Thursday October 23, 2008
Bob Kinzel
Montpelier, VT
(Host) The major party candidates for the U-S House have sharp disagreements over the recently passed $700 billion bailout bill for the financial services industry.
Speaking last night during V-P-Rs Congressional debate, Democratic incumbent Peter Welch defended his vote in favor of the legislation. But Welch says the bill is only the first step in a long term effort to rebuild the economy:
(Welch) "Anyone who believes that we can undo 10 years of reckless borrowing and reckless spending with one single piece of legislation obviously is mistaken what we have to do is something in the short term to try to thaw the credit markets.We have to have a long term return to basic economic principles to start supporting the middle class and that's what's been left behind we've got a long road ahead."
(Host) Progressive challenger Thomas Hermann opposes the bail out bill because he says it rewards some businesses that made terrible financial decisions:
(Hermann) "If a company is too big to fail then it's too big to exist we need to reform the Sherman anti trust laws and break up these monopolies that have taken our economy hostage. We have a sales tax on purchased goods so why not stocks by putting a one tenth percent tax on trades that would generate at least 500 billion dollars a year that could pay for stimulus programs."
(Host) Liberty Union candidate Jane Newton also opposes the bailout legislation. Newton says she wants to finance some major priorities by taking funds from the Defense Department:
(Newton) "This is the first time in history that the military budget is going to go over a trillion dollars there's another bunch of money going for killing people and in the meantime we sit around talking about fixing roads and hospitals and schools and there will not be any money for that."
(Host) All three candidates agree that major changes to the country's health care system are needed. All of the candidates expressed support for the implementation of a single payer health care system.