LIBERTARIAN PARTY OF IDAHO
CALDWELL, ID 83605
Contact: Rob Oates, Chair
FOR IMMEDATE RELEASE
CRAIG, SIMPSON VIOLATE CONSTITUTION
The Libertarian Party of Idaho denounces the Wall Street Bailout and the illegal procedures used in its passage. The $700 billion bailout is a direct attack on our free enterprise system. “Sadly, this will likely make matters worse,” according to Party Chair Rob Oates, Caldwell, “Congress has no legal authority with which to spend even $1 for this kind of activity.” True leadership is not just doing something, but knowing the right thing to do.
Senator Larry Craig (R-ID) and Representative Mike Simpson (R-ID2) both exercised reckless disregard for their oaths of office to support and defend the US Constitution by voting for this measure. Reading the bailout bill reveals that the US Senate took a House approved spending bill which the Senate was holding and ‘amended’ it by deleting everything but the number and title and replacing it with the failed House bailout bill plus enough pork provisions to buy the needed House votes for approval. “Article 1, Section 7 of the Constitution is very clear. All spending bills must originate in the House. This is beyond immoral and should be a criminal matter,” Oates said, “Craig and Simpson should be held accountable for violating the Supreme Law of the Land.”
More appropriate action would address the underlying government rules requiring financial institutions to approve loans to borrowers with poor credit ratings and arbitrary mark-to-market accounting rules. “The bailout allows poorly performing financial institutions to remain in business,” Oates said. Absent more government interference, markets can resolve these problems on their own.