Bob Conley on the Federal Bailout

www.bobconleyforsenate.com

My fellow patriot,

Everywhere I go on the campaign trail, people continue to ask me about my position on the Wall Street bailouts. This indicates a high level of frustration with our elected representatives in Washington, including my opponent Lindsey Graham (R), who voted to transfer over $700 Billion hard-earned tax dollars from the Middle Class to the nation’s top-tier financial power brokers.

I have said repeatedly that I would not have voted for any of the bailouts. Such plans amount to corporate welfare and go far beyond what is permitted by the U.S. Constitution and the intent of the Framers.

For every bailout, the wallets of American workers are picked three times: their tax dollars, higher inflation, and a devalued dollar. Meanwhile, they struggle with higher energy, food and healthcare costs while trying to cope with stagnant wages, job losses, and mounting personal debt.

I do not believe these bailouts were necessary to rescue the national economy or rebuild confidence in our financial system, as Lindsey Graham claims. Wall Street firms and banks were already taking corrective measures of their own by selling off their assets, scaling down operations, moving out of risky lines of business, and merging with each other — doing what troubled companies have always done when faced with a crisis.

Federal government interference with these self-correction mechanisms amounts to the socialization of Wall Street losses, while profits remain in private hands. This accelerates the dangerous trend whereby the rich get richer and too big to fail, while the rest of us get poorer and are forced to fail.

Far from restoring confidence in our institutions, every bailout diminishes confidence and makes recovery take much longer. American workers live by the rules, and they expect Wall Street and Washington to do the same. When they see their own government transfer their tax dollars to reward those who have broken the rules, not only is confidence shattered, but trust for their elected representatives is irretrievably lost.

South Carolinians and voters across the nation will have the opportunity to take corrective measures of their own on November 4. Changing the corrupt environment in Washington requires new leadership that understands the proper role of government, respects the Constitution, and allows the free market to determine true value.


Sincerely,

Bob Conley

p.s. -- My campaign is making progress with only a handful of volunteers. But taking down one of the nation’s leading liberty-robbing neocons, who has a warchest of $3.8 Million to spend against me, is a formidable undertaking. This is not a lost cause. I am just 9 points behind in the polls. Please consider making a donation to our effort. Together, we can have the voice of Ron Paul in the U.S. Senate!

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