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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.?
Some expect a decision to be made by this Friday, which is when Congress adjourns for the year. In the meantime, hearings continue before the House Financial Services Committee.
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How about someone emailing/copying all of the comments on the bailout to all of the Oregon Congressional Delegation and anyone else who would be appropriate (or not)? With my limited computer skills, doubt that I could manage it but think those who posted their comments deserve a wider audience.
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With 30 years of De-Regulation pounding us into economic oblivion,
the Oregon delegation had better take a firm, united stand for re-regulation with real teeth in it, and against giving carte blanche for Secretary of the Treasury, with no accountability to ANYONE, even the courts. They need to JUST SAY NO to another blank check for this, or any future administration. While, yes, the situation is critical, the last thing we need is to be rushed into BAD legislation! The voters are watching. Ensure an equity interest for taxpayers in any companies/securities we rescue and shred the golden parachute of executives that created this mess, or get out of office! -
Why does the bailout not include any releif for home owners facing foreclosure? Hilary Clinton suggested freezing all foreclosures for three months and reviewing each case to see if terms could be met that would keep buyers in thier homes. Foreclosure is at the root of this problem so why is it not included in the solution? Also if the organization that made the loan was required to keep the loan (not sell it) then higher quality loans would be made. Common sense regulation need to be in place.
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Let's see now ... we have a leader that "cried wolf" once and we ended in a war, and now we are to believe this bailout MUST happen. This makes many American's pretty nervous! Wonder way?
All the "experts" when interviewed and asked how a lack of bailout will effect the "average" American (who is paying the freight AGAIN) can't really do more than pass on more gobble-d-gook and avoid a hard answer. I can only assume that is because it won't ... but it WILL puncture a heck of a lot of corporate balloons!
IF we end up (as we probably will) bailing out corporate America again (at OUR expense) then why not pass a flat tax for all of us including corporate America? This way most tax payer's will get the relief that has been long due, and corporate America can put enough money in the coffers for a change that they won't need to hose the average person again!
Gee ... common sense ... we sure can't have that, right? -
No one is saying anything about Section 8 of this legislaton draft. Can the media bring it up? No one wants to be responsible legally that are making these decisions. At the start of asking for all this money ($700 Billion)Pres.Bush said it may not work. If it does not work is more money going to be asked for ? I think there will be a rebellian by the people that will create chaos. Our country is so divided now, the average american has lost wealth at the expense of the wealthy and confidence in government. For government to use taxpayer burden to bail out these gamblers, may very well be the straw that breaks the camels back.
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