John Cornyn's Notes
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A great many free market conservatives are disillusioned with the Senate’s vote last night on the financial recovery plan. Their reaction is understandable. The choice last night was between doing something and doing nothing. Many of you may believe we made the wrong decision, but you should understand the factors we considered before the vote.
First of all, the mortgage mess is especially infuriating because some of us saw it coming. Two years ago, I joined with 19 of my colleagues demanding that we crack down on mortgage abuse, particularly by Fannie Mae and Freddie Mac. A bill doing exactly that, The Federal Housing Enterprise Regulatory Reform Act, was approved by the Senate Banking Committee. But it was killed on the Senate floor by Democrats who favored pushing out mortgages to people with dubious prospects for paying them back. They claimed we were concocting a problem that didn’t exist. We were not, and that makes the resulting mess all the more disgusting.
The decision we faced this week was not on whether to bail out Wall Street. If this was merely about assisting those who had gambled and lost in the financial markets, I would have opposed this bill without question. But the inward spiral of restricting credit now underway across our country threatens the jobs and savings of millions of ordinary Americans. I voted for the 65-year-old worker who suddenly has seen his retirement nest egg evaporating, and a lifetime of hard work thrown into jeopardy. I voted for the small business owner who is days away from failing to make his payroll because his line of credit has been frozen. I did it for the thousands of innocent employees who were soon to be facing layoffs due to excesses that were no fault of their own.
I believe that my colleagues and I have done a poor job explaining to the American people exactly what is included in the final plan, as well as the probable consequences of inaction. Some conservative leaders have begun filling the void. Newt Gingrich said the plan “is a temporary measure to stop a hemorrhaging of credit and the potential collapse of the American and world economy.” My highly respected Senate colleague, Dr. Tom Coburn, was eloquent in explaining the stakes involved here:
““Taxpayers deserve to know that there is no guarantee this plan will work, but there is a guarantee that we will face a financial catastrophe if we do nothing. If banks continue to fail and stop lending the average American could lose their job, be unable to secure a loan for a car, home or college education, and find their life savings and retirement in jeopardy. Our economy depends on having liquid assets available for credit and lending just as an automobile engine needs oil. If those liquid assets stop flowing, our economy will be seriously damaged and will require far more costly and lengthy repairs.”
“This bill does not represent a new and sudden departure from free market principles as much as it represents an emergency response to congressional actions that have ignored free market principles, and our Constitution, for decades. If anyone in Washington should offer their resignation it should be the members of Congress who peddled the fantasy of free home ownership without risk.”
The proposal we approved is significantly improved over the blank check sought by the Treasury only ten days ago. We managed to excise many special interest provisions, such as the ACORN subsidy, that Democrats tried to slip in. If the plan works as expected, and the economy regains its footing, most or even all of the upfront costs involved will be recouped. Of the choices facing us, I believe this one will involve the least amount of overall cost to taxpayers, and give us the best chance of avoiding permanent damage to our system.
This exceptional government intervention is a bitter pill for those of us who believe that free market capitalism, with our civil liberties, are the foundation of American exceptionalism. I’m convinced it was necessary. I understand that many of my longtime supporters will disagree, but I hope they know that I took their arguments seriously, and made the best call I could. My goal now will be reforming the conditions that got us into this mess so we will not ever face this type of choice again.
First of all, the mortgage mess is especially infuriating because some of us saw it coming. Two years ago, I joined with 19 of my colleagues demanding that we crack down on mortgage abuse, particularly by Fannie Mae and Freddie Mac. A bill doing exactly that, The Federal Housing Enterprise Regulatory Reform Act, was approved by the Senate Banking Committee. But it was killed on the Senate floor by Democrats who favored pushing out mortgages to people with dubious prospects for paying them back. They claimed we were concocting a problem that didn’t exist. We were not, and that makes the resulting mess all the more disgusting.
The decision we faced this week was not on whether to bail out Wall Street. If this was merely about assisting those who had gambled and lost in the financial markets, I would have opposed this bill without question. But the inward spiral of restricting credit now underway across our country threatens the jobs and savings of millions of ordinary Americans. I voted for the 65-year-old worker who suddenly has seen his retirement nest egg evaporating, and a lifetime of hard work thrown into jeopardy. I voted for the small business owner who is days away from failing to make his payroll because his line of credit has been frozen. I did it for the thousands of innocent employees who were soon to be facing layoffs due to excesses that were no fault of their own.
I believe that my colleagues and I have done a poor job explaining to the American people exactly what is included in the final plan, as well as the probable consequences of inaction. Some conservative leaders have begun filling the void. Newt Gingrich said the plan “is a temporary measure to stop a hemorrhaging of credit and the potential collapse of the American and world economy.” My highly respected Senate colleague, Dr. Tom Coburn, was eloquent in explaining the stakes involved here:
““Taxpayers deserve to know that there is no guarantee this plan will work, but there is a guarantee that we will face a financial catastrophe if we do nothing. If banks continue to fail and stop lending the average American could lose their job, be unable to secure a loan for a car, home or college education, and find their life savings and retirement in jeopardy. Our economy depends on having liquid assets available for credit and lending just as an automobile engine needs oil. If those liquid assets stop flowing, our economy will be seriously damaged and will require far more costly and lengthy repairs.”
“This bill does not represent a new and sudden departure from free market principles as much as it represents an emergency response to congressional actions that have ignored free market principles, and our Constitution, for decades. If anyone in Washington should offer their resignation it should be the members of Congress who peddled the fantasy of free home ownership without risk.”
The proposal we approved is significantly improved over the blank check sought by the Treasury only ten days ago. We managed to excise many special interest provisions, such as the ACORN subsidy, that Democrats tried to slip in. If the plan works as expected, and the economy regains its footing, most or even all of the upfront costs involved will be recouped. Of the choices facing us, I believe this one will involve the least amount of overall cost to taxpayers, and give us the best chance of avoiding permanent damage to our system.
This exceptional government intervention is a bitter pill for those of us who believe that free market capitalism, with our civil liberties, are the foundation of American exceptionalism. I’m convinced it was necessary. I understand that many of my longtime supporters will disagree, but I hope they know that I took their arguments seriously, and made the best call I could. My goal now will be reforming the conditions that got us into this mess so we will not ever face this type of choice again.
A couple weeks ago I send you an e-mail urging you to get your friends involved in the campaign to re-elect my dad here on Facebook.
Since we've gained over 30 supporters but are still far short of our liberal opponent's numbers. As the campaign progresses we will use Facebook to let students and the online community know upcoming events, as well as provide campaign updates from the road. In order to best contact you we want to boost the amount of people we can connect to using the Internet. If any of you have any additional thought or suggestions about how I can reach out to more people, please let me know!
Please help us reach our goal of 500 friends by inviting your fellow Republicans to join us as supporters.
Thanks again for supporting my father! We really appreciate it.
-Haley
Since we've gained over 30 supporters but are still far short of our liberal opponent's numbers. As the campaign progresses we will use Facebook to let students and the online community know upcoming events, as well as provide campaign updates from the road. In order to best contact you we want to boost the amount of people we can connect to using the Internet. If any of you have any additional thought or suggestions about how I can reach out to more people, please let me know!
Please help us reach our goal of 500 friends by inviting your fellow Republicans to join us as supporters.
Thanks again for supporting my father! We really appreciate it.
-Haley
A message from Sen. Cornyn:
I wanted to take a moment to wish all of our men and women in the Armed Forces a happy Memorial Day. I stand with all Texans and honor those that have sacrificed in the defense of freedom and democracy. My appreciation is not only for the soldiers, but also their families who have given so much more than we could ever ask of them, as well. We can never adequately repay you for all you have given to this great country of ours.
Recently, while attending the memorial service of Alex Gonzalez in Mission who lost his life serving in Iraq, his family distributed the poem below. It expresses, much better than I could, the debt we all owe to those who dedicate their lives to keeping us safe. Please read it and remember Alex and all his fellow patriots this Memorial Day.
The Soldier
Presented By: The Last Patrol
It is the soldier, not the president, who has given us democracy.
It is the soldier, not the reporter, who has give us freedom of the press.
It is the soldier, not the poet, who has given us freedom of speech.
It is the soldier, not the lawyer, who has given us right to a fair trial.
It is the soldier, not the campus organizer, who has given us freedom to protest.
IT IS THE SOLDIER, who salutes the flag, who serves under the flag, and whose coffin is draped by the flag, who gives the protestor the freedom to burn the flag.
I wanted to take a moment to wish all of our men and women in the Armed Forces a happy Memorial Day. I stand with all Texans and honor those that have sacrificed in the defense of freedom and democracy. My appreciation is not only for the soldiers, but also their families who have given so much more than we could ever ask of them, as well. We can never adequately repay you for all you have given to this great country of ours.
Recently, while attending the memorial service of Alex Gonzalez in Mission who lost his life serving in Iraq, his family distributed the poem below. It expresses, much better than I could, the debt we all owe to those who dedicate their lives to keeping us safe. Please read it and remember Alex and all his fellow patriots this Memorial Day.
The Soldier
Presented By: The Last Patrol
It is the soldier, not the president, who has given us democracy.
It is the soldier, not the reporter, who has give us freedom of the press.
It is the soldier, not the poet, who has given us freedom of speech.
It is the soldier, not the lawyer, who has given us right to a fair trial.
It is the soldier, not the campus organizer, who has given us freedom to protest.
IT IS THE SOLDIER, who salutes the flag, who serves under the flag, and whose coffin is draped by the flag, who gives the protestor the freedom to burn the flag.
I wanted to take the time to thank each one of you for joining my father's campaign on Facebook. Technology has truly changed politics by engaging an entirely new generation of voters through the use of social networks and blogs. Throughout the campaign I plan to take part in my father's campaign by helping reach out to younger voters and sharing with them stories that aren't always shared with the public.
Please help me today by doing two quick things: 1) Invite your friends to join the campaign as supporters here on Facebook. 2)Leave my father a question on the campaign blog here: http://www.johncornyn.com/
Tomorrow he'll be participating in his first ever "live-blog" at 10:00 A.M. CT. The campaign season is helping him get all caught up on new technology and he's loving it!
Thanks again for your support, it means the world to my family.
-Haley
Please help me today by doing two quick things: 1) Invite your friends to join the campaign as supporters here on Facebook. 2)Leave my father a question on the campaign blog here: http://www.johncornyn.com/
Tomorrow he'll be participating in his first ever "live-blog" at 10:00 A.M. CT. The campaign season is helping him get all caught up on new technology and he's loving it!
Thanks again for your support, it means the world to my family.
-Haley
Interested in helping Senator Cornyn out?
Join the campaign as a Campus Coordinator by e-mailing your name, and school to vincent@johncornyn.com
Join the campaign as a Campus Coordinator by e-mailing your name, and school to vincent@johncornyn.com
Last May, three U.S. troops were kidnapped in Iraq, south of Baghdad, by al Qaeda terrorists. The U.S. military immediately launched a search and rescue operation, including electronic monitoring of phone conversations.
What happened next is extremely disturbing. Within hours, a new source of information was discovered that required electronic surveillance. Then, a maze of complicated U.S. laws kicked in, stopping progress for nearly 10 long hours.
Weeks later, the body of one missing American was found in the Euphrates River. The terrorists claimed the other two had been executed. No one can be certain whether they might have been found if the intelligence lead had been immediately followed.
We do know that restrictions in an outdated federal law seriously complicated rescue efforts while government lawyers back in the U.S. sorted through a legal quagmire to develop “probable cause” for electronic surveillance. A Texas soldier, Cpl. Ryan Collins of Vernon, was killed while participating in the unsuccessful attempt to find the missing troops.
Read the full text here:
http://woodlandsonline.com
What happened next is extremely disturbing. Within hours, a new source of information was discovered that required electronic surveillance. Then, a maze of complicated U.S. laws kicked in, stopping progress for nearly 10 long hours.
Weeks later, the body of one missing American was found in the Euphrates River. The terrorists claimed the other two had been executed. No one can be certain whether they might have been found if the intelligence lead had been immediately followed.
We do know that restrictions in an outdated federal law seriously complicated rescue efforts while government lawyers back in the U.S. sorted through a legal quagmire to develop “probable cause” for electronic surveillance. A Texas soldier, Cpl. Ryan Collins of Vernon, was killed while participating in the unsuccessful attempt to find the missing troops.
Read the full text here:
http://woodlandsonline.com