posted September 22, 2008
Bob Tuke, Democratic candidate for U.S. Senate, said there should not be a "rush to give the government a blank check" on the proposed $700 billion federal financial markets bailout.
Mr. Tuke said, "The United States is faced with an economic calamity without precedent since the Great Depression. The Bush administration's proposal that U.S. taxpayers blindly cough up a minimum of $700 billion of welfare for Wall Street is wrong.
"To be sure, the financial markets need stability, and it is clear that our government will be required to help. But with that help must come reliable assurances of responsible financial behavior in the future and accountability for how this disaster happened in the first place.
"Moreover, the U.S. should insist on the opportunity to recoup some or all of its investment, for example by purchasing selected securities in a reverse auction, which has been suggested by some.
"Rushing to give the Bush Treasury Department a blank check is not a solution, but invites the same reckless spending and lack of oversight that caused the current situation. We should slow down and require any plan to deal with the weakened financial situation of banks to include the following: strict accountability to insure that institutions benefiting from government assistance are held accountable for their debts; assurance that other nations are paying their fair share for the rescue of their own banks; and requirements that taxpayer money be used to stabilize consumer banking functions and not for executive compensation.
"While this has been going on, Nashvillians have been experiencing a shortage of gasoline for days without explanation. We know the Colonial Pipeline is the conduit for most of Nashville's fuel, but it is a mystery why Nashville faces such extreme shortages while other cities on the pipeline seem to have plenty of supply.
"In the face of these crises, Tennessee's senior senator has chosen silence over leadership. It is unclear whether his loyalty to George Bush or his commitments to the bankers and oil executives who line his campaign bank account is the cause of his silence. But this is a time for leadership, not silence. I call on my opponent, Sen. Lamar Alexander, to focus on the problems facing Tennesseans rather than handouts for the wealthy elite on Wall Street and in the oil patch. When people are losing their jobs, their retirement security, and even their ability drive their vehicles, it's time to take care of the people first and let those who got us into this mess fend for themselves for a change."
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