Press Releases
Brendan Daly/Nadeam Elshami
202-226-7616
09/15/2008
Pelosi on Financial Market Turmoil: We Cannot Afford to Continue Failed Republican Economic Policies
Washington, D.C. – Speaker Nancy Pelosi issued the following statement today in response to the troubling news in the financial markets:
“In the midst of a dire economic situation, President Bush this morning characterized recent market developments as an ‘adjustment’ that can be painful for investors and employees of the firms, while Senator McCain said the ‘fundamentals of our economy are strong.’ President Bush, Senator McCain, and their Republican Party are out of touch and apparently ill-equipped to get our economy back on track.
“Millions of Americans are feeling the pain of eight years of disastrous economic policies – job losses, foreclosed homes, reduced home values, eroded pensions, high gas prices and compromised financial futures. We cannot allow the economic policy failures of the Bush Administration to continue to jeopardize the financial future of millions of Americans.
“Eight years of weakened regulation of our nation’s financial system – including a failure to regulate risky, and often predatory, lending practices – by the Bush Administration and Republicans in Congress have led us to this point, and could further erode our nation’s economic health.
“The New Direction Congress passed a bipartisan economic stimulus package earlier this year, and this summer, we passed the most far-reaching reform of the nation’s housing finance system in a generation. The House will soon take up another economic package that will create jobs and address some of the most immediate consequences of the Administration’s serious mismanagement of our economy. I hope the Administration will come to the table to do the hard work of helping address the pain of everyday Americans and begin to stabilize and grow this economy again.”