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Dr. Coburn Says Financial Crisis Requires Sacrifice and Statesmanship in Congress

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Location: Washington, DC


Dr. Coburn Says Financial Crisis Requires Sacrifice and Statesmanship in Congress

U.S. Senator Tom Coburn, M.D. (R-OK) released the following statement today regarding a potential government plan to address problems in the nation's financial markets:

"This is a time not just for bipartisanship in Congress but common sense, sacrifice and statesmanship. Before we ask American families to make further sacrifices we need to make sacrifices of our own. Congress must learn the lesson of our current financial situation, which is that you cannot live beyond your means indefinitely. As a first step, members of Congress should put their pet projects on the chopping block and come together to eliminate billions in wasteful Washington spending."

"Congress has known about these problems for years, but we did nothing because we were so obsessed with short-term politics and earmarking to do the hard work of oversight and reform that was necessary to avert this mess."

"The answer now is not a mysterious formula known only to economists at the Federal Reserve, but a commitment among all national leaders to restore the fundamental market principles that made America the world's leading economic power. We must not forget that it was the ingenuity of the American people and Congress' willingness to restrain the power of government that allowed our nation to flourish while other systems collapsed or atrophied under their own weight."

"The current crisis was caused not by free markets but by a perversion of the market. Congress' willingness to tolerate a perverse policy of private profit and public risk among leading financial institution created this problem. Members of Congress should not repeat this failed policy, but return it to its rightful place among other failed socialist experiments in the ash heap of history."


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