Chris Carney 10th District Pa on board with us
Heres a message I recieved from Chris Carney D Pa.
Dear Robert,
Thank you for your message regarding the financial bailout or H.R. 3997, the Emergency Economic Stabilization Act of 2008. Hearing from the people of northeast and central Pennsylvania is an important part of my job. I appreciate you taking the time to contact me.
I opposed the Emergency Economic Stabilization Act. I could not vote for a measure that bails out years of Wall Street failings at the expense of our hardworking taxpayers. This bailout bill does not provide a source of revenue to pay for its enormous costs. This is not fair to our middle class families who have played by the rules but are struggling to keep up with the rising costs of their daily expenses. Where is their bailout?
In addition, this legislation would allow obscene million-dollar a month salaries for Wall Street executives to continue without oversight. 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 unacceptable to the taxpayers who are shouldering the burden of paying for Wall Street's greed.
I also believe that regulatory oversight in this bill was not stringent enough to ensure that we will not face the same problems again in the future. As it stands now, this legislation provides for an Oversight Board that could make suggestions for improvements without any means to enforce them. We need tougher regulations with real teeth.
We must continue to assess the current situation and thoughtfully consider long-term solutions to stabilize our economy. We should not hurry to pass flawed legislation. The Emergency Economic Stabilization Act was 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.
The Economic Stabilization Act failed in the U.S. House of Representatives by a vote of 205 to 228. I also voted against a motion for Congress to adjourn because it is clear that more work must be done to ensure the stability of our nation's economy. I will continue to push for bipartisan and sensible solutions.
Thank you again for contacting me and please keep in touch.
Sincerely,
Christopher P. Carney
Member of Congress
