ZIMMER CONDEMNS LAUTENBERG VOTE ON BAILOUT
October 2, 2008
Trenton, NJ - At a press conference today U.S. Senate candidate Dick Zimmer condemned the multi-billion dollar bailout the of the nation's financial system passed by the Senate.
Zimmer released the following statement:
"Yesterday taxpayers across the country were asked to hold their noses, reach into their pockets and pony up $700 billion or more to bailout Wall Street. This on top of $200 to $300 billion to bailout Fannie Mae and Freddie Mac.
"We are at this point because our elected officials in Washington -- including Senator Frank Lautenberg -- did not provide effective oversight of the marketplace.
"These elected officials created a system of private profit and socialized risk and allowed Wall Street to run wild. Now, thanks to politicians in Washington, Main Street is bailing out Wall Street.
"Senator Lautenberg had 24 years to protect us against this crisis. During those 24 years he did nothing to avert it. In fact, he helped bring it about. In a job that requires leadership and good sense, he demonstrated neither.
"It's time for a change. As your Senator, I will work to bring transparency and accountability to Wall Street and Washington so we can avoid similar financial catastrophes in the future.
"There is no question that urgent and decisive federal action is needed to keep the current financial crisis from triggering a wider economic downturn, but the bill passed last night by the Senate is the wrong remedy."
To view Zimmer's full remarks on this issue, click here.
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