It put him right out front on the issue, after his kind of odd refusal to take a side in the presidential race. He even wrote something for CNN:
Some politicians -- and a few economists -- would say that America is drunk on credit and just needs to go cold turkey. But it's more accurate to say we're addicted to credit. Too much credit. Good credit, bad credit, anything that lets us live the high life. We have mistaken growth in the value of financial paper for real economic growth.
Getting clean will not be so easy. When credit is quickly withdrawn, everyone in the business of lending panics. Credit becomes scarce and is not available at a reasonable interest rate. Institutions that need to use credit daily start to fall like dominoes. The financial fallout -- bank failures, risking a stock market crash, worthless retirement and pension funds -- could kill us. We need to reduce our dependence on credit gradually but steadily and with no excuses.
Deep down, we all know that a financial rescue is necessary. I voted for the plan that was defeated today because, to paraphrase Rep. Spencer Bachus, I'm unwilling to play Russian roulette with the financial lives of my children and grandchildren. Although the bill was imperfect and wildly unpopular, I believed that those of us in Congress needed to suck it up, vote for it and let the chips fall where they may.
Agree or not, that's strong stuff. And the attention Rep. Marshall is getting gives him the chance to show off one of his strong suits: He's wicked smart.
Insider Advantage / James Magazine gave Marshall ringing praise for the vote. It remains to be seen what the voters do, but something about human nature makes us trust people who take stands like this, back them up with logic and say "let the chips fall where they may."
I haven't seen any statements from Goddard, the retired Air Force general running against Marshall on the Republican ticket. If I get one, I'll post it.
8:50 p.m. UPDATE: No word yet from Gen. Goddard, though I spoke to his campaign manager late this afternoon and he said a statement would be forthcoming. I think it's fair to note the silence more than 24 hours after the vote.
UPDATE, Wednesday: Sent to me late last night by the campaign. Gen. Goddard addressed the situation at a campaign event:
Congress must immediately return to the table and craft a bill to correct this problem using free market principles, avoid setting the precedent of government intervention, and most importantly remember that the taxpayer did not get us into this mess and they should not be the ones to shoulder the load. ...
Congress ignored past warnings to correct this problem and now our economy is in turmoil. Immediate assistance is needed to allow the economy to stabilize and restore investor confidence. Instead of pointing fingers and taking partisan shots, Congress needs to seek a solution that bolsters market confidence without sticking our children and grandchildren with a giant tab for bad business dealings.”
There's quite a bit more, but nothing I would call specific about how to correct the problem using free market principles. So I'm seeking that information, if they have it.
The Marshall campaign is letting folks know that Gen. Goddard's campaign put out a poll Wednesday before he made this statement and it included a bailout question. They're also noting some of Goddard's previous comments, accusing Marshall of a lack of leadership.