DeMint: Failing economy government's fault

U.S. Sen. Jim DeMint went on national TV this morning to oppose the proposed $700 billion bailout plan backed by President Bush Wednesday night.

DeMint, in an MSNBC appearance, said he opposes the government getting further in the mortgage business by buying troubled loans. He told the national audience he didn't trust government to fix the problem, and he hoped Congress would pursue "free market solutions."

"We ... need an infusion of new thinking because the government did cause this crisis," DeMint said.

DeMint said calls to his office opposing the bailout are "one hundred-to-one against."

Comments

[samuel n smith]

How we need more Senators of Jim DeMint's character & judgment. The government created the questionable "subprime market" then winked as the executives at Countrywide, etc. fleeced the American public. Now the government wants the taxpayer to pay the bill for the million dollar bonus packages and exorbitant incomes of the crooks.

[Dean]

The people that honor their obligations and pay their bills should be forced to bailout other people poor judgements. Thank You Sen Demint!!!
Of course Sen Graham is in favor of this bailout he always favors more socialism and welfare at the expense of working american people.

[Vincent Savage]

Yes, this mess is truly Socialism for the rich and free market for the rest of us. This has been the case for many years now and the Iraq war is no exception. In Bush's address he faied to explain where the money went and how it will be regained and distributed if it is. We are now expected to foot the bill for the risk-takers who lost at there own games. This includes AIG, an insurance company. This reads like a text book on how to squander money at some else's expense.

[tom]

When Sweden had this same problem a few years back, the Swedish government required all the banks to first write down their bad loans and then the government took any shareholder equity before taking the bank's bad assets. See N.Y. Times article today. The Swedish government ended up not losing any money because they held the banks accountable for their poor judgment.

[CHMueller]

I had no idea Sweden was an international player in the financial arena. As far as DeMint's judgement, he got this right, whereas he has voted along party lines supporting Bush's every whim before getting the others wrong. (The people that honor their obligations and pay their bills should be forced to bailout other people poor judgements. Dean) Don't you mean shouldn't? This is similar to the bailout that the savings and loans had under the other Bush, just not the magnitude and scope this Bush has created. And by the way another Bush was associated with one of the savings and loans at the time. Bush wants this bailout so his new career as CEO or CFO or board member is set - after all he'll be out of a job in January.

[Josh Neumann]

Interesting that the democrats are acting more like conservatives nowadays. I can't tell one party from the other anymore. If I lived in his state, Demint would have my vote, even though I'm a conservative and have never voted for a democrat in my life.