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Pat Toomey on Lehman Bros Bankruptcy

What is the fiscal conservative position on today's economic news?  Club for Growth president Pat Toomey released the following statement regarding the Lehman Brothers Bankruptcy:

“While our hearts go out to the employees of Lehman Brothers and their families, we commend Treasury Secretary Paulson for his courage in resisting another bailout.  Clearly, a line had to be drawn, and while the risks associated with the Lehman bankruptcy are not small, the long-term risks of undermining our free-enterprise system by socializing failures would have been much greater.” 

"Already, after bailouts in different forms of Bear Stearns, Fannie Mae and Freddie Mac, the American car companies are begging Congress for their own taxpayer handout.  If they succeed, the airlines, home builders, and every struggling industry will not be far behind.  Resisting another bailout was a smart move.  It should be followed up with a round of corporate income tax cuts and cuts on capital gains which would help ailing firms on Wall Street and Main Street to preserve and, where necessary, to attract capital.”


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