30 September 2008 ~ 0 Comments

Michael Crimmins Opposes the Bailout Plan. Main Street Should Not Have To Bailout Wall Street

San Diego, CA – The Republican Party candidate for California’s 53rd Congressional District is demanding that his opponent vote against the misguided plan for Main Street’s bailout of Wall Street.

Michael Crimmins, Republican candidate for San Diego, opposes Washington’s plan to force taxpayers to pick up the bill for a $700 billion dollar bailout of Wall Street.

“My opponent, Congresswoman Susan Davis has voted lock-step with her party 98% of the time, making her one of the least independent Congressional Representatives in America,” said Crimmins. “Talk about being fused to the hip of Nancy Pelosi. Today she voted for the bailout plan which was eventually defeated. Now is the time for Susan Davis to show some leadership, stop being the perennial backbencher, and oppose the $700 billion dollar bailout of Wall Street As a fiscally conservative candidate, I have been skeptical all along of this rush for “the quick fix”. The proposed bailout plan is a short term fix at best, not a long term solution. While we could possibly see an immediate spike in the financial markets, with the current culture of corruption in Washington which led us to this very moment, we will as a nation continue to be driven deeper into debt if this bailout plan is left unchallenged.”

Treasury Secretary Henry Paulson promised America a stabilized economy after rescuing Bear Stearns last March, then Fannie Mae and Freddie Mac, and then AIG. Crimmins believes, “Enough is enough! A trillion dollars of taxpayer dollars towards bailing out our economy is entirely unacceptable. Just where was Susan Davis when oversight of Fannie Mae and Freddie Mac was most needed?”

“I agree that Congress must take action, but the current bailout plan is not the answer. We cannot dismantle Main Street in order to save a few firms on Wall Street. Private capital should bailout Wall Street. By immediately suspending the Business Tax and Capital Gains Tax we will free up private capital, which is a far better alternative than taxing Main Street. Congress must look further into overall market reform as the best long term solution.”

Crimmins continues his promise to fight for hard working San Diegans. Crimmins added, “Why should my future constituents, who have scrimped and saved and spent their money wisely, be forced to bail out Wall Street executives who drove their corporations into the ground? Forget about those golden parachutes gentlemen. You deserve a room in the long-bar hotel with pink jump suits, three hots and a cot!”

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