The "honorable" Senator Sherrod Brown said nothing to make me want him to stay in office. (As if I wanted him there to begin with!)
Thank you for expressing your concerns with the problems in the financial sector and proposals to address them.
A lot of Ohioans, including me, are angry at the thought of bailing out people who made a lot of money making bad business decisions that created problems in neighborhoods across Ohio.
I agree that we need to avoid rewarding excessive risk taking. These institutions made unwise decisions, and taxpayers should not be expected to simply cover their losses.
Treasury Secretary Paulson this weekend sent a proposal to Congress that would give him almost unfettered authority to spend $700 billion purchasing troubled assets from financial institutions. On Tuesday, my colleagues on the Banking Committee and I held a hearing at which Secretary Paulson, Federal Reserve Chairman Bernanke, and others testified.
They made a strong case for the need to act quickly to prevent further damage to our economy. The turmoil in the credit markets has the potential to do great damage to a lot of innocent bystanders. I am afraid that if we do not act, the economic instability could affect thousands of American jobs and the savings of countless middle class families.
But Secretary Paulson’s proposal is not the right answer. No Secretary should be given a $700 billion blank check. Taxpayers must be given an opportunity to recover their money, and assurances their tax dollars will not fund lavish pay and golden parachutes. We need strong rules to guard against abuse, and to ensure all types of institutions and regions are helped.
In the days ahead, we need to focus on containing the damage to middle class families and local businesses as much as possible. In the months ahead, we need to take a hard look at how financial markets are regulated so we never find ourselves in this situation again.
Thank you again for contacting me. I will certainly keep your views in mind as the Senate debates ways to help restore strength to our economy.
HA! And to think I once met this man! Fat lot of positive influence I was!! Ba-humbug!
So sorry about all the poor middle class saps and local business owners. Better luck next time. Maybe the actual perpetrators will have to pay next time. (And no, I'm not into paranormal activity, if you're wondering. Hey! Maybe that's Washington's problem!!)
If you have not yet done so, please call your Senators and Representatives
and tell them to vote NO on any bailout scheme for the mortgage and banking industry. A recent poll indicates a mere 7% approval of a government (read that: TAXPAYER - you and I) funded solution to our economic crises. It's no solution - it's just more of the same!
We have to get these stupid criminals out of Washington! McCain and Obama aren't going to fix any monetary problems our country has. They helped create the problems! Don't vote for them! There are other choices on the ballot. Don't vote for someone that you don't want in office. And if there isn't anyone on the ballot that you DO want, then don't vote at all! Don't vote for senators and representatives in your state if they aren't doing what you want them to do. I highly doubt if too many people actually want to give banking executives bonuses for running their companies into the ground, but that's what your lawmakers are doing!
Apparently, the President no longer wants a bucket to bail the problem. Now he refers to it as a rescue, so the proper term would be a lifesaver. Ron Paul wasn't impressed with that, either. If you haven't yet signed up to get updates from him, you can do that here. The Campaign for Liberty website will keep you current with what's currently happening, from a truthful perspective.
I've used up my quota of quotation marks, and my blood pressure needs to return to a medically acceptable reading, so I'll shut up for now. But I'm still mad.
And I'm not voting for THIEVES in November, either!