WASHINGTON -- U.S. Rep. Chris Carney and Chris Hackett, the Republican seeking to claim his seat in Congress, agree on one thing at least.
Both said the $700 billion proposed bailout was a bad idea.
Citing its lack of oversight and protections for taxpayers, Carney voted against the "flawed" $700 billion bailout Monday.
"This bill is economic Prozac -- it might calm the markets today, but the underlying problems remain. We cannot allow Wall Street to borrow its way out of the current fiscal mess," Carney said in a statement soon after the House defeated the proposed rescue of the nation's financial system by a 228-205 vote.
Said Carney, "I could not vote for a measure that bails out years of unmitigated Wall Street failings at the expense of our hardworking taxpayers. This bailout bill does not provide any source of revenue to pay for its enormous costs, which is not fair to our middle-class families that have played by the rules but are struggling to keep up with the rising costs of their daily expenses. Where is their bailout?"
Chris Hackett, Carney's Republican opponent for the 10th Congressional District, said he's pleased the bailout failed.
"But let's not be fooled: Chris Carney has voted for numerous corporate welfare handouts, including $25 billion for the auto industry just last week," Hackett said. "I wish Carney would side with taxpayers when the public spotlight isn't on him and an election is right around the corner."
Carney did not respond to questions about the consequences of the failed bailout or how to avoid a national economic collapse caused by a mountain of bad mortgage debt.
"We need to assess the current situation and thoughtfully consider long-term solutions to stabilize our economy -- not pass hurried legislation," he said. "I could not support this legislation, nor could I support measures to allow Congress to adjourn when it is clear that more work needs to be done to ensure the stability of our nation's economy."
President Bush and Republican and Democratic congressional leaders had urged lawmakers to pass the bill to avoid a recession.
But Carney said the proposed bailout was a flawed deal that was unfair to responsible taxpayers that didn't include any way to ensure a similar financial crisis doesn't recur.
"Obscene million-dollar a month salaries for Wall Street executives will continue without oversight," he said. "This bill is flawed, it allows the payment of regular, inflated salaries to executives of bailed-out firms. Any executive that feels his bonus is too low can ask his firm for a multi-million dollar increase in base salary -- that is simply unacceptable to the taxpayers who are shouldering the burden of paying for Wall Street's greed."
Carney added, "This type of tough legislation requires genuine oversight in the process. As it stands now, the Oversight Board can make suggestions for improvements, but has no means to enforce them. We need tougher regulations with real teeth."
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Carney, Hackett say bailout was bad idea
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