Zeldin to Bishop: Oppose the Current Bailout Plan

PATCHOGUE, NY (10/03/2008)(readMedia)-- The Republican and Conservative Party candidate for New York's First Congressional District called on his opponent to vote against the bailout legislation scheduled to be voted upon later today.

Lee Zeldin, the GOP candidate for the Eastern Long Island district, is strongly recommending that his opponent, Congressman Tim Bishop, reconsider his support for a bailout bill that calls for Main Street's bailout of Wall Street, rather than Wall Street's bailout of Wall Street.

Zeldin's Alternative relies less on taxpayer dollars and more on private capital.

Here are the Top 10 highlights of the Zeldin Alternative:

1) No Earmarks should be attached to this bailout legislation or any legislation until Congress finds a more responsible way to spend our money!;

2) Allow banks to enter a federal program where they can receive insurance on their mortgage backed securities (except for houses foreclosed upon as of October 1, 2008 and credit card debt in collections as of October 1, 2008);

3) Require those banks to restructure mortgages to lower interest rates and more accurate home values;

4) Require those banks to refinance credit card agreements to lower interest rates;

5) Prevent any federal government purchases of houses that have already been foreclosed upon;

6) Prevent any federal government purchases of credit card debt that is already in collections or already have judgments on them;

7) Stop golden parachutes for executives of poorly performing corporations;

8) Suspend the capital gains tax and corporate income tax to incentivize the injection of private capital from domestic and foreign corporations, as well as individuals. This will create more fluidity in the markets, create more American jobs, and strengthen our economy;

9) Raise FDIC limits from $100,000 to $250,000 to create more consumer confidence in banks; and

10) Suspend "Mark to Market" Rules, which are not being consistently followed.

"Enough is enough," Zeldin said. "The Treasury Secretary has been asking for taxpayer dollars all year long to bailout Bear Stearns, Fannie Mae, Freddie Mac, and AIG. He has been offering a stable market in return for the investment, but the crisis only gets worse. It is time to turn off the fire hose of taxpayer dollars for Wall Street and turn on the fire hose of private capital for Wall Street.

I am not running against the Democrats in Congress or the Republicans in Congress or the President. I am running against all of Washington. There is nothing I trust less than my Congressman with a blank check. He should have the intestinal fortitude to stand up to the establishment on this. The culture of corruption and greed in Washington requires immediate change. There is nothing I dislike more than seeing one taxpayer dollar get wasted. The current bailout legislation throws away too much of our money, sinking our nation even further into debt.

Mr. Bishop, close the check book, oppose this bailout plan, and introduce my Alternative today."

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Paid for by Lee Zeldin for Congress