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Congressman Hensarling Opposes Mortgage Bailout

by Special

Fri, Apr 18, 2008, 11:08 AM

In response to an increase in home foreclosures across the nation, Congress in considering an ill-advised bailout plan that will expose taxpayers to $300 billion of risk to refinance the mortgages of Americans in foreclosure. This could end up costing over $4,000 per Texas family.

While I empathize with individuals and families facing foreclosure, this is not the correct response to the situation. What Congress is proposing here is that the U.S. taxpayer pay for the mistakes of people who took out a second mortgage on their home to finance a lifestyle they could not afford, lied about their income on a loan application, or chose to borrow too much to speculate on investment properties.

This proposal will do nothing but provide short-term gain for a few and long-term pain for many. The responsible way to address this situation is not to place even more taxpayers at risk by forcing them to pay for the mistake of a few, but rather we should focus on forestalling the huge tax increases included in the 2009 budget, creating stability in the market, and lowering capital gains tax rains to add liquidity to the market.

Congressman Hensarling Urges Continuing Support for American Troops

Last week, General David Petraeus, the commander of Coalition forces in Iraq, along with American ambassador Ryan Crocker visited Capitol Hill to give updates to Congress on the current situation there.

While successes in a war zone are always tenuous at best, there is reason to be optimistic about the progress our troops have made in Iraq. According to General Petraeus and other recent sources, there has been a decrease in high-profile attacks, civilian deaths, and sectarian violence. These improvements are attributed to the effectiveness of the “surge” of both American and Iraqi troops (in the past year, 133,000 new Iraqi soldiers and police have joined the fight to protect their homeland) in addition to effective counterinsurgency operations and social “awakenings” that have occurred within the Iraqi population which have played a significant role in the decreased levels of violence.

While it was very encouraging to hear about the social, political, and military progress that is being made on the ground in Iraq, that was not the most important thing General Petraeus discussed in his reports to Congress. Our nation’s military needs our support to continue their mission and achieve victory so they can come home as soon as possible. General Petraeus hit the nail on the head when he said, “Nothing means more to those in harm’s way than the knowledge that their country appreciates their sacrifices and those of their families. Indeed, all Americans should take great pride in the men and women serving our nation in Iraq and in the courage, determination, resilience, and initiative they demonstrate each and every day.”

Recently, I co-authored H.Con.Res. 315, the Iraq Victory Resolution, which sends a clear message to our troops and all Americans that our nation has not lost faith in our mission in Iraq or in the servicemen and women making sacrifices abroad to ensure our safety and protect our freedoms.

This legislation, which currently has 107 cosponsors is simple and concise. It says that Congress:
1. Supports the idea that the war in Iraq is not lost;
   2. Recognizes that the overall progress being made on the ground in Iraq is undeniable;
   3. Recognizes that much of this progress is due to the skill, persistence, and valor of the American service member;
   4. Recognizes that the decision by the President and our military leadership to provide a surge of troops to implement a new counterinsurgency strategy was the correct course of action and has been successful; and
   5. Hopes for, and will do all it can to help ensure, coalition victory there as soon as possible.

We must always be clear that the men and women of America’s armed forces have our full support and confidence here at home. The goal of this resolution is to express to those who risk life and limb for us abroad that their fellow countrymen stand with them. To our soldiers, we know that you and your loved ones make extraordinary sacrifices on behalf of our safety and the freedoms we hold so dear, and we are forever indebted to you.

It is my sincere hope that we will be able to bring all of our nation’s servicemen and women home under the flag of victory as quickly as possible. However, a precipitous withdrawal is not an acceptable option as it would erase the successes we have achieved recently, embolden our enemies, and send Iraq and the Middle East spiraling into chaos, putting the United States and the rest of the world in a far more dangerous position than we find ourselves in today.

Until we have secured the nation of Iraq so that it can protect and defend itself from enemies both outside and within its borders, we must stand behind our troops as they complete their mission.

Even the staunchest opponents of the war can agree that support for the American troops on the ground there deserve our appreciation and support, because as General Petraeus said last week, the men and women of our armed forces “fight for the right of people to have other opinions.”

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Comments (3) add comment

...
written by Ken Dickson , April 19, 2008

Congress needs to shore up the troops, yes! We need to have a good economy, yes! But to "bail out poor judgement of both financial & personal mistakes is foolish & is not the American way.

We have two presidential canadates who publically says that they will bring the troops home regardless of what their generals say if elected show that we are really in a mess if the Dems win the presidentcy!

Heavan help us if such madness prevail!

...
written by gomez , April 19, 2008

Yeah an I'm also for Mom, apple pie, and against sin - and have issues with blow-hard congressmen who have not done their homework and cover it with dribble - speak.
Get real dude

...
written by Craig L. Claybrook , April 19, 2008

Congressman Hensarling states, "While I empathize with individuals and families facing foreclosure, [government bailout] is not the correct response to the situation." As someone who considers himself "a limited government, anti-socialism, pro-capitalism (of sorts), common sense citizen," I could not agree more. However, what he fails to mention is that the cost of gasoline has doubled in two years, as has the price of bread and milk. The price of fuel has sent the cost of heating and cooling through the roof. The cost of property taxes in Dallas County has risen 61 percent since 2000. Taxes, in general, are sky high. The value of the dollar is plummeting. While big oil is posting record profits, mortgage companies and banks are posting record losses due to the subprime debacle. America is at war. Potential attacks on the homeland loom on the horizon. The political climate is at a fever pitch and Iran is poised to blow Israel off the face of the map. All of this instability, plus the media pouring gasoline on the economic "fire," is further evidence that those of us in the middle class are being forced into extinction. When combined, all of these things provide the makings of "the perfect storm." I doubt that Democrats have the mental wherewithal and suspect that Republicans do not have the intestinal fortitude to handle a storm of this magnitude. When considering all these things, Congressman Hensarling and the rest of us should remember the phrase "divine intervention."

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