McNerney Backs Taxpayer Funded Bailout for Billionaires
Wants Struggling
Constituents to Pay for Wall Street Incompetence
10/4/08
Despite representing a district that is 'home of some of the nation's worst foreclosure rates,' Jerry McNerney voted both on Monday and yesterday for a $700 billion bailout that provides no relief for Valley foreclosure victims and sweetheart benefits for Wall Street billionaires. McNerney's vote to give away corporate welfare is just the latest and most egregious broken promise in a series of hypocritical flip-flops.
ONE TERM IS ENOUGH is urging McNerney to stand with his constituents and by his promise to help Valley homeowners facing foreclosure. The Stockton Record has called McNerney's district "home of some of the nation's worst foreclosure rates." McNerney, after voting for the Wall Street bail out Monday, had a chance to reverse course but instead voted for the sweetheart deal again on Friday. Just five months ago, McNerney promised in a press release to 'do more to help families in financial difficulty.'
'Families are losing their homes, neighborhoods are becoming destabilized,' McNerney lamented in his own May 8th release. 'We've got to do more to help families in financial difficulty.'
Unfortunately, McNerney's idea of helping struggling families is to provide $700 billion in corporate welfare to the fraudulent banks and insurance companies who misled Valley homeowners in the first place. McNerney's constituents are struggling to pay their bills. Many of his constituents are barely staving off foreclosure. Yet, McNerney provides no help for these taxpayers, except to send them the bill to bailout Wall Street.
Thanks to this expose by the Orange County Register, his constituents now know how their tax dollars will be spent.
"Less than two weeks after Uncle Sam gave American International Group (AIG) an $85 billion loan - staving off financial collapse - execs from one of its insurance subsidiaries, AIG American General, gathered for a conference at the uber-swank St. Regis Monarch Beach Resort, billed as 'California's only Mobil Travel Guide Five-Star Resort,' where ocean-view rooms start at $565 a night and 'world class luxury' is the rule."
Beachfront five star resorts. Tables draped with soft Tuscan-gold tablecloths that cascaded to the grass. A magical patina as tiny white lights twinkled in the trees.
In McNerney's world: Billionaires deserve this taxpayer funded dream. His constituents deserve the nightmares of the $700 billion bill.
ONE TERM IS ENOUGH is chronicling Jerry McNerney?s series of broken promises and hypocritical stances. McNerney's list of offenses include bragging about cutting off funding our troops to left wing extremists, swapping campaign contributions for special interest earmarks, and a voting record as liberal as America's only Socialist.
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