tag:blogger.com,1999:blog-18801504.post4844041603530502117..comments2022-03-20T07:48:20.238-04:00Comments on Results Matter: Bailout Voted Down: Colossal Failure of LeadershipUnknownnoreply@blogger.comBlogger3125tag:blogger.com,1999:blog-18801504.post-90028400666376321342008-10-02T11:55:00.000-04:002008-10-02T11:55:00.000-04:00Response from Rep. Joe Knollenberg. Typical Washi...Response from Rep. Joe Knollenberg. Typical Washington double speak, but hopefully they will get it right on Friday. Hopefully we have not already reached the tipping point.<BR/><BR/>Dear Friends,<BR/><BR/>After careful consideration, I voted "no” on the Wall Street bailout. Let me briefly explain my view.<BR/><BR/>I absolutely believe action must be taken to protect our economy and financial markets from further turmoil. Unfortunately the package we considered was unnecessarily rushed and lacks critical protections for Michigan's families. Michigan taxpayers should not have to foot the bill for a rushed bailout.<BR/><BR/>I still have serious concerns about this package's cost to taxpayers and its protections against abuse, particularly in the form of "golden parachutes" for Wall Street executives. This bill should include greater restrictions on executive payouts and more incentives for private lenders to bail out Wall Street. Some improvements were made to the bill in negotiations, but not enough. The process was rushed and I cannot in good conscience support a flawed bill that puts too much risk on the backs of families who are struggling under Michigan's 6-year, one-state recession. Oakland County's families shouldn't be forced to pay Wall Street bankers for their failures.<BR/><BR/>I support quick action to stabilize our economy, but this plan is simply not the right solution. That's why I cast a "no" vote.<BR/><BR/>As always, I've appreciated the countless calls and emails I've received on this matter. Please continue to be in touch on matters important to you and your family.<BR/><BR/>Sincerely,<BR/><BR/>Joe Knollenberg<BR/>Member of Congress<BR/><BR/>P.S. – To learn about how I’m fighting to create jobs and help revive Michigan’s economy, visit my website at: knollenberg.house.govChiefOptimizerhttps://www.blogger.com/profile/02287312462686431723noreply@blogger.comtag:blogger.com,1999:blog-18801504.post-8871267506096456202008-10-02T11:51:00.000-04:002008-10-02T11:51:00.000-04:00Reply from the Federal Reserve Board frb.mail@frb....Reply from the Federal Reserve Board frb.mail@frb.gov <BR/> <BR/>Dear Mr. Smith:<BR/><BR/>Thank you for your observations and comments regarding efforts underway to relieve the current strains on the U.S. financial system. Healthy economic growth depends on well-functioning financial markets. Consequently, helping the financial markets to return to more normal functioning will continue to be a top priority of the Federal Reserve.<BR/><BR/>The shortcomings and weaknesses of our financial markets and regulatory system must be addressed if we are to avoid a repetition of what has transpired in our financial markets over the past year. The Federal Reserve supports the Treasury's proposal to buy illiquid assets from financial institutions. Purchasing impaired assets will create liquidity and promote price discovery in the markets for these assets, while reducing investor uncertainty about the current value and prospects of financial institutions. More generally, removing these assets from institutions' balance sheets will help to restore confidence in our financial markets and enable banks and other institutions to raise capital and to expand credit to support economic growth.<BR/><BR/>Again, we thank you for sharing your views. Please be assured that the Federal Reserve is working diligently to find and implement the best and most sustainable solutions to the current economic challenges.<BR/><BR/>Sincerely,<BR/><BR/>JPD<BR/>Board StaffChiefOptimizerhttps://www.blogger.com/profile/02287312462686431723noreply@blogger.comtag:blogger.com,1999:blog-18801504.post-86558848023853471622008-09-30T09:48:00.000-04:002008-09-30T09:48:00.000-04:00Thanks. I agree whole-heartedly, and feel another ...Thanks. I agree whole-heartedly, and feel another part of the failure of leadership is that none of the elected officials, appointees or candidates has done an adequate job (or really even attempted) of explaining what is<BR/>> needed and why. This failure is represented by the continued use of the ‘bailout’ designation for an intervention to restore liquidity, markets and confidence.ChiefOptimizerhttps://www.blogger.com/profile/02287312462686431723noreply@blogger.com