Jim Oberweis on bailout
The Oberweis campaign released a statement yesterday on the failed bailout vote:
(BATAVIA, September 29) — Republican Congressional Candidate Jim Oberweis - after the House of Representatives voted 228-205 to reject the $700 billion bailout for financial insitutions - made the following statement:
“I support the action taken by the House of Representatives this afternoon in rejecting a flawed bailout plan that would have put American taxpayers at risk for $700 billion. Had I been a Member of Congress, I would have voted ‘no.’
“Now that the flawed measure has been rejected, Congress can take the time necessary to strengthen the legislation to improve the odds of its success at solving the problem at hand, while reducing taxpayer risk and improving taxpayer protections. It is important that Congress address this very serious economic crisis that we are facing, but it is equally important that Congress address this situation in a way that will subject taxpayers to the smallest loss possible while doing what is necessary to keep our financial system working in a positive way. We must not sow the seeds of future, equally serious problems by trying to solve this situation too quickly. We must do this right with reasonable speed rather than doing this wrong with great speed.”
Jim Oberweis takes a reasoned and wise approach to this. This specific bill was the wrong bill to pass. Though Congress ought to authorize some action, as Oberweis says, this is the wrong action to authorize. Congressmen who allow themselves to be corralled and hoodwinked by Wall Street’s highly-paid K Street lobbyists show themselves to be either pushovers or genuinely clueless. Buying up bad mortgages is not the only way to shore up the capital base of financial institutions, and it’s certainly not the preferred way.
An online Elgin Courier News poll with 337 respondents had 68% saying “No” on the bailout. This can spell trouble for Bill Foster, though Melissa Bean is probably safe, because her opponent, Steve Greenberg, said he would have voted for the bill as well.
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