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Updated: 6:13 PM Sep 29, 2008
Congressmen & Candidates React
U.S. Congressman & candidates for Congress react to the rejected bailout plan. Posted: 5:40 PM Sep 29, 2008Reporter: WOWT-TV News Email Address: sixonline@wowt.com |
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Senator Ben Nelson – (D) Nebraska: “Over the past week, I have heard from more Nebraskans on this issue than perhaps any in my career in the Senate. I share the anger and frustration everyone feels about this crisis, and how we got here. We’d like to think we have a choice, but we don’t. We can try to stop a crisis from becoming a catastrophe. Or we can sit on the sidelines and watch the catastrophe unfold. .. I want Nebraskans to know that as I review the details of this plan, I take very seriously my responsibility to them and to all the American taxpayers, and I will be looking to make the best of a terrible situation. “
Rep. Jeff Fortenberry (R) Nebraska: 1st District U.S. Representative: We are falling into the trap of sequential decision-making. Once we adopt this construct, we shut the door on alternatives that may be less costly, easier to implement – and may provide a way through this crisis. The choice between action or inaction today is a false one… Like so many other members, I have spent an extraordinary amount of time in careful discernment. I cannot in good conscience support this legislation.”
Max Yashirin (D) Candidate for Nebraska 1st District U.S. Representative: (Comments prepared September 25, 2008 to explain his opposition to the bailout plan) “The corporate beggars are now pushing for the taxpayer to purchase poor assets at full book value onto the national balance sheet. They believe that the American Public can be duped, again, to bear the burden of their poor business judgment. They tell us we should fear the consequences of a failure to act now. But, this decision to print more money will only become yet another payback burden to all Nebraskans now and future generations of Nebraskans. As your next Congressman from the 1st District of Nebraska, I will not support,
Mike Johanns (R) U.S. Senate Candidate for Nebraska: "The plan, in my judgment, did not pass a critical and thoughtful analysis for a number of reasons. First, the bill was financed by raising the national debt ceiling. Our nation is already deeply in debt, but this plan was proposing a solution to take on more debt and purchase private sector assets that in part are worthless. Secondly, the power the plan places in one person, the Secretary of Treasury, over our economy is unprecedented and carries great risk…. It is way beyond time for our leaders to work across party lines to solve these real problems, and Nebraskans can trust I will work for real solutions on their behalf."
Scott Kleeb (D) U.S. Senate Candidate for Nebraska "A broken system has failed us yet again. Yes, this proposal was far from ideal. It gave too much power to the Secretary of Treasury, and demanded too few restrictions on executive pay. But that's no excuse for inaction… For years, Washington has given Wall Street what they wanted and demanded no accountability in return. Now that their bad choices have brought us to this meltdown, they still refuse to take action. No solutions, no answers, just 'no.' That's not the kind of leadership Nebraskans deserve. Washington needs to start thinking long term."
Rep. Lee Terry (R) Nebraska 2nd District U.S. Representative: “The magnitude of increasing federal bureaucracy with $700 billion of taxpayer money is not a decision to be made so quickly. I truly believe there are other options including using the private market that should be thoughtfully considered by Congress. I look forward to continuing work in a timely fashion on this critical matter.”
Jim Esch (D) Candidate for Nebraska’s 2nd District U.S. Representative: “It’s no surprise that this bill did not pass, because Americans will not accept a blank check to Wall Street. This was a rushed bill that asked for $700 billion for Wall Street, but not a dime for Main Street families who are struggling financially. I’ve said all along that a bailout needed to include real protection of and aid for Americans, regulations for the financial market and investigations of Wall Street executives. It did not include any of these things and American’s deserve better… Lee Terry voted to relax regulations on the financial industry, and helped create the problems we face today. We can't trust the people who got us into this crisis to know how to get us out of it.”
Rep. Adrian Smith (R ) Nebraska 3rd District U.S. Representative: “I am willing to stay in Washington and work with my colleagues on both side of the aisle until we find a solution. However, nationalizing every bad mortgage in America – in what some have called the largest corporate bailout in American history – is not the answer. The government exists to protect consumers, to set boundaries around the marketplace; it does not exist to ensure businesses succeed, nor to actively participate in our markets. Hundreds and hundreds of Nebraskans have contacted my office opposed to this bill, and I agree with them.”
Jay Stoddard – (D) Candidate for Nebraska 3rd District U.S. Representative: (No comment released as of posting)
Rep. Steven King (R) Iowa 5th District U.S. Representative: “America is going through a tough time right now and it will get harder before it gets better. But, we know that the strength of America’s economy is in our free market system. If taxpayers are stuck with Wall Street losses, government will start demanding to socialize the profits of our free enterprise economy. This will lead to socialization of our economy and the end of our freedom. We can act to address this crisis in a way that does not sacrifice our freedom as Americans. We can weather this storm if we stay true to our principles and refuse to write a blank, taxpayer-signed check to Wall Street.”
Rob Hubler (D) Candidate for Iowa 5th District U.S. Representative: (No comment released as of posting)
Rep. Bruce Braley (D) Iowa 1st District U.S. Representative: “Wall Street greed and lack of oversight by the Bush Administration caused the current problems in our financial markets. Now Iowa taxpayers are being asked to save these companies from their irresponsible choices. Working families should not be forced to foot the bill for Wall Street’s mistakes, without stronger language to protect their interests… While I agree that we must take action on our economy, today’s plan benefits Wall Street CEOs while leaving working families to fend for themselves. This plan doesn’t go far enough to help Iowans at risk of losing their homes, jobs or savings, nor does it provide the resources necessary to invest in the future. Iowa’s working families and taxpayers deserve better.”
David Hartsuch (R) Candidate for Iowa 1st District U.S. Representative: (No comment released as of posting)








