According to the Washington Post (via the Political Insider) Cong. John Jim Marshall is catching all sorts of heck for his vote earlier this the week in support of the $700 Billion with a “B” bailout package. There’s an opening there for Goddard, but can he capitalize? Goddard said this to a crowd in Hawkinsville:
“I fully recognize the importance to act and act quickly, but asking the American people to bail out Wall Street executives with no transparency or oversight would be reckless and would set a dangerous precedent of government intervention.
“A bi-partisan bill can be crafted using free market principles. The failed bill did not reform the government-sponsored Fannie Mae and Freddie Mac and changes are necessary to stop these entities from securitizing unsound mortgages and exposing taxpayers to high-risk loans. Transparency and oversight of participating firms was also absent from this bill.
If I were Goddard (and maybe he’s already doing this), I’d be on this issue night and day. I’d cut an ad immediately repeating what he said in Hawkinsville and pound Marshall over the head for his vote.
On the US Senate front, Jim Martin has been attacking Saxby on the economic issue on TV and on his website. Martin said Monday he opposes the bill, but of course it’s easier to make such statements when you’re not in office and thus subject to whatever arm twisting is going on.
The bill the US Senate will consider tonight has been “sweetened” apparently in an effort to gain more Republican support. However, rumor has it earmarks were added to the bill as well.
Meanwhile Senator Saxby Chambliss has indicated he might support the bailout package. As I posted here, Chambliss listed several things he wants to see in the bill, but given the negative reaction voters have had to the bailout voting in favor is risky for Chambliss. Given that the SEC has eased the “mark to market” rule (see this post on my blog) and the growing support for an insurance based solution rather than a big check to the Treasury Secretary, voting for the bill would be a mistake in my opinion. If Chambliss were to ask me I’d tell him to oppose it.