Paul Tonko Statement on Financial Crisis

Statement

Paul Tonko Statement On Financial Crisis

"The American people can certainly understand the gravity of the current economic situation as Congress weighs the historic $700 billion bailout package proposed by the Bush administration. It is clear from the events of the last few weeks that something must be done to ensure that the financial markets continue to operate, and that credit is available.

"However, the administration's attempts to rush the bailout through Congress without protections for the average taxpayer are both irresponsible and disturbing. Congress must put regulations in place that will prevent corporate executives from walking away with millions of dollars, and include provisions to re-pay taxpayers when the financial industry returns to profitability.

"This spectacular failure is the result of the failed economic policies of the Bush administration and the Republican Party. The same people who advocated a market free from government intervention are now looking to government to save the financial industry from collapse. If we are to spend $700 billion to bail out Wall Street, we must make sure this never happens again.

"Working families are facing incredible challenges right now, from the high prices of gas and home heating oil to the lack of affordable health care. It would be irresponsible for the federal government to bail out Wall Street without offering help Americans who will be footing the bill."

Paul Tonko is the former President and CEO of NYSERDA and served in the New York State Assembly from 1983 to 2007. He announced his bid for the 21st Congressional District on May 20, 2008 among friends, elected officials and union members.

On September 9, Paul won the Democratic primary. On Election Day, November 4, Paul will appear on the Democratic and Working Families Party lines.

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