Matheson Statement on Senate Bailout Bill

Washington, D.C.—Congressman Matheson said Thursday that although he believes Congressional leadership will make sure the Senate-passed bailout bill passes, he still opposes it.

“I don’t believe this bill is the right medicine to cure the disease.  Economists aren’t able to say that this bill is actually going to solve the credit freeze problem. The Senate version is even worse.  It’s larded up with more debt and doesn’t include long-term reform language that would prevent this kind of crisis from happening again.”

“I’m worried about a new provision that loosens regulation of mortgage securities. No one in Congress fully understands the implications of this proposal.

“What really needs to happen is for Wall Street, Main Street and ordinary citizens to come together and deal with the fact that we cannot continue to live high off the hog on credit.  It’s bad for our markets and it’s bad for our household budgets.  I am certain this isn’t the end of the difficulties we face. Congress will have to return in January to deal with this again.”

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