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Senator Schuring on the Proposed $700 Billion Bailout


Location: Unknown

From Senator Schuring:

"The people of the 16th district have every right to be outraged over the magnitude of this bailout. This will cost every man, woman and child in our district an estimated $3000 and it comes at a time when our national debt is skyrocketing - $9.5 trillion dollars and growing.

The people of this district deserve better leadership. They ought to be able to get car, home and small business loans. Now more than ever, politicians in Washington need to stop pointing fingers and come together to save our financial system.

As Washington works to fix this financial crisis they need to do so responsibly. Rather than buying equity in these companies, the government should loan financial institutions the money they need so they can pay the American people back. In addition, we should have a federal oversight panel that overlooks bailout decisions not just a single cabinet secretary. And because the American people are footing the bill for these bailouts, any plan for rescuing these financial institutions must not allow a company's CEO to walk away with an enormous severance package. CEO's can't be rewarded for their mismanagement with a golden parachute.

Sadly, if we don't bail out these financial institutions, we open the door for foreign entities to undoubtedly step and do so, resulting in greater foreign control over U.S. financial assets.

This is a critical issue to the people in this district and its time the people in Washington start working to solve problems."

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