Standing in the well of the House today, Thad McCotter (R-MI), who I sincerely like, did what the constitution expects — he stood up for his constituents and voted for the bailout.
I’d expect nothing less of a Congressman from Michigan. The bailout will benefit his constituents.
But in his floor speech imploring others to do the same, he ran aground on some populist rhetoric. McCotter said:
There have been those who said bankruptcy is an option. Many people have said bankruptcy is a preferred option. I suppose bankruptcy is an option for those who it is not a option for. Why? Because those who like bankruptcy should first impose bankruptcy upon themselves and to see how their family feels when their future has been foreclosed, when they have no job, when they have no hope, when they believe that they had been forgotten because they are a number.
Congressman, no, we won’t be filing bankruptcy. See, the rest of us run our businesses wisely, stand up to union greed, don’t hire high powered lobbyists to go to Congress to make things tough for competitors instead of actually building a more competitive company, and mismanage our financial resources.
Those who suggested bankruptcy did so because bankruptcy is the avenue you and your colleagues put in place for situations like this. No one else in America can get the bailout you guys want to give the auto industry.
Tomorrow, hundreds of Americans will file for bankruptcy. Most of them will do so because of dire, medical circumstances taking a financial toll. They will not get a bailout from you. The auto makers are not in the same boat. They just decided to run their businesses in the ground. And you want to reward them.
Now they won’t learn from their mistakes thanks to people like you.
But the people of Brazil thank you! Thanks to your vote, and if Congress passes this, GM is going to revitalize the auto industry and jobs market in Brazil! Muito obrigado!