U.S. Representative John Carter (TX31) House Conference Secretary, made the following statement Sept. 29 after opposing the Wall Street Bailout bill. Earlier in the week, Carter and a small group of members of Congress met and produced a common sense alternative to the $700 billion Bush/Paulson Bailout plan. The plan would have mandated Wall Street fund the recovery of the economy rather than American taxpayers.  

“Now that this plan has failed, I am ready and willing to go back to the drawing board and come up with a plan that won’t put the taxpayers on the hook for another government bailout. I also think we should see the evidence from all sides of the issue, not solely the advice from the administration.

“I want to thank the thousands of constituents who called and voiced their opinion. Rest assured that your voice was heard and will continue to be heard during the next round of negotations.”

Dow was slammed, posts worst-ever point decline blue-chip index plunges 778 points after House rejects bailout bill.