Tim Walz: Public 'poorly protected by the bailout plan'
Why I voted against the bailout bill
By Rep. TIM WALZ (D-Minn.)
October 6, 2008
Throughout the debate over how best to address our nation's financial and economic crisis, I have been guided by a simple question: What is the right policy for the American people? We face a real and serious economic crisis, and inaction is not an option. But action motivated by panic and fear is no substitute for getting it right.
The public is, I believe, poorly protected by the bailout plan that Congress was asked to vote on, so I voted against it both times it came before the House of Representatives. The Star Tribune Editorial Board called those votes "reckless." To the contrary, I believe they were responsible.
Virtually everyone reacted with horror when Treasury Secretary Henry Paulson released his initial, three-page plan giving him unchecked power to spend 700 billion of our tax dollars to bail out Wall Street. The proposal read like a ransom note, and I appreciate the efforts of congressional negotiators to make the best out of a bad situation. But at the end of the day, Wall Street was well-represented in the negotiations in a way that Main Street wasn't.
The plan we voted on is a bad deal for the American taxpayers on several fronts:
(Continued here.)
By Rep. TIM WALZ (D-Minn.)
October 6, 2008
Throughout the debate over how best to address our nation's financial and economic crisis, I have been guided by a simple question: What is the right policy for the American people? We face a real and serious economic crisis, and inaction is not an option. But action motivated by panic and fear is no substitute for getting it right.
The public is, I believe, poorly protected by the bailout plan that Congress was asked to vote on, so I voted against it both times it came before the House of Representatives. The Star Tribune Editorial Board called those votes "reckless." To the contrary, I believe they were responsible.
Virtually everyone reacted with horror when Treasury Secretary Henry Paulson released his initial, three-page plan giving him unchecked power to spend 700 billion of our tax dollars to bail out Wall Street. The proposal read like a ransom note, and I appreciate the efforts of congressional negotiators to make the best out of a bad situation. But at the end of the day, Wall Street was well-represented in the negotiations in a way that Main Street wasn't.
The plan we voted on is a bad deal for the American taxpayers on several fronts:
(Continued here.)
Labels: bailout, Tim Walz, Wall Street
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