Thompson Reacts to Federal Bailout

Statement

Thompson Reacts to Federal Bailout

Speaking from his home in Howard, PA, Glenn Thompson, candidate for Congress in Pennsylvania's Fifth District, today spoke in reaction to the vote to approve the $700 Billion bailout package taken yesterday in the House of Representatives.

"This is a package I could not support," Thompson said. "I do recognize the threat to our economy this credit crisis presents, but I wanted legislation that would address the root causes of the crisis, and I am not comfortable that this bill does that."

"I believe we need some acknowledgement of the role government played in bringing this about, the push for no down payment, lower credit score loans to expand home ownership, and the pressure government brought on the credit industry to reach that goal - and, of course, the role the credit industry played, offering mortgages on deceptive terms, concerned more with profit than the ability to repay. I'm not sure this bill prevents either of those things from happening again, and that is what I wanted to see."

"I do understand why people voted for this. We need to do something. If credit continues to evaporate, all businesses will pay the price and eventually, that means all workers will pay it, too. Without credit, companies close their doors, and that is not good for anyone."

"And I understand that ‘sweeteners,' like the Secure Rural Schools money, made this hard to resist. When I look at the situation in Forest County right now, where school districts may close because of the lack of both federal and state support, I am heartened that, at least, this bill addresses that situation."

"But in the end, I am afraid that taxpayers may very well bear the cost of fixing a problem they did not cause, and that while this bill may help to stabilize the markets, it still may not be enough to get the economy moving again."

"In the end, my goal is to get the economy moving. We have too many people who have lost the equity in their homes and are now facing massive losses in their personal and company retirement accounts. The way to fix this is to see the economy grow again, and that means allowing private enterprise to thrive, and private citizens to invest."

"If I am able to earn the right to be your next Congressman, that is the agenda I will take with me. I have far more faith in Main Street than I do in Wall Street, like many in Washington; but I also have far more faith in Main Street than I do in Pennsylvania Avenue. People thrive when government stays out of their way."

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