Conaway changes his vote on bailout plan
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“Today’s vote was the hardest I have taken in my nearly four years of being a Member of Congress,” he said. “I voted against the bill on Monday because there were several key pieces missing in the grand puzzle that is this financial rescue package.”
U.S. Sens. Kay Bailey Hutchison and John Cornyn voted for the Senate measure with the additional “sweetners” over the earlier bill Wednesday, in an attempt to convince the House to go along with the bailout.
Although the changes are not ideal, according to Conaway, they were enough to change his vote.
“I do not believe that such massive government action is the best answer to the current problems on Wall Street. However, I know that we must act quickly to restore investor and lender confidence and return our great nation to the most thriving economy in the world.
“There are two key amendments added by the Senate to the today’s bill that improved the rescue plan. One amendment increases the FDIC insurance limits, which will help calm bank depositors’ anxiety about the safety of their bank accounts. The other amendments are unrelated to the overall plan, but are positive issues such as a one-year patch to the Alternative Minimum Tax, sales tax deductions, and disaster relief for Texas hurricane victims. While these tax amendments made the overall bill easier to vote for, they were not my final determining factors.
“After the vote on Monday, the stock market reacted very negatively to the defeat. Confidence in the short term lending facilities, particularly commercial paper markets and overnight lending between banks, had to be addressed. The rescue plan’s focus on the mortgage backed securities problems is an attempt to restore confidence in short and medium-term lending, which is the lifeblood of our economy. While we cannot be positive that this plan will work to restore that confidence, I am positive that inaction is not an option.
“Above all else, I voted for this plan because I believe the threats to our economy are real and grave. This financial crisis will negatively affect everyone in this country if no action is taken, and it is my steadfast hope that this legislation will calm the fear and uncertainty that have gripped our lending markets and enable us to implement deeper structural reforms that prevent a crisis of this magnitude from ever reoccurring.”
Arrogance runs rampant in the so-called main stream press.
The proof, where is the source claiming Conaway's no vote created "citizen outrage?" Only a Jayson Blair type, an arrogant individual trying to create a story report that if it isn't true. That is not reporting the news, that's trying to create the news.
And again I say, if Conaway claims his yea vote was the hardest in the 4 years he's been there, it still doesn't sound like he changed it to quell "citizen outrage."
Also, yeah, I bet my opinion would be gleefully appreicated at the paper....
You either did not or do not listen to American Public, this bill was not wanted or needed. What is wrong with if you can't afford to pay for the item, either save for it or do not buy it. The United States of America did well with that thought until the "Feel Good" crowd came along. Socialism has not ever worked and will not work. That is a proven fact. You need to read the Communist Manifesto. Everything that is happening now, comes from the Communist Manifesto.
John Evans is so right, on several points. I called Mike Conaway's office 3 times, called John Cornyn and Kay Bailey Hutchison offices and I stated my vote. Do not vote for this socialism. They work for me, and I expect them to do ask requested. Do you expect your employees to work under your rules? The answer is "of course". As much you "press" disliked and made fun of Ronald Reagan, the US citizens loved him. The press is the "dunce" and you just do not learn. If Rush Limbaugh weren't right he would not have 20 million listeners. Again the "Mainstream" can't stand that because the American people don't like you.
I predict Conaway's "yea" will create far more "citizen outrage" than anything the "Presstitutes" can make-up.
Too bad those in the press aren't interested in telling us what happened because we weren't there. NOOOOOOOOOO, they "wanna make a difference." If the press wants "citizen outrage"...then "citizen outrage" it is.
Come on pressies, Conaway did say it was the hardest vote he had to cast in 4 years. It doesn't sound to me like he changed his vote to quell, "citizen outrage."
And please tell me how is giving relief to help Texas hurricane victims going to improve what this bill was originally crafted to do? This "excrement sandwich" will only make matters worse while costing the tax payers far more than $700 Billion,(it was increased to $850 Billion after the Senate vote.) But Hey!!, at least the government will grow...And that's what the,"Better living through government intervention," crowd is hoping for.
"Government is not the solution, goverment is the problem" Ronald Reagan: January 20, 1981. Why do the so-called "main stream media" refuse to realize what we "outraged citizens" already know?
Maybe it's because: "The news industry is the only business in America that loathes its customers and treats them with disdain," Rush Limbaugh.