by Congressman Frank Lucas
A Bailout on the Bailout
This October, Congress passed a $700 billion Bailout Bill, aimed at stabilizing our rocky financial and housing markets who have been hit hardest by the recent troubles. Specifically, the bill laid out a plan to establish a company that would purchase mortgages that were considered “toxic.” The goal was to unclog the market of these mortgages, which would hopefully return liquidity to the markets and restore confidence in our economy. Although this was a tough decision for me, I voted against the Bailout Bill both times it came before the House of Representatives.