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Tue September 30, 2008
Candidates differ on bailout solution
By Elsa Partan
Laramie, Wy – While Wyoming Congresswoman Barbara Cubin voted in favor of the financial rescue plan, two candidates hoping to replace her say they would have voted no. Democratic candidate Gary Trauner says he was disappointed with the bill.
Trauner: They talked about it limiting CEO pay but it did not. It talked about limiting golden parachutes, again it did not.
Republican candidate Cynthia Lummis saw another flaw: that the government was only going to buy bundles of bad mortgages but no good ones.
Lummis: We should re-bundle them so some of the good and bad are together, those can be sold and the ones that are kept by the American tax payer that cause a loss, can be off-set by a cut in federal spending.
Lummis also called for a temporary capital gains tax holiday with the hope that money would start to flow again through the markets. Trauner announced last week that his plan would give taxpayers a contingent stake in the companies that are getting bailed out. That means that if the government has to sell the investments at a loss, it could recoup some of that loss when the companies start making money again.