Jim Brown - OneNewsNow - 1/7/2009 5:40:00 AM
The vice chairman of the Republican National Committee (RNC) is sponsoring a proposed resolution that accuses President Bush and GOP members of Congress who supported the recent Wall Street bailout of helping move the country's economy "another dangerous step toward socialism."
The anti-bailout resolution being circulated among members of the RNC is authored by Indiana attorney and RNC vice chairman James Bopp, Jr.
Bopp's resolution, which is likely to be voted on at the RNC winter meeting later this month, argues that "a commitment to fiscal responsibility" -- not a bailout -- was needed to "fix the banking industry." Ninety-one Republicans in the House and 34 in the Senate voted in favor or the $700 billion bank bailout.
Too many of his fellow Republicans, according to Bopp, have abandoned free-market principles.
"What we need to do is reestablish our conservative bona fides -- that we are a conservative party, that we are serious about it, that we oppose the bailout of industries and companies," he contends. "We oppose a nationalization of companies. We oppose Obama's public works projects, and...we are for conservative economic policies that will restore our economic success."
Bopp's RNC resolution also calls on congressional Republicans to fight president-elect Barack Obama's public works program. It reads as follows: "WHEREAS, the Bank Bailout Bill effectively nationalized the Nation's banking system, giving the United States non-voting warrants from participating financial institutions, and moving our free market based economy another dangerous step closer toward socialism; and WHEREAS, what was needed, and is still needed, to fix the banking industry is not a bailout, but rather a commitment to fiscal responsibility."
