WALL STREET BAILOUT 2008

NEW $700 BILLION WALL STREET BAILOUT STILL FAILS TO PROTECT AMERICAN TAXPAYERS

(October 3, 2008) - Congressman Lipinski issued the following statement concerning his opposition to the Senate Amendments to H.R. 1424, the Emergency Economic Stabilization Act of 2008:

“I cast this vote regrettably because I believe that we should be doing more to stabilize the credit markets so that small businesses and all Americans are not hurt by tightening credit.  But it is more important to do the right thing than just doing something, especially when that something will cost the average family of four more than $11,000 and there are many economists who do not believe that it will work.  More than 400 economists, including Nobel Prize winners, have said that this is not the right action to take..." Click here to read entire statement.

On September 28th, in an E-communication to residents of the Third Congressional District of Illinois who subscribe to Rep. Lipinski's E-Newsletter, Lipinski stated:

"My belief was that it was a proposal that lacked accountability, lacked oversight, and lacked reform...It was a proposal that was all about Wall Street.  I believe it should be about the responsible, hard-working families in communities along Archer Avenue, Harlem Avenue, LaGrange Road, Ogden Avenue, and 95th Street..."

 

Congressman Lipinski appeared on WTTW -Chicago Tonight with his Illinois colleagues to explain his position on opposition of the $700 billion blank check proposal to bail out Wall Street (September 30, 2008).

 

 

 

Congressman Lipinski stated his opposition on September 23, 2008 to the bailout bill when the President first called on Congress to address the Wall Street financial crisis. "A $700 billion blank check with no accountability, no oversight, and no regulatory reform is a non-starter for me," said Lipinski.  "Now it is our opportunity to finally bring about the long-overdue regulatory reform of the financial industry." "While there may be a need to take action, we must act prudently," continued Lipinski.  "I am working with my colleagues in Congress to fight against this blank check and take responsible action for honest, hard-working Americans.  We must not sacrifice American families on a $700 billion altar of red ink."

 

updated October 15, 2008

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Local News on Congressman Dan Lipinski and the Bailout Bill

ABC - Local Traders React to Bailout (Rep. Lipinski video clip 1:52-2:02)

ABC - Illinois congressmen vote on rescue plan (Rep. Lipinski Video Clip 1:54-1:57)

CBS – IL Congressmen explain their votes (Rep. Lipinski video clip 1:15-1:20)

CBS News: Breakdown Of State Lawmakers' Votes On Bailout (Rep. Lipinski video 1:37-1:48)

Chicago Public Radio: Chicago-area House Members Share Their Vote on the Bailout