Campbell on board on bailout plan
September 22nd, 2008, 12:11 pm · 9 Comments · posted by Dena Bunis, Washington Bureau Chief
Rep. John Campbell
Rep. John Campbell said today he’s on board with the Wall Street bailout bill, mainly because he hasn’t seen any alternative that he believes will work.
“During the course of the last 10 days our financial trading markets have basically become dysfunctional,’’ Campbell said. “That dysfunction, if allowed to continue, could affect everyone in America with a bank account, a pension plan or a mutual fund. We can’t just let it run its course and see what happened because the consequences are unconscionable.’’
And Campbell said the bill – which would let the Bush administration spend up to $700 billion to acquire the bad assets of failing banks – should not be considered a bailout of Wall Street.
“That’s not what it’s supposed to do, what’s not what it will do. The government will buy these things at way below that these entities paid for them. There will continue to be losses and there will continue to be failures on Wall Street and there should be.’’
Campbell said he hopes lawmakers don’t try to add in other non-related items on to this bill. I heard from some sources on the Senate side that they’re talking about adding everything from the House drilling bill to a continuing resolution to fund the government until after the election to what was a three-page proposal by the Bush administration.
September 22nd, 2008 at 4:10 pm
Instead of letting the market punish people who made bad business decisions, John Campbell is going to vote to give away our money. How very Republican of him.
September 23rd, 2008 at 3:58 pm
A three page proposal that says “give us $700 billion to spend however we want, with no restrictions or oversight whatsoever.” The proposal even states that decisions made by the Treasury Sec’y are not subject to review by any court, including the Supreme Court.
September 23rd, 2008 at 7:38 pm
This is exactly like Al Gore’s global warming propaganda. If we don’t pass this disastrous proposal, the world is going to end. However, you must do it now and not wait for any evidence. It’s an emergency. It is 100% complete garbage. This country is going into a recession one way or another. And it will survive. And the people who should be punished in our capitalist system will (for the most part). Everyone should call, write or email their senator or congressman and tell them we are not giving out $700,000,000,000 (at least) to rescue these overpaid con-artists.
September 24th, 2008 at 12:37 am
Campbell is such a tool. You can count on him to do the exact wrong thing and never do any independent thinking.
September 24th, 2008 at 4:49 am
No to bailout of wall street and corrupt politicians.
Please remember what this guy is proposing for everyone voting in his district. He is using his voice against the will of most of his constituents.
September 24th, 2008 at 8:11 am
Another worthless Republican walking in Lock-Step with the administration!!!
September 24th, 2008 at 4:22 pm
Guess who Campbells’ biggest and most significant constituent is? The Irvine Company ! This man has sold his soul to the mortgage industry and is a traitor.
September 24th, 2008 at 11:43 pm
You get what you vote for. Enjoy!
September 30th, 2008 at 4:02 pm
Campbell says his ‘constituents’ are thanking him (!) for voting FOR the bail out! …he says he’s saving my 401K!??! yeah right…..what bushit…..how out of touch can you be?!
Ken, this is completely different. If Al Gore’s wrong, we just get a cleaner planet to pass on to future generations, tho major polluters get a couple less billion. boo hoo.
This wall street bail out is financial armagedon for America but a nice big fat check to the investment banks like Goldman Sachs, Paulson’s old employer….