Bend Over Everybody

October 8, 2008 9:54 am EST

Atlanta, GA – “So far this year, the federal government has spent or loaned nearly $2 trillion to bailout Wall Street, the housing industry, automakers, commercial banks and others,” notes Bob Barr, the Libertarian Party candidate for president. “But that’s par for the course for Washington, which already has run up a national debt of nearly $10 trillion and planned a pre-bailout deficit of a half trillion dollars for 2009. What Washington knows best is how to waste money,” says Barr.

“In yesterday’s debate, Sen. John McCain, who likes to pose as the taxpayer’s friend, came up with yet another bailout idea. He wants the government to use $300 billion—which it doesn’t have—to buy up bad mortgages in order to prop up housing prices. Yet, it was the artificial inflation of housing prices that got us into this mess in the first place,” Barr explains.

“Moreover, Congress already has approved a $300 billion housing bailout measure supported by Sen. McCain. On top of that, Congress agreed to another $200 billion or more to bail-out the housing finance giants Fannie Mae and Freddie Mac. Then there is the recent $700 billion bailout of Wall Street, which Sen. McCain voted for," notes Barr.

"Where does Sen. McCain believe all of this money is going to come from?” Barr asks.
“When do Americans, who have been responsible with their money—that is, who haven’t bought too much house and didn’t think the good times would never end—get a break?

Sen. McCain, Sen. Barack Obama and the other members of Congress who have supported one bailout after another have turned fiscal responsibility into a sucker’s game. It is time for someone to speak up for those who play by the rules and pay the nation’s bills,” Barr adds.

“There’s no meaningful difference between the two major parties,” notes Barr. “The American people need and deserve real change.