Those were the first words out of Hubby’s mouth when the staffer in Melissa Bean’s Washington office answered the phone (she’s our representative… )
That was also the third call placed, the first two didn’t go through because of busy signals. The call was made immediately after the video embedded below ends.
From the Miami Herald:
The committee bill would create so-called “resolution authority,” allowing the federal government to dismantle such huge financial firms, which it was unable to do when Lehman Brothers collapsed in September 2008.
Bean voted for the bill, but was one of a few dems voting against an amendment by Rep. Paul Kanjorski (D-Pa.). The amendment passed however, and will be part of the bill brought to the floor next week.
Bean explains why she thinks that the federal government should be able to preemptively take more control over financial firms if they feel it’s necessary. Judge Andrew Napolitano had just been on with Neil explaining that the bill is unconstitutional in three areas, violates three sections of the constitution. Bean honestly thinks that the government needs to be ready to step in and take control so that the cost doesn’t devolve onto the taxpayers. It wouldn’t if the government would just keep its sticky fingers out of the business pie and let the markets take their courses. Let bankruptcy and other mechanisms currently in place do what they were meant to do. Let failure occur.