{"id":3766,"date":"2008-09-26T10:15:00","date_gmt":"2008-09-26T16:15:00","guid":{"rendered":"http:\/\/www.nmpolitics.net\/index\/2008\/09\/pearces-opposition-helps-keep-bailout-on-hold\/"},"modified":"2008-09-26T10:15:00","modified_gmt":"2008-09-26T16:15:00","slug":"pearces-opposition-helps-keep-bailout-on-hold","status":"publish","type":"post","link":"https:\/\/nmpolitics.net\/index\/2008\/09\/pearces-opposition-helps-keep-bailout-on-hold\/","title":{"rendered":"Pearce’s opposition helps keep bailout on hold"},"content":{"rendered":"

\"\"<\/a>On Thursday afternoon, the president and many congressional leaders sounded confident that they had a deal in place on a proposed bailout to stabilize the economy. But by Thursday evening, it was clear that no deal was in place, largely because a group of conservative Republicans are rejecting the plan. <\/p>\n

<\/o:p><\/p>\n

U.S. Rep. and Senate candidate Steve Pearce<\/a>, R-N.M., is among the proposal\u2019s detractors. Their unwillingness to support the bailout is keeping Washington and Wall Street on edge.<\/p>\n

<\/o:p><\/p>\n

Pearce says the bailout proposal isn\u2019t a real solution to the financial crisis.<\/p>\n

<\/o:p><\/p>\n

\u201cThe plan lacks any measure of accountability and does not address the root causes that got us into this mess,\u201d Pearce said in a statement released Thursday. \u201cThe administration is about to spend nearly $1 trillion in taxpayer money without so much as a single hearing or investigation into how this occurred. The Justice Department spent more time going after Martha Stewart<\/a> for a few thousand dollars worth of stock than they will investigating those who have brought our economy to the brink of collapse.\u201d<\/p>\n

<\/o:p><\/p>\n

Pearce is well known as a fiscal conservative. As a member of the House, he has often voted against bills because of spending provisions he opposed. The anti-tax and anti-spending Club for Growth<\/a> is one of his biggest supporters.<\/p>\n

<\/o:p><\/p>\n

He\u2019s been criticized by many, including GOP U.S. Rep. Heather Wilson<\/a> during the Senate primary, for voting against bills on the basis of ideology, which Wilson said during the campaign is less important than practical impact.<\/p>\n

<\/o:p><\/p>\n

Pearce, during the primary, touted the fact that he has never wavered from his commitment to fiscal conservatism.<\/p>\n

<\/o:p><\/p>\n

\u201cI have done it time and time again in the New Mexico<\/st1:state> delegation, standing alone,\u201d Pearce said before a crowd of more than 100 people at a primary debate in Alamogordo<\/a> in February.<\/p>\n

<\/o:p><\/p>\n

In the Thursday statement, Pearce said the bailout plan \u201cdoes not address the very things that were used to create this catastrophe. There is no reform of the market tools and instruments that got us here. We\u2019re going to bail the market out and then let them do the same thing tomorrow? That\u2019s not what the American people want.\u201d<\/p>\n

<\/o:p><\/p>\n

Pearce said any plan \u201cto move the economy forward\u201d must include accountability, \u201cupdated reforms to respond to new market vehicles, taxpayer protections, limits on leveraging, transparency for investors and value free-market solutions over government intervention.\u201d<\/p>\n

<\/o:p><\/p>\n

Thursday\u2019s wasn\u2019t Pearce\u2019s first statement opposing the bailout plan. He first announced his opposition earlier this week<\/a>. His opponent in the Senate race, Democrat Tom Udall<\/a>, has said the president\u2019s plan needs significant changes, but he has not flatly opposed it.<\/p>\n

<\/o:p><\/p>\n

Pearce put out a second news release Thursday evening expressing concern about the fact that the bailout proposal would \u201callow Treasury Secretary Henry Paulson<\/a> broad, unchecked power to spend $700 billion in taxpayer money with very little reform of the system.\u201d Pearce pointed out that Paulson was chief executive officer at Goldman Sachs<\/a>, \u201cone of the companies involved in creating the financial crisis,\u201d for eight years and was employed there for 15 years.<\/p>\n

<\/o:p><\/p>\n

\u201cI don\u2019t think anyone should be confident that he will hold accountable those who got us into this, nor that he will institute the proper reforms to prevent it from happening again,\u201d Pearce said. \u201c\u2026 This is a case of putting the fox in control of the hen house. We need real reform, not just a bailout at taxpayer expense.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

On Thursday afternoon, the president and many congressional leaders sounded confident that they had a deal in place on a proposed bailout to stabilize the economy. But by Thursday evening, it was clear that no deal was in place, largely because a group of conservative Republicans are rejecting the plan. U.S. Rep. and Senate candidate […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3766","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/posts\/3766","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/comments?post=3766"}],"version-history":[{"count":0,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/posts\/3766\/revisions"}],"wp:attachment":[{"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/media?parent=3766"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/categories?post=3766"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nmpolitics.net\/index\/wp-json\/wp\/v2\/tags?post=3766"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}