Vitter Issues Statement on Bailout Package
U.S. Sen. David Vitter today issued the following statement regarding the proposed $700 billion bailout package being considered this week by Congress:
"After studying the final bill carefully and talking with many people I respect, I can't support this plan.
"First, it's an unprecedented government bailout that will almost certainly pave the way for even more - maybe sooner rather than later.
"Second, it requires people at Treasury to make tens of thousands of judgment calls about what they buy and for how much. And these will be folks who are from Wall Street and want to go to back. That ensures bias and even corruption.
"Third, there's been no adequate discussion of the major reforms needed. And I'm afraid this big government first step helps ensure that Congress won't make those strong reforms - like breaking up Fannie Mae and Freddie Mac and demanding real cash down for all home purchases," said Vitter.