Take Me To Post Comment Form Here is Saxby's explanation/concerns about the bailout if anyone is interested.

WHY I AM FOR THE FINANCIAL MARKETS BILL
AND WHY I ASK YOU TO ALSO BE FOR IT:

1. I AM ANGRY THAT WE ARE IN THIS POSITION, BUT DOING NOTHING IS NOT AN OPTION. I share the frustration of Georgians. It is a complete outrage that we are in this position at all – major financial institutions are failing, individuals and small businesses cannot get credit, people are losing their retirement, the American people have lost confidence in our financial system. But doing nothing would cause irreparable harm to our economy and I will not sit back and just watch that happen.
2. TAXPAYERS ARE PROTECTED. In its current form, the legislation before the Senate protects taxpayers in many ways. Accountability, safeguards and oversight measures are numerous. There will be transparency, public reports, and triggers to end the program if, for some reason, it is not effective or end the program early if it is more successful than I believe it will be. I believe it will be effective and I worked to negotiate a mechanism so we could stop all transfers of taxpayer funds if it became necessary.
3. NOT A BLANK CHECK. I opposed the President’s initial request to just give a blank check to Secretary Paulson. I also opposed the second version submitted by the President and Congressional Democrats that would have given taxpayer money to liberal groups like ACORN. Let me be clear – this current bill, the bill in the Senate, is not a blank check for anyone. First, it allows the release of $250 billion to purchase these toxic loans. Then, Congress can release another $100 billion but only with Presidential involvement and certification that it is necessary. And only if absolutely necessary and again with Presidential certification and Congressional approval, the remaining $350 billion could be released. However, I do not believe the entire $700 billion authorized will be necessary or used.
4. NO GOLDEN PARACHUTES. Executive officers and CEOs who drove their companies into the ground will not be able to walk away with millions leaving taxpayers holding the bill. Those companies that choose to participate in the program will be subject to strict compensation limits.
5. NO NEW GOVERNMENT SPENDING. The language is clear – all revenue generated through the repayment of any assets purchased and any sold must be used to pay down the national debt. No money will go to pork projects, new government spending or radical groups like ACORN.
6. HELP FOR MAIN STREET. As this crisis continues, community banks are being affected more and more. Car loans and homes loans even to those with good credit are drying up. People are losing their retirement savings. Small businesses are now having difficulty getting loans to make payroll or grow their business to create new jobs. If we allow this continue, jobs will be lost and more retirement accounts will be impacted and credit will get even tighter.
7. PUNISH CRIMINALS. The Federal Government is actively investigating cases of fraud and abuse, and where wrongdoing is found, the perpetrators, including members of Congress if they are implicated, will be brought to justice. We have already seen subpoenas issued for records at Fannie Mae and Freddie Mac. This bill demands cooperation with the FBI and I expect we will see more subpoenas and criminal prosecution.
8. ADDRESS THE UNDERLYING CAUSE WHILE WE TREAT THE SYMPTOMS. We are seeing the symptoms now – lack of trust in the banking industry, daily tightening of the credit markets, losses to personal retirement accounts – and while this legislation addresses those issues it also goes further to treat the cancer that got us here. This legislation authorized the SEC to modify the ‘mark to market’ accounting procedures that magnified this crisis by forcing banks to mark down the value of assets they had no intention of selling in the near future. This mark down of value caused a corresponding loss of value to the institutions. The SEC has already begun the process to modify this procedure.
9. RETURN TRUST IN THE BANKS. By increasing the Federal Deposit Insurance Corporation (FDIC) protection on bank accounts from the current $100,000 to $250,000, taxpayers and bank customers can once again trust that their money is safe in the bank of their choice.
10. DEBT REPAYMENT. Toxic loans will be purchased at less than 1 cent on the dollar and 100% of the monies repaid to the government will go to reduce the debt we incur in this process. While we shouldn’t expect full repayment, it is possible that all of the money expended will be repaid.
11. PROTECT OUR NATIONAL SECURITY. If we do not act and this crisis spreads like a cancer to every segment of our economy, it will destroy not only our taxpayer savings but it will erode our ability to fund our military, supply our troops with the resources they need, and protect our homeland.
12. NO TIME FOR POLITICAL FINGER POINTING. There is plenty of blame to go around but now is not the time to throw stones, now is the time to address this crisis and get our economy moving again.
13. FOR THE COUNTRY NOT POLITICAL POPULARITY. This is not a popularity contest, this is a crisis. And since this crisis began, I have had numerous conversations with economists, community bankers, small business owners, and taxpayers. I have weighed the costs of inaction versus the cost of unpopular action. I support this bill because it is good for country, it is the right thing to do for taxpayers today and for my children and grandchildren, and it necessary to get our economy moving again.


This is the most serious and critical domestic issue I have dealt with in my 14 years in Congress. We have been betrayed by many people and by abuse of the system. Now we have two significant choices to make – do nothing or take action. I strongly believe that doing nothing will destroy the financial security of millions of Americans and possibly lead us into a depression. I just as strongly believe the bill as now negotiated will arrest the crises and begin to turn our economy around. This is not a bailout – this is a bill that is crafted to arrest the financial crises, restore security for the American taxpayer and return our nation to the strongest economic power in the world. And in the process this bill provides for us to root out and punish those who cheated us all.

Sincerely,

Saxby Chambliss