Commentary on the Current Economic Crisis
By all accounts Tuesday's vote was difficult one for our Alabama Representatives. The bailout was not a solution I could support given the information I had. The proposal was the largest corporate bailout in American history. It would have saddled the American taxpayer with massive additional debt. It did not have the support of the people of Alabama. There are questions as to whether or not the proposed bill would have provided a long term solution. It's unlikely that most members were able to read and understand all that was in the bill which contained statutory language and was over 100 pages in length.
Congress should address the problem with a solution that will not only work but one that will also restore the trust of hard-working Americans. Congressman Aderholt and a number of others in the House of Representatives have cosponsored the "Free-Market Protection Act of 2008" that intends to help Wall Street "workout" of this crisis, rather than force the taxpayers into a "bailout" . Hopefully this bill will begin new and fresh dialogue aimed at finding a solution that uses voluntary private capital rather than taxpayer capital to help our financial system to recover from the crisis at hand.
The 5th Congressional District is dependent upon significant federal funding. A Wall S treet bailout could put a strain on the flow of federal dollars spent right here in North Alabama. We need to protect those funds that help us keep America strong and safe.
The bailout bill that recently passed the Senate did not have the support of our two Senators. I spoke with Senator Sessions earlier this week. He shared some of his concerns. I have not spoken with Senator Shelby personally, but he has expressed his concerns as well. The bill now goes to the House and I have stated my reservations about a bailout above.