Friday, July 23, 2010

Knott blows up Hill on banking reform

WHAS' Joe Arnold reports on the three congressional candidates in the 9th District race.

Here's the press release from Greg Knott's campaign:

$800K to hold a position contrary to the one Baron holds now? Could that be true? Wow, that's good money-- if you can get it...and you can, if you're willing to vote with special interests.

Knott slams Hill for voting to repeal bank regulation

In his July 20 statement, incumbent Congressman Baron Hill criticized politicians who take "money and talking points from the D.C. establishment". He challenged politicians to "stand with Hoosiers, not the interests of Wall Street.”

Greg Knott, the 9th District Libertarian nominee, responded to Hill’s statement
saying, “Hill’s attack is hypocritical since he took $805,290 from the banking lobby in exchange for the repeal of the 1933 Glass-Steagall Banking Act-- which had protected Americans from Wall Street excesses since the Great Depression.”

Asked his view of the Wall Street Reform and Consumer Protection Act signed
by President Obama on Wednesday, Knott said, “I agree with economist Nouriel
Roubini, who correctly predicted the current crisis in 2005. He says this
reform is too weak to prevent future financial meltdowns. It’s not as strong as
Glass-Steagall which Baron Hill voted to repeal in 1999 and it won’t stop Wall
Street from gambling with our economy and expecting taxpayer funded bailouts. This reform bill is fundamentally flawed because it doesn’t require accountability from the Federal Reserve which created the current mess by pushing interest rates too low for too long. We need to audit the Federal Reserve and reform it where necessary. Why did Baron Hill and 119 other co-sponsors of HR 1207 [which requires a Federal Reserve audit] flip-flop and vote against its inclusion in the financial reform bill? Is Senator Dick Durbin correct that even though the banks created the current crisis, they are still the most powerful Washington lobby and own Congress?”

Asked how he would prevent banks from owning Congress, Knott said, “fire any
Congressman that receives funding from the banking lobby. Hire someone like
me who only accepts small individual contributions of $300 or less. Vote only for
candidates who will be accountable to you.”


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