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11 December 2009

Westmoreland: "We have to restore the power of capital in capitalism"

In a post appearing on the conservative blog Red, Congressman Lynn Westmoreland (R - Georgia) criticized a Democratic proposal to "create a permanent bailout fund."

News reports say that a financial regulation bill working its way through Congress includes a provision that would set up a $150 billion fund to "cover the costs of dismantling a failing bank" [Kuhnhenn, Jim (2009-12-10). Debating Wall Street regulations not easy for Dems. Associated Press. Retrieved on 2009-12-11.].

The Democrat-back bill was met with skepticism from U.S. Representative Westmoreland, prompting the Coweta County Republican to write the following:

The financial regulation bill cooked up by Rep. Barney Frank (D-Mass.), the “Barney Bill,” offers a smorgasbord of bad policies that will affect every American. The Barney is yet another leg of the Giant Government Takeover of major industries pushed through the House this year. If your appetite for bigger government wasn’t satiated by the Car Takeover (GM and Chrysler), the Energy Takeover (cap and trade) or the Health Care Takeover, Barney has something designed just for you: The Financial System Takeover.

There are many reasons to oppose the financial regulatory overhaul bill on the floor this week, but the major reasons are that it will further tighten credit, allow bureaucrats to chop up U.S. businesses they deem “too big,” cost consumers more and kill jobs.

Westmoreland, Lynn (2009-12-10). The Bailout That Never Ends. Red State. Retrieved on 2009-12-11.

Westmoreland ended the piece saying that "we have to restore the power of capital in capitalism."

"Businesses must succeed on their own – or be allowed to fail. Instead of a permanent bailout fund, we need a plan that permanently ends the Bailout Era and restores personal responsibility in our free markets," Westmoreland concluded.