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July 24, 2008 5:16 pm EST
Washington, DC -- “Both the House and President George W. Bush have surrendered in the battle to protect America’s taxpayers from yet another expensive and unnecessary bailout,” says Bob Barr, the Libertarian Party candidate for president. “The $300 billion measure yesterday approved by the House and endorsed by the White House won’t just pay off improvident borrowers and lenders. It will create yet another piggy-bank for activist groups at public expense. Now it is up to the Senate to say no, though that appears unlikely, given the size of the House majority and President Bush’s promise to sign the bill,” notes Barr.
“The sub-prime lending crisis is largely a crisis of government,” adds Barr. “Congress and both Presidents Bill Clinton and George W. Bush pressed banks to lend more money in poor neighborhoods to less credit-worthy borrowers. The Federal Reserve pushed down interest rates to encourage more lending. Fannie Mae, Freddie Mac, and the Department of Housing and Urban Development subsidized home ownership. Now we are all paying the price for a boom gone bust,” says Barr.
continued: Senate Should Reject Housing Bailout, Says Bob Barr — Bob Barr 2008 (http://www.bobbarr2008.com/press/press-releases/64/senate-should-reject-housing-bailout-says-bob-barr/ - broken link)
I really can't stand Bob Barr. He's one of the idiots responsible for all that taxpayer money spent making a case against the president getting a BJ. I agree with some of his more recent propositions, but still can't stomach the guy.
Wasn't he the one who wanted to ban Wicca being practiced in the military or something?
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