"A New Direction For Our Economy"

Op-Ed

"A New Direction For Our Economy"

These are uncertain times for America and in particular for our community.

While banks may be collapsing on Wall Street, the mortgage meltdown began right here in South Florida.

It began in places like West Dade, and the house right behind me, where struggling middle-class families -- between rising healthcare premiums, credit card bills and soaring college tuitions - have lost their homes and saw their wages decline.

This is the tragic consequence of 8 years of failed economic policies from this administration, which Mario Diaz-Balart has consistently supported.

At every opportunity, Mario Diaz-Balart put the interests of the lobbyists and special interests that fund his campaigns before those of South Florida's families. This is the same Mario Diaz-Balart that has accepted thousands from the financial industry and then voted to protect banks and predatory lenders instead of homeowners.

This shouldn't surprise us. He is simply beholden to the special interest groups that fund his campaigns.

But the blame falls on both Republicans and Democrats.

And now is the time to fix what Washington politicians saw coming for years and failed to address.

Accordingly, I am urging members of Congress to get back to work and not leave for vacation until a bill is passed that protects homeowners and begins to stabilize our economy.

The following are the core principles that must be included in this new bill for a new direction for our economy.

First, golden parachutes and excess compensation for executives are out of the question. If working moms and dads in South Florida don't get them when they lose their jobs, neither should the Wall Street CEO's that got us into this mess.

Second, a financial bail-out should begin by helping Main Street, not just Wall Street. It is unconscionable for tax-payers to bail out Wall Street with a 1.8% loan, while families that are struggling to make 8% interest payments are being kicked out of their homes.

Third, if tax-payer funds are being used to help Wall Street, then Wall Street must share some of the profits with tax-payers.

Lastly, I am calling for a massive overhaul of our 20th century regulatory agencies so they can meet the needs of a 21st century economy.

The principles I have set forth are in the best interests of America's tax-payers and South Florida. I urge Mario Diaz-Balart and members of Congress to put partisan differences aside and work across the aisle to pass a bill that encompasses these principles to rescue America's economy.

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