McCotter Opposes Paulson Plan;
Outlines Pro-Taxpayer, Private Recapitalization Plan 

Washington

 
, DC – Representative Thaddeus McCotter (R-MI), Chairman of the House
Republican Policy Committee, today released the following statement:

“I was not elected to abet American socialism.

“Thus, I am opposing the Bush administration’s taxpayer funded, trillion dollar Wall Street bailout; and, alternatively, proposing a pro-taxpayer, free market, private
recapitalization plan for the banking system; ending financial chaos;
and preventing the advent of Wall Street Socialism.

“Drawn from the free-market ideas of the public and our members, this proposal is premised upon the following principle:  Our prosperity is from the private sector not the public sector.

“True,
some will still assert the administration’s support of Wall Street’s
leveraged bailout at taxpayers’ expense is the only answer to this
crisis of confidence.  They are dead wrong. 

“First, we must never punish the innocent to profit the guilty. 

“Secondly, a taxpayer bailout is never the first or only resort.  If it is claimed to be so, the object of the bailout is already too far gone to be saved. 

“Thirdly, this trillion dollar taxpayer bailout will not prevent a Great Depression.  It will promote a Greater Depression.

While
there exist a host of other reasons, for the sake of brevity let me
reiterate:  The Paulson Plan is premised upon a public bailout.  A
better plan is premised upon private recapitalization.  Thus, I oppose
the Paulson Plan’s raid on the taxpayers; and I will continue fighting
to ensure the Wall Street crowd who made this mess pay to clean it up.”

His Plan