As we move into the greatest financial disaster since the Great Depression, everyday Americans find themselves being held hostage by Wall Street gamblers with predictions about gloom and doom unless our taxes are used to bail out the Financial Services Industry. We are told that unless we rescue Wall Street by allowing them to make up their losses by 'doubling down' at the tables of casino capitalism our homes and futures will be lost. 

We did not get here overnight.  For at least the last eight years, we have had a Congress that has gone along with deregulating the financial services industry so that the economy can grow and the benefits on Wall Street can trickle down to the rest of us.  They have purchased the loyalty of legislators through PAC and individual contributions.  All the while, we have been told that the economic benefits will trickle down.  We now know what is trickling down.

Unfortunately, Congress is making the bailout a 'done deal' without adequate consideration to the taxpayer and no assurance that the investment will pay off.  There are not adequate protections for taxpayers and the proposal contains too many loopholes that will allow the Wall Street criminals to benefit. This proposal has been pushed through with to many conflicts of interest, open and hidden.  As a member of Congress, I would not have voted to bail out Wall Street from the mess it has created.  In this crisis, I support addressing the needs of taxpayers first, punishing the criminal behavior of Wall Street and restructuring our financial services industry.

Read Karen's Full Position Paper