Wednesday, April 2, 2008

From PolitickerNH reports on New Hampshire reaction to Secretary Paulsen's banking takeover plan. Senators Gregg and Sununu seem favorable. I'm against it. Paul Hodes doesn't think it destroys capitalism quickly enough:
"We need immediate action to help New Hampshire families struggling with the economic crisis," Hodes said. "Before we address the underlying regulatory problems with the industry, we must take care of the thousands of New Hampshire families struggling to pay their mortgage. Nearly 4300 New Hampshire families will lose their homes by 2009. They need immediate relief and I plan on working with my colleagues on the House Financial Services Committee to help working New Hampshire families struggling to keep their home."

Jeanne Shaheen, of course, agrees. They get the same memo each morning telling them what to say. I'd prefer to go in another direction:
"Secretary Paulsen's proposal to overhaul our antiquated financial bureaucracy is long overdue. But the sweeping increase in power planned for the Federal Reserve is absolutely going in the wrong direction. This 218-page proposal would hand power over our financial lives to the unelected and unaccountable," Bosse said. "We need more capitalism and freer markets, not less. We need banks and businesses to face the consequences of their decisions, not be shielded from failure by politicians and bureaucrats."

No comments: