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Straten: No Market Bailout Without Strict Oversight
By Peter Zorich
The Government's nearly trillion dollar bailout of the financial markets should be considered but only after strict oversight measures are put in place to protect the taxpayer says Roland Straten, Republican candidate for Congress from New Jersey's Eighth District.
"There is an incredible amount of money at stake here and I'm pretty skeptical that it will resolve the entire problem. We need assurances that the same people who got us into this mess don't make the same mistakes," says Straten.
Treasury Secretary Henry Paulson, the former Chairman of Goldman Sachs, has proposed that the Federal Government buy up approximately $700 billion in bad loans to help prevent financial institutions from going under. Some lawmakers are calling for caps on Wall Street compensation and Bonuses.
"Not only should we prevent big bonuses for Wall Street Executives whose companies get bailed out, I say lets investigate all the Executives who took home tens of millions knowing a financial crisis was looming," says Straten. "Decisive action is needed but we have to be smart. We all know what happens when the government gets a blank check."
contact: Peter Zorich
917 754 8198
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