Votes in Opposition to Bush Bailout Plan for Wall Street

Press Release

Congressman Hank Johnson Votes in Opposition to Bush Bailout Plan for Wall Street

Congressman Hank Johnson voted today in opposition to President Bush's massive federal bailout plan for run away Wall Street investment firms as the plan is an excessive and needless burden to taxpayers, rewards the misdeeds of out-of-control financiers and offers little in the way of relief for average Americans who are stuck in long gas lines, struggling to pay the mortgage and facing the worst economic forecast since the Great Depression.

Despite claims by President Bush that the country is not entering a recession and the comments of other leaders that the fundamentals of the American economy are "strong," placing the burden upon the backs of the taxpayer for the wrongs of Wall Street is not a prudent course of action for Congress to take at this time. The danger of giving away $700 billion to those largely responsible for this economic crisis and raising the debt ceiling for the government by over $1 trillion is too great for a rushed and ill-timed quick fix, according to Congressman Johnson.

"Frankly, the president carries no credibility with me and that is one of the many reasons I opposed this reckless bailout proposal," said Congressman Johnson. "After listening to my constituents, friends and family, I could only reach the conclusion that this bill was deeply flawed and I had to vote against it. The president has displayed an unnerving habit of making the wrong judgement, at the wrong time, so often that it is hard for me to believe him when he asks me to bail out his Wall Street allies to the tune of $700 billion, or more, all paid for by the American taxpayer."

"We have heard this tune before when the president rushed to Congress and demanded that we must do what he wants, when he wants it -- all with dire consequences. The last time Congress rushed to meet the president's demands; it cost us dearly, not only to the tune of $1 trillion, but in irreplaceable American lives. I will not have a hand in repeating that mistake," continued Congressman Johnson.

"There remain other options," said Congressman Johnson. "There remain options which pose less risk to the taxpayer; options which, finally, step-away from the disastrous ‘trickle-down' fiscal policies and, instead, invest in building the economy from the ground-up by stressing regulation over profit. We must purge our system of the predatory loan schemes that have gravely hurt good, hardworking Americans who seek only to put a roof over their heads."

"Lastly, I can barely conceal my anger at the very actions which have brought us to this point. I hope to bring the greed-possessed bankers, lobbyists and administration officials who failed to act before Congress to answer for their actions," concluded Congressman Johnson.

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