WIS 10 - Graham's Democratic Challenger Against Bailout

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WIS 10 - Graham's Democratic Challenger Against Bailout

Democratic Senate candidate Bob Conley says he is strongly opposed to the $700 billion bailout of Wall Street now under consideration in Congress.

Conley says the proposed measure comes on the heels of a $250 billion bailout of Freddie Mac and Fannie Mae, and the $85 billion government takeover of AIG.

"The way to correct this mess and to ensure it is never repeated is to allow the offending companies to sell off their assets to raise capital, or let them fail," noted Conley. "This is the most effective way to restore confidence in the financial sector, the markets, and our economy."

Conley says disputes the position that the middle class will be worse off if Wall Street is denied this bailout.

"You cannot save the middle class by trying to pummel it to death at every opportunity," said Conley. "When Wall Street misbehaves, the financial markets ought to be allowed to self-correct on their own, in keeping with proven free market principles. Government meddling will introduce new distortions that will beat down the middle class yet again."

Conley tells WIS News 10 the root of the problem is Republican deregulation of the financial sector in the past decade.

"We can trace this--and other recent bailouts, as well as high gasoline prices--to the repeal of regulations enacted during the 1930's. Lindsey Graham's vote to repeal those very regulations created the current crises. Thanks to Graham and his friends on Capitol Hill, we're looking at Herbert Hoover all over again." Conley noted.

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