Appleton’s Steve Kagen bucks Democrats as party lines blur [Appleton Post-Crescent]
U.S. Rep. Steve Kagen says he put politics and his upcoming re-election campaign aside and voted against the financial bailout plan on Monday because it did nothing to secure the economy.
“Nothing good happens fast, so let’s not rush to judgment,” said Kagen, of Appleton, shortly after he helped vote down the $700 billion emergency bailout package.
Kagen was the lone Democrat from the Wisconsin delegation against the banking rescue. He joined an unusual coalition of Democrats and Republicans, including Republicans Tom Petri of Fond du Lac and Jim Sensenbrenner of Menomonee Falls, in casting dissenting votes…
Kagen says it came down to this: He was elected to represent the best interest of families in the 8th Congressional District, not those of Wall Street. He said constituents in his district made it clear they were against the legislation over the past several days…
Just because there is support for action to correct the financial meltdown doesn’t mean that voters supported the specific bailout bill that was defeated Monday, Kagen said.
After consulting with economists and financial experts, Kagen concluded the proposed bill did not offer relief to homeowners.
“The economic crisis started with the collapse of the housing bubble. Until we address the housing situation and find a pricing floor, we will be unable to take a step forward,” Kagen said.
The public shouldn’t be worried they’re going to lose everything they have. The Federal Deposit Insurance Corp., which insures bank deposits, and the U.S. Securities and Exchange Commission, which regulates the stock market, have the to maintain stability in the economic system.
“The FDIC can immediately offer reassurance and calm the fears of everyone by guaranteeing that every taxpayer will have their money safe and sound in every bank and every financial institution,” he said. “The SEC can change its accounting rules today.”
