Can someone explain why this was a bad thing. 1. Opposition to financial sector bailout Bachmann opposed both versions of the Wall Street bailout bill for America’s financial sector. She voted against the first proposed $700 billion bailout of financial institutions, which failed to pass 205–228. She also advocated breaking up Fannie Mae and Freddie Mac and barring executives from excessive compensation or golden parachutes. However, she also advocated a plan that would suspend mark-to-market accounting rules and supported suspending the capital gains tax.[82] The "Big Three" automakers; Ford, Chrysler, and General Motors, approached Congress to ask for roughly $15 billion to keep them operational into 2009. Bachmann criticized that bill, fearing that the initial sum of money would be followed by subsequent ones without the companies making changes to revive their business. Bachmann supported an alternative bail-out for the Big Three and the rest of the auto industry rather than the plan that passed. According to Bachmann, her alternative would set benchmarks for reducing their debt and renegotiating labor deals and would set up the financial assistance as interim insurance instead of a taxpayer-financed bailout.[83]
