Joe Baca's statement about the Bailout

"Over the past few days, I have fought vigorously to include stronger foreclosure mitigation provisions in a revised bill.  Many of my colleagues joined me in an effort to include language from my bill H.R. 4135, The Family Foreclosure Rescue Corporation Act, in any revised rescue plan.  This language would keep more families in their homes." 

"While I believe today's bill still does not do enough to protect struggling homeowners, I am pleased that it does include critical improvements in the areas of oversight and accountability.  This bill does a better job of protecting America's tax payers, and ensuring their investment is not squandered." 

 "But sadly, our economy is now in turmoil.  We find ourselves in a state of quicksand, and we are sinking fast. We cannot delay action any longer.  I will vote for this bill today.  Not because it solves all our problems, but because I do not have a choice." 
 

"If the credit crunch is allowed to continue, the consequences for the Inland Empire will be disastrous.  In my district, too many families are facing the possibility of being homeless.  Credit unions and big banks have limited their lending, and as a result families are at a greater risk of losing their homes, their jobs and their opportunities for success."

"Car loans have dried up, and some dealerships have closed and been forced to lay off workers.  Student loan companies across the nation have shut down or stopped participating in federal student aid programs."

 

"And now, to make matters worse, we have received word that California needs a $7 billion emergency loan from the federal government, in order to keep funding day to day operations.  The consequences of doing nothing are too dire to imagine." 

"Without immediate federal action, California will be unable to sell voter-approved bonds for highway construction, schools, housing or water projects.  And because of the extreme delay in passing the state budget, California's cash reserves would be exhausted by the end of October without this loan.  This means that payments for teachers' salaries, nursing homes, law enforcement and every other State-funded service would stop or be significantly delayed.  This must not be allowed to happen."

 

"Ultimately, today's bill is about providing confidence in our markets and stabilizing our economy.  We must do this if we are to protect our jobs at home, stop further outsourcing, and ensure our society has access to the credit it needs to run."

"The Market dropped on Monday because of a lack of confidence.  Because of predatory lending and the complete lack of regulation we have seen from the Bush Administration in the last eight years, Wall Street has been allowed to run amuck - and because of that the American people have suffered."

 

"I am voting for this bill today to restore that confidence.  But we must come back and work on a more comprehensive package that will provide the assistance America's working families need to survive in these difficult economic times.  I have received a commitment from the House Financial Services Committee that hearings will be held next February to examine my bill, the Family Foreclosure Rescue Corporation, and move it forward in the legislative process." 

"The Bush Administration and the rubber stamp Republicans in Congress are responsible for the lack of leadership and effective government oversight that caused this crisis, but we all must work together to get America back on track.  I am confident that with a change of leadership, we will stabilize our nation's financial markets and keep America's working families safe and secure."