Louie Gohmert explains the reasoning behind his vote to defeat the bailout - KLTV.com - Tyler, Longview, Jacksonville |ETX News

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Louie Gohmert explains the reasoning behind his vote to defeat the bailout

Yesterday, he was one of the House Republicans responsible for the failure of the bailout package. Today, Congressman Louie Gohmert is back home in east Texas. He calls yesterday's results a small victory, but says something still needs to be done. Gohmert says the current bill is un-American.  

This afternoon he sat down with KLTV 7's Molly Reuter about alternative plans to rescue our economy.


The big question surrounding Monday's "no" vote: what's next?

It's the same question, Congressman Louie Gohmert says he got from the White House.

"I get an e-mail from the White House saying what can we add to fix the problem. They don't understand the problem is taking this nation in a bigger and faster socialism direction," said Gohmert in an interview in our studios today.

Instead of adding to the current bailout bill, Gohmert says Congress must take the power out of the hands of Secretary of Treasurer Henry Paulson.

"We didn't elect him czar, so there was nothing that could have been added to that bill to make me vote for it."

The House Republicans, however, do have some ideas.

First, providing government-backed insurance to cover the mortgage based securities.

Second, eliminating capital gains tax, or income tax.

And most importantly, Gohmert says is suspend mark-to-market accounting.

"Mark to market means that you mark the value of these mortgage based securities on the value of whatever someone is willing to buy them today, well, people say we are not going to buy them right now, we are going to let the market sit for awhile."

The truth is, Gohmert says, the mortgage based securities do have value based on property and payments that have already been made.

Things that right now, potential buyers can't see.

"It's a false value that says it's zero, which has caused two banks to go down."

Gohmert says another idea - opening up ANWR and OCS, which would immediately bring in billions of dollars in lease payments and bonuses.

Right now, Gohmert says he just asks for everyone's patience.

"I'm sorry the market went down yesterday. I believe in my heart it will rebound if we stay with our principles. I know it will, but don't ask me to forsake the principles that made this country great, that made me inspired enough to run for congress. I can't abandoned that."

Congressman Gohmert will head back to Washington Thursday. He says he is confident Congress can come up with a bill by the weekend.

Molly Reuter, reporting. mreuter@kltv.com

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