Thursday, October 02, 2008

Feingold voted against the bailout

Senator Feingold on his no vote for the Bailout Bill:

I will oppose the Wall Street bailout plan because though well intentioned, and certainly much improved over the administration’s original proposal, it remains deeply flawed. It fails to offset the cost of the plan, leaving taxpayers to bear the burden of serious lapses of judgment by private financial institutions, their regulators, and the enablers in Washington who paved the way for this catastrophe by removing the safeguards that had protected consumers and the economy since the great depression. The bailout legislation also fails to reform the flawed regulatory structure that permitted this crisis to arise in the first place. And it doesn’t do enough to address the root cause of the credit market collapse, namely the housing crisis. Taxpayers deserve a plan that puts their concerns ahead of those who got us into this mess.

The Senate passed the bill and it is time to call your member of the U.S. House of Representatives and urge them not to bail out Wall Street speculators, but to genuinely stimulate the physical economy by investing in a new, green economy that will create jobs in the rust belt, in rural America, and end the round-trip trading schemes of the Enron failures that Wall Street foists on us year after year.

David Swanson on AfterDowning Street encourages you to call today: SAY NO AT 202-224-3121


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