Fiscal Reform and Stability/Economy

Fiscal Reform and Stability/Economy

The fiscal collapse of 2008 was a failure of effective oversight by the Bush administration and Congress.  The Dow Jones average had cratered to 7,949 points on January 20th when President Obama took office and the stock market bottomed at 6,594 points just 44 days later.  The $787 billion American Recovery and Reinvestment Act of 2009 played an important role in stabilizing the financial markets when no bottom was at that time in sight. Make no doubt that absent massive infusions of capital by the U.S. government and governments worldwide into the global economy, that the world would be in a second Great Depression and perhaps global war.

As a reminder to the voting public, the bank bailout was signed under President Bush on October 3, 2008.

I support additional Wall Street reform and enhanced oversight, while my opponent voted against Wall Street reform even after Wall Street took the country to the brink of economic collapse.

I support policies that will help prevent and preclude future financial collapses.  Among these would be to preclude the issuance of options by bank-bailout (TARP) recipients and publicly traded companies and to require the issuance of restricted stock that vests over periods of time and that provides claw-back provisions should certain detrimental triggers occur.

Other important facts to remember:

  • The $85 billion bailout of AIG was approved in September 2008 under the Bush administration.
  • The bailout of GM/Chrysler originated in the Bush administration
  • The government conservatorship of Fannie Mae and Freddie Mac originated under the Bush administration.

Claims by my opponent that the current administration orchestrated the government takeover of broad swaths of the U.S. private sector are false and his ridiculous charges of Marxism or Socialism are misplaced and absurd when the facts are analyzed.


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