Posts Tagged ‘Jim Marshall’

Inaction by Congress Puts the U.S. in Grave Economic Peril

September 30, 2008

  Only two members of the Georgia members of Congress voted for the bailout for investment banks. They were Rep. Sanford Bishop of Albany and Representative Jim Marshall of Macon, both moderate Democrats.

  Both of Georgia‘s Republican senators, Johnny Isakson and Saxby Chambliss, were not happy about the vote.

  According to Atlanta Business Chronicle, Chambliss said, “The House vote today puts everything in a state of uncertainty and complicates the issue of whether or not the Senate will vote on a financial rescue plan,”

  And Isakson said, “Our country is struggling. Doing nothing is unacceptable. I hope cooler heads will come to the table so we can move forward with a proposal that is in the best interests of the American people.”

  Though it is a hard pill to swallow, using $700 billion tax dollars to buy bad mortgages to bail out Wall Street investment banks, not to do something will be disastrous. Hardly anyone is using the word “crash” because it brings back the specter of the 1929 crash, but when the market plunges more than 700 points, the largest drop in history, the term does come to mind.

  Congress is to reconvene Thursday. Let’s hope the plan presented then will have enough protection in it for the American taxpayer, including homeowners with mortgages that it can get enough support to pass.  To let election year political considerations take priority over saving this country from financial disaster is about as low as a member of Congress can get.

 

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