Merkley Statement on Financial Markets

“Gordon Smith Has Been Part of the Problem”

Senate candidate Jeff Merkley issued the following statement on the troubling news out of the financial markets:

"The news out of Washington and Wall Street today is causing concern for millions of Americans. What is most troubling and infuriating to many is the idea that powerful special interests made billions through mortgage-backed securities and sham subprime mortgages yet the average American taxpayers are on the hook to cover the costs now that this house of cards collapsed.

"Federal bailouts may be necessary, but that doesn't change the fact that this situation should never have become the crisis it is today. Years of lax government oversight and deregulation directly contributed to the meltdown of financial markets.

“The current Bush-Smith economy is stripping wealth from families, shipping jobs overseas and putting opportunity out of reach. We need an economy that builds wealth for families, creates living wage jobs here in America and restores opportunities for American families.

"From his perch on the powerful Finance Committee, Gordon Smith has rubber stamped the Bush policies that has led us to this point. In many ways, he is echoing his friend John McCain about our 'strong' economy. This is one of the worst financial crises in a century. It is certainly not a symptom of a 'vibrant' economy.

"George Bush, John McCain, and Gordon Smith are both followers of an economic philosophy that has favored the powerful over working class Americans. We are all feeling the effects of that philosophy today and it's just one more reason we need a change and make Washington work for working Americans."

Jeff Merkley has a plan to create jobs here at home by investing in green energy, fixing or ending unfair trade deals and ending federal giveaways to companies that ship jobs overseas. Read more about Merkley’s plan.

Posted September 20, 2008
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