My position is that Congress should make it a priority to protect the assets of the American people. We should not be stampeded into taking rash action six weeks before an election. We must insist on due diligence at every step of the process. Thus, we should not approve any bailout without insisting on reforms. This is especially important to those of us who opposed the various pieces of legislation that created this irresponsible, high-risk behavior in the financial markets.
Also, the financial crisis was precipitated by an avalanche of foreclosures. Ohio and Michigan have been especially hard hit by the decline in real estate values. Accordingly, any financial recovery plan must take into account the situations of thousands of families who are in danger of losing their homes to foreclosure.
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