Congressman John Sarbanes on Today's House Vote ~ Annapolis Capital Punishment

Friday, October 3, 2008

Congressman John Sarbanes on Today's House Vote

From our representative in Congress:

As you may know, the economic stabilization plan passed the House of Representatives earlier today.

I supported the legislation today for the same reasons I cast my earlier vote, which I communicated in my email to you on Monday. For my full statement on my previous vote, please see the September 29, 2008 edition of the Sarbanes Standard, available here.

While this was far from a perfect piece of legislation, I believe it was necessary to restore confidence in the financial markets. The real victims of this crisis are America’s businesses and working families. When large financial institutions fail, it causes credit markets to seize up and the consequences for Main Street are severe. A further tightening of commercial credit makes it more difficult for businesses to meet payroll and ultimately leads to worker lay-offs. A shortage of consumer credit makes it tougher for families to meet many of their most basic needs. Every day, we are seeing more evidence of this in Maryland and across the country. For these reasons, I was convinced that delaying or avoiding action was not a prudent course.

As one next step, we are turning our focus to accountability. Beginning next week, the House Committee on Oversight and Government Reform, a committee on which I am privileged to serve, will be holding a series of hearings to investigate the root causes of the financial turmoil that has embroiled Wall Street and jeopardized the economic security of taxpayers across the country.

I am enormously grateful for all of the letters, emails and phone calls I have received over the last few days. These have helped to shape my perspective in very significant ways.

Thank you again.
Congressman John P. Sarbanes

So--he wants to find the root causes? Hmmm....well, for starters, how about a million super greedy money handlers, financiers, bankers, mortgage brokers who were let loose for six years of almost unbridled, unregulated, free-market banditry in a country fixated on accumulation of wealth, squandering of resources and obsessed with conspicuous consumption. I dunno. Maybe?

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