Razmear
09-25-2008, 05:06 PM
source:
http://www.aimhighwithbob.com/PR_092408.php
Bob Conley Objects to Wall Street Amnesty
$700 Billion Bailout a ‘Knock Out’ Blow to Middle Class
COLUMBIA, SC September 24, 2008 – Democratic challenger Bob Conley, running for South Carolina’s U.S. Senate seat, is strongly opposed to the $700 Billion bailout of Wall Street now under consideration in Congress. This comes on the heels of the $250 Billion bailout of Freddie Mac and Fannie Mae, and the $85 Billion takeover of AIG.
“The way to correct this mess and to ensure it is never repeated is to allow the offending companies to sell off their assets to raise capital, or let them fail,” noted Conley. “This is the most effective way to restore confidence in the financial sector, the markets, and our economy.”
Conley disputes the Wall Street spin that says the Middle Class will be worse off if Wall Street is denied this bailout. “You cannot save the Middle Class by trying to pummel it to death at every opportunity,” said Conley. “When Wall Street misbehaves, the financial markets ought to be allowed to self-correct on their own, in keeping with proven free market principles. Government meddling will introduce new distortions that will beat down the Middle Class yet again.”
At the root of the problem is the Republican deregulation of the financial sector in the past decade. “We can trace this – and other recent bailouts, as well as high gasoline prices – to the repeal of regulations enacted during the 1930’s. Lindsey Graham voted to repeal the very regulations that created the current crises. Thanks to Graham and his friends on Capitol Hill, we have to re-learn from the Herbert Hoover years all over again,” Conley noted.
Bob Conley offers 10 measures he would work to enact in the U.S. Senate to protect Main Street from Wall Street:
* Separate banking, insurance, and brokerage
* Prohibit mortgage loan package sales
* Tighten deposit-loan requirements of lenders
* Streamline and strengthen regulatory agencies
* Apply regulatory oversight to the entire financial sector
* Outlaw lobbying on Capitol Hill by finance firms
* Close the revolving door between Washington and Wall Street
* Stiffen penalties for executive law breakers
* Mandate full transparency of the Fed and the Treasury
* Restore confidence – allow bad companies to fail
Conley further states that no company, namely AIG, should be allowed to grow so large as to jeopardize the national economy when the bricks start coming loose. “In the past, we had rigorous enforcement of anti-trust laws. Now we have another reason for making sure companies do not get too big,” Conley said.
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About Bob Conley
Running for U.S. Senate from South Carolina, Bob Conley is a Commercial Pilot and a Flight Instructor as well as a licensed Professional Engineer with degrees in Civil Engineering and Mechanical Engineering. To learn more about Bob and his positions on the important issues facing South Carolinians, please visit www.BobConleyforSenate.com.
http://www.aimhighwithbob.com/PR_092408.php
Bob Conley Objects to Wall Street Amnesty
$700 Billion Bailout a ‘Knock Out’ Blow to Middle Class
COLUMBIA, SC September 24, 2008 – Democratic challenger Bob Conley, running for South Carolina’s U.S. Senate seat, is strongly opposed to the $700 Billion bailout of Wall Street now under consideration in Congress. This comes on the heels of the $250 Billion bailout of Freddie Mac and Fannie Mae, and the $85 Billion takeover of AIG.
“The way to correct this mess and to ensure it is never repeated is to allow the offending companies to sell off their assets to raise capital, or let them fail,” noted Conley. “This is the most effective way to restore confidence in the financial sector, the markets, and our economy.”
Conley disputes the Wall Street spin that says the Middle Class will be worse off if Wall Street is denied this bailout. “You cannot save the Middle Class by trying to pummel it to death at every opportunity,” said Conley. “When Wall Street misbehaves, the financial markets ought to be allowed to self-correct on their own, in keeping with proven free market principles. Government meddling will introduce new distortions that will beat down the Middle Class yet again.”
At the root of the problem is the Republican deregulation of the financial sector in the past decade. “We can trace this – and other recent bailouts, as well as high gasoline prices – to the repeal of regulations enacted during the 1930’s. Lindsey Graham voted to repeal the very regulations that created the current crises. Thanks to Graham and his friends on Capitol Hill, we have to re-learn from the Herbert Hoover years all over again,” Conley noted.
Bob Conley offers 10 measures he would work to enact in the U.S. Senate to protect Main Street from Wall Street:
* Separate banking, insurance, and brokerage
* Prohibit mortgage loan package sales
* Tighten deposit-loan requirements of lenders
* Streamline and strengthen regulatory agencies
* Apply regulatory oversight to the entire financial sector
* Outlaw lobbying on Capitol Hill by finance firms
* Close the revolving door between Washington and Wall Street
* Stiffen penalties for executive law breakers
* Mandate full transparency of the Fed and the Treasury
* Restore confidence – allow bad companies to fail
Conley further states that no company, namely AIG, should be allowed to grow so large as to jeopardize the national economy when the bricks start coming loose. “In the past, we had rigorous enforcement of anti-trust laws. Now we have another reason for making sure companies do not get too big,” Conley said.
###
About Bob Conley
Running for U.S. Senate from South Carolina, Bob Conley is a Commercial Pilot and a Flight Instructor as well as a licensed Professional Engineer with degrees in Civil Engineering and Mechanical Engineering. To learn more about Bob and his positions on the important issues facing South Carolinians, please visit www.BobConleyforSenate.com.