Notes from Senator Inhofe on Freezing the $700 Billion Bailout
December 18, 2008
ONLY YOU CAN DO IT!
WE CAN FREEZE THE 2ND $350 BILLION BAILOUT MONEY!
People may be sick and tired of my recent frustration, but I’m committed to a solution, and that effort begins at noon today, December 18, 2008.
MY GOAL: to return to every taxpaying American family half of the $5,000 that was wrongfully taken from them in the $700B bailout by freezing the remaining $350B.
If we express each cost as it relates to each taxpaying family in America:
1. The Bridge to Nowhere = $1.50 per family;
2. The auto bailout = $85/family;
3. The $700B bailout = $5,000/family - and equals more than the entire cost of the Iraq war and twice the cost of Bill Clinton’s defense budget cuts in 8 years.
Either people don’t care or they don’t know... I believe they care!
By passing my legislation S3697:
When Secretary of the Treasury Hank Paulson sold the bill of goods to Congress, it was in two increments. He got the first $350B with no strings attached - to do with as he wished... the first time in American history. The second $350B is available unless Congress specifically passes an act to prohibit this from happening.
S. 3697 forces an affirmative vote to justify the second $350B... that’s all. But it won’t happen unless the American people demand it, because the vast majority in the House and Senate would have to admit they were wrong to vote for it in the first place. It will take the same public outrage that killed the amnesty bill.
How did that happen? YOU - Talk Radio and TV.
How bad was the $700B bailout:
1. It was the largest single expenditure in American history;
2. It was the largest transfer of power in American history to an unelected bureaucrat to do with as he wished;
3. The money was used in a manner other than as promised... to buy damaged assets, but it was given to favored banks and friends of Sec. Paulson.
4. Now, Sec. Paulson says he won’t use the second $350B, but will “Punt it to Obama.” So when Barak Obama walks into the White House, there will be $350B on the welcome mat for him to spend as he wishes with no oversight.
My other two missions for January will be opposing both the Cap and Trade on Global Warming and The Fairness Doctrine.
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