Congress Makes Middle Class Mop Up Wall Street Mess

BURLINGTON, October 3 - The House today approved a Senate-passed plan to bail out Wall Street. Senator Bernie Sanders (I-Vt.) voted against the bill that would put Wall Street's burden on the backs of the American middle class. Sanders made the following statement:

"Today, the Bush administration and Wall Street bankers got what they wanted - a $700 billion bailout with all the risk put on middle-income taxpayers.

"To me, it is grossly unfair that the middle class, whose standard of living is declining, is forced to pick up the tab for Wall Street's greed and irresponsibility, and not the top 1 percent who have benefited from Bush's reckless policies.

"In the midst of the severe financial crisis facing our country it is clear that Congress must act, but this legislation does not accomplish what must be done.

"In addition to saddling the middle class with the cost of the bailout, this bill does nothing to stimulate the economy and create good-paying jobs by rebuilding our infrastructure; does nothing to undo the dangerous deregulation which caused this crisis; does nothing to address the ‘too big to fail' doctrine which will likely repeat itself. And it does far too little to solve the housing foreclosure crisis which is impacting millions of Americans, not only driving them from their homes but creating more and deeper problems for banks and financial institutions."