BUSH BAILOUT IT TOO BIG, TOO HASTY, AND LACKS SAFEGUARDS FOR TAXPAYERS SAYS MICCO

MICCO FOR CONGRESS

Bergen, Passaic, Hudson Counties

RUTHERFORD NJ – The proposed $700 billion federal economic bailout for Wall Street is too much, given too fast without enough safeguards for American taxpayers, says Ninth District congressional candidate Vince Micco. 

Micco, a mortgage banker, said some form of an economic rescue is needed, but he says the current proposal by the Bush administration is Wall Street socialism. 

“The bailout as currently constructed sends a terrible message to Wall Street and to Main Street,” said Micco.  “It says if you are big enough and you screw up don’t worry the government will come and bail you out. That’s not the message Washington should be sending.”  

Micco said any financial aid package has to come with strict oversight provisions and transparency initiatives that allow Congress and the taxpayer to know “where every dollar is going, to whom and why.”  

“I am fundamentally opposed to having the government play such a huge role in the economy,” said Micco, a fiscal conservative. “But I understand the need to free up capital so banks can start making loans with confidence and the U.S. economy can start growing again. 

“The bottom line is that there must be enough safeguards in the bailout to protect taxpayers – the vast majority of whom, did nothing wrong, but will be impacted by the Wall Street meltdown,” said Micco.

“The people who took out prudent loans and paid their bills and contributed to their pensions should not be exposed to risk because some Wall Street executives got greedy and the government watchdogs fell asleep.”