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Cornyn was helpful in outlining what had to be done and what needs to be done.
First, he said the $700 billion bailout legislation was necessary. A Texas conservative, he voted for the measure with distaste. But in times of emergency, which he deemed the country to be in, leaders must pull together to address and stop the hurtful nature of the disaster.
He likened the bailout measure to a firefighter’s tools to extinguish a fire in an emergency. And just because the people who live in the house started the fire, the firefighter still must put out the fire to protect the other houses nearby. He emphasized the bailout was not a partisan bill, that all - no matter what party affiliation - had to work together for the benefit of the country.
“We had to do everything we could to deal with an emergency,” he said.
Second, Cornyn said somebody will pay for putting the country into dire straits.
“We will hold people accountable in this (fiasco),” he said. He added that an investigation was being launched.
“Somebody will ultimately go to jail.”
Finally, Cornyn said the reasons for the bailout must be determined: overextended credit, loan approvals that should not have been approved and a myriad of other things.
All of the reasons compiled are complicated and not easily understood. That’s a given.
But Cornyn said he did not believe deregulation was a culprit. Many regulations are in place.
“Regulatory tools did not keep up with financial creativity,” he said.
So is the bailout a good thing for taxpayers? Cornyn says it’s only been a week, that we should give it a chance.
“All of it should go down to pay the debt. We should break even or make money,” he said.
But Cornyn was skeptical whether the bailout would solve the problem of lending.
We should remember that after Pearl Harbor, all of us pulled together for a victory. We can do it again.