Okla. lawmakers praise opposition to bailout - KSWO 7News | Breaking News, Weather and Sports

Okla. lawmakers praise opposition to bailout

Oklahoma City_Press Release_A pair of state legislators praised congressional lawmakers for opposing a mammoth bailout of financial lenders, saying the plan undermines the free market and public trust.

"My dad always said a good deal today will still be a good deal tomorrow, so I see no reason to rush this bailout plan through Congress without careful review," said state Rep. Mike Reynolds, R-Oklahoma City. "As it is now written, the plan will simply incentivize bad business practices and lead to further disruption of our economy."

"This bailout plan is nothing more than an attempt to protect poorly run businesses from the consequences of bad management decisions using taxpayer money," said state Rep. Charles Key, R-Oklahoma City. "For free markets to work, private businesses must be allowed to succeed or fail based solely on their ability to turn a profit and not their ability to exploit political connections."

The U.S. House of Representatives voted today to reject a $700-billion plan that would have bailed out many of the nation's largest financial institutions that were involved, either directly or indirectly, in unsustainable mortgage lending practices.

Reynolds and Key said it is "morally indefensible" to force financially responsible Oklahoma businesses and families to foot the bill for national lenders "who couldn't pass an economics 101 class."

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