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Washington, DC -- Congressman Steve Kagen, M.D. again said no to free handouts. Kagen voted against a bill to print $850 billion to bailout financial institutions crumbling under their weight of mismanagement.
“I am on the side of Wisconsin families who work hard, play by the rules and save their money so they can build a better future for themselves and their children,” said Kagen. “I understand that something must be done to revive our economy, but borrowing billions and billons in additional debt is not the answer. I was elected to represent the best interests of families in Northeast Wisconsin - not Wall Street – and this bill does not help them.”
The new bailout legislation added another $150 billion onto the $700 billion requested earlier this week increasing the debt burden. Kagen also voted against the previous version of this legislation.
“There are three things missing from this bill: A reward for people who diligently save their money; tight and effective regulation of speculators to prevent this from happening again; and transparence and accountability. Our goal must be to re-instill trust and credibility in our free market system by rewarding savings and punish those who take excessive risk. This “new” bill does not regulate speculative trading, nor guarantee transparency in world markets. In Northeast Wisconsin we live within our means. That should be the standard for our financial markets as well,” Kagen said.
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