O'Neill: LaTourette Must Take Responsibility
for Involvement in Economic Meltdown
LaTourette voted for the bill most responsible for this economic mess, took more than $1 million from banking industry
WICKLIFFE (Sep. 16, 2008) – As the Lehman Brothers collapse continues the greed-fueled economic meltdown, Congressional Candidate Bill O'Neill called on Congressman LaTourette to own up to his role in exacerbating the foreclosure crisis that has devastated the nation's economy and thrown Wall Street into turmoil.
"Steve LaTourette either doesn't know what's going on, or he doesn't care," said O'Neill. "Since Congressman LaTourette took office, foreclosures in Ohio are up almost 400% -- largely because of President Bush's efforts to deregulate the banking industry. Steve LaTourette was complicit in the disaster when he voted for that bill; a bill that was written by and for that industry, who have since padded his campaign coffers to the point where they have become his largest campaign contributors.
"The people of Northeast Ohio deserve an explanation and, quite frankly, an apology."
As a member of the House Financial Services Committee, Steve LaTourette has taken more than $1 million in from individuals and PACs associated with the industry that has turned our economy upside down. Further, the author of the 1999 bank deregulation bill, former Sen. Phil Gramm, is one of LaTourette's biggest donors this campaign.
"I'd like to know why Steve LaTourette is on the side of Phil Gramm and the banking lobbyists who are to blame for this crisis instead of the working families of Northeast Ohio. He's taken their money his entire career, and he's done their bidding in Congress, and last year Ohio had the sixth highest foreclosure rate in the nation to show for it. Steve LaTourette is out of touch, out of excuses and out of time, and working families have had enough of this lack of leadership in Congress. It's time for a change."
The Facts
• Since Steve LaTourette took office, foreclosures are up 395%.
• Steve LaTourette voted YES on HR 10 (http://clerk.house.gov/evs/1999/roll276.xml) a bill authored by Phil Gramm, which has led to the foreclosure crisis.
• Steve LaTourette has taken $1,081,223 from the financial/insurance/real estate industry.
• Ohio ranks 6th in the nation for highest foreclosure rate.
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