The Proof is in the Bailout

Op-Ed

The Proof is in the Bailout

What we have witnessed in this current economic crisis and the passage of a $700 billion bailout was the ultimate proof that Washington is broken. Both parties have looked the other way for ten years as these lending institutions put our retirements security on top of a house of cards, because they are both bought and paid for by the same special interests: the lobbyists who clamored for deregulation and then pleaded to be bailed out by the American taxpayer.

What we saw in Washington was politics, not leadership.

Our politicians sold out the American taxpayers twice with this meltdown-first by helping to create the problem and then by failing to create a real solution. For over a decade, both parties have supported an agenda pushed by lobbyists from lending institutions to remove accountability standards. Then they created a bad bailout bill that failed, and made it worse to pass it. The only thing worse than what Washington came up with was doing nothing at all. Last week, Congress needed real leaders to fight for their constituents. Instead, we saw politicians take a back seat while the Administration and lobbyists wrote the bills.

The bailout will not be the end of America's economic woes by any stretch. It's a mere band-aid. There's a lot of tough work to do ahead. The question is: do you trust the current gang in Washington to do that tough work?

Let's start with the housing crisis. One in five mortgages in the fifth district is subprime. The politicians in Washington let predatory lending practices run amok and now our home values are sinking. We need to crack down on mortgage fraud and ensure more accountability in the mortgage lending industry. We must restore a basic sense of responsibility in our borrowing and lending practices from top to bottom.

In addition, we must commit to a comprehensive economic revival that will bring good jobs back to Southside and Central Virginia. I laid out my seven-point plan for economic revival back in July. Today, the need for job creation is even more urgent. The U.S. economy has shed jobs for nine straight months, and Southside has seen over 10,000 lost jobs in the past decade.

There is no single silver bullet to job creation and getting our economy back on track. An earmark won't get it done this time. We need to do the tough, long-term work to invest in infrastructure, workforce development, and a balanced budget. And I pledge to work a double shift everyday in Congress to make it happen. My number one focus will be jobs and the economy, and I'll work just as hard for you as you do for your family so the middle class can reclaim the American dream.

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