The following is the latest press release from John Oxendine, the current Georgia Insurance Commissioner and Republican Candidate for Governor in 2010:
September 26, 2008 Kathryn Ballou, (404) 558-4905
PUT GEORGIA TAXPAYERS FIRST IN ANY SOLUTION TO ECONOMIC CRISIS
Oxendine Urges a Solution Focused on Wal-Mart – Main Street Working Georgians, Not Wall Street – D.C. Special Interests
A Statement from Commissioner John Oxendine:
Atlanta, GA – The idea of a government bailout in which we’d entrust $700 billion to one man without Congressional oversight or accountability is absurd.
The idea that America and Georgia need a solution that is Washington D.C. and Wall Street based is just not in the best interest of the Georgia taxpayer. Georgia taxpayers want a solution that is focused on Wal-Mart – Main Street working Georgians not Wall Street – D.C. special interests.
What happened to the “free market” idea?
If you are a small business owner, is this the way it works at your place? When you have a bad month, a bad year, or face having to close, can you go up to Congress and get them to write YOU a fat check to take away your risk?
America needs a solution, but it needs one that is focused on the best interests of the hard working taxpayers who make America what it is. I care about the farmer in Moultrie, the dock worker in Savannah, the teacher in Roswell, the health care professional in Kennesaw, the factory worker in Dalton. I do not care about fat cat Wall Street executives or Washington D.C. lobbyists.
I urge Senator Saxby Chambliss, Senator Johnny Isakson and the entire Georgia delegation to the U.S. House of Representatives to oppose any so called deal or solution that does not include the following:
Repeal of the Sarbanes/Oxley law. This law costs American businesses million of dollars in unnecessary fees.
An elimination of ALL capital gains taxes and taxes on savings and dividends. Free up the capital and encourage investment. This is the kind of economic stimulus the Fair Tax would bring, and if Congress is going to lose money, let them lose it with lower taxes, not with public dollar bailouts of private market mistakes.
Apply appropriate safeguards for good mortgage risk to the “market to market” accounting provision, which is driving companies into bankruptcy unnecessarily.
Pass a strong energy bill. Speaker Gingrich points out that if America had an extra $5 trillion in energy spending in our economy in the next ten years with a zero capital gains tax and a liberated entrepreneurial sector no longer crippled by Sarbanes-Oxley, we would generate the wealth to absorb all the current losses. Speaker Gingrich is correct on this point.
Somebody needs to be held accountable. Liberal Democrats such as, Senator Chris Dodd, who was very much involved in the Countrywide mortgage business, sweetheart loans and interest rates – what about him? What about Barney Frank? What about the heads of Freddie Mac and Fannie Mae?
Liberals are trying to lay the blame on the Free Market. When they talk about needing more regulation – they’re telling America that the Free Market has caused this crisis. They’re telling America that capitalism is responsible.
They are wrong.
This is not the fault of the American people or of Free Market capitalism. This is the fault of liberals in Washington D.C., Wall Street and special interest lobbyists in Washington, D.C.
I stand with Georgia taxpayers who expect – demand – that any solution protect their interests and families and not Wall Street and Washington D.C.