Culberson update on the bailout - let’s solve this crisis
As the entire country is abuzz on Congressional discussions concerning the bailout, Congressman Culberson has a few things to say:
To be clear, I understand that Congress must do something to restore liquidity and ease credit, but yesterday’s bill was focused more on protecting Wall Street institutions than protecting taxpayers. Handing over unlimited power to the Treasury Secretary to purchase toxic assets with our tax dollars under a new system that will take weeks or months to set up and raising the debt limit to more than $11 trillion (or 78% of GDP) is not the solution; instead we should focus on preventing a run on banks by raising the FDIC limit to $250,000 for deposit insurance in checking and money market accounts.
You can view the statement in its entirety on the www.culbersonforcongress.com site - be sure to sign up for the Culberson newsletter to keep up-to-date with all of the official Culberson news.
Tags: bailout
