Statement of U.S. Senator Russ Feingold on opposing the bailout

[PeaceNikki]

10/1/2008

Contact: Zach Lowe [phone]

“I will oppose the Wall Street bailout plan because though well intentioned, and certainly much improved over the administration’s original proposal, it remains deeply flawed. It fails 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. The bailout legislation also fails to reform the flawed regulatory structure that permitted this crisis to arise in the first place. And it doesn’t do enough to address the root cause of the credit market collapse, namely the housing crisis. Taxpayers deserve a plan that puts their concerns ahead of those who got us into this mess.”

ETA link: http://www.wispolitics.com/index.iml?Article=137744

[BrklynLiberal]

1. Good for Russ.. I guess he is one of the few that actually read the bill.

[PeaceNikki]

3. He has a crazy habit of doing that.

See the USA PATRIOT Act.

[madaboutharry]

2. Old Russ, man of the people

It is only fitting.

[PeaceNikki]

7. Hey, he's not OLD!

x(

[bdamomma]

4. thanks Senator Feingold for being on our side.

[ProSense]

5. "removing the safeguards that had protected consumers and the economy since the great depression"

Feingold should have a talk with Clinton

[dysfunctional press]

6. i'm with russ on this one.

i've had a change of heart, as i had originally supported something being done.

[PeaceNikki]

8. Feingold supports/ed SOMETHING, just not THIS plan.

Here's more from him on the topic:
http://feingold.senate.gov/~feingold/statements/08/09/20080930.htm

September 30, 2008

“Yesterday’s vote on the bailout proposal in the House of Representatives gives Congress an opportunity to address the major flaws in the proposal. We can do so and still act in an expedited manner.

“First, the negotiators should offset the cost of the proposed bailout so that taxpayers don't get saddled with it. There are plenty of proposals out there that can be considered, including asking Wall Street to bear at least some of the cost. Second, negotiators should add 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, negotiators must address the deeply flawed regulatory structure that paved the way for this crisis. The administration and others have said such reforms must wait for another day, but once a rescue package is enacted, we lose the leverage needed to enact tough reforms to get the financial sector to clean up its act, and we risk having to deal with this same mess all over again.”

[lostnotforgotten]

9. A Statesman, A Progressive, A Democrat!

eom

[Mira]

12. I second your comments, and your avatar

[Oregone]

10. Russ just hates us for our wooden arrows.

[PeaceNikki]

11. Russ doesn't hate anyone

He's a gentleman and a scholar. There's a total Republican jerk who follows him around to every listening session in the state (72/year) and criticizes Russ relentlessly. He holds up pictures of the twin towers and blames 9/11 on Russ and the Democrats. Russ is unbelievably gracious to him and quiets people when they boo this guy. He listens to him and replies honestly and seriously.

[Oregone]

13. In that case, I respect him less

I like people who hate us for our wooden arrows.

[PeaceNikki]

14. I'm growing increasingly suspicious of your wooden arrow agenda.

:tinfoilhat:

[Oregone]

15. Oh, relax. Have some rum.

:)

[PeaceNikki]

16. Oh, go research some wool.

[cui bono]

17. Exactly. Now let this fail in the House and let's get a REAL bill passed.

FFS!!! Enough with the fear-mongering and scare tactics. I swear if DUers had to vote on the IWR it would have passed.

[bvar22]

18. Proud to K&R

We can count on Russ.

Bernie Sanders too.

Dennis Kucinich. Barbara Lee (and a handful of others) in the House.


The Working People of America have painfully few represenatives in our government.