to help an average taxpayer who may fgace financial difficulty, facing foreclosure due to loss of job or health issues. The liquidity problem can simply be solved by making money available for being used for banks to loan for qualified borrowers, without buying these “under the water” toxic loans.
Stay the course and stay away from the partisan name calling. This happened under Bush and All people are to blame (democrats and republican alike).
Let’s just fix it and allow the market do its work.
Ali
September 29th, 2008 at 11:51 pm
I, too, say “Thank you, Randy,” for doing the right thing. I read your proposed “Work Out, Not Bail Out” Plan and agree that it is a much better approach. We don’t need to throw money at this problem, we need to throw a solution.
This said, I do have one question for you regarding your proposal… what economic benefit does a repeal of the Capital Gains Tax for individuals have in this situation? I understand how a suspension (or, more likely, reduction) of corporate capital gains would help pump money back into our economy, but I don’t see the logic in repealing the tax for individuals.
Unless you can convince me otherwise, I’d say that provision is fluff that should be removed.
In any case, thank you. I think if the plan that failed in the House today was such a great one, it would not have met with such resistance! I thank you for being in the number that is searching for a real solution, not just a band aid that help us sleep better for a couple of nights. Many of your bloggers admit that this is a serious problem, and this was not a great plan nor a permanent solution - yet they wanted you to vote YES to it any way. For one, I’m thankful that you did NOT put a band-aid on a gushing head wound…
Regards…
September 30th, 2008 at 7:17 am
Randy,
Thanks for being the only congressman from my area here in Canandaigua that was savvy enough to see through the smoke and mirrors of this bill. We will all be ok out here and the stock market is not the end all of our lives. Small business makes this country strong not wall street and not these huge financial giants that would have been the only ones that benefited. Must be you actually read it! It’s obvious the rest didn’t or they wouldn’t have voted for it. I here Congress isn’t working today, nothing pressing aye!!!
What a bunch of Bozos….
Thanks again Randy. Art Benham
September 30th, 2008 at 5:17 pm
If I had any confidence that Congress could work in a timely, bipartison way to fix the problems in our economy, I would have agreed with your vote. However you and your fellow politicions are so worried about your reelections you have forgotten who elected you in the first place. When this country falls through recession right into a full blown depression, I hope you remember this vote. True this plan was not the best, but by the time you and your partison buddies, Republican and Democrat alike get your collective acts together, it will be too late. Congresses inabliltiy to act decisivley, on virtually any important issues, in a timely way speaks for itself. You should be ashamed of yourself.
October 1st, 2008 at 5:43 pm
Randy,
Please do not support this bill!!! Fix this the right way, not by throwing my hard earned dollars at it. I don’t need to be saved by this government, I will worry about the future of my family. Your job is to write laws that allow me live my life with as little interference from government as possible. Do not support this bill, fix the problems that caused this and the American people will take care of themselves.
Jeff Cowie