Home > Political Insider > Archives > 2008 > September > 29 > Entry
DEL.ICIO.USU.S. Rep. Jim Marshall on bailout: ‘I am willing to give up my seat over this’
The Atlanta Journal-Constitution
The vote to bailout Wall Street has become the $700 billion October surprise nobody wanted to see.
In Georgia, Republican members in the U.S. House have yet to tip their hands, but this morning’s New York Times has this — which could affect a mid-state congressional race:
Throughout Sunday, small groups of lawmakers could be found around the Capitol exchanging their views on the plan. Some said they were willing to take a political risk and back it.
One, Representative Jim Marshall, a Georgia Democrat facing a re-election contest, told colleagues in a private meeting that he would vote for the measure to bolster the economy. “I am willing to give up my seat over this,” Mr. Marshall said, according to another person who was there.
The architects of the plan said they realized they were calling on Congress to cast a tough vote since lawmakers might not get credit for averting a financial crisis since some constituents will not believe one was looming.
(Thanks to Sid Cottingham for catching the mention.)
In this morning’s Savannah Morning News, Walter Jones assesses the positions of candidates in Georgia’s U.S. Senate race:
— Republican incumbent Saxby Chambliss wants a cap on executive compensation, and a panel to supervise the Treasury Department’s administration of the $700 billion. Both elements are in the current version. Chambliss also “insists that any money received from banks or investment companies getting bailed out would go entirely toward repaying taxpayers and not toward other financial mechanisms.”
— Democrat Jim Martin wants payments to mortgage borrowers rather than investment companies, which is not in the current package and isn’t likely to be. Martin also wants consumer protections against predatory lending and aggressive credit card tactics, which he says “triggered much of the crisis.” And he doesn’t think commercial and investment banks should be permitted to merge.
— Libertarian Allen Buckley agrees that some kind of action is necessary, which — given his party — needs to be noted. Buckley wants regulation of the Federal Reserve, which he said caused the borrowing spree by “dropping interest rates too low in 2001-02.” The Libertarian also says that “any person or company receiving funds from a bailout would be taxed an extra 15 percent above what they already owe until full repayment.
Finally, late Sunday afternoon, Sadie Fields, leader of the Georgia Christian Alliance, passed on some bailout demands important to social conservatives:
The current proposal is entirely unacceptable because it requires huge amounts to be skimmed off and funneled to ACORN, LaRaza, the Urban League and other leftist organizations before American taxpayers see a dime of it in the U.S. Treasury.
Obama was a “leadership trainer” with ACORN, which is the largest radical group in America and may be more radical than MoveOn.org and Code Pink. ACORN is currently under investigation for voter fraud.
Tell the following to our congressional delegation …
Delete these and similar provisions from the bail-out bill:
— Deposits. Not less than 20% of any profit realized on the sale of each troubled asset purchased under this Act shall be deposited as provided in paragraph (2).
— Use of Deposits. 65% shall be deposited into the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Regulatory Reform Act…; and 35% shall be deposited into the Capital Magnet Fund…
— Remainder Deposited in the Treasury. All amounts remaining after payments under paragraph (1) shall be paid into the General Fund of the Treasury for reduction of the public debt.
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Comments
By Jaycee
September 29, 2008 10:16 AM | Link to this
Taxpayer monies were used to support ACORN Housing, the organization that is directly responsible for the Freddie Mac/Fannie Mae failures and who is also trying to weasel more monies in the current financial bail-out package. Obama is part and parcel of both the ACORN fraudulent voting issue and in directly contributing to the subprime mortgage meltdown—google the truth! These two issues are totally being ignored by the MSM and enough is enough. In addition, the Dems objected to and voted down any regulation safeguards introduced by the Republicans over the past several years. Could that be why Obama says it doesn’t matter who’s to blame? I object to my taxpayer monies being used in this irresponsible manner!
By Ga Values
September 29, 2008 10:35 AM | Link to this
Where Saxby Chambliss gets his money::
Agri Business—-$1,368,000 Banks, Insurance, Real Estate—-$1,332,000 Lawyers & Individual Lobbyist——$641,000 Misc Business —-$679,000 Other ——$606,000..
The Agi Business got a gift of $20 billion waste from Saxby’s Farm Bill. The Banks, Real Estate & Lawyers just got a $2 TRILLION gift from the Bail Out the Banks act which Saxby & Johnny voted for. Not a bad return on your money.
By Ga Values
September 29, 2008 11:13 AM | Link to this
Good read with lots of links & facts..
http://www.ourfuture.org/blog-entry/2008093928/top-5-reasons-vote-against-paulsons-700-billion-bailout
By Will Jones
September 29, 2008 11:49 AM | Link to this
Time to fully expropriate Rome’s Vatican-banker Rockefeller-led Anti-Christ Fifth Column whose agents foisted off on the American People the manifestly unconstitutional Federal Reserve Bank’s fiat-money fractional banking scam now toppling as the House of Cards it always was.
Inflating the money supply will only further oppress the eighty percent Working Class whose substance has been obtained through conspiracy and theft to profit “the Few” while their assassinations of our leaders and 9/11 have been committed to send us off to blithely die for false wars on behalf of their global hegemony, and to compromise Our Sovereignty.
Let us cut the Gordian Knot as One People righteously outraged at the crimes and treason so obviously committed on behalf of earthy evil overthrowing our once proud Republic…which we, together, can restore.
Jeffersonian Exegesis
By RadioCeleb99
September 29, 2008 12:01 PM | Link to this
LEAVE PARTISANSHIP BEHIND! VOTE THE INCUMBENTS OUT !….
The ridiculous argument that congress is making boils down to one basic premise: that these 2 ordinary guys (one who never lead anything other than a classroom and the other who made his fortune gambling on Wall Street) can all of a sudden predict with certainty the economic future of this country. If these 2 guys were so smart why weren’t the ringing the alarm bill months ago?
The fortune tellers however do deserve credit for accurately predicting that top congressional leaders were so beholden to Wall Street for years of financial support that they would work weekends in backrooms to get the big fix in. However it still begs the question that: if this really is a national economic crisis then why are our legislatures negotiating the details of the solution in secret behind closed doors instead of on the floor of the houses.
You would think that given that the cost of this bailout is almost $10,000 per household that congress would hold lots of hearings with expert economists and scholars far and wide to seek some kind of consensus or assurance that this $10,000 for tax bill every American household would solve the problem.
According to these two fortune tellers (the gambler and the professor) the bailout purpose is to buy stuff no capitalist will touch in an effort to free up money. Well from my experience there nothing like a bargain to get people to buy and put money to work. Why don’t we pass legislation that forces the banks to sell either write down or sell the assets. If the bank fails we let the FDIC step in and protect the taxpayer. After all it is their job.
These two fortune tellers (the gambler and the professor) also said it is import that we free up money so that the banks can lend to businesses for investments and to consumers for purchases using credit cards and other loans. They say that absent this bailout companies would have no money to expand or, in some cases, to make payroll. Seems like if companies can’t meet payroll without a loan they are already too far gone. Credit tightening for consumers sound reasonable given that the problem is a result of consumer credit being too freely available. Experts agree that regardless of what happens, good people with good credit who are not overleveraged will still be able to get a loan
PIGS GET FAT and HOGS GET SLAUGHTERED The gambler and the professor bet correctly that the upcoming recess and Jewish holiday would allow them to rush the bailout through. The Congressional leadership did their part by telling their party members that they can sidestep repercussions of voting for the bailout with the same ease as they did for the voting for going to war. They think that if you claim that everyone is suffering and that they believed that they acted selfishly to try and prevent a the deep and prolonged recession that it will give them the political cover they need.
The American people will not be so easily fooled. Despite all the hype and hysteria from the fortune tellers (the gambler and the professor) congress might come to its senses. It might realize that even if the markets do decline that it is not going to be the end of the world despite what those two fortune tellers think. Because if the bailout is the right answer it will be able to rescue and resuscitate the markets from the worst case scenario whether it be 3 days, or 3 weeks or 3 months from now.
It is time for the American People to wake up and take this country back from the special interests. Tell everyone you know that we all need to send a message to Washington that the voice of the American people stills counts by voting out each and every incumbent who votes for the bailout without an open debate.
By Robby
September 29, 2008 12:41 PM | Link to this
GENERAL GODDARD for GA 8th CONGRESSIONAL DISTRICT!!!
By hmm......
September 29, 2008 1:31 PM | Link to this
Robby,
Jim Marshall is conservative on most things. Democrats in the 8th district dislike him more than most Republicans. If you don’t think Jim Marshall is conservative enough you’re probably a right wing extremist.
By robert
September 29, 2008 2:23 PM | Link to this
Hmmmm- You must work for Jim Marshall… get back to work…
By Old Nco
September 29, 2008 2:45 PM | Link to this
robert
Are you the GENERAL’s College boy gofur, that refused to meet a 53 year old Vet? Does the GENERAL actually pay you?
By Macon Man
September 29, 2008 2:48 PM | Link to this
robert
Would the GENERAL vote with the 7 real REPUBLICAN congressmen or his RINO buddy Saxby on this taxpayer Ripoff??
By dave
September 29, 2008 3:22 PM | Link to this
GODDARD FOR CONGRESS!!
By Pat Huddleston
September 29, 2008 3:39 PM | Link to this
Jim Marshall should be applauded for his boldness. The man is willing to vote for the best interests of his constituents, even if some of them do not understand the importance of this plan, and urge him to vote against it.
None of us who work for David want to see Goliath bailed out. It goes against our sense of fairness. But members of Congress like Jim Marshall understand things about our economy that we do not understand and have access to information that we do not have. If a man of the people like Jim Marshall believes that this bail out is necessary, you can take it as gospel that it is necessary.
Marshall, who is in the Ranger Hall of Fame, has proven his devotion to this Country in ways that most of us will never fully understand. The Republicans like to talk about “Country First.” Marshall has walked that talk.
Real leaders lead from out front. Marshall has done that in the jungles of Vietnam, as the best Mayor that Macon ever had, in three terms in Cogress, and he is still doing it. The boldness that he has shown with only a few weeks before election day proves that he is the kind of leader that this Country cannot do without in these challenging times.
By Jean Behrens
September 29, 2008 4:21 PM | Link to this
Thank goodness for Rep. Jim Marshall, who was willing to give up his seat to vote to pass the bailout bill. Those who voted against it, hopfullly will lose there seats. Don’t people understand that like it or not It was necessary to pass the bailout for the good of the American people?
By Doug Gosnell
September 29, 2008 4:50 PM | Link to this
Let the American voter have 2 referendums 1 - Bailout yes or no 2 - Limit all Congressional Members to 2 terms
By Doug Gosnell
September 29, 2008 4:51 PM | Link to this
Let the American voter have 2 referendums 1 - Bailout yes or no 2 - Limit all Congressional Members to 2 terms
By m. e.
September 29, 2008 5:02 PM | Link to this
Create a bailout that makes the people accountable that created this mess (from Washington right on down to main street)and you will have the support of the voters which equals a bailout worth waiting for. Is that anyone in Washington that gets it?
By m. e.
September 29, 2008 5:05 PM | Link to this
Create a bailout that makes the people accountable that created this mess (from Washington right on down to main street)and you will have the support of the voters which equals a bailout worth waiting for. Is there anyone in Washington that gets it?
By JMKC
September 30, 2008 3:44 AM | Link to this
Families are not being left out,,,, ACORN, used the bulk of its funding (millions) to buy homes for Democrats and to fund voter fraud. Obama was their lead defense attorney, in defending their voter fraud practices.
In the state of Kansas, they were convicted and admitted that they put tens of thousands of fake voters on the voter rolls so they could steal an election. I know, I got three of those fraudulent voter registration cards at my address! ACORN is being prosecuted in many states and investigated in many others for the same thing.
NO WONDER, Obama and the Dems want ACORN to get multiple millions in the $700 billion dollar bailout bill! The Dems thought for sure that, with all the pressure NOT to let the Stock Market crash, their $700 billion bill would be voted in and they could use YOUR tax dollars to give houses away to Dem voters and illegal aliens, and put hundreds of thousands non-existant voters on the voter registration rolls to “Win” (STEAL)the next election.
By EnEm
September 30, 2008 8:52 AM | Link to this
I quote Eric Fry from The Rude Awakening:
“The ballyhooed bailout is dead…And so is the hope that Treasury Secretary Paulson would ride to the rescue of the U.S. financial markets.
Without any outward sign of anxiety or remorse, the U.S. Congress simply walked up to Paulson’s $700 billion steed and put a bullet through its skull. As the bailout legislation buckled to its knees and collapsed………”.
“U.S. Rep. Jim Marshall on bailout: ‘I am willing to give up my seat over this’. Well, DO IT! Put your money where your mind should have been.
By Vickie Vedder
September 30, 2008 2:26 PM | Link to this
I WILL NOTE VOTE for Jim Marshall. Goodbye.
By Vickie Vedder
September 30, 2008 2:29 PM | Link to this
Wrong vote. Wrong comment. Wrong representative. I WILL VOTE for Jim Marshall — WRONG. My vote will go for REMOVING HIS SEAT OUT FROM UNDER HIM.