On the Financial Stabilization Bill

By October 6, 2008Economy, Taxation

Wrapping up the coverage of NAM activities last week in support of H.R. 1424, the Emergency Economic Stabilization Act.

CNN on Friday interviewed NAM board member Fletcher Steele of Pine Hall Bricks in North Carolina in anticipation of the vote. From the transcript, with CNN anchor Tony Harris posing the questions:

STEELE: Well, first of all, I don’t think this is a bailout of Wall Street. Wall Street has already imploded. This is a bailout for consumers and people in small businesses all over the country. But when this passes, I do think it will give people some confidence.

The stock markets have been dropping. We have our employees coming, asking to take out money out of their 401(k) and take and put it in a mattress.

HARRIS: Yes. Yes.

STEELE: We need people that have the confidence in the banking system, and the confidence and ability to go out and repair their refrigerator in their house or buy a new car or get the kids in school, or clothes or whatever.

And the NAM’s news release hailing passage.

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