LIBERTARIAN U.S. SENATE CANDIDATE BUCKLEY RECOMMENDS BAIL-OUT PROTECTION DEVICE FOR TAXPAYERS

Posted by Doug Craig at 9/23/2008 9:59 AM
Categories: Allen Buckley
LIBERTARIAN U.S. SENATE CANDIDATE

BUCKLEY RECOMMENDS BAIL-OUT

PROTECTION DEVICE FOR TAXPAYERS

Atlanta, Georgia - September 23, 2008

The Treasury Department has proposed a $700 billion bail-out of

the banking industry relating primarily to mortgage-backed securities,
to

be financed by taxpayers. The $700 billion cost breaks down to about

$6,000 per American household.

The proposal grants the Treasury Department, run by former

Goldman Sachs chief Henry Paulson, very broad powers. It also

increases the debt limit to $11.315 trillion. That figure is more than
four

times the annual tax revenue of the federal government.

The proposal does not require that taxpayers' interests be

considered foremost. Instead, it merely requires the Secretary of the

Treasury to take those interests into consideration.

Allen Buckley, the Libertarian Party's U.S. Senate candidate

believes that the taxpayers' interests should be the first and
paramount

priority. To protect taxpayers, he proposes that any bail-out losses

incurred by the taxpayers (i.e. the federal government) be repaid by a

fifteen percent (15%) surtax on any person or organization that

borrowed excessively (i..e. whose loan is purchased by the Treasury

Department after foreclosure), loaned excessively with respect to

mortgages in issue or purchased the securities that are ultimately

purchased by the Treasury Department, until all losses plus interest
are

recovered.

Buckley said the following about his recommended proposal: "The

interests of the taxpayers must be the number one priority. Under

federal environmental laws, any prior owner of a contaminated property

is potential liable for clean-up costs. Tax laws and bankruptcy laws

provide for tracing of funds. There's no reason why the people

responsible for this mess should not bear the full cost of the
clean-up.

Other possible means of protection exist, and all should be
considered."

Mr. Buckley's website is www.buckleyforsenate.com. He can be

reached for comment at (404) 962-1042.

 

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