Friday, October 3, 2008

Congress Bail Out Explained By Congressman Cole

Congressman Tom Cole called today explaining why he voted yes on the bail out. He also explained about the so called pork that was attached to the bill. I respect Congressman Cole and the job he has done for Oklahoma. I believe Congressman Cole did the best thing for our country. Congressman Cole agreed to speak to the luncheon club and answer questions for as long as it takes. He said he will answer question until midnight if that is what it takes.

After listening to the Congressman talk about the bail out, one major issue Congress has is the press. The press would like nothing better than to get all the Republicans mad and throw up their hands in disgust.

Congressman Cole shared with me that he realizes his vote was not popular with his constituents. He received a lot of calls asking him to vote no. He discussed this bill with his colleagues in Congress and Senator Coburn. He believes, without a doubt, if this bail out of Freddie and Fannie did not takes place it would throw us further into a recession and then later into a depression. Businesses in Oklahoma were already having to pay higher interest rates on loans. At the same time that myself and others were calling asking for a no vote, large corporations in Oklahoma were asking for a yes vote.

Here are some facts that, I believe will interest everyone. This is a PR nightmare for Congress.

1. The so called pork that was included in the bail out was actually extensions of tax cuts. They were not new items.
2. The so called pork concerning Native Americans 168J has actually been in existence since 1992. The bill is a land tax credit that has to do with Indian land. Most Oklahomans will benefit from this tax credit extension. This bill was first introduced in 1992 by David Boren.
3. The wooden arrows that we have heard so much about had to do with a tax issue on arrows. The so called pork was to clean up a bill on this same subject that Congress passed last year.
4. Bottom line most of the so called pork were actually tax credits not pork.

In the end, sometimes it is best to manage a bad situation rather than to just disagree with it and go on. You can vote on principle but without action it means nothing. I have talked to a few other elected officials in the County and the state that stated that Congressman Cole spoke to them personally. This was a hard vote to take a stance on and Congressman Cole took it very seriously. We all should appreciate that.


1 comment:

BossHawg said...

I totally oppose the bailout. But I also have tons of respect and appreciation for Tom Cole. He is a class act and Oklahoma is well represented by him. I'm sure if Tom were the Speaker we would have never had such a horrible bill! But remember who is in charge and this ought to be yet another reminder for all Republicans to get out and support our candidates so we can reclaim the majority and put Tom in the Speaker's seat!