Tuesday, October 14, 2008

Chambliss Statement on Announcement of New Efforts to Stabilize the Economy

“This morning the President’s Working Group on Financial Markets announced new efforts to stabilize our economy authorized under the recently passed Emergency Economic Stabilization Act. I commend the members of this group for acting swiftly to quell the extreme volatility that has dominated our capital markets during the past weeks.

“Make no mistake about it; these efforts are measures of last resort. No one is pleased to be in this situation. I am, and always have been, a person who believes in free markets. However, these recent drastic steps are necessary to protect the framework which allows those markets to remain open and free. The current financial crisis was years in the making fueled by Wall Street greed and dishonesty, and today’s actions are another step on the long road to recovery.

“The current state of affairs in our financial markets runs deep, touching the lives of all Georgians. This crisis is crushing Main Street. Small businesses and local community banks are feeling the brunt of this economic instability. Our pensions and retirement security have been placed in jeopardy and must be made secure.

“Despite this period of economic volatility, I am confident in the long-term prosperity of our economy. The resilience of our financial system remains strong and will prevail through these troubling times. And those executives who forced us into this economic meltdown and stole from the American people will be investigated, prosecuted and punished accordingly.”

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