News

An economic meltdown loomed 2 years ago, says Rep. Kanjorski, as he praises government’s actions before business leaders

September 9, 2010

Avoiding disaster in ’08

By Bill O'Boyle boboyle@timesleader.com
Times Leader Staff Writer
Bill O'Boyle on Facebook   |   @TLBillOboyle on Twitter

PLAINS TWP. – Approximately 60 members of four area Chambers of Commerce listened Wednesday morning as U.S. Rep. Paul Kanjorski told of just how close the country came to a complete economic meltdown in 2008.

Kanjorski, 73, D-Nanticoke, was at the East Mountain Inn to discuss the benefits for small businesses brought by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Members of chambers from Greater Wilkes-Barre, Hazleton, Pittston and Scranton attended.

But before Kanjorski got to the purpose of his visit, he detailed the events of two years ago when – just six weeks before the general election – he was called back to Washington, D.C., to deal with the failing economy.

“We almost lost the stock market,” Kanjorski said. “Had we had not taken action to pass the Rescue Bill – commonly referred to as the bailout bill – the results would have been catastrophic for the nation’s economy and the world’s economy.”

Kanjorski said the issue was strictly partisan and he said, some Democrats that voted for the bill will “likely lose this election.” He said the rescue bill and the subsequent stimulus package that passed in 2009 were essential to bring the country back from the brink of economic disaster.

“Those times will be remembered as the most instrumental moments of the 21st century,” Kanjorski said.

The congressman said 8,000 troops stood at the ready in North Carolina awaiting orders to come to Washington to guard the White House and the Capitol building. He said there was strong concern about the nation’s food supply that always has a three-week reserve.

“If you recall, gun sales were way up,” Kanjorski said. “America weaponed up. That’s what the times were like two years ago.”

He did offer a glimmer of optimism, saying, “We will make it through the woods. The only question is how long it will take.”

Kanjorski, chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, said he worked diligently to draft, negotiate and pass the Wall Street Reform Bill, calling it a landmark law.

He said the new law provides the most sweeping financial services regulatory reforms since the Great Depression and will better protect America’s families and small businesses “from the reckless behavior of Wall Street titans and prevent financial companies from threatening the stability of our economy.”

The law includes the “Kanjorski amendment,” which works to end the era of “too big to fail” operations by authorizing regulators to rein in and break up risky financial institutions.

Bill O’Boyle, a Times Leader staff writer, may be reached at 829-7218.

Tweet	Follow @TLnews

This story also appears on the following websites...