Hedrick Questions Calvert’s Judgment on Bailout Vote
Last week, Congressman Ken Calvert voted to bail himself out after 16 years of bad judgment. With his ‘yes’ vote on the Financial Market Bill, Calvert sought to fill massive holes in the economy that he has helped dig with $700 billion taxpayers’ dollars.
Bill Hedrick, Calvert’s opponent in the 44th Congressional District race stated, “The Financial Market Bill deserved to be rejected. I am not surprised, however, that Mr. Calvert chose to support it.”
“With no hearings and in an incredible rush to judgment, this bill sought to transfer up to $700 billion taxpayer dollars to mask negligent and/or irresponsible business practices. It is a classic case of socializing losses, while astoundingly leaving the very same CEO's with bloated compensation in charge of failing enterprises.”
These CEOs owe their enormous wealth in large part to the money made from repackaging and selling sub-prime loans. By Calvert’s own admission in the Orange County Register on September 22, “The problem at hand is to fix the core problem that prompted this market unrest in the first place and that’s the housing market.”
As Calvert has remained an active real estate investor in the district throughout his Congressional career, are we then to believe that he was unaware of the dangerous lending practices that prompted this “market unrest?”
Consider that Calvert voted for the granddaddy of deregulation, Gramm-Leach-Bliley, voted against the Shareholder Vote on Compensation Act, which would have given shareholders the power to block pay plans, bonuses and “golden parachutes,” and stated after a Senate vote in 2003 to further loosen regulations on adjustable rate mortgages, “I am pleased the Senate has recognized the importance of allowing a range of adjustable mortgage rates. This provision will increase interest rate flexibility and thereby contribute to a stable economy and a robust real estate market.”
Five years later citizens find themselves bearing the brunt of Calvert’s flawed judgment as to what really creates a ‘stable economy and a robust real estate market.
Bill Hedrick stated, “Mr. Calvert voted to burden every man, woman, and child of the 44th District with thousands of dollars of new debt--debt for which they have no blame. This was a bill of, by, and for financiers and Washington insiders, at the expense of middle class Americans. We can do better, and I am disappointed in the vote cast by Mr. Calvert for Wall Street at the expense of Main Street.”
Bill Hedrick is the Democratic nominee for Congress in California's 44th District, which includes Riverside, Corona, Norco, San Clemente, San Juan Capistrano, and unincorporated areas of Riverside and Orange Counties. Bill, 56, and his wife, Beth, have raised five children in the Inland Empire; two sons and a daughter-in-law are active members of the military. An educator for 33 years, Bill is serving his fifth term on the Corona-Norco School Board, and was just reelected to his tenth year as President of the Rialto Education Association.
Bill Hedrick, Calvert’s opponent in the 44th Congressional District race stated, “The Financial Market Bill deserved to be rejected. I am not surprised, however, that Mr. Calvert chose to support it.”
“With no hearings and in an incredible rush to judgment, this bill sought to transfer up to $700 billion taxpayer dollars to mask negligent and/or irresponsible business practices. It is a classic case of socializing losses, while astoundingly leaving the very same CEO's with bloated compensation in charge of failing enterprises.”
These CEOs owe their enormous wealth in large part to the money made from repackaging and selling sub-prime loans. By Calvert’s own admission in the Orange County Register on September 22, “The problem at hand is to fix the core problem that prompted this market unrest in the first place and that’s the housing market.”
As Calvert has remained an active real estate investor in the district throughout his Congressional career, are we then to believe that he was unaware of the dangerous lending practices that prompted this “market unrest?”
Consider that Calvert voted for the granddaddy of deregulation, Gramm-Leach-Bliley, voted against the Shareholder Vote on Compensation Act, which would have given shareholders the power to block pay plans, bonuses and “golden parachutes,” and stated after a Senate vote in 2003 to further loosen regulations on adjustable rate mortgages, “I am pleased the Senate has recognized the importance of allowing a range of adjustable mortgage rates. This provision will increase interest rate flexibility and thereby contribute to a stable economy and a robust real estate market.”
Five years later citizens find themselves bearing the brunt of Calvert’s flawed judgment as to what really creates a ‘stable economy and a robust real estate market.
Bill Hedrick stated, “Mr. Calvert voted to burden every man, woman, and child of the 44th District with thousands of dollars of new debt--debt for which they have no blame. This was a bill of, by, and for financiers and Washington insiders, at the expense of middle class Americans. We can do better, and I am disappointed in the vote cast by Mr. Calvert for Wall Street at the expense of Main Street.”
Bill Hedrick is the Democratic nominee for Congress in California's 44th District, which includes Riverside, Corona, Norco, San Clemente, San Juan Capistrano, and unincorporated areas of Riverside and Orange Counties. Bill, 56, and his wife, Beth, have raised five children in the Inland Empire; two sons and a daughter-in-law are active members of the military. An educator for 33 years, Bill is serving his fifth term on the Corona-Norco School Board, and was just reelected to his tenth year as President of the Rialto Education Association.
posted by Joan Donahue at
2:44 PM
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