Published Friday, October 03, 2008

Westmoreland again says no

From Staff Reports

news@newnan.com

Friday, for the second time this week, U.S. Rep. Lynn Westmoreland of Coweta County voted against the $700 billion bailout bill. The legislation passed the House 263-171.

"I voted no on Monday because I didn't think that our leaders had taken the right approach to the financial crisis," Westmoreland said. "I voted no today because it's the exact same 'solution' but with sweeteners added to attract votes. ... My constituents in Georgia's 3rd Congressional District called and wrote me in record numbers over the past two weeks, and by a margin of 9-1 they asked me to oppose this bill.

"This bailout may or may not help our economy in the short term. In the long term, it puts us on a dangerous path toward government ownership of private securities and creates a moral hazard -- investors and businesses will believe that risky bets will enrich them if they succeed and government will write a check if they fail. We face serious challenges in our economy and I do believe that Congress can help. But this legislation is not the answer."