Statement on voting against financial Bailout Bill
"We are now confronted by a serious crisis in our financial markets. American and world financial markets are reacting to corporate greed, corruption, and the failure of this administration to protect the American taxpayer.
The panic in the market did not have to happen. Secretary Paulson brought a request to Congress for a blank check with no oversight. He then spread panic throughout the marketplace, basically begging for Congress to bail out his friends at Wall Street. He should be ashamed. So should SEC Chairman Chris Cox who "threw fuel on the fire" when he changed the rules to all the gamblers on Wall Street to game the system, make millions, and dump the problem on the backs of the taxpayers.
Many of my Conservative colleagues in the House worked hard to make this bill better than the Paulson proposal. But the fact remains; this legislation fundamentally changes the relationship between the government and the free market, and burdens the taxpayer with a $700 billion price tag.
We cannot sacrifice the long-term freedom of this country for short-term financial gain. For these reasons, I voted No' on this legislation."