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|Lancaster, Chester, Berks Counties, PA||November 4, 2008 Election|
Rebuilding America's Economy
By Joe PittsCandidate for US Representative; District 16
This information is provided by the candidate
Responsible, bipartisan action is needed now.America is facing an economic crisis that threatens to cause a serious recession and real human suffering in our country. Lost jobs and lost investments could mean young families can't put food on their tables and older couples can't enjoy a secure retirement together. My number one priority is fixing the American economy before permanent damage is done. Congress has acted to shore up banks so employers will have the cash flow to stay in business. Frankly, I didn't like the way that bill was written. But now that it is law, both political parties need to do everything possible to make sure it is successful.
This crisis was caused by a combination of corporate greed and government stupidity. In 1995, the executive branch changed regulations to force lenders to help more Americans afford homes of their own. This was a well intentioned initiative, even though it forced banks to give loans to people who were poor credit risks. Lenders, though, quickly saw it as a way to make more money. More people in the housing market meant higher demand and higher prices. That led to more and more "creative" and irresponsible mortgages. Now, the bubble has burst and we are paying the price. The Wall Street cowboys who made billions on the backs of those who could least afford to be taken advantage of need to be held responsible. So do those in Congress who blocked efforts to crack down on Fannie Mae and Freddie Mac before it was too late.
Most American businesses are run by honest executives and powered by the best workforce in the world. The real strength of the American economy lies in everyday businesses in every town across our country. It does not lie in Wall Street. For that reason, I know this crisis will end and our economy will recover. The essential thing today is for Democrats and Republicans to work together for the benefit of this country and its economic well being. Even in the days leading up to this election, partisanship is inappropriate now.
Position Paper 2
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