The $700 billion Wall Street bailout bill goes to Congress for a vote today.
Read the summary here: Summary of the Emergency Economic Stabilization Act of 2008
Read the full text of the bill here: H.R. 3997 - Emergency Economic Stabilization Act of 2008
Update: As of 2pm, the House has voted AGAINST the Bailout bill by a vote of 205-228.
There has been a lot of finger pointing about the “melt down” in the financial sector with each party blaming the other for its collapse. Before anyone is too quick to blame Republicans, check out this timeline of events put together by Fox News last week:
Dr. Carl Mumpower, candidate for U.S. Congress, had this to say about the bailout proposal:
“This latest exercise in Washington’s socialistic nonsense is being sold just like every other action that undermines the Constitution and the rule of law and accountability in America,” said Mumpower. “We are, once again, being hoodwinked into ignoring our country’s blue print with a crisis plan validated with catastrophic safety predictions.”
“I am fascinated with how readily we give up our liberties for hollow assurances of security,” noted Mumpower. “People still keep a straight face while they defend the virtues of the Patriot Act and at the same time ignore porous borders admitting one million illegals each year.”
“Decades of big government regulatory inconsistency, inflationary monetary policy, and special interest indulgence got us into this latest financial crisis,” said Mumpower. “These robber barons are wanting us to fund an opportunity to repeat the process.”
