Congressman Zach Wamp Votes For $700 Billion Bailout
Comments Below: 2
After days of arm twisting, Republicans joined with Democrats to pass a 700-billion dollar financial bailout bill today.
The President then quickly signed it into law, giving the government the power to buy bad mortgages from banking institutions.
The new law adds Congressional oversight, expands FDIC insurance limits, and provides tax breaks for renewable fuels.
Congressman Zach Wamp stands as the only member of Tennessee's congressional delegation to change his vote from Monday. "The cost of inaction are greater than the cost of this bill, the 700 billion is a loan. Warren buffet said the other night it's a good deal, he would take it, the governments going to get its money back. He would know more about this than anybody in this house to be honest with you," Wamp said from the floor of the House.
Wamp says he hated voting for the bill, but believes the situation was critical.
Zach Wamp Ignores His Constituents
Submitted by Guest (not verified) on October 4, 2008 - 7:27am.
Wamp"s constituents clearly did not want this bailout bill to pass. Not only did Wamp ignore the vast majority of his constituents, but he actually went on Fox news and misrepresented what his constituents wanted. He basically said that his constituents wanted him to change his vote to ‘yes’. This is categorically not true. He not only ignored the vast majority of those he is supposed to represent….he went on National T.V. And said that we, his voters, supported it. Shame on You, Mr. Wamp.
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Bailout
The bailout was not sanctioned by a large number of economists much more lettered then myself.I cast a simple shadow on things economic.My view is this:
You can't spend more than you make..
You can spend only up to what you can borrow.
No one, person or corporation or government can spend
more than it can borrow...Apparently the losses of insolvent banks are going to be covered by my children.The losses of the brokerage houses over which Mr. Paulson ruled, will be covered by my grandchildren.Better the money be invested in american companies to prime their profit and create jobs...Why cover losses rather than create gain?...How much more fiat will our dollars become when states like California (along with others) are broke?.The European Pundits are right... The US is going broke