Perspective on the Bailout from Montana, Gov. Schweitzer
source: http://stonecipher.typepad.com/the_stonecipher_report/2008/09/perspective-on.html
Despite the Bush Administration’s insistence that a financial rescue package be drafted and approved before the weekend, the proposed plan was just made available for viewing online and lawmakers will vote on Monday. As we await the final tally of winners and losers of the plan, American taxpayers around the country remain frustrated and without answers.
How are Montanans reacting to the proposed financial rescue package? By and large they are furious and mistrustful. Our elected representatives are, thankfully, speaking out on our behalf.
Senator Jon Tester grilled Chairman of the Federal Reserve Ben Bernanke this week about why the banking committee was not given information or warnings that the banking industry was in such a precarious position. He asked:
“Wasn’t there some opportunity somewhere down the line where we could have been informed of how serious this crisis was so we can take some preventative steps before we got to this point?”
Speaking on Hardball last Tuesday, Tester complained that Bear Stearns failed six months ago and experts in the financial marketplace should have anticipated that this situation would be likely or inevitable.
Montana Governor Brian Schweitzer also expressed dismay and frustration with the handling of the crisis. His and Tester’s offices are both reporting a surge in calls, e-mails, faxes and walk-in complaints from constituents mistrustful of Congress’ handling of the crisis. Speaking about his what he is hearing from his constituents, Schweitzer said:
“"People say, 'Now wait a minute -- my stock has gone down -- I lost 15 or 20 percent.' I had one guy walk up to me and say, 'I invested in Fannie Mae. My value is down to zero and they are going to bail out the big banks -- what gives here?' "
Schweitzer feels that leaving taxpayers to pay the bill for a crisis caused by bankers is a classic case of Washington ’s disconnect with the real world. He’s been touring the state for his re-election campaign and heard widespread frustration from Montanans.
"They say, 'My God, this looks like a condition where the powerful are going to give money to the rich. What's new?' "
Thanks to politicians like Tester and Schweitzer, this bailout plan may even include some potential for American taxpayers to profit after the real estate market rebounds. As Schweitzer said earlier this week:
"If we are going to bail these coyotes out, then why wouldn't we have an equity position? Why wouldn't the taxpayer make a little money if they do turn around instead of just shoving that money out the door and have them pay themselves big golden parachutes?
Americans are justly angry all over the country. Avarice and shortsighted policies have forced a choice between a devastating national financial crisis and a $700 billion bailout for greedy, mismanaged companies. Either way we lose.
Montanans are demanding answers from our representatives. Tester and Schweitzer are doing their best to mitigate the damage to everyday Americans as our country navigates this absurd disaster.
How are Montanans reacting to the proposed financial rescue package? By and large they are furious and mistrustful. Our elected representatives are, thankfully, speaking out on our behalf.
Senator Jon Tester grilled Chairman of the Federal Reserve Ben Bernanke this week about why the banking committee was not given information or warnings that the banking industry was in such a precarious position. He asked:
“Wasn’t there some opportunity somewhere down the line where we could have been informed of how serious this crisis was so we can take some preventative steps before we got to this point?”
Speaking on Hardball last Tuesday, Tester complained that Bear Stearns failed six months ago and experts in the financial marketplace should have anticipated that this situation would be likely or inevitable.
Montana Governor Brian Schweitzer also expressed dismay and frustration with the handling of the crisis. His and Tester’s offices are both reporting a surge in calls, e-mails, faxes and walk-in complaints from constituents mistrustful of Congress’ handling of the crisis. Speaking about his what he is hearing from his constituents, Schweitzer said:
“"People say, 'Now wait a minute -- my stock has gone down -- I lost 15 or 20 percent.' I had one guy walk up to me and say, 'I invested in Fannie Mae. My value is down to zero and they are going to bail out the big banks -- what gives here?' "
Schweitzer feels that leaving taxpayers to pay the bill for a crisis caused by bankers is a classic case of Washington ’s disconnect with the real world. He’s been touring the state for his re-election campaign and heard widespread frustration from Montanans.
"They say, 'My God, this looks like a condition where the powerful are going to give money to the rich. What's new?' "
Thanks to politicians like Tester and Schweitzer, this bailout plan may even include some potential for American taxpayers to profit after the real estate market rebounds. As Schweitzer said earlier this week:
"If we are going to bail these coyotes out, then why wouldn't we have an equity position? Why wouldn't the taxpayer make a little money if they do turn around instead of just shoving that money out the door and have them pay themselves big golden parachutes?
Americans are justly angry all over the country. Avarice and shortsighted policies have forced a choice between a devastating national financial crisis and a $700 billion bailout for greedy, mismanaged companies. Either way we lose.
Montanans are demanding answers from our representatives. Tester and Schweitzer are doing their best to mitigate the damage to everyday Americans as our country navigates this absurd disaster.
