On the Emergency Economic Stabilization Act

Op-Ed

On the Emergency Economic Stabilization Act

Last Monday I voted against the Emergency Economic Stabilization Act, a controversial $700 billion financial rescue plan. What I wanted to see was an economic recovery package and what I found looked more like a bailout plan for Wall Street. I wanted to see protections for taxpayers but what I found was a plan that came up short for working families. I wanted to see direct protections for responsible homeowners who are experiencing plunging home prices, and what I found in this measure was trickle-down relief managed chiefly by Wall Street.

The greed and irresponsibility that we have witnessed by some on Wall Street, fueled by the deregulation mindset that prevailed in the previous Republican Congress, led us down this perilous path. We definitely need to act to address our economic crisis, but whatever we do the solution must put hard-working families first.

Yesterday I discussed the financial crisis and what I would like to see in a new recovery package with Patt Morrison on KPCC 89.3.

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