Rep. McIntyre Votes No On Bailout

U.S. Congressman Mike McIntyre released the following statement after his no vote on the financial bailout bill:

“400 Eminent Professors of Economics, including three Nobel Laureates have said, ‘We ask Congress not to rush, to hold appropriate hearings, and to carefully consider the right course of action.’

“This plan does not strengthen confidence in our financial system. It rewards those very institutions which made bad judgments. This plan costs way too much money – money which we do not have and will have to borrow – ultimately from foreign investors. This plan dramatically increases the national debt to the tune of $2300 for every man, woman, and child in America. This plan burdens the average American taxpayer for poor business decisions made on Wall Street. It does not adequately protect the average family or business on Main Street.”

“It is essential that we stand with the families in Southeastern
North Carolina for whom we have always fought and to protect their savings and investments for future generations. The burden of this bill should not fall on their hands.”