Share


Latham campaign: Becky Greenwald's $700 billion Wall Street bailout should make Iowa taxpayers nervous
10/13/2008

Becky Greenwald's $700 Billion Wall Street Bailout Should Make Iowa Taxpayers Nervous

Becky's Bailout of reckless and greedy Wall Street CEOs sinks the American people deeper in debt

Press Release | October 13, 2008

Ames, IA - Congressional candidate Becky Greenwald wants to make one thing very clear to Iowans - she would have voted for the $700 billion Wall Street bailout had she been a member of Congress. Greenwald reiterated her unwavering support for the bill yet again during a recent debate in Mason City with her opponent Tom Latham - who stood up for Iowans by voting twice against the bailout of Wall Street.

During the debate Greenwald said that she still supported the bailout even though there has been an additional $8 trillion loss in stock value since passage of the controversial bill by Congress and a new admission by a leading member of congress that the bill will not work. Last Thursday, Pennsylvania Democratic Congressman - and Chairman of the U.S. House Financial Services Capital Markets Subcommittee - Paul Kanjorski proclaimed, "I think we already know, it's not going to work."

"Reckless Wall Street CEO's made a mess and they asked Iowans to pay to clean it up," noted Latham for Congress spokesperson Matt Hinch. "Tom Latham stood up in Congress and protected Iowans by twice voting no on this massive Wall Street bailout. Tom Latham believes that, as a matter of principle, it is wrong to spend hundreds of billions of taxpayer dollars to reward, benefit and bailout those on Wall Street who created this mess."

Highlights of Becky Greenwald's endorsed Wall Street bailout plan includes:

* The largest corporate welfare proposal in U.S. history all at taxpayer expense;

* Gives the U.S. Secretary of the Treasury, and Wall Street veteran and former Goldman Sachs CEO, Henry Paulson a no-strings checkbook with $700 billion in taxpayer funds to spend as he sees fit;

* The Washington Post reports that there is a strong possibility of conflicts of interest, since the same companies who created the mess on Wall Street will, "be managing the assets while also selling their own troubled securities to the government.";

* Taxpayer funded pork in the bill included tax breaks for rum, sports entities, television and the manufacturer of wooden arrows for children;

* And, no guarantee by Secretary Paulson that his plan will actually work.

"Becky Greenwald would reward the same greedy CEO's who caused this crisis," continued Hinch. "Becky Greenwald would spend $700 billion of Iowans' money to fix Wall Street mistakes and greed. No accountability and no guarantee it will even work. It's clear that Iowans can't trust Becky Greenwald with our tax dollars."


Printer-friendly version      Send this article to a friend      Share