Connie Mack: Bailout Bill ‘Compromise’ Compromises America

September 28, 2008 –

WASHINGTON – Congressman Connie Mack (FL-14) today denounced the so-called compromise bailout plan for the nation’s financial sector.

“As I have said before, 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.

“When compared to the original $700 billion Paulson plan, this ‘compromise’ is merely a set of differences without distinctions.

“While it creates a gimmicky $700 billion installment plan, attempts to improve transparency, and has new provisions cloaked as taxpayer protections, its net effect is still a massive bailout of the financial sector that will snuff out the free market system. It still gives unprecedented and inappropriate amounts of power to the federal government, and it still exposes every single American to untenable risks and almost unimaginable costs.

“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.

“There are proven free market proposals that would flood the marketplace with liquidity and confidence without destroying capitalism. Those proposals would provide tremendous opportunities to help guide and grow our economy without trampling on the basic tenets of the free market and without incurring yet another massive expansion of government.

“I urge my fellow House Republicans to stand with the American people in denouncing the destruction of capitalism. This ‘compromise’ should be rejected without delay and we should continue to fight for a plan that strengthens and grows our economy with free market principles.”

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