Published: September 29, 2008 07:19 pm      

Rogers: Economy in 'crisis'

Somerset — Although two-thirds of Republican U.S. representatives voted against the proposed $700 billion bailout of the nation’s troubled financial markets, Somerset’s own Harold “Hal” Rogers was not among them, opting to support the plan promoted by President Bush in an address to the nation last Wednesday.

“Today, the citizens of Kentucky face an economic crisis,” said the Fifth District congressman, “a crisis created by Wall Street fat cats, who were enriching themselves while the rest of us suffered.  Their greed has put a lot of Kentuckians at risk.”

Rogers said he didn’t like the plan, which would have used taxpayer money to buy bad mortgages and assets held by foundering banks and financial institutions, but didn’t prefer the alternative of doing nothing as an elected representative.

“This is not a gamble I was willing to take,” said Rogers. “I feared that doing nothing could put this country into its deepest financial recession in a generation.”

Rogers said that the bill he voted for “ensured that Wall Street would pay their fair share, protected taxpayers’ investments, eliminated fat cat golden parachutes, and protected struggling homeowners from foreclosure.”

With the bill’s failure, he said, Congress must return “to the drawing board” and remain in session until an agreement on a bill that can be passed is reached.

“As mad as I am at how we got here, we are here, and the sad reality is our country lies at an economic precipice,” said Rogers. “Our banks face a serious credit crunch, limiting our people’s ability to borrow money for everyday needs. Everything from buying groceries or supplies, to buying a car or home, from sending your kids to college, or saving up for your retirement — all could be put in serious jeopardy.”