Armey Still Opposes the Bailout

The difficult question each of you faces today is simply this: do you believe that the political process, having produced many of the perverse incentives that resulted in our economy’s current predicament, can solve these underlying distortions by essentially doing more of the same?  I believe the answer to this question is unequivocally NO.  

As an elected official who took the oath of office swearing to defend and uphold the Constitution, should you today feel a greater allegiance to a President, or a political party?  I believe that answer is, emphatically, NO.

This is a big vote, one likely to be studied and second-guessed for decades to come.  With an understanding of the intense political pressures each of you face in this tough election year, I ask you to oppose this bailout.