October 7, 2008

Wisconsin Senator Russ Feingold on the $700,000,000,000 bailout, or Splurge

Via email:

Thank you for contacting me to share your thoughts on the administration's proposal to purchase up to $700 billion of bad mortgage debt. I very much appreciated hearing from you.

I opposed the bailout plan passed by Congress, because though well intentioned, and certainly much improved over the administration's original proposal, it remained deeply flawed. It failed 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. Second, this bill did not include meaningful provisions to help families facing foreclosure. This is more than just a matter of fairness - the housing crisis is the root cause of the credit market collapse, and unless we address it, any rescue package is far less likely to work. Finally, the measure failed to address the deeply flawed regulatory structure that paved the way for this crisis. Taxpayers deserve a plan that puts their concerns ahead of those who got us into this mess.

Again, thank you for contacting me. Please feel free to do so again in the future.

Much more on the splurge, here.

Posted by jez at October 7, 2008 11:07 AM | Subscribe to this site via RSS:
Posted to Current Events | Politics | Taxes