John Tanner Explains His Vote For The Bailout

By Kleinheider Posted on October 3, 2008 at 1:07 pm

From a press release:

“When the [Treasury] Secretary came over here with a bill, it was a bailout. It was public risk and private gain,” Tanner said in a speech on the House floor. “By the wisdom of the body here, we put Section 134 – the ‘recoupment’ clause – in, which now makes it private risk and public gain, which is the way it ought to be. It is now a situation where we’re not talking about bailing out Wall Street or the high-flyers. If, at the end of the day, there is a shortfall to the Treasury of the United States, then [the financial industry] will be assessed that shortfall, and the Treasury will be made whole.

“What the bill does now is it attempts to protect all Americans who have an IRA, a 401(k), or a part of a state or local pension plan.”

UPDATE: A constituent’s rebuke:

As a taxpaying, voting citizen of this great nation, you have failed me. Over the course of the past two weeks, you have chosen to divert more money from my child to benefit those who have worked off of my back to get to where they are today.

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Tags: bailout, John Tanner  

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