Posted by
DecoNservAtiVE on Monday, September 29, 2008 4:45:28 PM
Despite calls from concerned Delawareans, Congressman Mike Castle went ahead and voted for House Bill 3997 Emergency Economic Stabilization Act of 2008. Instead of choosing the path out of this crisis, that poses the least risk to consumers, by eliminating key elements of the government’s excessive attacks on the market, Congressman Castle chose once again to vote with his liberal friends Nancy Pelosi, Barney Frank and others in the House of Representatives. Fortunately, the measure did not pass as other less liberal Democrats and Conservative Republicans voted down a measure that would have further eroded the already struggling capitalist market. Congressman Castle has once again proven that he is not voting for what Delawareans want, but what is expedient for him in his political circles. Congressman Castle doesn’t have a handle on the realities of the situation, and he refuses to listen to his own constituents. In fact, one of the proposals that was in fact proposed by myself, was to eliminate the capital gains tax for a period of 12-36 months, cut the corporate and wage taxes to 15% for the same period, repeal the mark to market accounting procedures and the Sarbanes-Oxley bill that have led to this disaster. Had Congressman Castle actually studied the plan laid before him, he may have also noticed that this would also address the bailouts of Fannie, Freddie and AIG. First, AIG must be returned to the market, allowed to either fail or be purchased and the only negotiable area there is if we can back the assets with government insurance. Also, Fannie and Freddie MUST be dissolved and their assets must be auctioned in the market. Oversight must be present, yet the government must restrain their restrictions on the market to cases of corporate excess or injustice. Golden parachutes must be cut deeply for executives of failing institutions and severance packages must be reasonable for other employees who will lose their jobs if the company fails. Again, Mike Castle has shown his lack of leadership and conservative values. It’s time for the right kind of change in Washington. Remember that when you vote on November 4th. Given his opponent this year, a bigger liberal than he, perhaps write in votes are the way to go.