Just issued by U.S. Rep. John Larson, the East Hartford Democrat who represents Bristol:
Washington, DC – Congressman John B. Larson (CT-01), Vice Chair of the Democratic Caucus, issued the following statement in response to today’s troubling economic news.
“The turmoil on Wall Street today is the direct result of eight years of lax Republican oversight and irresponsibility. Since George Bush took office, Republicans have turned a blind eye to improprieties on Wall Street and in big business. We saw the beginnings of that policy failure in the downfalls of Enron and WorldCom. Now, Republicans have handicapped our oversight functions and left our economy in shambles. The rescues of Fannie Mae, Freddie Mac and Bear Stearns underscore a policy where executives get bailed out and the people get the bill.
“From energy speculators who were allowed to run rampant in our oil and gas markets, to Interior Department officials maintaining “cozy” relationships with big oil, and now major banks failing under the weight of their own over extended investments, this Administration has led our country down a dangerous path.
“The woes experienced on Wall Street today will trickle down throughout our economy. They will trickle down to the middle class as they see their retirement funds shrinking and they will trickle down to the poorest Americans as they see their job opportunities dry up.
“While our stock markets were melting down, John McCain was insisting that our economy is sound. Talk about out of touch.
“America cannot afford another four years of Republican rule. We need oversight of our markets, we need to let our inspector generals do their jobs and we need to restore integrity to our economy. The CEOs and executives behind the current turmoil must be held accountable for their actions. The American people can’t foot the bill for anymore golden parachutes.
“This New Direction Congress has worked on behalf on the American people by passing an economic stimulus package and overhauling our country’s home financing system. We will take up another recovery package aimed at easing the burden on families and the middle class.
“We will continue to fight for corporate responsibility. We will continue to demand change.”
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