I fully support Senator Cornyn’s position on the government bail-out.  In fact, the members of congress should be applauded for cutting the political games and doing something instead of holding a stale mate when neither side interested in fixing the problem. 

There are all kinds of arguments that can be made but here are the important facts that I see them:

This is not just about 2 mortgage companies.  It starts with two giant mortgage companies but ends in many banks going under.  When banks go, then we have a bigger problem then we started with.  It won’t just affect those looking for mortgages but it will effect the business owner that needs a credit line to make payroll because the month’s profits weren’t enough to cover it.  It will affect the 65 year old retiree who just wants to live off his pension/saving.    This could increase unemployment 10 fold and send our economy into oblivion. 

The bill itself has been changed extensively from the 3 page bill that the treasury secretary threw at Congress and told them to take it or leave it.  Most notable changes were there will be government oversight, they deleted most of the special interest provisions for Acorn, They removed the blank check that was requested, got rid of executive pay for the CEO’s who’s greed caused the companies to go under.  In looking over Senator Cornyn’s letter, it appears to me that they did everything they could to protect the taxpayer.

This basically boils down to Congress is bailing out the economy versus bailing out greedy businessmen/women.  This is the kind of representation the state of Texas needs is someone who is looking out for his state.  If this plan isn’t approved the failures will produce a domino effect until it hits your level.  This is what the plan is supposed to help stop, the domino effect, and allow time for the financial stability of these institutions recover enough to prevent a total collapse of our economy. 

I also think it’s a smart idea to monitor the company closely so that the same idiots that drove the business into the ground, don’t make anymore stupid mistakes.  Yes I think some of said idiots need to sit  down with investigators to see if anything criminal took place.  A lot of the problems are because homeowners were told they could have a 400,000 dollar home when they can only afford a 100,000 home.  These were unwise business practices that should have never happened.

I’m sure Senator Cornyn may come under fire for voting for the bail-out bill but at least he is thinking of the citizens of this state when he voted yes for the bill.  I think he made the right choice and I’m comfortable with his vote.  He definitely wasn’t thinking about special interest groups when he made the decision.  He made the decision after he’d talked to several of his constituents about what he should do.  He definitely didn’t vote present.

Advertisements