Ensign: House should act to calm financial troubles

By David McGrath Schwartz

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

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.