Saxby’s Statement

Saxby is out with a statement on the bailout. It does not involve bipartisan energy schemes, so that’s a start. You can read it below the fold.s the conversations in Washington continue over how to address our nation’s financial crisis, and as the details of the problems in our financial sector are revealed daily, I am convinced that something must be done and done soon.

But I want to be clear about congressional action: we must act because inaction will do serious harm to American families, farms, and small businesses as well as community banks and other lenders, and we must do our dead level best to make the right decisions, because action for the sake of expediency could put our nation at further risk.

Since last Thursday I have talked to numerous bankers, economists, academicians, as well as business leaders and owners who have told me that doing nothing would lead to irreparable harm to our economy. And I have heard from and talked to hundreds of Georgia taxpayers. Everyone is concerned about doing the right thing. Georgians are furious at the current situation and for good reason.

I am angry and upset that the oversight supposed to be afforded by the regulatory bodies was not provided the way it should have been. The American taxpayers should never find themselves in this situation again, and that is why there must be confidence that what Congress passes will work – not for Wall Street but for Main Street.

Before I give my support and work to pass legislation, it will have to have strong safeguards, accountable oversight, provisions that those who abused the system and the public trust will be punished, salary controls for the managers of the companies the taxpayers assist, and a commitment that any revenue earned by the treasury on this effort will be used 100% to retire the debt and not one penny used to expand government. I will fight any legislation that proposes to use one cent of these funds for pork barrel projects. Furthermore, I want to make sure that if fraud or other illegal acts took place that the people responsible are tried and punished. And while much of the focus has been on assisting larger banks and lenders, I am working to make sure that neighborhood banks and lenders are protected too. I intend to see that every single American has access to his or her money right now and forever and that Americans who need credit have it available to them.

As the Senate debate unfolds, any proposed legislation must protect the citizens and taxpayers of Main Street, their savings, their retirement funds, their small businesses, their careers, their homes, and economic well being. This financial debacle on Wall Street must not be allowed to infect Main Street anymore than it already has.

We have to clean up this mess and keep America on track. We must be certain that those responsible do not profit from this legislation and, where appropriate, necessary compensation policy be instituted. There will be no Golden Parachutes for executives in any plan I support. And civil and criminal penalties should be levied and pursued when and where appropriate.

During these next critical hours and days, I will carefully review the details of whatever package emerges, and I will fight for Georgians in this process. I will have my say. I am prepared to work through the weekend and into October and beyond – I will not vote for just any proposal – I will work for and vote for the proposal that I truly believe is in the best interest of Georgians and Americans, and I pledge to work on this as long as it takes to get the job done right.

20 comments

  1. tocallaghan says:

    I love Saxby, but the idea that all these politicians have that Wall Street and Main Street are separated is wrong. What happens on Wall Streets effects Main Street and Vice Versa.
    The second problem is this statement, “I am angry and upset that the oversight supposed to be afforded by the regulatory bodies was not provided the way it should have been.” The reason we are in this mess is the supposed “regulation” the government has been providing since President W. Wilson and has been increasing after every financial crisis. After a while I think Americans have realized that this increased regulation is not working. The other problem of course is the income tax. Ever since that tax was enacted in 1914, the amount of gross product produced per capita by a citizen compared to the world percent has declined. Saxby is right on this issue of the fair tax, the only way to make our country once again to a country that produces instead of just moving money.
    Saxby is also right on that if the government was to get any return on this “investment” in the market, 100% has to go to the national debt.
    He is also right that the CEOs of these countries deserve no bonus money from the federal government if they receive a bailout.
    And he is also right if accounting fraud took place, these men, who broke the law, should be held accountable and sentenced to harsh terms.
    Regardless of all this I believe Senator Chambliss is up there in Washington working as hard as he can for the people of our state and country. As John McCain says, “Country First.”

  2. IndyInjun says:

    Callahan:

    Saxby once again proves he is a total impostor as a conservative. This man has stabbed GOP principles in the back. NOW he is obediantly following the WORST POTUS IN HISTORY like he has a ring through Saxby’s nose and the banking FRAUDSTERS who gave him $1.3 million.

    Saxby and his gang of thieves are stealing from me and I won’t stand for it.

  3. Tekneek says:

    Yep, the whole problem with banks screwing up their financial books has everything to do with regulation and doesn’t to do with fiscal irresponsibility. So, I guess the reason that people get into excessive debt is also due to too much government regulation, right?

    Why is it that when individuals get into financial trouble, it is all their fault, but when a big corporation does it, it is because the big bad government made them do it? Let’s stand up and call it what it really is. Banks and other big businesses behaving badly and now looking to socialize their big losses. If that’s not what it is, then let’s stop throwing individuals under the bus for being the victims of government regulation. Also, if we want to get into the business of socializing losses, let’s do it for everyone and not just the biggest financial institutions.

  4. I’m willing to believe nearly every liberal tripe about W after the past few days. Oh what a world.

    Saxby, you aren’t a Conservative. Stop trying to be one. Go ahead and vote for the thing, we all know you want too.

  5. I’d like to know how many shares, of all the firms getting bailed out, do members of Congress own?

    How about Chambliss? I already know he gets funding from one of the firms that did some bailing out, but I’m wondering if he has a financial obligation to approve the bailout. That is…if he doesn’t, he’ll personally lose money.

    Same with the current administration. How much did they stand to lose?

    He said: “The American taxpayers should never find themselves in this situation again, and that is why there must be confidence that what Congress passes will work – not for Wall Street but for Main Street.”

    The American taxpayer didn’t put us in this mess. In a normal business setting….failing companies JUST FAIL!!!

    What smart business people loan money out when they know it can’t be paid back? I think they did this deliberately to cause the financial crisis.

    Money doesn’t really exist for the Federal Reserves. If we all pulled our money out of the banks, the Reserves would fall, because they loaned money based on a paper note system that is not backed by silver or gold. They only make money because we pay our interest on the loans. That is a stupid business decision and they know it.

    Now we have to pay for their greed.

  6. tb says:

    Look, something has to be done, but throwing a pile of money at them is just kicking the can down the road. government does not belong in this. i hope people flood the politicians phones tomorrow. I just love the fact that Barney frank and Christopher Dodd are crying foul. Don’t people see through this?

  7. tb says:

    Look, something has to be done, but throwing a pile of money at them is just kicking the can down the road. government does not belong in this. i hope people flood the politicians phones tomorrow. I just love the fact that Barney frank and Christopher Dodd are crying foul. Don’t people see through this?

  8. heroV says:

    CalPERS, for example, is the California state employee pension fund. It owns over $250 billion of stock, bonds, funds, etc. Where is this stuff traded? Wall St! Shocker!. I agree that the whole Wall St vs Main St pseudo-battle is crap. I bet you that a good number of the state employees who rely on the fund for their retirement are the same ones calling their Congressman and complaining about bailing out the “Wall St. fat cats, blah blah blah” without realizing that inaction could be crippling their pensions.

  9. Three Jack says:

    according to an email read on foxnews from an obvious saxby supporter, “socialism isn’t so bad when you consider the alternative”.

    i cannot bring myself to vote for that demwit running against saxby, but i will not cast a vote for the incumbent either. unfortunately georgia is stuck with saxby until at least 2014.

  10. …inaction could be crippling their pensions.

    Incorrect action could make things worse and prolong the situation.

    Some of the most basic details, including the $700 billion figure Treasury would use to buy up bad debt, are fuzzy.

    “It’s not based on any particular data point,” a Treasury spokeswoman told Forbes.com Tuesday. “We just wanted to choose a really large number.”

    They have got to do some better explaining than this and quit with the fear tactics. Level with the people with facts, not speculation and hyperbole.

    We need a solution/cure that fixes the problem, not a $700 Billion wound dressing that most likely will have to be repeated over and over.

    Fannie Mae and Freddie Mac need to be completely owned by the government like the post office (I would personally be against this) or completely privatized. Having the profits private and the losses socialized is a recipe for failure.

    Remove the capital gains tax on residential real estate at once, the markets will respond immediately and the assets held by these financial institutions will be re-evaluated in short order. Then reform or get rid of Sarbane-Oxley. I’m sure there are more incentives like this that can help instead of hinder our economy, like maybe, short term loans and not gifts or government buy outs for these institutions.

    Also, I just can’t believe we went from a “sound economy” to the brink of disaster in a matter of a couple of weeks. Which get’s us back to what I said a few days ago; Maintain, Adapt and Overcome. We need to take a little time and get this right. Decisions made in a panic are rarely good ones. Whatever solution they come up with needs to be in the spirit of the Hippocratic oath… first do no further harm. Which is why more investigations may be needed to find out how we got here in the first place, so we don’t do more of that.

  11. Ga Values says:

    Saxby has taken $1,322,000 from Banks, Insurance Companies, & Real Estate interest. Never let it be said Saxby sells out cheap.. McCain says Country First..Saxby says Lobbyist(especially Bo Chambliss) first.

  12. Ga Values says:

    for those of you who don’t want to vote for Saxby or Martin there is a “none of the above”.. Allen Buckley.At last night’s GOP meeting almost everyone said they were voting against Saxby. send the bums a message, there is no risk Saxby is at 52%.

  13. IndyInjun says:

    Hero,

    At the first hint of this bail-out, oil went limit-up, corn exploded, and gold set a one day record.

    This FRAUD is being sold to the masses as a way to prevent 401K losses.

    Nothing can stop that now.

    Bailing out the derivative level debt will be hyperinflationary.

    Stocks and particularly bonds go into the toilet in hyperinflation and stay there.

    In the 70’s the market was flat-lined.

    Don’t be stampeded by FEAR at the hands of the Bushites AGAIN!

  14. Rick Day says:

    Hypocrite. A damn ‘conservative free-market- hypocrite.

    When I sit in gas line, I think of Republicans. The elected ones and the ones who voted them in.

    And they are not nice thoughts. Ohhh no.

    Hey, you reading this…FIX it or get the hell out of my country! Yes, move to Cuba where the country takes care of you and protects you from terrorists.

    Vote ABI (anyone but incumbent). And if you can’t do that, then stay the hell home, pack, and leave my damn country!

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