Ensign: House should act to calm financial troubles

Tuesday, Sept. 30, 2008 | 3:33 p.m.

Sun archives

Sept. 30 -- Behind Nevada’s bailout votes
Sept. 30 -- Obama, in Reno, calls for passage of Wall Street bailout plan

Sen. John Ensign, R-Nev, said there are dire consequences for the lack of congressional action on the nation's financial troubles.

Leaders from both parties have to convince the public "that this is something that affects the American people, that this is not just something on Wall Street, it's something that will affect them in their daily lives," Ensign said today.

In a conference call with Nevada media, organized by Sen. John McCain's campaign to respond to Sen. Barack Obama's visit to Reno this morning, Ensign said the House of Representatives should have acted to calm the markets on Monday, though he would not say how he would have voted on the bill.

"This is affecting Nevada. We're on the brink," Ensign said. "There are -- I can't name the number, or who they are because they are private conversations -- several places under construction right now, having trouble finishing finances right now."

Ensign defended McCain's suspension of his campaign, and for trying to bring House Republicans on board.

On the position of some conservatives that the free market should prevail, Ensign said: "There are just so many experts saying that this is, as Warren Buffet said, the potential to be an economic Pearl Harbor. I’m hearing from a lot of my constituents, people in business, seeing the effect of the credit freeze -- not a freeze, but certainly clamped down -- how it would harm the economy in a severe fashion."

Ensign also said government was at fault for the current crisis.

"Normally, I would allow the market to reward winners or losers. I believe government created this," he said. "Washington has some culpability in how we got there."

He did not elaborate on how government caused the current economic crisis.

Discussion: 3 comments so far…

By revtomperl

9/30/08 at 3:55 p.m.

Suggest removal

ok, want to make a point - that point is that all the analysis and blame does not solve the problem. The fact is that the present group of thugs is responsible for putting in place strategies which will get us through the near future. In other words congressional leaders who are held in less esteem by the public than bank robbers must solve this problem. Then, hmmm, listen to the wisdom of bankers who would redline if left to their own devices or to liberals who would have us all get everything, or what? Hmmm, maybe have vigorous conversations and put in place the systems of the future! God bless Americans, I think she blesses all creatures and countries, and then we get to make it work or screw it up! Amen.
By dougshel

9/30/08 at 4:30 p.m.

Suggest removal

I'll elabaorate on how the government caused the current economic crisis and also why Las Vegas is one of the hardest hit cities in the country. Watch this video- i look forward to all comments-
http://www.youtube.com/user/TheMouthPeac...
By gold1020

9/30/08 at 9:56 p.m.

Suggest removal

They can pass all the bail out bills they want. The market might rally for a few weeks-but the bottom line is that with way credit is restricted right now-we are going into a deep deep recession. If you're trying to sell your house-good luck. Your buyers have got to have aces for credit-or no bank is gonna touch them. A majority of people & business that could obtain financing 2 years ago-can't get it now. The next 5-7 years are gonna be brutal.