Wednesday, September 17, 2008

Oregon's Merkley: "Gordon Smith Has Been Part of the Problem"

As the meltdown on Wall Street continues and the solvency of more and more financial institutions is in doubt, Democratic candidate for the US Senate in Oregon,  Jeff Merkley, lays part of the blame on his Republican opponent, incumbent Senator Gordon Smith

In a statement on the nation's worsening economic crisis, issued late yesterday, Merkley blasted Smith for his role in supporting Republican Bush's economic policies.  Mr. Merkley's statement reads:

Events of recent days underscore that the Bush economy, supported by Gordon Smith, has been built as a house of cards. That house of cards has included retail mortgage practices and mortgage-backed securities that have undermined our economic security.

At the retail level, families have been devastated by subprime – and even non-subprime - mortgages. Practices including pre-payment penalties, steering payments and exploding interest rates have often turned the dream of homeownership into a nightmare for American families. Deceptive and damaging mortgages should never have been allowed.

These, in turn, provided the basis for mortgage-backed securities - built on the shaky foundations of the subprime loans. The hollow, Bush-Smith economy has been devastating for American families and now, as we’ve seen, for American banks.

The current Bush-Smith economy is stripping wealth from families, shipping jobs overseas and putting opportunity out of reach. We need an economy that builds wealth for families, creates living wage jobs here in America and restores opportunities for American families.

Gordon Smith has been part of the problem - it's time for a new direction, and it’s time to put Washington to work for working Americans.

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