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Congressional Opinions on the Bail Out
In preparation for today's show we called Oregon's congressional delegation to find out how they stand on the $700 billion bail out plan. Congressman Earl Blumenauer joined us on the program to explain his position, but the rest of the delegation did not. We thought we'd share their perspectives with you here.
Rep. Peter DeFazio delivered a passionate speech two days ago, in which he said the bail out plan would benefit the very people who created the problem in the first place. He urged congress members and the American people to not simply give Treasury Secretary Henry Paulson the keys to the U.S. Treasury without oversight or restriction.
Senator Wyden has echoed some of Rep. DeFazio?s concerns, saying that ?unless we address the underlying faults in the system that brought us to this financial abyss in the first place, we may simply be building the world's largest bridge to nowhere.?
Like Senator Wyden and Rep. DeFazio, Senator Gordon Smith has iterated the concerns behind the current economic issues, urging the American public to not underestimate the crisis. But, he went onto to say in his public statement, the proposal ?cannot be a blank check that allows golden parachutes and executive compensation packages for bankers and investors that drove their companies into the ground.?
Congresswoman Darlene Hooley says that restoring regulation of Wall Street will shield Americans from the fallout of an economic crisis. She also says that she has ?serious concerns regarding the Administration?s request for an unprecedented $700 billion Wall Street bailout.?
Congressman Greg Walden voted against the recent bailout of Fannie Mae and Freddie Mac and opposed the "golden parachutes" for their executives, but right now, his office tells us, he's waiting to learn how the bill will come together as that's still quite uncertain.
Congressman David Wu said through an aid, ?whatever we do, we must ensure that there is significant oversight to protect taxpayers, since they weren?t the ones who got us into this mess in the first place.?
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