The Brian Sullivan Blog
  • September 19, 2008 02:30 PM EDT by Brian Sullivan

    Bunning: Free Market Dead

    This was just realized by Senator Jim Bunning's office:

    WASHINGTON, D.C. -- U.S. Senator Jim Bunning today issued the following statement regarding the Treasury Department’s bailout of Wall Street.

    “Instead of celebrating the Fourth of July next year Americans will be celebrating Bastille Day; the free market for all intents and purposes is dead in America,” said Bunning.  “The action proposed today by the Treasury Department will take away the free market and institute socialism in America.  The American taxpayer has been mislead throughout this economic crisis. The government on all fronts has failed the American people miserably.

    “My great grandchildren will be saddled with the estimated $1 trillion debt left in the wake of this proposal.  We have gotten to this point because nobody has been minding the store.  Both Secretary Paulson and Chairmen Bernanke should be held accountable for their inaction – and now because of that inaction – the American taxpayer is left with bill.

    “We must take care of Main Street.  Small businesses in Ashland, Bowling Green, and Paducah are hurting because of high taxes, and energy costs.  Those small businesses are the economic engines that fuel our economy.  I hope in the closing days of this Congress we can pass legislation to help those good people on Main Street rather then helping the power brokers on Wall Street.”

mark smith

Published: January 18, 2008 Bush also said that economic volatility was to be expected. "In a vibrant economy, markets rise and decline," he said. "We cannot change that fundamental dynamic. As a matter of fact, eliminating risk altogether would also eliminate the innovation and productivity that drive the creation of jobs and wealth in America." I understand its only 25 million to get a 3.2 mile gravel road built in alaska, lets put them in charge next.

September 21, 2008 at 8:02 pm

Gordon D

George Bush said 6 years ago he was going to create 5 million new homeowners. So convinced was he that he was right that he continues to believe that anything that could walk in through the door of FNMA is the definition of a good risk. It has always been his problem that he cannot ever concieve that he is wrong. Characteristically, he sees only that this whole bailout plan is his way of preserving the mortgages for the deadbeats. He is blind to what it is going to do to the constitution, our free way of life, the capitalist system, or the morale of every honest taxpayer.

September 21, 2008 at 9:48 pm

Brutus

Fraud by CEO's is not capitalism, it's a character deficiency. Capitalism since the "mixed economy" was instituted has been on the road to here."Deregulation" per se was a joke,a "strawman", try to start a bank or an airline.As with taxes the real desired result is power whatever the "problem/solution"."New Deal","Great Society", now the "Big Bailout", welcome to "the mask is off".Since the Constitution became a "living document" and anything could be justified the spiral down to socialism, a political system, brought us to today. Who to blame? Choices are ignorance or corruption.

September 22, 2008 at 7:58 am

Ap

Bunning (and/or his PR people) are remarkably ignorant of the meaning and significance of Bastille Day. Which is of course not a surprise - he is, after all, a Republican. Neither is it a surprise that he (as well as the reactionary loonies posting on this board) are totally ignorant of the meaning and significance of socialism.

September 22, 2008 at 9:14 am

DanW

Elizabeth, I just heard an interview from a retired banker that opened up another thread in this debacle. He brought up a possible root cause for how we got here and I am not hearing anything in this bailout addressing why we got here. The premise is made that under the CRA (Community Reinvestment Act) financial institutions were forced as a part of doing business to make bad loans in the sub prime market. The banker mentioned ACORN (Association of Community Organizations for Reform Now) and other such groups, for forcing these institutions under the CRA to make these loans. In 1995 Clinton relaxed the regulation to enable these groups and in 2003 Bush tried to stabilize the situation. If permitted, to pass in 2003, the CRA changes may have prevented the current meltdown. So I am asking you to raise the question, what is included in this package to address the root cause so that any fix we put into place doesn’t just patch the past, but fixes it going forward. Regards, Dan W.

September 22, 2008 at 11:11 am

JPF

HOW MANY HERE VOTED FOR BUSH? AND NOW YOU COMPLAIN OF "SOCIALISM"? IT HAS BEEN AND ALWAYS WILL BE "CORPORATISM." WE SHOULD HAVE BEEN SO LUCKY TO HAVE HAD SOCIALISM, WE WOULDN'T HAVE HAD THIS PROBLEM. BETTER VOTE FOR LIBERTARIAN BECAUSE ALL OF YOUR GOP HEROES ARE NOW POLITICALLY DEAD MEAT. McCAIN INCLUDED. ONLY LIBERTARIAN's BELIEVE IN THE BELLICOSE IM HEARING INT THESE COMMENTS. BETTER THINK WITH YOUR BRAIN THAN WITH YOUR HEART. WE COULDA SAVED THE LAST 8 YEARS FROM THE HELL WE ARE GONNA GET. NICE GOING. THANKS FOR VOTING FOR THE COMMANDER IN CHIMP.

September 23, 2008 at 1:18 pm

JOYCE

MY HUSBAND AND I HAVE WORKED HARD FOR OUR MONEY AND HAD TO MANAGE OUR MONEY FOR RETIREMENT, RAISING OUR CHILDREN, & COLLEGE. WASHINGTON AND WALL STREET ARE POACHERS. WE ARE CURRENTLY BEING CHARGED AN INTEREST RATE OF 25.99% ON A CREDIT CARD. IF WE HAVE TO BAIL OUT POACHERS - THEY SHOULD BE CHARGED 25.99% INTEREST ON THEIR BAILOUT LOAN. WASHINGTON HAS NOT BEEN UP FRONT WITH US FOR EIGHT YEARS. I SAY TO WASHINGTON AND WALL STREET COME ON OVER ON THE OTHER SIDE OF THE FENCE WHERE WE LIVE AND HAVE SQUEEZED THE NICKLE UNTIL THE BUFFALO SHITS. YOU ARE DISGUSTING GREEDY PEOPLE. MAY GOD FOR GIVE YOU. JOYCE

September 24, 2008 at 5:09 pm

about this blog

  • Brian Sullivan joined FOX Business Network (FBN) in April 2008 as an anchor. He co-anchors the 10am-12pm ET hours of the FOX Business block. Prior to joining FBN, Sullivan served as an anchor for Bloomberg Television where he hosted the programs Morning Call and In Focus.

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