Please give to The Capital Times Kids Fund.

David Lutes: Baldwin deserves kudos for financial vote

David Lutes  —  10/10/2008 5:27 am

Dear Editor:

I am writing to commend Congresswoman Tammy Baldwin for her support of the Emergency Economic Stabilization Act of 2008 and to tell you why it was the right vote for America and Madison.

This bill is not a Wall Street bailout. Funds that flow through Wall Street create jobs and generate family and business income on Main Street. As the human resources manager at GE Lunar in Madison, which employs 300, I see firsthand the importance of this legislation. Businesses rely on the financial markets for their daily operations, purchasing inventory and writing paychecks.

The financial cost of the Emergency Economic Stabilization Act of 2008 may be substantial, but the cost of inaction would have significantly hurt businesses, consumers and the nation. The rescue provisions of the final package authorize the Treasury Department to buy up to $700 billion in troubled financial assets in several stages, beginning with $250 billion right away. The U.S. Treasury will receive an equity stake in financial institutions that choose to participate. Those companies also face limits on the compensation of their top executives. Programs to help homeowners avoid foreclosure will be strengthened and expanded.

Congress, the General Accounting Office, a new inspector general and a new oversight board will monitor the program, providing maximum protection for taxpayers.

The rescue package is not perfect, but it should help to avert the financial crisis that was almost certain otherwise.

There will be time next year to review the regulatory mechanisms needed to ensure that it doesn't happen again. For now, we should recognize our senators and representatives who came through on this tough issue.

David Lutes

Madison

David Lutes  —  10/10/2008 5:27 am