A Visit to Hampton Roads

Press Release

A Visit to Hampton Roads

Senator Warner was on the road Monday, visiting Hampton Roads to give folks a report from Washington and hear from Virginians about their thoughts and suggestions on the financial recovery plans.

This was Senator Warner's second trip outside of Washington since taking office, and the first since the President signed the economic recovery package.

The first stop was the GEICO call center in Virginia Beach. Senator Warner first went there as a candidate a week before the election.

"I thought it was important not just to come during my job application process," he said, "but now that I got hired, to come back and give you a report."

The employees at GEICO, who were part of the company's "Grassroots Group," asked the Senator about the stock market, health care, and the deficit.

The Virginian-Pilot captured one exchange:

Jerry Figueroa, a Geico underwriter, told Warner that he bought shares of Citibank and Bank of America last fall, as the economy began its steepest slide, and worried that a federal takeover of the banks would strip investors of remaining value.

Warner said he didn't expect Congress to nationalize the banks but to seek a public/private partnership to determine the value of the subprime mortgage assets that the banks need to unload from their balance sheets. Until that problem is resolved, "you're probably going to see some downward pressure" on stock prices, Warner told Figueroa.

After the town hall, Senator Warner made a lunchtime visit to the Ghent neighborhood in Norfolk. He met with local business owners outside of Fair Grounds, a locally-owned coffee shop, and stopped in the local pharmacy,the Naro Theater, and sweveral restaurants on Colley Avenue.

Norma Dorey, owner of Changes Hairstyling & City Spa for 25 years, said her sales have slid and some of her employees cannot pay their mortgages. Warner's visit, though, bolstered her outlook, she said.

"It gives us a sense of confidence," Dorey said. "He cares enough to shake hands with everybody on the street, and he has an ear for us."

...

Ending his visit at No Frill, Warner chatted with Cheryl Davidson, who was lunching with colleagues in the real estate business. She told Warner that she hoped banks would begin lending again.

"With the stimulus package, we're starting to slowly see a turnaround," said Davidson, a loan officer for TowneBank Mortgage, after Warner left her table. "Buyers are starting to come out."

Many people Warner met Monday expressed optimism about the future, he noted at the end of his visit.

"People are concerned, but they also know that it's going to take some time to turn things around," he said. "I actually expected to see more anger or real frustration."

Source