[Vision2020] Fw: CRAPO: FINANCIAL RESCUE PACKAGE DOESN'T ADEQUATELY PROTECT TAXPAYERS

[lfalen]

They still need to go back to the drawing board.  Some sort of bill should be passed. This one has a lot of irrelevant pork in it. They should do a clean bill that deals with this problem only. Address CEO's Golden parachute, loans not hand outs. Some need to lose. If there are no consequences for bad judgement, there is no reason for them to change their behavior. There should be oversight to reduce the number of bad loans. If possible some restrictions should be placed on speculator. I don't know how this can feasibly be done. Corporations don't pay taxes, they are passed on to the consumer. Drop taxes on corporations and remove the capital gains tax. This will also help the small investor.
Roger
-----Original message-----

From: "Crapo News Release (Crapo)" newsclips at crapo.senate.gov
Date: Wed, 01 Oct 2008 19:08:36 -0700
To: 
Subject: CRAPO:  FINANCIAL RESCUE PACKAGE DOESN'T ADEQUATELY PROTECT TAXPAYERS

FOR IMMEDIATE RELEASE
CONTACT:    Susan Wheeler (202) 224-5150

October 1, 2008
Lindsay Nothern (208) 334-1776

 

CRAPO:  FINANCIAL RESCUE PACKAGE DOESN'T ADEQUATELY PROTECT TAXPAYERS


Votes against legislation regarding credit and financial markets


 

Washington, DC -   Idaho Senator Mike Crapo voted against the
legislative package to provide $700 billion in assistance in the credit
crisis now confronting the country.  The measure, H.R. 1424 The
Emergency Economic Stabilization Act, cleared the U.S. Senate on a vote
of 74 to 25, and will now be referred back to the U.S. House of
Representatives for reconsideration.

 

"I voted no because I am not convinced that the Administration's
proposal in its current form is the right solution, that taxpayers were
protected," Crapo explained following the vote this evening.  "This is
not to diminish the serious and real threat that faces our financial
markets and economy.  To be certain, there is a substantial threat that
must be dealt with, but this proposal requires the taxpayer to assume
the majority of the risk.  The taxpayers must be protected if this
solution doesn't work out, and should be the last to take a financial
loss.  However, after much review and evaluation, I concluded that this
proposal fails the fairness test and left the taxpayers with too much
risk.  The credit crunch has extremely serious repercussions throughout
every aspect of our economy, and we simply must get this right.  We have
not spent any time determining if Congress has chosen the best response;
there are many well-informed people who argue that we have not.

 

"This is a very complicated issue, one that requires careful evaluation
of all the alternatives available, but Congress only addressed one way
to face the crisis.  While questions from the public certainly forced
needed improvements regarding executive compensation, oversight,
accountability and transparency, this measure needed more work, more
evaluation and more debate.  It does not resolve the over-reaching
problem of how we reached this point.  The next Congress is going to
have to do more to address this crisis and make significant reforms to
our capital markets.

 

"Thousands of Idahoans have contacted my offices, expressing their
concerns over this situation. I also carefully considered concerns
expressed by Idaho employers, many who are now starting to experience
credit tightening and financial difficulties as the repercussions from
this crisis trickle down to our hometowns.  To be sure, this was a
challenging vote, and I appreciate all of the input that I have received
from the many, many people who have taken the effort to let me know how
they felt about this legislation.

 

"Regardless of the ultimate outcome regarding this legislation, many
uncertainties will continue. We must remain vigilant and be prepared to
adjust course in the next session of Congress if we find the economy has
not sufficiently improved."

 

Crapo serves on the Senate Banking, Housing and Urban Affairs Committee,
which maintains oversight and jurisdiction over the financial markets.  

 

 

To directly link to this news release, please use the following address:

http://crapo.senate.gov/media/newsreleases/release_full.cfm?id=303986
<http://crapo.senate.gov/media/newsreleases/release_full.cfm?id=303986>
. 

 

# # #

 

 

 

FOR INTERESTED MEDIA: A radio actuality is available by calling
1-800-545-1267.  Press 327 at any time during or after the greeting and
instructions.  You can also access the actuality through the Internet at
http://src.senate.gov/radio/ <http://src.senate.gov/radio/> .

 

......................................................................

This is generated from an unattended mailbox. If you have constituent
comments or information you would like forwarded to Senator Crapo,
please do so at the Senator's website, http://crapo.senate.gov
<http://crapo.senate.gov/> . Comments sent to this e-mail address will
not be responded to.

 


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Subject: CRAPO: FINANCIAL RESCUE PACKAGE DOESN'T ADEQUATELY PROTECT TAXPAYERS
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