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Lynch Clarifies Reasons for Opposing Bailout

by Dave Atkins

U.S. Representative Steven Lynch posted a detailed explanation of his reasons for voting against the Economic Stabilization Act--signed into law by President Bush last week:

  • taxpayers, not Wall Street, bear the entire burden of cost,
  • it allows Secretary Paulson to purchase complex, speculative Collateral Debt Obligations (CDOs), and
  • he doubts it will work.

Lynch's office received over 1700 calls from the district about this matter. Based on my own conversations with people, I think there is a sense that we had to do something and people hope this works.  But it will be a long and scary road ahead, based on the increasingly negative feed of financial news we are now seeing. I have to agree with Lynch's assessment, but I will hope for the best.

Submitted by Dave Atkins on October 7, 2008 - 5:10pm
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