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Sunday, September 28th, 2008
Rep. Mack calls economic bailout plan “gimmicky”, won’t support it
WINK NEWS & WASHINGTON (AP) - Southwest Florida Representative Connie Mack (R) is calling the the $700 billion bailout for the financial industry “gimmicky” and it is not the kind of bill that he went to Congress to back.
The plan place the largest government intervention in markets since the Great Depression. The rescue plan casts Washington’s long shadow over Wall Street with the federal government taking over huge amounts of devalued assets from beleaguered financial firms in exchange for more oversight.
Congressman Mack tells WINK News, “I didn’t run for Congress to be party to the destruction of freedom and free markets. Sadly, the so-called compromise on the financial sector bailout continues to do just that.” He continued to say, “I opposed the original Paulson plan because it would have destroyed the free-market system. This so-called compromise will do the same. It compromises the cornerstones of America and it deserves to be rejected.”
Congressional leaders hope to have a House vote on the measure on Monday, and a vote in the Senate later.
