Title:
DON’T BAIL OUT (THE BANKERS); THROW OUT (THE INCUMBENTS)
Author:
Mark Norrod
Date:
9/26/2008
Year:
2008
Article:
DON’T BAIL OUT (THE BANKERS); THROW OUT (THE INCUMBENTS)
9/26/08
CONTACT: Libertarian Party of Michigan Chair Bill Hall, 616-460-9516 or Media Coordinator Mark Norrod, 616-902-0086
JOINT MEDIA RELEASE ISSUED BY ALL 16 LIBERTARIAN PARTY OF MICHIGAN CANDIDATES FOR US CONGRESS –
Scotty Boman US Senate; Daniel W Grow, US House District 1; Dan Johnson, District 2;
Erwin J Haas, District 3; Allitta Hren, District 4; Leonard Schwartz, District 5; Greg Merle, District 6; Kenneth Proctor, District 7; Will Tyler White, District 8; Adam Goodman, District 9; Neil Kiernan Stephenson, District 10; John J Tatar, District 11; John Vico, District 12; Greg Creswell, District 13; Rick Secula, District 14; Gregory Scott Stempfle, District 15
Libertarian Scotty Boman, candidate for U.S. Senate, joined Michigan’s candidates for all 15 U.S. House of Representative seats to renounce the proposed financial bail out of the mortgage banking system. “These problems were caused by the Republican and Democratic politicians in DC and the Federal Reserve!” Boman continued, “They created the government monopolies Fannie Mae and Freddie Mac. They required them to insure no-money-down loans at artificially low rates to people without the ability to pay them back. They inflated the money supply, driving down interest rates, and artificially inflating home and asset values. Giving the same incompetent government regulators even more control over the market would be insane.”
Leonard Schwartz, US House candidate for Michigan’s 5th District expressed similar outrage. He summarized the situation, “These firms made loans, which is naturally a risky business. They made a lot of money on most of those loans. Now they want us to pay for the ones that went bad. This situation is the same as if a casino wanted to keep all the wagers they won, but wanted taxpayers to cover all their payouts.”
“Their proposals are simply wrong,” stated Daniel Grow, 1st District candidate for U.S. Congress. “Banking is already highly regulated.” Mentioning the Securities and Exchange Commission, the 2002 Sarbanes-Oxley Act, and prosecutions by the US Department of Justice, Grow added, “Loose monetary policy and efforts to expand home ownership caused this crisis, and further regulation will not fix anything.” Attacking the bail-out proposals, Grow said, “Pumping in more money will at best only temporarily delay necessary adjustments, ultimately bringing a worse crisis, and is a thinly veiled effort to seek short-term political gain.”
Dan Johnson, candidate for the 2nd District, declared, “It is us hard-working Americans who work, save to buy a home, and pay our bills who are being asked to mortgage not only our future, but our children’s and grandchildren’s future to pay for this. We need to stop this now, and we need to elect a Libertarian Congress in November. Otherwise, we risk further federal manipulation of our economy, which will ultimately fail and drive us into a deeper and longer depression than will occur naturally without further manipulation. Should this bailout go through, we will have handed the inmates the keys to the asylum.”
Scotty Boman offered this proposal: “The fastest way out of this mess is to free those hard-working Americans who have demonstrated they are responsible with their finances to continue to work hard, invest in our economy, and create jobs. We must not tax, regulate and penalize them to bail out those on Wall Street and Main Street who have demonstrated they are not responsible, and will likely do the same thing again, and expect yet another bail out.”
