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Edited on Sun Sep-14-08 10:16 PM by louis c
Good evening, my fellow Americans. I come to you tonight to discuss what amounts to one of the worst financial crisis in 100 years. We are facing a banking crisis unlike any we have seen since the great depression. This latest crisis demonstrates, once again, the very different philosophies of the Democratic Party and the Republicans.
The Republicans believe in a "laissez faire", or hands off approach to our financial institutions. This policy failed us in the 1920's, once again during the first President Bush administration of the late 1980's, which ushered in the S&L crisis, and now again, during this latest banking crisis which is causing such hardship to all Americans.
In 1999, Republican Senator Phil Graham, the close Friend and financial adviser to my opponent, Senator John McCain, authored a bill which basically allowed investment banks to have the same ability as commercial banks to make loans. However, unlike commercial banks, the investment banks could make these loans without the "cash on hand" which was required by the solid banking system which was established in 1933 by President Roosevelt. The Democrats want restraint and regulations on our banking industry. President Roosevelt taught us that after the great depression of the 20's and 30's. Republicans, on the other hand, think that the market will just take care of itself. History has taught us that just isn't so.
But to demonstrate the great differences in the approach of our two parties, every single Republican Senator, including my opponent,Senator McCain, voted in favor of this bill to deregulate the banking industry and put all of the boards of directors on some sort of trust system. The bill passed in 1999 even though every single Democratic Senator voted against it. But, being in the minority at the time, the Republican philosophy prevailed.
During this election, others will say, what difference does it make who wins. Others will succumb to the temptation of looking at issues that really don't affect your lives. Some will be persuaded by negative personal attacks, and even out right lies. Don't be fooled. This election does matter. Your vote can and will make a difference. This time, remember who has always been on the side of the average working Americans. I ask for your support because I have the heart of a Democrat and believe as Franklin Roosevelt always believed, that government can and must protect its citizens from those who would prey upon them at the cost our jobs, our savings, our solvency, and yes, even our very freedoms. It will take hard work and great sacrifice to reverse these many years Republican policies. I am the person who can begin this effort. But I can't do it alone. I need you help, your support and your vote. In the end, we must remember, we're all in this together.
Thank you, May God bless you and good night.
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