For Immediate Press Release

Saturday, September 20, 2008

TOM LOVE forTEXAS Campaign

PO Box 7231, Arlington, TX 76005-7231 PH #972-263-=5630
E-mail: TomLoveforTexas@att.net
132 E Main St, Ste 110, Grand Prairie, TX 75050


Tom Love Candidate for US Congress District 24 stated he believes the current Republican plan of financial bailouts out this weekend are highly suspect and display a highly callus welfare for the wealthy approach toward the financial sector. Just a few short three years ago under a Republican Congress & Republican Administration, the US Bankruptcy Codes were modified that denied such financial relief to working Americans who were rarely guilty of fraud or financial misconduct. For the most part, they only had incurred death or incapacity of a loved one, or divorce as their main reason for seeking financial relief. Republicans denied this relief to them, in that new bankruptcy bill, but now do not even require insolvency as an excuse for a bailout for financial institutions.

Love further states Democrats should carefully inspect the new proposal and avoid the lack of oversight that has prevailed over the last 8 years. Love believes we must deny wholesale bailouts and golden parachutes to those who would have enriched themselves at public expense.

The root cause of this financial mess has been bad home loans and predatory lending practices. We need to rework the bad loans to make the portfolios preforming, stabilize home values, and ban home loans with ARM rates that would automatically send the borrower into default when the payment would exceed their ability to pay the mortgage. Love stated he thinks there is a true definition of real organized criminal conspiracy to commit fraud involved.

The sad thing is that the people involved don't see that they have done anything wrong and have no problem denying bankruptcy protection to ordinary Americans then ask the government extend them bankruptcy bailouts without even going bankrupt and with golden parachutes attached. Unless we reform this mess, we will be right back here with a bigger mess later. We have two choices: either rework the problem or force the market to fail. If we force the market to fail we have another great depression that is unacceptable. We must fix the problem not work on the symptoms.

Sincerely,

Tom Love
Democratic Candidate for US House Texas District 24
Dallas-Fort Worth Metroplex