OH-14: O'Neill Hits LaTourette on Involvement in Economic Meltdown
Submitted by Jeff on Tue, 09/16/2008 - 4:42pm.
Challenger Bill O'Neill (D-South Russell) came out swinging against incumbent Steve LaTourette (R-Bainbridge Township) over his complicity in the credit crisis that has brought down financial titans like Fannie Mae, Freddie Mac, Lehman Brothers, and Merrill Lynch, and has America's largest insurance company AIG on the brink. Reacting to Black Monday (i.e., the 504-point drop in the Dow Jones Industrial Average yesterday), O'Neill called on his opponent to "own up to his role in exacerbating the foreclosure crisis that has devastated the nation's economy and thrown Wall Street into turmoil":
Steve LaTourette either doesn't know what's going on, or he doesn't care. Since Congressman LaTourette took office, foreclosures in Ohio are up almost 400% -- largely because of President Bush's efforts to deregulate the banking industry. Steve LaTourette was complicit in the disaster when he voted for that bill; a bill that was written by and for that industry, who have since padded his campaign coffers to the point where they have become his largest campaign contributors.The people of Northeast Ohio deserve an explanation and, quite frankly, an apology.
The bill in question was HR 10, authored by McCain advisor and friend Phil Gramm while he was a senator from Texas, that deregulated banks in 1999. While sitting as a member of the House Financial Services Committee, LaTourette has been given more than $1 million from individuals and PACs associated with the the banking industry, which as O'Neill says "has turned our economy upside down." In addition, O'Neill indicates that Phil Gramm is one of LaTourette's biggest donors during this election cycle:
I'd like to know why Steve LaTourette is on the side of Phil Gramm and the banking lobbyists who are to blame for this crisis instead of the working families of Northeast Ohio. He's taken their money his entire career, and he's done their bidding in Congress, and last year Ohio had the sixth highest foreclosure rate in the nation to show for it.Steve LaTourette is out of touch, out of excuses, and out of time, and working families have had enough of this lack of leadership in Congress. It's time for a change.
Ohio ranks 6th in the nation for highest foreclosure rate.
I suppose you looked and saw
I suppose you looked and saw that Gov. Strickland and former Rep. Tubbs-Jones both voted for HR 10, just like LaTourette.
Economic Meltdown
In a City without Watchdogs, the Fox is the Overseer.
What does this saying mean today and the things that happened recently with us the people and the AIG?
It means that We the People who are in essence the tax dollars that fund the FDIC, placed Watchdogs to Regulate these Giant Corporate Financial Institutions and make sure that they were careful to follow safe investments and loaning practices, since our tax dollars would have to cover their mistakes.
However the Republican Party whenever in office, chops the budgets of our Regulators, closes offices and makes sure they are understaffed.
They tell us that the Finance Industry can regulate themselves. What they are in essence saying; “We don’t want You the People, watching over our Friends and Finance Industries our cronies own, don’t worry the Finance Industry will guard the Candy Store, not you.”
So what keeps happening when we let the Fox guard the Hen house? These financial mega giants keep coming back to We the People and saying “ The Chickens are all gone! It's your obligation to restock it."
Now here’s the kicker. The money that We the People are going to pay to keep them afloat in order to prevent a financial meltdown of our economy, is going to have to be borrowed. We the people will then have to pay back 3 times what it will cost, because of the Interest on the loans and bonds and whatnot we will be borrowing on to pay for the mess.
You see, this practice began several years ago with Regan. I’m not bringing up the past to place blame, I am simply informing you of how this came about and how it has continued.
Maybe you remember the Lincoln Savings and Loan debacle in the 80’s.
This is the same thing, but it looks worse.
Regan told us that we would save millions of tax dollars by getting rid of Regulation Departments in our government. It was called DEREGULATION and everybody at the time thought is was such a wonderful idea.
Sure, the industries could regulate themselves. We would not have to pay tax dollars to hire our Watchdogs; We could trust all the different industries to put their own watchdogs in place and we were told that they would be careful. It was the old Republican talk about smaller government.
The reason the real leaders of this Party want smaller government is because they do not want You, the People, Governing Them. You see, they know that YOU THE PEOPLE are the Government. They want you to forget this. That’s why they tell you large government is evil and try to vilify it.
They use all the terms “bureaucratic red tape”“wasted tax dollars” etc. This gets You, The People riled up and thinking you should allow them, the ones manipulating you to allow them to get rid of the system you once set up to guard your tax dollars from their Corporate Cronies in the Finance Industry.
Now it’s time for you to do something constructive. Since this Party has fired your Watchdogs and cleaned you out time after time so that your economy is facing meltdown, it’s time to Fire Them.
Vote them out in November and Vote them out in mass. Remember their bloc voting against any change we needed. Even when the Democrats finally gained 2 extra Congressmen in the Houses, the Republicans still had enough numbers to back Bush Jr and keep the Congress from overriding his veto.
Vote them out from councilman to judges to governors and Congressmen. Send them down in flames.
"In a City without Watchdogs, the Fox is the Overseer."
Take Action.....
Release the Hounds.
Copy this letter and send it around.