Pelosi Gives Thumbs Down to Bailout Proposal

[Nostalgia]

Washington, D.C. — Speaker Nancy Pelosi issued the following statement today as Congress and the White House work to craft legislation to address the crisis in our financial markets:

“Congress will respond to the financial markets crisis by taking action this week in a bipartisan manner that will protect the taxpayers’ interests. The Administration’s $700 billion proposal does not include the necessary safeguards. Democrats believe a responsible solution should include independent oversight, protections for homeowners and constraints on excessive executive compensation.

“We will not simply hand over a $700 billion blank check to Wall Street and hope for a better outcome. Democrats will act responsibly to insulate Main Street from Wall Street.

“As we proceed to deal with this crisis, this is clear recognition that the party is over for the Bush Administration’s anything goes, failed economic policies that have damaged our economy, undermined the middle class and further pointed out the need for a New Direction.”
http://thepage.time.com/2008/09/21/p...lout-proposal/

Instead of providing $700 billion of capital to banks to offload debt from their balance sheets, why not invest $700 billion in boosting our country's infrastructure: build public transportation in cities and towns where needed, invest in new energy sources, replace damaged bridges/roads/dams/etc., AND CREATE TONS OF NEW JOBS FOR UNEMPLOYED AMERICANS... Surely this program would be much more effective at increasing confidence in our economy than feeding the Ponzi scheme of overinflated housing. As a taxpayer, I would be a lot happier spending my money on creating jobs and infrastructure (INVESTING IN AMERICA) than throwing my money at a cesspool of toxic waste.

[Thinking Man's Idiot]

I'm not a citizen of your land, dear guest, but if I were, I'd vote for you.
Tell your friends. Anger is a gift.

http://www.rinf.com/forum/showthread.php?t=2970