THE JOURNAL & TOPICS NEWSPAPERS | WEDNESDAY, OCTOBER 1, 2008
Morgenthaler Criticizes Roskam On Bailout Vote
By TODD WESSELL
Journal & Topics Editor
Sixth Congressional Dist. challenger, Jill Morgenthaler of Des Plaines, criticized her opponent, Peter Roskam, this week for voting against the proposed $700 billion bailout plan Monday saying he should have provided more leadership on the issue particularly because he is a member of the Financial Services Committee.
"I'm pretty disappointed with Roskam," Morgenthaler told the Journal & Topics Newspapers Monday afternoon following the House vote against the proposed bailout. "He's a member of the Financial Service Committee. How did we ever get into this crisis situation? It's the whole Bush administration of deregulation and lack of oversight and the taxpayers get caught." The Financial Services Committee oversees the nation's entire financial services industry including the banking, securities, insurance and housing sectors. Roskam has been a member of the panel since first being elected to Congress nearly two years ago.
The bailout plan, named the Emergency Economic Stabilization Act of 2008, failed to garner enough votes in the House Monday. The plan would have given the federal government the authority to buy up billions of dollars in bad mortgages and other bad assets held by troubled financial institutions. In doing so, proponents said it would free up banks to extend credit to businesses and individuals and thus help the national economy.
Congress' refusal to approve the plan sent shockwaves throughout the world resulting in a deep plunge in the stock market fueling fears of a deep recession.
Roskam's assessment of Monday's vote was completely different than Mogenthaler's. In a prepared statement he said, "Today the House of Representatives stood on the side of the American taxpayers, opposing a massive bailout of Wall Street and the executives who got us here in the first place. While action is necessary to keep our economy on track, the heavy-handed push from the Bush administration and his Democratic majority places too great a burden on taxpayers with no guarantees of success. The plan voted on in the House incorporated watered down aspects of executive compensation limits and provided for insufficient use of private capital."
Roskam was unavailable to talk with the Journal & Topics this week.
"If I was in Congress I would have reluctantly voted for it," said Morgenthaler. "It's not a perfect solution, but it was a big forward movement. It added protection and oversight and limited executives' compensation. Bush was originally looking for a $700 billion bailout with no oversight which would have permitted Wall Street executives to take great golden parachutes. Yet they're the ones we're bailing out."
Now, added Morgenthaler, she hopes that politicians "will go back to the table and instead of sniping at each other maybe add more to the plan.
"My concern is about when people look at their 401k plans. Seniors, too, are very concerned as are parents worried about funding their kids' college educations."
The 6th Dist. takes in a large part of western and southern Des Plaines, far south Mt. Prospect and most of Elk Grove Village.