Rep. Miller to President Bush, Secretary Paulson and Congressional Leaders: "Step Back, Take a Deep Breath and Stop Shopping Fear"
Press Release
Rep. Miller to President Bush, Secretary Paulson and Congressional Leaders: "Step Back, Take a Deep Breath and Stop Shopping Fear"
Congresswoman Candice Miller, MI-10, released the following statement Tuesday:
"The plan that was put to a vote in Congress yesterday was sold on only one idea - fear. I refused to risk $700 billion of the taxpayer's hard earned money for that reason. It is long past time for President Bush, Secretary Paulson and other leaders to stop pushing Congress to act precipitously offering fear as the only reason to support the legislation. It is time to step back, take a deep breath and move forward using common sense as our guide instead. I am proud of the fact that my constituents, who have faced difficult economic times for a while now, have not given in to fear. They want Congress to take deliberate action that will actually solve the challenges we face in our economy.
As a longtime sailor I understand well that when you encounter a bad storm and rough seas it is impossible to bail out of the problem to a safe hotel and neither can you be driven by fear. Those who get through the rough seas are those who calmly hunker down and drive their way forward. That is what I intend to do because we do have a problem that needs to be addressed. Now is the time for calm reflection and to employ common sense because that will lead to a solution that actually solves the problem.
There are common sense solutions to this problem that will have far less impact on the American taxpayer. The elimination or suspension of mark to market accounting practices in relation to real estate related securities will allow businesses to more accurately value these troubled assets and add liquidity to the marketplace. It will also make banks and other businesses less likely to dump those assets on the taxpayers at fire sale prices limiting the risk for both the financial markets and the taxpayers. And that is just one example of a common sense approach that would improve the legislation and limit the exposure of the taxpayers. It is time for Congress to consider this solution and others as we work forward.
So it's time to get back to work with calm reflection and act on common sense instead of fear."
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