With the economy on the brink and elections looming, Congress approved an unprecedented $700 billion government bailout of the battered financial industry on Friday and sent it to President Bush who quickly signed it.
Not my fault…my rep voted NO.
She even sent me an e-mail to tell me so.
While the bill is expected to provide liquidity in the credit markets by buying up illiquid assets and bad mortgage securities, the bill still does nothing to address the root causes of today’s market difficulties. It does not address the regulatory concerns in the financial marketplace in a significant way. It does not address concerns of undercapitalization at our nation’s financial institutions. It does not give the agencies with jurisdiction over the financial marketplace the updated tools and mechanisms they need to meet the oversight demands of the 21st Century global financial economy. Furthermore, both supporters and opponents of the package agree that the bill still poses enormous risk to the taxpayer with no guarantee that this current situation will not simply repeat itself. Therefore, I could not support the bill and subsequently voted against it.
Talk about a pre-emptive strike. I guess she didn’t want me calling and yelling at her about it.
Unfortunately, both of Virginia’s Senators voted for the bailout…of course, what do you expect: they’re both Democrats (don’t let that “R” by Warner’s name fool you…he’s a RINO from way back).