State reaction to bailout: ‘No and hell, no’ [Green Bay Press-Gazette]
By Ellyn Ferguson
WASHINGTON — “Bailout” is a dirty word in the Badger State.
Just ask Wisconsin lawmakers who’ve gotten hundreds of calls, letters, e-mails and faxes — mostly from angry constituents upset by the Bush administration’s $700 billion proposal to rescue the financial services industry.
The feedback is especially striking because it appears to be spontaneous and not the product of an organized campaign, lawmakers and staffers said.
“Resoundingly, they are saying two things: No and hell, no,” said Rep. Steve Kagen, D-Appleton. He’s gotten about 500 letters from people in the 8th Congressional District…
Petri, Kagen and Wisconsin Sens. Herb Kohl and Russ Feingold said they believe something must be done to keep credit flowing and the economy working. They say whatever plan is developed must balance protections for taxpayers with efforts to revive the economy…
Kagen’s economic advisory council — a cross section of business people and academics — has told him “the (financial) crisis is real and Congress has to come up with a real solution.”
Kagen thinks a final plan should include prosecution of any criminal acts that may have contributed to companies’ financial woes, as well as new regulations to prevent a recurrence of the current credit problems.
“I’d like to be able to take a document home and review it with experts back home (before voting),” Kagen said.
Read the full article on the Green Bay Press-Gazette website
