Grassroots Revolt Derails $700 Billion Wall Street Bailout

FreedomWorks Organizes Widespread Opposition from Taxpayers

Last update: 6:11 p.m. EDT Sept. 29, 2008

WASHINGTON, Sep 29, 2008 (BUSINESS WIRE) -- Political insiders considered the $700 billion Wall Street bailout inevitable heading into today’s vote, but lawmakers reacted to grassroots pressure and the bailout failed by a wide 228-205 margin.

FreedomWorks activists generated thousands of calls into congressional offices, organized district office visits, and had delivered tens of thousands of petition signatures and comments to Capitol Hill. FreedomWorks sponsored the petition web site www.nowallstreetbailout.com to channel grassroots anger against the bailout.

FreedomWorks also circulated a letter form Chairman Dick Armey to Congress opposing the bill and issued a key vote notice against the bailout.

FreedomWorks President Matt Kibbe commented,

"Taxpayers have spoken and it is clear that Congress got the message that it is unacceptable to hand Wall Street a $700 billion blank check. In recent weeks the federal government has handed out hundreds of billions in bailouts and guarantees, and it is time to take a step back and see if they have any effect. Just continuing to throw money at the problem is obviously not working. Wall Street needs to take responsibility for the mess it helped create."

"It took a lot of courage to vote against the bailout today, and stand against a legislative stampede. Private solutions exist for this problem, and we need seriously consider all options that do not put taxpayers on the hook for Wall Streets bad bets."

SOURCE: FreedomWorks