Hoyer on Wall Street Woes

For Immediate Release:

September 15, 2008

Contact:Stacey Farnen Bernards
(202) 225 - 3130

WASHINGTON - House Majority Leader Steny Hoyer (MD) released the following statement in response to the turmoil in the financial markets today:
 
"The turmoil on Wall Street is further evidence that Republican economic policies have failed.  During eight years of control in Washington, Republicans put in to practice their belief that markets should be allowed unfettered freedom and drastically weakened oversight. 
 
"The average American is paying the price for the Republicans' failed economic experiment.  Americans already feeling the effects in their stagnating paychecks, rising gas bills, and falling home values, are now watching their 401ks and retirement accounts reel.
 
"Meanwhile Senator McCain's comment this morning that he still believes 'the fundamentals of our economy are strong' shows that neither Wall Street nor Main Street can afford four more years of the same kind of thinking.
 
"Democrats have enacted a stimulus package and a housing reform bill this year to help our struggling economy.  We are working on an economic recovery package that I would like to bring to the House Floor for a vote soon.  I hope that Republicans will join us in supporting this package, the need for which has been underscored with today's bad news on Wall Street."
 
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