Thursday, October 9, 2008

Kanjorski Voted For $700 Billion Dollars Then He Said The Bailout Won't Work

According to an article in the Pocono Record Dated October 9, 2008 Paul Kanjorsk states the "Failout" he proposed and voted yes will not work. He voted to spend $700 Billion dollars of taxpayers' money and then has the gall to tell us it won't work. He also tell us Congressional hearings are a joke. These are Paul Kanjorski's own words.

[Kanjorski was asked how and when we will know if the bailout (massive infusions of cash to prop up ailing financial institutions and ensure that businesses and individuals are able to borrow money) is a success.

"I think we already know," Kanjorski said during a meeting with the Pocono Record editorial board. "It's not going to work. It's so contagious into Europe and Asia now."

"Basically congressional hearings are theater and stage," he said. "We use it to gather information we already know. But it's not a problem-solving process."]

Ed Mitchell and Paul Kanjorski attempts to attack and smear Lou Barletta's position over the "Failout" program really demonstrate the desperate moves they are making this late in the campaign to rescue Kanjorski's reputation. Ed Mitchell offered claims that Lou flip-flopped on supporting the Failout. Let's examine the facts.

This quote is from the Pocono Record dated December 14, 2007

"The Bush Administration’s plan calling for the mortgage industry itself to stem the tide of rising home foreclosures has won praise from Congressman Paul Kanjorski, D-11, who opposes a government bailout." Then Paul Kanjorski comes up and votes for a government bailout plan. BTW Isn't this the same person who is accusing Lou Barletta of supporting George Bush and his policies?

Here is the link on Lou Barletta's position as far as the bailout goes: You can see that he supported government efforts to "continue to work until an effective, sustainable plan is passed." Also "5. An independent commission should be established to review the actions that brought our nation to this point. Who had oversight over these industries? What legislation – or lack of legislation –precipitated these events?" The independent commission as well as item 6 were not part of the legislation. He is not against the bailout per se, but the specific lack of a meaningful plan. Even Paul Kanjorski is quoted saying "It's not going to work. I back this paragraph up with this link to Barletta's press release after the plan was announced. “The current plans on the table in Washington do not accomplish the goals I set out in my statement on Wednesday."

Should we not expect meaningful hearings rather than theatre and stage?

To me all of these facts point to Paul Kanjorski and Ed Mitchell being disingenuous with the voters, once again stretching the facts to win an election.

1 comment:

Remind Myself said...

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Recently an insurance company nearly wind up....
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A bank is nearly bankrupt......filing chapter 11 protection.
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How it affect you? Did you buy insurance? Did you buy mini note or bonds?
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Who fault?
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They bailout trouble finance company, but they will not bail out your credit card bills…….Should they have use the bail out $$ to pump into all different industries instead ……You got no choice, and no point pointing finger but you can prevent similar things from happen again……
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Are you a partisan?
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Since the bailout already done, the question now is besides letting the economic back on track, what regulation should be done to prevent similar things from happen again…..

Eg.
The top management of the Public listed company ( belong to "public" ) monthly salary should be tied a portion of it to the shares price ( IPO or ave 5 years ).... so when the shares price drop, it don't just penalise the investors, but those who don't take well care of the company.....If this rule is pass on, without any need of further regulation, all industries ( as long as it is public listed ) will be self regulated......because the top management will be concern about their own pay check…… Instead of spending big money on hotel stay and luxury function……..
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Whenever anywhere, anytime, there is election campaign.....We can use this to question your candidate there….. if you agree on my point, please share with many people as possible.... Finance and Media are the two only industries can shaken politics ( Maybe Hackers can ), please help to highlight also...
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Blog
http://remindmyselfinstock.blogspot.com/
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Facebook, come and join as a friend and share with your friends…..
Remind.myself@yahoo.com