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Wednesday, November 19, 2008

Congressman Cardoza shares Valley frustration with Treasury Secretary Paulson

Congressman Cardoza shares Valley frustration with Treasury Secretary Paulson

WASHINGTON, DC – Congressman Dennis Cardoza delivered a frustrated and angry message to Treasury Secretary Henry Paulson Monday on behalf of the residents of the Central Valley.

“In the most direct way possible I told Secretary Paulson that his efforts to date are completely unacceptable,” Cardoza said. “He keeps telling us they averted a financial crisis. I told him that in my district, we are in a recession. And to those who have lost their homes, we are in a depression. More needs to be done now. The country cannot wait for President Obama.”

The congressman added that, “I wanted to deliver the message to him that I knew everyone in my district wanted to send -- act now.”

The Congressman made the comments during tense closed-door talks he participated in when Paulson and Federal Reserve Chairman Ben Bernanke met with the House speaker, majority leader and a handful other top Congressional leaders Monday.

Congressman Cardoza further added that he is becoming increasingly skeptical of the piecemeal approach to handling the financial crisis shown by the Treasury.

“It is understood that we are treading in uncharted waters,” Cardoza said. “However, I and my constituents are totally disgusted by the lack of action. Clearly the Administration does not understand the gravity of the situation on Main Street.”

In October, Congressman Cardoza reluctantly supported the $700 billion Emergency Economic Stabilization Act only after guarantees were included in the legislation that taxpayers would be protected and the foreclosure crisis would be averted.

Earlier this month, Congressman Cardoza wrote to Secretary Paulson expressing his extreme dissatisfaction that the Treasury had abandoned plans to purchase faulty mortgage backed securities as had originally been negotiated between Paulson and Congress.

“It is time that they get off the dime and did something for the hard-working Americans who pay their salary,” Cardoza said.


Anonymous said...

Paulson was CEO of Goldman Sachs as recently as 2006 and made almost $40 million in that year alone. He could care less about the economy outside of Wall Street. The US is heading into a depression but most of the Wall Street CEOs and their friends won't be joining us down at the bottom.

Anonymous said...

The bottom is a bad place to be. On a more positive note, I imagine they are indeed glad that LLNL is keeping up the good work.


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