Boehner on Fox: Speech or No Speech, Dems' Bill Makes Bailouts Permanent

Boehner on Fox: Speech or No Speech, Dems' Bill Makes Bailouts Permanent


In advance of President Obamas speech today, House Republican Leader John Boehner (R-OH) appeared on Fox News Americas Newsroom to discuss the Democrats job-killing legislation that gives Wall Street permanent bailouts, institutionalizes Too Big to Fail, and establishes an unelected council of federal regulators with the power to seize any US business and do with it as they see fit. Boehner said the President and Democrats were ignoring responsible efforts to reform Fannie Mae and Freddie Mac, the government-sponsored companies that sparked the meltdown by giving high-risk loans to people who couldnt afford it. Following are key excerpts from Boehners interview: BOEHNER ON BIPARTISANSHIP AND THE DEMOCRATS BAILOUT BILL: Well, I think what we ought to do is work together, to plug the holes in our regulatory system, so what happened in the fall of 2008 cant happen again. But not whats going on here. If you look at the bill itself, it provides for a permanent bailout of Wall Street or any other business the federal government thinks poses a systemic risk. And it establishes this new financial stability board made up of a bunch of bureaucrats, no one elected, that would make these decisions about what companies to take over and what types of bailout to provide them. Bill, even if they take the $50 billion out of the bill they still have the authority at the FDIC, Treasury and the Federal Reserve, to create money, to borrow money, to bail out all of these firms. BOEHNER ON THE ...