Kiffmeyer Scandal on AM 950

I caught a bit of Two Putt Tommy, Tax Playing Liberal, and Dusty Trice talking about the Mary Kiffmeyer/banking scandal at AM 950 tonight! Great job guys!!!

So, while I was out today, others have joined our efforts!!


Who's holding who up here?

Eric Zaetsch has a great story up on the Kiffmeyer banking scandal, complete with a copy of the portrait from the bank. Yep, Jesus closing yet another banking deal for Kiffmeyer et al.

Two Putt Tommy gets the scoop that Kiffmeyer's name was pulled due to space considerations.

Space considerations? Really? The former Minnesota Secretary of State and current State Representative had her name scrubbed for space considerations? Hell, cut the Strib's prediction for the Gopher game. Just say they'll get throttled again.

But leaving Kiffmeyer's name out of the two largest daily publications in Minnesota is simply irresponsible journalism. Liberal bias my ass...

Integrity Counts

That's what Kiffmeyer ran on in 2008. We do remember WHY Kiffmeyer was running for the House in 2008 right?

Mark Olson

Yep, the dude who chucked a Bible at his wife and was convicted of misdemeanor assault. Post conviction, the House GOP Caucus kicked him out.

Folks were lining up and down Highway 10 for a shot at Mark Olson and the 16B seat. Kiffmeyer ran the Integrity Counts campaign at Olson and worked to "restore dignity to our party". So I find it rather ironic, the person running the "Integrity Counts" campaign just had her bank seized by the Feds this past Friday.

While regardless of Mark Olson's problems, this bank was going to fail under Mary Kiffmeyer's leadership, I do find it a bit humorous that 16B Republicans have some serious problems with those elected to represent them.

What's really interesting thus far, is the lack of big time mainstream media coverage of this event. No one's asking the real questions here.

Where is the oversight? How does a State Representative come to be the owner of a bank and thus on its Board of Directors under the state's regulation?

It will be interesting to look at Kiffmeyer's voting record in the Minnesota House on some of these issues...

Liberal Bias? Startribune Scrubs Kiffmeyer From Bank Failure Story

Tax Paying Liberal posted this over at the MPP.

Scrubbing at the Star and Tribune covers Kiffmeyer's bank
by: taxpayingliberal
Sat Oct 24, 2009 at 15:49:19 PM CDT

Scrubbing at the Star and Tribune covers Kiffmeyer's bank

Friday nights are when the FDIC does its work. It Friday nights when the FDIC moves in on banks that are no longer solvent and takes them over. They do this on Fridays for a reason, they know that that's when there's the least amount of reporters on duty and nobody watches the news on Friday nights. Friday nights are the night to revile stories that you don't want covered.

taxpayingliberal :: Scrubbing at the Star and Tribune covers Kiffmeyer's bank

The Star and Tribune was handed a story Friday night. It was handed the story that a bank in Ostego was being taken over by the FDIC.
This was no ordinary small bank. This was a special bank. This bank was featured in a NY times story when it opened. This bank was an example back then. This was a Christian bank and would adhere to Christian principals of doing business. People moved their hard earned savings into this bank because of that and the bank prospered.

Tellers prayed with depositors at the drive through window. People were healed in the lobby by the laying on of hands. Some 60 people were "born again" in this bank. Your loan officer prayed with you when you applied for a loan. We don't know how many non Christians got loans.

One of the banks owners was the embodiment of the conservative political Christian movement, The co-founder of the Minnesota Moral Majority, a former Secretary of State who often said that the 5 most dangerous words in the English language were "separation of church and State".

She became an owner while she held the Secretary of State office and after her defeat in her re-election bid for that office she successfully ran for the State House under the slogan "Integrity counts".

St. Rep. Mary Kiffmeyer is listed as a co owner of the Bank and is on the Board of Directors.

Last spring a small news story appeared in the Star and Trib sighting the fact that the bank was being investigated by the FDIC for shoddy banking practices. Amongst other things the FDIC said the bank had poor oversight by the board and a number of questionable loans. In other words they were running their bank like a club house and giving out loans based on faith not fact.

You and the customers of the bank probably didn't hear about this because it was a small story and nobody other than a few Bloggers followed up on it.

I personally contacted the local papers that cover that area to ask them if they were going to cover that story. I contacted the St. Cloud Times, The Elk River Star and the Sherburne County Citizen. After all a local small town bank that services their area being investigated by the FDIC for insolvency issues should at least get a mention. Nope, nada, nothing. "We're looking into it" was what they told me last spring.

When the Star and Tribune ran the story on its website Friday night they mentioned that Kiffmeyer was an owner of the bank. An Hour later they had scrubbed that version and Kiffmeyer's name was removed from the story.

20 million dollars of FDIC money will be required to bail out Kiffmeyers bank. It's one of only 6 banks in the state to fail.

It looks like the FDIC will save some of the people who put their faith in Kiffmeyers bank. And it looks like the Star and Tribune will save the owner by keeping her name out of this mess.

Federal Regulators Close Kiffmeyer Bank

State Representative and staunch "fiscal conservative" Mary Kiffmeyer's bank was closed and sold by Federal regulators. Her bank failure cost taxpayers $20 million.

Problems were initially reported in June of this past year.

Former Secretary of State, Mary Kiffmeyer, who used the phrase "Integrity Counts" as her campaign slogan and embraces a limited role of government. So its a little ironic that the feds had to shut her bank down.

This little bit from the Strib story really caught my eye...

Early in its life, Riverview had a reputation for mixing faith and finance. Chuck Ripka, one of the bank's founders, once told the Star Tribune that God spoke to him and said, "Chuck, if you pastor the bank, I'll take care of the bottom line." Ripka and his staff would pray with customers in the bank's Otsego branch and even at the drive-up window. In a 2004 New York Times story, Ripka said he occasionally slipped up and said, "Come on over to the church -- I mean the bank."

Faith is a great thing. Feeding off of one's faith to push people to your bank is sad and wrong...especially when "Integrity Counts".

Mary Kiffmeyer's banking problems

Otsego bank cited for unsound practices

Headlines like this seem to be the rule and not the exception. The story is an interesting one. A local bank that puts Bible phrases on its banking billboard and mixes Christian faith and money.

Riverview Community Bank, an Otsego bank that bet heavily on real estate and was known for mixing Christian faith with finance, has been ordered by federal regulators to clean up its lending practices.

A quick search informs us that this bank is actually owned by former Secretary of State, and current State Representative Mary Kiffmeyer. In fact, Kiffmeyer is not only a director of the Riverview Community Bank, she's the owner.

"Integrity Counts"

Politicians use catchy little phrases like this to define themselves as candidates. Unfortunately for State Representative Mary Kiffmeyer, our former Secretary of State, her catch phrase carries little weight.

Among the many things Kiffmeyer believes in is "limited government". Certainly Kiffmeyer and her "limited government" friends are steaming at the fact that the FDIC had to step in to keep her bank solvent.

So, in light of all the banking industry problems and the foreclosure crisis which is even more problematic in NW Wright County (Otsego, St Michael, Albertville area) I find it disturbing that Kiffmeyer and her bank are, well...dab smack in the middle of all this.

Wright County recently had 23 pages of foreclosures in our local paper.

As the owner and a director of the Riverview Community Bank, Kiffmeyer allowed problematic lending to occur to such a level that the FDIC had to step in?

How can Kiffmeyer effectively represent the people of HD 16B when she can't even run her own business?

A trusted conservative?

There have been rumors out there that Kiffmeyer may be a Lt. Governor or even Governor candidate in 2010.

If find a significant amount of humor in pondering this.

Who would Minnesotans trust with their money? The conservative depiction of a "tax and spend" liberal or an incompetent bank owner?

South Park Explains the Bailouts!

Bachmann's Insanity Hits Wonkette

Wow, just when you think Congresswoman Bachmann couldn't top her last media snafu, she goes and exceeds all of our expectations.

From the comments at Wonkette.

My God Minny? Really??! This what you freakin’ elected? You guys really need a timeout something a remedial course in not voting in the first insane person that walks by. And Minny this isn’t your first dipshit rodeo. don’t think we have forgotten you elected a freakin cross dressing wrestler as your Gov. Or that coleman/franken horror show. Minny i am so disappointed in you, really look just go away come back when you find someone to lead your state that isn’t a looney tune or a devil worshiper or Stalin in training

But this may be my favorite comment thus far

This Michelle dame and that Sarah Palin gal are like the Thelma and Louise of the Republican party.

The Bachmann quote:

"I want people in Minnesota armed and dangerous on this issue of the energy tax because we need to fight back. Thomas Jefferson told us ‘having a revolution every now and then is a good thing,’ and the people – we the people – are going to have to fight back hard if we’re not going to lose our country. And I think this has the potential of changing the dynamic of freedom forever in the United States.”

What she meant... (from the Wonkette comments)

“I think that every Minnesotan should get out there and start bombing public gatherings, just as Thomas Jefferson did.”

I cannot believe the stuff that comes out of the mouth of this Congresswoman...

RSU: The AIG mess

I laugh too hard at these guys!

Strib Letter of the Day

A very good letter...

The $790 billion stimulus package comes out to about $2,633.33 per person. That is a lot of money, so I'll offer this deal. I will pay each conservative $2,633.33 to cover their share of the stimulus package if they will pay me $16,666.66 for my share of the $5 trillion in debt Bush ran up in my name. The net difference is $14,033.33 each conservative would owe me. Any takers?

Well?

ECM Endorsements for Sarvi

Check it out here!

ECM ENDORSEMENT: Sarvi's the choice in 2nd District

Friday, 24 October 2008

Second District U.S. Rep. John Kline, R-Lakeville, and challenger Steve Sarvi, D-Watertown, both served their country as members of the military.

Although they have this common experience, when it comes to the pressing issues in the 2008 campaign, that is largely where the similarities end.

Their differing opinions of the war in Iraq, rebuilding the economy, funding transportation projects and governing philosophies give voters a clear choice in this election.

We feel Sarvi has a better approach on a wide range of issues, and we endorse his candidacy.

With regard to the issue that has risen to the forefront in this election - the economy - we feel Sarvi is better equipped to make decisions in these troubling times.

We feel Sarvi's experiences as a mayor, city manager and U.S. Army sergeant in charge of rebuilding infrastructure in Iraq are the kind needed to rebuild the U.S. economy.

Sarvi has managed budgets and will champion tighter regulation of the financial markets, which didn't happen under Kline and the hands-off Republican administration.

We applaud Kline for his vote for the $700 billion bailout package, but Sarvi said more needs to be done help the middle class through incentives to lenders to help those facing foreclosure. Sarvi notes the economic collapse could have been worse if Kline had his way on privatizing Social Security by investing more retirement savings in the stock market.

With regard to the Iraq war, Sarvi's experience on the ground in Iraq will help as the United States moves forward with a plan to stabilize, reduce troop levels and rebuild the country.

Sarvi and Kline do not favor a timetable for withdrawal from Iraq, relying on conditions on the ground to dictate when to reduce troop levels. Sarvi adds that it is urgent to stabilize Iraq as soon as possible, so it is no longer a financial drain on U.S. spending. He's also been vocal in saying that the Iraq war diverted the nation's attention from post-9/11 target Osama bin Laden, whose continued presence is causing more concerns in Afghanistan and Pakistan.

We acknowledge Kline's support of an increase in troop levels that has helped reduce violence in Iraq, but we feel he, as a member of the Armed Services Committee, should have been more critical of the Bush administration's handling of the war for much of the past five years.

In communicating with the people of the 2nd District, Kline has been criticized for his lack of public availability and was pressed to hold a "town hall" style forum in 2007 after constituents repeatedly asked for it as opposition for the Iraq war mounted.

We don't foresee Sarvi having such communication problems. He has a leadership style that relies more on coalition building, as demonstrated by his grassroots campaign, which has drawn the Independence Party endorsement and focused on communicating with voters in person, by e-mail and through his Web site.

Sarvi has a wealth of information on his Web site, where people can find his views on a range of issues and ideas for improving education, health care and veterans' benefits. Kline doesn't provide this depth of information on his Web site, relying more on his endorsements to speak for him.

Sarvi has proposed good ideas to reform veterans' medical benefits by changing eligibility requirements, reducing deductibles and changing the priority-care model.

ome local officials have criticized Kline's refusal to accept earmark spending, and we don't feel it is a responsible way to serve the 2nd District by neglecting constituents for Kline's principled stand against earmarks.

Although the earmark system may be flawed, we feel it currently provides needed projects to the 2nd District, like the ones Kline touted he returned to the district in 2005. The projects, totaling $16 million, included the design and construction of the Cedar Avenue Busway in Dakota County and a contribution toward reconstruction of the intersection at County Road 5 and Highway 13 in Burnsville.

Kline, who has served in Congress since 2003 and missed fewer than 1 percent of votes during that time, is an apparent good fit for the Republican-leaning 2nd District. He has gained re-election in 2004 and 2006 with 57 and 56 percent of the vote, respectively.

We applaud his service, but we feel it is time for new ideas and a new approach on behalf of constituents in the 2nd District. This editorial is a product of the ECM Editorial Board.

Barkley: National Debt Reaches Sad Milestone

Barkley: National Debt Hits a 'Sad Milestone'

As Debt Soars Past $10 Trillion, Debt Clock Runs Out of Digits

For Immediate Release
Contact: Christopher Truscott
ctruscott@senatorbarkley.com

PLYMOUTH—Dean Barkley, the Independence Party candidate for U.S. Senate, said the national debt has reached a "sad milestone" as the debt clock in New York has run out of digits.

"Unbelievable," Barkley said. "Who ever would have imagined $10 trillion wasn't a high enough number?"

According to an Associated Press report, the Durst Organization will add two digits to the clock next year, making it capable of measuring up to a quadrillion dollars.

"I hope it never comes to that," Barkley said. "But with the spending habits we've seen in Washington they might want to consider adding three digits—just in case."

Barkley has placed balancing the budget and paying down the debt at the forefront of his surging campaign. He challenged DFLer Al Franken and Republican Sen. Norm Coleman to do the same.

"This is about more than just numbers," Barkley said. "It's about our country. This crushing debt is strangling our economy and hamstringing our future."

* * * * *

Barkley, a 58-year-old Minnesota native, served as the director of the Minnesota Office of Strategic and Long Range Planning under Gov. Jesse Ventura. In November 2002, Ventura appointed Barkley to fill the final two months of the late Sen. Paul Wellstone's term.

The former governor said recently that Barkley is "measured minute by minute … the most effective U.S. senator in Minnesota history."

More information is available online at www.senatorbarkley.com.

Barkley Highlights First Debate Victory

Highlights: Barkley Wins First Senate Debate

Coleman, Franken Spar; Barkley Highlights Issues, Accomplishments

For Immediate Release
Contact: Christopher Truscott
ctruscott@senatorbarkley.com

ROCHESTER—Dean Barkley, the Independence Party candidate for U.S. Senate, scored a clear victory in Sunday evening's Senate debate.

While incumbent Republican Sen. Norm Coleman and DFL nominee Al Franken engaged in business-as-usual Washington politics, Barkley remained focused on breaking the partisan gridlock so Congress can finally produce the results the American people have been demanding for so long.

Highlights from the debate, which was held at the University Center in Rochester:

Dean Barkley on the Economic Stabilization Act:

"I didn't like it. (The plan is) better than it was and I think we have to get over that and stop playing the (blame) game and make sure it doesn't happen again."

"If we did not do this, Main Street could've been devastated and I did not want that to happen."

Dean Barkley on Renewable Energy:

"It's a shame it took $4 gas to get Congress to finally start doing something it should've been doing for the last 30 years."

Dean Barkley on Iraq/Military Issues:

"(The war) was (Coleman's) first trillion-dollar mistake and the second was failing to watch over the financial industry."

"I learned from history. … I don't forget what it was like to be lied to (during Vietnam) and all the pain that it caused."

"We've done enough. It's time for Iraq to either sink or swim—become a civilized country that can govern itself or go back to warring tribes."

"The best thing we can do for our troops is bring them home. That's the best thing we can do for them."

"Al-Qaeda came to Iraq after we invaded, not before."

Dean Barkley on Negative Campaigns:

"I've had to take a look at the same talking fish and bowling ads you all have watched."

"This has been an embarrassing campaign … I think Minnesotans should not have been put through this. They both sign-off on these ads."

Dean Barkley on the National Debt:

"The solutions aren't hard, they're just painful and you have to offend some people to do it."

(Barkley supports a four-year spending cap.)

* * * * *

Barkley, a 58-year-old Minnesota native, served as the director of the Minnesota Office of Strategic and Long Range Planning under Gov. Jesse Ventura. In November 2002, Ventura appointed Barkley to fill the final two months of the late Sen. Paul Wellstone's term.

The former governor said recently that Barkley is "measured minute by minute … the most effective U.S. senator in Minnesota history."

More information is available online at www.senatorbarkley.com.

Barkley: Budget Deficit

Budget Deficit:

Right up my alley. Campaign lit from 1994 and added more zeros.

Solutions are painful.

1st Bill: 4 year spending cap. No new spending. New fiscal reality, what else would we have to do to close the gap.

ABC News Poll on the Bailout Failure

Just posted on Good Morning America.

Whose to blame for the failure in Congress?

44% Republicans
21% Democrats

Think Progress has a great story on the issue.

Over the past week, McCain’s (R-AZ) campaign has already been to touting the senator’s success and casting his role as pivotal to bringing the parties together. His supporters have hit the airwaves, giving McCain credit for negotiating a deal:

“[T]his bill would not have been agreed to had it not been for John McCain. … But, you know, this is a bipartisan accomplishment, a bipartisan success. And if people want to get something done in Washington, they just watch John McCain.” — Former Massachusetts governor Mitt Romney, 9/29/08

“Earlier in the week, when Senator McCain came back to Washington, there had been no deal reached. … What Senator McCain was able to do was to help bring all the parties to the table, including the House Republicans.” — Senior adviser Steve Schmidt, 9/28/08

“But here are the facts, and I’m not overselling anything. The fact is that the House Republicans were not in the mix at all. John didn’t phone this one in. He came and actually did something. … You can’t phone something like this in. Thank God John came back.” — Sen. Lindsey Graham (R-SC), 9/28/08

“Before John McCain suspended his campaign yesterday, the situation that we’re looking at today looked very different then. After he showed leadership and called for bipartisanship, for us to partisanship aside and tackle this solution head on, here we are.” — Spokesman Tucker Bounds, 9/25/08

60% of House Republicans voted against the measure...a failure of McCain leadership.

More Barkley on the "Bailout"

From a press release issued last night.

Barkley Comments on Bailout Deal Negotiations

For Immediate Release
Contact: Christopher Truscott
ctruscott@senatorbarkley.com

PLYMOUTH—Dean Barkley, the Independence Party candidate for U.S. Senate, released the following statement Sunday evening regarding the Wall Street bailout deal reached by Congress this weekend:

"This is a bitter, $700-billion pill for American taxpayers to swallow.

"The deal reached by Congress this weekend appears to be a small step in the right direction because it addresses some of the problems facing our economy. But in the rush to complete a bill before recess, lawmakers have failed so far to confront one of the biggest reasons we're in this mess today: a complete abdication of oversight authority by the Legislative Branch.

"For the past decade, Wall Street has run amok while Washington looked the other way with a wink and a nod. The deal now before us provides only nominal oversight authority in the form of a panel comprised almost entirely of members of the Executive Branch—the same disastrous formula that helped bring us the Iraq War.

"Until we get a handle on election financing, it's going to be awfully hard for Congress to look the finance industry in the eye and say 'change your reckless ways.'

"In fact, in this race alone, Norm Coleman has taken more than three-quarters of a million dollars from the securities and investment industry and another $275,000 from commercial bankers. Al Franken is slightly less impure, taking 'only' $211,000 from the securities and investment industry.[1]

"Hopefully this very expensive wake-up call will help produce the long-overdue, real change we need on so many fronts in Washington."

* * * * *

Barkley, a 58-year-old Minnesota native, served as the director of the Minnesota Office of Strategic and Long Range Planning under Gov. Jesse Ventura. In November 2002, Ventura appointed Barkley to fill the final two months of the late Sen. Paul Wellstone's term.

The former governor said recently that Barkley is "measured minute by minute … the most effective U.S. senator in Minnesota history."

More information is available online at www.senatorbarkley.com.

[1] The Center for Responsive Politics. Available online at: http://www.opensecrets.org/races/indus.php?cycle=2008&id=MNS1

Barkley Asks Serious Questions On Bailout

From a press release late last week.

Barkley on Bailout: 'Key Questions Remain Unanswered'
Pre-Election Rush to 'Solutions' Reminiscent of 2002 Iraq War Debate

For Immediate Release
Contact: Christopher Truscott
ctruscott@senatorbarkley.com

SAINT PAUL—Dean Barkley, the Independence Party candidate for U.S. Senate, outlined his concerns about the proposed Wall Street bailout with eight key questions at a press conference Friday morning at the State Capitol:

1. We should not take at face value that a meltdown of our financial market is imminent. What specific events can be cited that foretell these doomsday prophecies? Specifically, where is credit being withheld and where is there inadequate liquidity in the markets?

2. What percentage of the financial market is involved in this problem? The banking sector seems to be just fine. Bank America and Wells Fargo are still making loans. Can't the Federal Reserve pick up the slack to provide the capital necessary to replace this source of funds?

3. Who decided that the sky will fall if a decision is not made by Monday? What was the basis of this prediction? What is happening in the market now that would prove this immediate danger?

4. Where did the $700 billion figure come from?

5. Isn't the doom-and-gloom rhetoric coming from the Bush administration creating a self-fulfilling prophecy? Why do we need a rush to judgment on this issue?

6. What specific reforms in leverage requirements, contingent liability disclosure, and regulatory oversight will be implemented to ensure this situation does not resurface?

7. How will adding $700 billion more to the national debt affect the exchange rate and the price of oil?

8. Once this precedent is set, who will be next in line? The auto industry? Airlines? Auto loans? Hedge funds?

"In the rush to find 'solutions,' too many key questions remain unanswered," Barkley said. "I'm not ideologically opposed to a bailout at some point, if necessary, but the way in which the Administration and Congress is handling this is reminiscent of the pre-election Iraq War debate six years ago. The American people deserve better than that this time around."
Earlier this week, Barkley called for responsible business leaders and non-partisan politicians, like former Medtronic CEO Bill George and New York Mayor Michael Bloomberg, to be included in the search for answers to the problems affecting certain sectors of the economy.

On Thursday, he said Congress should delay action on the bailout proposal.

"Everyone is worried about the economy, including me," Barkley said this week. "But the worst thing Congress can do right now is rush through a massive bail-out bill before adjourning in just a few days. More than 100 leading economists agree: Let's take a while to breathe, talk to voters over the next month and get a better handle on how the economic indicators are shaking out before we hand over hundreds of billions of taxpayer dollars to Wall Street titans."

* * * * *

Barkley, a 58-year-old Minnesota native, served as the director of the Minnesota Office of Strategic and Long Range Planning under Gov. Jesse Ventura. In November 2002, Ventura appointed Barkley to fill the final two months of the late Sen. Paul Wellstone's term.

The former governor said recently that Barkley is "measured minute by minute … the most effective U.S. senator in Minnesota history."

More information is available online at www.senatorbarkley.com.

Barkley Op-ed In SC Times

Independence Party Candidate and former US Senator Dean Barkley has an op ed in the SC Times today, discussing our nations economic crisis.

I wish I could tell you there was an easy solution to the economic crisis gripping communities across our state and country, but doing so would be just as disingenuous as the politicians and Wall Street barons who have spent the past decade telling us good times are here to stay.

Congress cannot wave a magic wand and simply undo home foreclosures and right the volatile stock market. There are no easy answers, only hard truths. Anyone who tells you otherwise is either foolish or lying.

We are where we are today because for too long Congress and the executive branch — including members of both big parties — have abdicated their regulatory authority. While subprime mortgage lenders were padding their profits with shady loans, Washington knowingly looked the other way.

Now the American people are left holding the bag as economic reality sets in and the debt-ridden federal government is forced to spend $900 billion bailing out the Federal Home Loan Mortgage Corp., Sallie Mae and other major players in the banking and finance industry.

While we can — and must — encourage lenders to work with homeowners to adjust mortgage rates and restructure payment schedules, the most realistic long-term plan is for the government to responsibly re-assert its oversight authority to help ensure we’re not in the same situation again a decade or so from now.

The deep wounds our economy has suffered at the hands of politicians and their sponsors on Wall Street won’t heal overnight. It will take time and responsible leadership before the market begins to stabilize again. Once it does, we’ll see a dependable stream of capital to back new mortgages and spur sustainable economic growth.

Until then, however, Washington and Wall Street would be well-served to learn from their mistakes.

This is the opinion of Dean Barkley, the Independence Party’s Senate candidate.

Barkley on the "bailout"

A press release from yesterday.

Barkley Says 'No' to Immediate Action on Bail-Out Bill
'The last time we rushed into an election-year solution we got the Iraq War,' Barkley Says

For Immediate Release
Contact: Christopher Truscott
ctruscott@senatorbarkley.com

PLYMOUTH—Dean Barkley, the Independence Party candidate for U.S. Senate, said today that Congress should not vote on a bail-out package before adjourning at the end of the month.

"The last time we rushed into an election-year 'solution' we got the Iraq War and I don't think the American people want to see us go down that path again," Barkley said. "Being right is far more important than being fast. We owe it to people throughout our country to take time to make sure we get this right rather than enacting rushed and potentially flawed legislation for the sake of showing action."

While the stock market has been volatile and major Wall Street players like AIG have floundered in recent weeks, there are signs that business is continuing as it should in other areas without government intervention.

Over the past week and a half, Barclay's purchased the Lehman Brothers trading desk, Bank of America purchased Merrill Lynch, Berkshire Hathaway invested $5 billion in Goldman Sachs, and Mitsubishi UFJ Financial Group invested up to $8.4 billion in Morgan Stanley; and the financial arm of Caterpillar was oversubscribed on its $1.3 billion corporate bond sale.

"I've spent the last two days talking to a lot of smart people on this issue, but I can still admit there's so much we simply don't know right now," Barkley said. "There's no doubt that we're going through an extremely rough stretch, but before rushing to a solution, let's take a step back and make sure we're not creating more problems."

"As long as the Fed is still able to provide adequate liquidity as 'lender of last resort,' and credit is still flowing to qualified borrowers, I don't see a need for immediate action," Barkley added.

If current economic signals reverse course, the Fed's liquidity measures fall short or credit to qualified borrowers slows considerably, lawmakers can come back from recess and address it with the added insight of constituent reactions.

"Everyone is worried about the economy, including me," Barkley said. "But the worst thing Congress can do right now is rush through a massive bail-out bill before adjourning in just a few days. Let's take a while to breathe, talk to voters over the next month and get a better handle on how the economic indicators are shaking out before we hand over hundreds of billions of taxpayer dollars to Wall Street titans."



* * * * *

Barkley, a 58-year-old Minnesota native, served as the director of the Minnesota Office of Strategic and Long Range Planning under Gov. Jesse Ventura. In November 2002, Ventura appointed Barkley to fill the final two months of the late Sen. Paul Wellstone's term.

The former governor said recently that Barkley is "measured minute by minute … the most effective U.S. senator in Minnesota history."

More information is available online at www.senatorbarkley.com.

Barkley issues statement after Bush speech

Barkley Statement on President Bush's Speech

IP Candidate: It's Time to Consider Every Option and its Consequences before Acting

For Immediate Release
Contact: Christopher Truscott
ctruscott@senatorbarkley.com

PLYMOUTH—Dean Barkley, the Independence Party candidate for U.S. Senate, released the following statement Wednesday evening in response to President George W. Bush's speech on the economy:

"I understand that people are very concerned about the economy. I'm hearing it everyday from Minnesotans and I know we're no different than the rest of the county in this regard.

"But President Bush's demand that Congress push through a rushed, patch-job solution could exacerbate problems, not solve them.

"Over the past seven years we've seen what happens when Congress and the president hurry to 'solutions' without exercising the kind of measured, responsible judgment America needs: We get bad policy like the Patriot Act and the Iraq War.

"Now, more than ever, we need to take a step back and consider every option and its potential consequences before plowing forward with a proposal that would add at least hundreds of billions of dollars to the already out-of-control $9.65 trillion national debt."

* * * * *

Earlier Wednesday, Barkley said responsible business and non-partisan political leaders, like former Medtronic CEO Bill George and New York City Mayor Michael Bloomberg, should be included in discussions on the proposed financial bailout Congress is considering this week.

"We can't limit this to a political debate," Barkley said. "There are a lot of people out there with real world experience in the economy and that's exactly what the American people need right now."

* * * * *

Barkley, a 58-year-old Minnesota native, served as the director of the Minnesota Office of Strategic and Long Range Planning under Gov. Jesse Ventura. In November 2002, Ventura appointed Barkley to fill the final two months of the late Sen. Paul Wellstone's term.

The former governor said recently that Barkley is "measured minute by minute … the most effective U.S. senator in Minnesota history."

More information is available online at www.senatorbarkley.com