Showing posts with label bailout. Show all posts
Showing posts with label bailout. Show all posts

Tuesday, March 31, 2009

Atlanta Tea Party Info

Where and When? Atlanta State Capitol 206 Washington St. SW, Atlanta, GA 30334-9007 , Recommended Arrival time 6-7 p.m.

What to expect at the Tea Party? The purpose is to let Congress and the President know there are many, many Americans across the country that are fed up with bailouts, large budgets, and high taxes. The way the rally will help us achieve this purpose is by having multiple events happening across the country on the same day. Currently there are 245 events planned and more are being added. By having so many people gather across the country hammering home the exact same messages, it will get Media coverage and Congress will see that there are everyday, ordinary citizens who are fed up with fiscal irresponsibility. There will be protesters with signs promoting our message. We will also have a line up of speakers including everyday citizens, event organizers, and elected officials. Sean Hannity, host of Fox News Hannity’s America, will broadcast live from the event.

Is there a webpage for the Atlanta Tea Party? www.Atlantateaparty.net

Why is the Tea Party in downtown and not in the suburbs? To send this message loud and clear we need to have excellent media coverage and very large crowds across the country. The message to be sent to Washington is to “cut the pork and repeal taxes”. If there are 1,000 people in downtown and a few hundred at each event in various metro counties, we will not have the same impact or the same media coverage as we will if we have several thousand people in one place for the media to take photos and video.

Is there carpooling available? Carpooling is provided on a voluntarily basis within neighborhood groups and friends although it is recommended that Marta be utilized as it goes right to the capitol. Due to time constraints, there will not be a kickoff party in Fayette county as many will be working around busy schedules to attend the tea party. The most efficient transportation methods are Shannon Mall park and ride or the College Park Marta station.

Is there something planned for those who work? In Fayette County, the arrival time being between 6:00 and 7:00 p.m. will allow those wishing to attend the time to do so.

Do you need donations? How can I give money? Thank you for your generosity. Go to the Atlanta Tea Party website(http://atlantateaparty.net) and click on the Donate Button on the sidebar on the right of the screen. Donations will be used to pay for staging, screens, projectors, banners, and other details necessary for the event.

Is there anywhere I can purchase Atlanta Tea Party merchandise? We are adding an Atlanta Tea Party store to the website shortly. Please check http://atlantateaparty.net for a link to the store.

I would like to be included in the planning of the Tea Party. How can I be included? How can I volunteer? While the Nationwide Tea Party Movement has official sponsors and City Chairmen, this is a grassroots movement. Any thoughts, concerns, or suggestions you have will be considered and addressed. Please email those to us or call me directly (404-326-0936). Additionally, we have weekly conference calls on Monday nights at 7:30 to discuss the planning of the events and for attendees to volunteer for various tasks. If you are able to attend the conference call, please email me with RSVP Monday 7:30 in the subject line and I will send you the call in phone number.

What speakers are lined up? Currently, there are 4 confirmed speakers including: Congressman Tom Price; Dave Ryan, President of American Solutions; Joel Aaron, host of Sound Bytes on WGKA 920 AM; and Eric von Haessler, co-host of the Regular Guys on Rock 100.5. As additional speakers are lined up, we will add them to the website (http://atlantateaparty.net).

What should we put on protest signs for the event? We will be listing sign suggestions on our websit (http://atlantateaparty.net) shortly. If you have additional suggestions, you can add them to the comments under that particular post. Protest signs that are not in line with theme of the event will be asked to be removed at the demonstration. Such signs include but not limited to: campaigning, racially inappropriate slogans, anything that suggests violence or unlawful activity, and/or partisan slogans.

How can I volunteer?I do not have much time to volunteer before the event. What small thing can I do to help right now? There are several small things you can do to help with the Atlanta Tea Party. Send an email out to all your like minded friends, family, and neighbors inviting them to attend the Tea Party with you. You direct them to the Atlanta Tea Party (http://atlantateaparty.net) website for up to date details. Use shoe polish to paint you car windows with the atlantateaparty.net. This way people you pass on the street know about the website. Purchase a t-shirt from our store (http://atlantateaparty.net) and wear it as you run errands.

Are there additional events planned after April 15th? Are there going to be any Tea Parties on a Saturday There are tentatively 10 total Tea Parties that will take place between February, 2009 and Election Day, 2010 but that is not set in stone. You can go to TeaPartyPatriots.ning.com to answer questions about your vision for the Nationwide Tea Party movement.

Jenny Beth Martin
Nationwide Tea Party Movement,
Strategic Visioning Committee

Wednesday, March 18, 2009

Pelosi Statement on AIG Legislation on House Floor Tomorrow

/PRNewswire-USNewswire/ -- Speaker Nancy Pelosi issued the following statement tonight on legislation the House will vote on tomorrow to hold companies, including American International Group (AIG), accountable for the bonuses that were paid to their executives. The legislation will recover the bulk of these bonuses by taxing them at a rate of 90 percent. Below the Speaker's statement is a brief fact sheet on HR 1586.

"We must stabilize the financial system in order to strengthen our economy and create jobs. We must also protect the American taxpayer from executives who would use their companies' second chances as opportunities for private gain.

"Because they could not use sound judgment in the use of taxpayer funds, these AIG executives will pay the Treasury in the form of this tax. I urge all my colleagues to vote in favor of this legislation and in favor of recovering taxpayer dollars and protecting Americans from the continued poor judgment of some of America's largest companies."

* * * * * *

As a result of extraordinary abuses of the public trust by companies rewarding employees with excessive compensation while receiving billions in taxpayer assistance, Congress introduced legislation to recover taxpayers' dollars.

The bill would apply a separate income tax rate of 90 percent to bonuses received by individuals from companies which have received at least $5 billion from TARP. It would also apply to bonuses paid by Fannie Mae and Freddie Mac.

For this purpose, bonuses will be defined as any retention payment, incentive payment, or other bonus which is in addition to regular employee compensation payable on a periodic basis.

The special tax rate only would apply to individuals and families with overall income (including income other than bonuses) in excess of $250,000.

The bill applies to payments received after December 31, 2008.

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Thursday, January 22, 2009

Blunt Votes Against Releasing Additional Taxpayer Funds, Supports Accountability Report

/PRNewswire-USNewswire/ -- Missouri Congressman Roy Blunt today voted against releasing the second installment of funds under the government's financial rescue package, called the Troubled Assets Relief Program.

"Congress passed a financial rescue package with taxpayer protections last year but that package has become nothing more than a bailout," Blunt said. "I agree with the majority of Americans and Missourians that we cannot release the second installment of taxpayer funds."

The House voted on a "resolution of disapproval," meaning Blunt's yes vote would block access to the bailout funds.

Blunt yesterday voted for an amendment requiring the Treasury Department to obtain information from TARP fund recipients on how the money was allocated and conduct an analysis on the use of the funds. The original package passed by Congress, and negotiated with Treasury officials, contained taxpayer protections and outlined how the funds could be used. The Treasury Department, however, used the funds in ways not intended or discussed during negotiations.

"I am disappointed that the administration of this program has failed in its most basic goal of granting more credit for deserving families and businesses," Blunt said. "There has been too much irresponsibility in the management of the first installment and I believe the Treasury owes it to the American taxpayers to disclose how their money was spent.

"The second half of these funds will ultimately be used. I hope that it is used for the program's original intent and not as an unaccountable handout that doesn't do what we intended to help our economy."

Under the guidelines of the package Congress passed last year, both the House and Senate would have to pass the disapproval resolution for additional funds to be stopped. The Senate has already voted to allow the release of the second TARP installment.

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Friday, December 19, 2008

Bush Bails Out Autos




President Bush announced he will use executive power to bailout the U.S. automakers in a plan similar to the legislation which died in the Senate.

Transcript of speech:

BUSH: Good morning.

For years, America's automakers have faced serious challenges; burdensome costs, shrinking share of the market and declining profits. In recent months, the global financial crisis has made these challenges even more severe.

Now, some U.S. auto executives say that their companies are nearing collapse and that the only way they can buy time to restructure is with help from the federal government. It's a difficult situation that involves fundamental questions about the proper role of government.

On the one hand, government has the responsibility not to undermine the private enterprise system. On the other hand, government has a responsibility to safeguard the broader health and stability of our economy.

Addressing the challenges in the auto industry requires us to balance these two responsibilities. If we were to allow the free market to take its course now, it would almost certainly lead to disorderly bankruptcy and liquidation for the automakers.

Under ordinary economic circumstances, I would say this is the price that failed companies must pay. And I would not favor intervening to prevent the automakers from going out of business. But these are not ordinary circumstances.

In the midst of a financial crisis and a recession, allowing the U.S. auto industry to collapse is not a responsible course of action. The question is how we can best give it a chance to succeed.
Some argue the wisest path is to allow the auto companies to reorganize through Chapter 11 provisions of our bankruptcy laws and provide federal loans to keep them operating while they try to restructure under the supervision of a bankruptcy court.

But given the current state of the auto industry and the economy, Chapter 11 is unlikely to work for American automakers at this time. American consumers understand why. If you hear that a car company is suddenly going into bankruptcy, you worry that parts and servicing will not be available and you question the value of your warranty.

With consumers hesitant to buy new cars from struggling automakers, it would be more difficult for auto companies to recover. Additionally, the financial crisis brought the auto companies to the brink of bankruptcy much faster than they could have anticipated. And they have not made the legal and financial preparations necessary to carry out an orderly bankruptcy proceeding that could lead to a successful restructuring.

The convergence of these factors means there is too great a risk that bankruptcy now would lead to a disorderly liquidation of American auto companies. My economic advisers believe that such a collapse would deal an unacceptably painful blow to hardworking Americans far beyond the auto industry. It would worsen a weak job market and exacerbate the financial crisis. It could send our suffering economy into a deeper and longer recession.

And it would leave the next president to confront the demise of a major American industry in his first days of office.

The more responsible option is to give the auto companies an incentive to restructure outside of bankruptcy and a brief window in which to do it. And that is why my administration worked with Congress on a bill to provide automakers with loans to stave off bankruptcy while they develop plans for viability.

This legislation earned bipartisan support from majorities in both houses of Congress. Unfortunately, despite extensive debate and agreement that we should prevent disorderly bankruptcies in the American auto industry, Congress was unable to get a bill to my desk before adjourning this year.

This means the only way to avoid a collapse of the U.S. auto industry is for the executive branch to step in. The American people want the auto companies to succeed and so do I.

So today I'm announcing that the federal government will grant loans to all the companies under conditions similar to those Congress considered last week. These loans will provide help in two ways. First, they will give automakers three months to put in place plans to restructure into viable companies which we believe they are capable of doing.

Second, if restructuring cannot be accomplished outside of bankruptcy, the loans will provide time for companies to make the legal and financial preparations necessary for an orderly Chapter 11 process that offers a better prospect of long-term success and gives consumer confidence that they can continue to buy American cars.

Because Congress failed to make funds available for these loans, the plan I'm announcing today will be drawn from the financial rescue package Congress approved earlier this fall. The terms of the loans will require auto companies to demonstrate how they would become viable.

They must pay back all their loans to the government and show that their firms can earn a profit and achieve a positive net worth. This restructuring will require meaningful concessions from all involved in the auto industry — management, labor unions, creditors, bond holders, dealers, and suppliers.

In particular, automakers must meet conditions that experts agree are necessary for long-term viability, including putting their retirement plans on a sustainable footing, persuading bond holders to convert their debt into capital that companies need to address immediate financial shortfalls, and making their compensation competitive with foreign automakers who have major operations in the United States.

If a company fails to come up with a viable plan by March 31st, it would be required to repay its federal loans. The automakers and unions must understand what is at stake and make hard decisions necessary to reform.

These conditions send a clear message to everyone involved in the future of American automakers. The time to make hard decisions to become viable is now. Or the only option will be bankruptcy.

The actions I'm announcing today represent a step that we wish were not necessary. But given the situation, it is the most effective and responsible way to address this challenge facing our nation. By giving the auto companies a chance to restructure, we will shield the American people from a harsh economic blow at a vulnerable time and we will give American workers an opportunity to show the world, once again, they can meet challenges with ingenuity and determination and bounce back from tough times and emerge stronger than before.

Thank you.

Tuesday, December 16, 2008

Federal Lawsuit Filed Against Treasury Secretary to Stop AIG Bailout Financing of Terrorist Activities

/PRNewswire-USNewswire/ -- A federal lawsuit was filed December 15 against U.S. Treasury Secretary Henry M. Paulson, Jr. and the Federal Reserve Board to stop all bailout funds from going to American International Group, Inc. ("AIG"). According to the lawsuit, the U.S. government, through its ownership of AIG, is not only violating the Constitution, but also promoting and financing the destruction of America using American tax dollars.

The basis of the lawsuit is that AIG intentionally promotes Shariah-compliant businesses and insurance products, which by necessity must comply with the 1200 year old body of Islamic cannon law based on the Quran, which demands the conversion, subjugation, or destruction of the infidel West, including the United States. To help achieve these objectives and with the aid of federal tax dollars, AIG employs a three-person Shariah Advisory Board, with members from Saudi Arabia, Bahrain, and Pakistan. According to AIG, the role of its Shariah authority "is to review [its] operations, supervise its development of Islamic products, and determine Shariah compliance of these products and [its] investments."

Of particular significance is the Pakistani Board member, Dr. Muhammed Imran Ashraf Usmani. Dr. Usmani is the son and devoted disciple of Sheik Mufti Taqi Usmani, the leading authority on Shariah financing who, in 1999, authored a book dedicating an entire chapter on why a Western Muslim must engage in violent jihad against his own country - even if Muslims are given equality and freedom to practice their religion and to proselytize.

The lawsuit was filed in the Federal District Court for the Eastern District of Michigan on behalf of Kevin J. Murray, a former Marine infantryman who served two tours of duty in Iraq. Murray is represented by the Thomas More Law Center, a national public interest law firm based in Ann Arbor, Michigan, and David Yerushalmi, an associated attorney who specializes in litigation and is an expert on Shariah law (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1105101) and Shariah compliant financing. Mr. Yerushalmi also serves as general counsel to the Center for Security Policy in Washington, D.C.

According to the lawsuit, use of taxpayer funds to acquire ownership of a business that intentionally promotes, endorses, supports, and funds Shariah-based Islamic religious practices violates the Establishment Clause of the First Amendment to the U.S. Constitution.

Richard Thompson, President and Chief Counsel of the Thomas More Law Center, commented, "This lawsuit not only raises significant constitutional issues, it also shines a light on serious national security issues that our own government has created by direct financial support and ownership of a business that supports anti-American, radical Islamic activities. Make no mistake, there is an internal cultural jihad underway against our great nation, and I fear that many of our political leaders are unwittingly complicit in it."

On September 11, 2001, Islamic terrorists, guided by principles of Shariah-mandated jihad against "infidels," attacked and killed thousands of innocent American civilians. Shortly thereafter, the U.S. went on the offensive by engaging Islamic terrorists overseas in Iraq and in Afghanistan. As in the past when our Nation faced great crisis, American servicemen were called to action, and Kevin Murray answered the call. From March to October 2003, Murray - a U.S. Marine - was deployed overseas in support of Operation Enduring Freedom and Operation Iraqi Freedom.

Yet today, Murray's federal tax dollars are being used to advance the very cause of global jihad he and his fellow servicemen were placed in harm's way to overcome. Shariah explicitly demands the murder of infidels like Kevin Murray and the destruction of the United States, which Murray took an oath to defend. Shariah is the same law that is used to justify beheadings, stonings, and amputation for petty crimes in places like Saudi Arabia, Iran, and Sudan, which Americans deplore.

Nevertheless, AIG acknowledges and boasts its promotion of Shariah law and Shariah-based business practices. AIG itself describes "Sharia" as "Islamic law based on the Quran and the teachings of the Prophet [Mohammed]."

In further support of the federal government's endorsement of Shariah, the U.S. Treasury department co-sponsored a seminar in November of this year entitled "Islamic Financing 101" (http://www.thomasmore.org/downloads/sb_thomasmore/-AnnouncementonIslamicFinan ce.pdf) to promote Shariah financing among American institutions. The Seminar was jointly sponsored by Harvard University, one of the many American universities and colleges receiving millions of dollars from oil-producing countries to influence their Middle East programs, which are often staffed with professors who are anti-American, anti-Israeli, and pro-Islamic.

"It is clear," said Thompson, "oil money is purchasing the sovereignty of the United States and whatever loyalty to America these greedy financial institutions, corporations, and universities have left. It's up to the American people to take back their country from those who so easily betray its interests."

The federal lawsuit challenges that portion of the "Emergency Economic Stabilization Act of 2008" that appropriated $40 billion in taxpayer money to fund and financially support the United States government's majority ownership interest in AIG, which engages in Shariah-based Islamic religious activities that are anti-Christian, anti-Jewish, and anti-American.

According to the lawsuit, through the use of taxpayer funds, the U.S. government acquired a majority (79.9%) ownership interest in AIG, and as part of the bailout, Congress appropriated and expended an additional $40 billion of taxpayer money to fund and financially support AIG and its financial activities. AIG, which is now a government owned company, engages in Shariah-compliant financing, which subjects certain financial activities, including investments, to the dictates of Islamic law and the Islamic religion. This specifically includes any profits or interest obtained through such financial activities.

An important element of Shariah-compliant financing is a form of obligatory charitable contribution called zakat, which is a religious tax for assisting those that "struggle [jihad] for Allah." The amount of this tax is between 2.5% and 20%, depending upon the source of the wealth. The zakat religious tax is used to financially support Islamic "charities," some of which have ties to terrorist organizations that are hostile to the United States and all other "infidels," which includes Christians and Jews.

The Holy Land Foundation for Relief and Development, recently convicted for providing material support to Islamic terrorist organizations, is an example of an Islamic "charity" that qualifies for receipt of the zakat. Thus, as a direct consequence of the taxpayer funds appropriated and expended to purchase and financially support AIG, the U.S. government is now the owner of a corporation engaged in the business of collecting religious taxes to fund interests adverse to the United States, Christians, Jews, and all other "infidels" under Islamic law

Continued Thompson, "This lawsuit is as much about protecting constitutional principles as it is about protecting our national security and preventing another 9/11 - whether it be overt through flying planes into buildings or covert through appropriating taxpayer money to fund an Islamic cultural jihad."

The lawsuit seeks a court order to stop the taxpayer funding of AIG and its Islamic-based businesses and activities.

The Thomas More Law Center has been involved in several cases dealing with the insidious threat of radical Islam. Law Center attorney Robert Muise, who is handling this case involving AIG, is also one of the Law Center's attorneys defending LtCol Jeffrey Chessani, USMC, the senior officer charged in the so-called "Haditha Massacre" case. Those charges were dismissed by a military judge, and the government has appealed that ruling. Muise is also representing former Marine Jesse Nieto, whose anti-Islamic terrorism message was recently banned by military authorities at Marine Corps Base Camp Lejeune because of some unknown complaints.

The Thomas More Law Center defends and promotes America's Christian heritage and moral values, including the religious freedom of Christians, time-honored family values, and the sanctity of human life. It supports a strong national defense and an independent and sovereign United States of America. The Law Center accomplishes its mission through litigation, education, and related activities. It does not charge for its services. The Law Center is supported by contributions from individuals, corporations and foundations, and is recognized by the IRS as a section 501(c)(3) organization. You may reach the Thomas More Law Center at (734) 827-2001 or visit our website at www.thomasmore.org.

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Monday, December 15, 2008

FCC to Consider Next Entity for Taxpayer Bailout

/PRNewswire-USNewswire/ -- If the Federal Communications Commission (FCC) moves forward with plans to create a government-operated nationwide wireless network provider at an up-coming meeting scheduled for Dec. 18, it will create yet another government-mandated entity at risk for failure and future taxpayer bailout.

The FCC plans to use this week's meeting to vote on a proposal to auction 25 megahertz of spectrum to be used as a free national wireless network operated by a single provider, creating a new government sponsored enterprise in the tradition of Fannie Mae and Freddie Mac.

According to the IPI publication, "Should the U.S. Favor a Free Nationwide Wireless Network Provider?"

(http://ipi.org/ipi/IPIPublications.nsf/PublicationLookupFullTextPDF/94BE0 017C8D28CFB862574CE00596D98/$File/NationwideWireless.pdf?OpenElement)

Author and IPI adjunct fellow Solveig Singleton warns the plan is risky.

"This kind of company would not be allowed to fail and therefore sets up a future bailout at taxpayer expense," she says.

The risk of failure is substantial, says Singleton: "The entity will have little flexibility to change business models if it finds itself in trouble."

In the report, Singleton recalls how other failed municipal Wi-Fi plans, including one proposal for the city of Portland, Ore., found the deal uneconomical and unsuccessfully tried to bow out.

Furthermore, in the event the auction winner is headed for bankruptcy and collapse, Singleton warns supporters of the plan if they are prepared to allow the entity to fail.

"Policy makers should keep the federal thumb off the broadband competition scales and stay out of the business of designing broadband business models," Singleton concluded.

The Institute for Policy Innovation is an independent, non-profit public policy organization based in Dallas, Texas. Copies of the publication, "Should the U.S. Favor a Free Nationwide Wireless Network Provider?" are available by visiting www.ipi.org .

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WashingtonWatch.com Update: The Auto Bailout, a Retiree Tax Break, and the Blagojevich-Obama Connection

/PRNewswire-USNewswire/ -- This is the WashingtonWatch.com federal legislative update for the week of December 15, 2008.

On the WashingtonWatch.com Blog

Illinois Governor Rod Blagojevich's attempt to sell the Senate seat formerly occupied by Barack Obama has captured the headlines. The WashingtonWatch.com blog has an unusual take on it in a post called "The Blagojevich-Obama Connection."

http://tinyurl.com/5e9emv

Last week, the House of Representatives passed a bill to provide federal support to the "Big Three" automakers.

H.R. 7321, the Auto Industry Financing and Restructuring Act would have provided funding sufficient to cover the costs of up to $14.0 billion in bridge loans or commitments for lines of credit to U.S. auto manufacturers.

The cost of the legislation is a little under $90 per U.S. family. Late in the week last week, it appeared that the Senate would not pass the legislation.

H.R. 7321
The Auto Industry Financing and Restructuring Act
Costs $87.75 per family
What People Think: 27% For, 73% Against
http://www.washingtonwatch.com/bills/show/110_HR_7321.html

Last week, both Houses of Congress passed H.R. 7327, the Worker, Retiree, and Employer Recovery Act of 2008. Along with making technical corrections related to the Pension Protection Act of 2006, the bill waives required minimum distribution rules for certain retirement plans and accounts.

The tax savings in the bill save the average U.S. family about $30. The bill now goes to the President, who is likely to sign it into law.

H.R. 7327
The Worker, Retiree, and Employer Recovery Act of 2008
Saves $30.72 per family
What People Think: 57% For, 43% Against
http://www.washingtonwatch.com/bills/show/110_HR_7327.html

Displayed below are new, updated, and passed items with their cost or savings per family.

New Items

H.R. 7327
The Worker, Retiree, and Employer Recovery Act of 2008
Saves $30.72 per family
http://www.washingtonwatch.com/bills/show/110_HR_7327.html

H.R. 7321
The Auto Industry Financing and Restructuring Act
Costs $87.75 per family
http://www.washingtonwatch.com/bills/show/110_HR_7321.html

Updated Items

S. 3715
The Auto Industry Emergency Bridge Loan Act
Costs $11.59 per family
http://www.washingtonwatch.com/bills/show/110_SN_3715.html

Passed Items

none

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Thursday, December 11, 2008

Barr Condemns Newest Bailout

Former Congressman Bob Barr, the Libertarian Party's 2008 presidential nominee, issued a statement condemning the proposed $15-billion bailout of the auto industry apparently nearing approval in the Congress. Barr said “the Faustian bargain” the Big 3 automakers reached with lawmakers “compounds the problem” of the massive bailouts backed by Congress and the Bush Administration, and apparently is structured so as to give the federal government a degree of involvement and control of GM, Ford, and Chrysler that the companies “will live to regret.”

Barr went on to say that while the auto industry has a better case for protection than insurance giant AIG, which already has secured some $85 billion in taxpayer-funded bailout money, the contemplated auto bailout will solve none of the underlying problems facing the industry or the economy. AIG, for example, Barr noted, was the “master of its own demise,” and directly contributed to creating the current economic crisis; the auto companies did not. Other entities also responsible for creating the mortgage crisis, Fannie Mae and Freddie Mac, were also given massive bailouts earlier in the year. It is difficult, given these precedents, to deny others the benefit already granted these other entities, but, Barr noted, we should not put even more taxpayer dollars at risk.

Bob Barr represented the 7th District of Georgia in the U. S. House of Representatives from 1995 to 2003 and was the 2008 Libertarian Party Nominee for President.

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