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 There
is no issue weighing more heavily on the minds of Americans now than our
nation's economy. Virginians are facing shrinking retirement accounts,
reduced home equity, and rising energy, food, and college tuition costs.
Americans are frustrated with the lack of leadership in Washington and
the lack of accountability on Wall Street. They are suspicious and feel
deceived by their leaders – especially as they learn of luxurious
retreats and exorbitant “golden parachutes” for executives of companies
“bailed out” with the money they worked hard to earn. Most personally,
though, they are anxious about their own family’s financial future.
Americans have watched their retirement accounts plummet right along
with the hopes and plans they had made for these years. They are
disillusioned with the daily roller coaster ride of the stock market and
the ever-changing implications that has for their future. They are
concerned that their most valuable asset – their home – will continue to
decline in value and how that will impact their ability to sell it if
they choose to do so. They are anxious that they won’t have money left over after
paying their monthly bills; worried that should they need to borrow
money they won’t be able to; and nervous that continued economic decline
could mean they won’t be able to save enough for their children’s
college education, or worse yet that cutbacks at their company could
mean they lose their job altogether.
It is no wonder that many Americans – myself included – wanted to
believe that a silver-bullet Wall Street bailout could put our anxiety
and fears over the economy to rest. But while we wanted, and still want,
a clear, immediate, and sure-fire fix to this financial crisis, sadly,
the recognition that one does not necessarily exist has set in with many
Americans over the last two weeks. Many recognize, as perhaps their
instincts originally told them, that the bailout plan may help people in
the financial services industry, but will not do a lot to address the
immediate concerns of everyday Americans.
Last Saturday, I heard a speech from an individual who had made millions
on Wall Street in which he said that Wall Street still operated today
with the same values of hometown America. He went on to say how complex
the situation with the economy was and that most of us were just not
smart enough to understand why it was so important to spend $700 billion
to cover the mistakes of his colleagues.
As I was listening to him, I could not help but think that he had a
different set of hometown values that I had. I do not recognize the
hometown value that allowed executives to run their companies in the
ground and then spend $440,000 on a lavish retreat while taxpayers were
paying to keep their company alive. I also do not recognize the
hometown value of a business executive virtually bankrupting his company
who drew $34 million in compensation and who was then hired as a
consultant for that same company at $1 million per month. Finally, I do not
see the hometown value exemplified in the greed that led to this
financial meltdown on Wall Street.
I also think that individual was wrong to indicate that most of us were
just not smart enough to understand the problem. In this case, I think
Americans understand the problem all too well.
Americans knew the basic principles that had built America had not changed.
The problem was that too many people in the financial sector had strayed
from those principles.
Americans knew also that the first thing we needed to do was to strengthen
our banks, because hometown America depended on those banks to survive.
We could have done this by reforming the mark-to-market accounting
required by the SEC, by fully insuring FDIC accounts, and by
issuing “fair value” certificates to our banks like we did in the 1980s
to allow them time to work out of their problems.
Finally, Americans knew that 70% of our economy depended on consumer
confidence through consumer spending and that the core of that confidence is one word – trust.
Until we restore that trust, all the bailouts the federal credit card
can make will never put our economy on a path of long-term stability.
That’s why many of us voted against the bailout, and unfortunately it
seems clear now that we were right.
Forbes Fights to Prevent Carrier From Being Moved to Mayport, Florida
Congressman Forbes and other members of the Hampton Roads delegation,
including Congressman Bobby Scott (VA-03), Congresswoman Thelma Drake
(VA-02), and Congressman Rob Wittman (VA-01) met with the Honorable
Donald Winter, Secretary of the Navy, to discuss their concerns with the
Navy moving an aircraft carrier from Hampton Roads to Mayport, Florida.
The Members held a press conference immediately following their meeting
with the Secretary of the Navy to discuss their belief that the Navy’s
Mayport Carrier homeporting decision does not fit in with the Navy's
priorities. Among their concerns with the decision to move the Mayport
Carrier is that the Navy is already working with a tight budget, and
moving the Mayport Carrier would unnecessarily require a great deal of
time and money. The Navy’s priorities have included reaching a 313-ship
Navy, developing a capability to execute the Fleet Response Plan, and
taking care of sailors and families in a high op-temp environment.
Congressman Forbes will continue to follow this issue in the coming
months.
Click here to
read more about Congressman Forbes work on defense issues.
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