Washington, DC—Senate Majority Leader Harry Reid made the following statement today in response to the troubling economic news from Wall Street:
“After this past weekend, one major investment bank failed and filed for bankruptcy, another had to be saved by a competitor and the Federal Reserve liberalized access to its ‘discount window.’ By all accounts, this was a remarkable turn of events for Wall Street and our nation’s financial markets.
“When all the smoke of these major financial shakeups has cleared, our job remains the same as always: to do everything we can to help the American people make it through these trying times.
“Unfortunately, what we are seeing on Wall Street is the legacy of the Bush-McCain economic policies that have failed this nation. Failing to police lenders and neglecting to protect consumers ushered in the subprime crisis that has brought the American economy and Wall Street to their knees. This ‘anything goes’ approach to governing has resulted in lost jobs and carries an enormous price tag for the American taxpayer.
“These events are a stark reminder that America needs a fresh and improved approach to governing, not one led by a leader who insists that the fundamentals of the economy are still strong, as Sen. McCain insisted today.
“They also remind us that America needs another economic recovery package. Lending is the lifeblood of the economy, and as the financial markets roil, economic growth and job creation face heightened threats. American families are looking for Congress to deliver relief, and I encourage Sen. McCain and other Bush Republicans in Congress to work with Democrats to pass a second economic recovery bill.”