Kaptur to oppose Wall Street bailoutWritten by Toledo Free Press Staff Writers | | firstname.lastname@example.org
U.S. Representative Marcy Kaptur (OH-9), speaking on the floor of the U.S. House of Representatives Sept. 29, urged congressional negotiators to “go back to the drawing board,” indicating she will oppose the $700 billion bailout of Wall Street banks. According to a news release, she said the measure might actually make the situation worse instead of better.
“Taking a trillion dollars of taxpayer money and buying bushels of unknown and unvalued paper is not smart,” Kaptur said on the House floor on Sunday evening. “It will delay resolution of that housing crisis. In fact, this bill actually asks taxpayers to buy a garbage truckload of worthless paper, everything from subprime auto loans, to foreign bank loans, to hedge fund paper, to credit swaps. Every reckless Wall Street deal thought up these past several years they want to dump on us. We say: No.”
Kaptur said, “We need the right deal, not a fast deal. The White House is counting on fear to propel this Congress into hasty and inappropriate action on a Wall Street bailout that is not in the interest of our Republic. There is a better way. In fact, it is as likely the expenditure of $700 billion will actually stand in the way of the most effective means to remedy the economic challenges facing us.”