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Block All Money for the Bailout; House and Senate Bills To Cut Off Paulson Have Been Introduced

Dec. 23, 2008 (EIRNS)—This release was issued today by the Lyndon LaRouche Political Action Committee (LPAC).

Lyndon LaRouche welcomed the Dec. 19 statement by Sen. James Inhofe (R-Okla.) on his legislation which freezes the bailout, and cuts off the White House from the remaining $350 billion in the disastrous Paulson bailout package.

But LaRouche went much, much further than stopping the treasonous bailout—the full gamut of bankruptcy reorganization of the chartered national and state banks must take place, along with LaRouche's Homeowners and Bank Protection Act, and his massive infrastructure funding plan. Today, LaRouche put forward the bold initiative that a $50 trillion government funding plan for the recovery, over the next 50 years is the absolute necessity to get out of this escalating crisis.

LaRouche said that "The only thing that will work is to put the entire banking system through bankruptcy reorganization, as I said in my webcast of July 2007. They have to do it immediately, now, too much money has been lost. We can't afford it. Tell Barney Frank and others who pushed the bailout through, 'you were the idiots who did that. It's your recipe and you're going to be cooked by it.'" Without LaRouche's solution, trillions of dollars more will be literally blown away in a hyperinflationary frenzy, as millions of additional Americans lose their jobs.

Last Friday, Dec. 19, Sen. Inhofe issued a statement promoting his Senate Bill 3697, introduced a month earlier, saying, "Now, as the Bush Administration has waffled and changed course again on implementation of the massive bailout, many of my colleagues who initially voted for the $700 billion bailout have been expressing regret over their decision to hand over such a massive blank check with little oversight to the administration. They still have a chance at redemption by co-sponsoring my legislation, S.3697, which freezes the bailout and gives back to the taxpayers their money that should never have been taken from them in the first place. Americans need to contact their Senators and tell them to co-sponsor my bill so that it has the necessary support to be heard."

Senators John Barrasso (R-Wyo.), Richard Shelby (R-Ala.) and Tom Coburn (R-Okla.), became co-sponsors of Inhofe's legislation since December 8th. A parallel bill, H.R. 7276 was introduced by Republican Randy Neugebauer of Texas, on Nov. 19, 2008, and has 24 co-sponsors.