Trakas Calls on President To Declare “Market Holiday ”
Candidate Wants to Stop Middle Class Investors From Losing Their Life Savings
FOR IMMEDATE RELEASE:
MONDAY SEPTEMBER 29, 2008
216-621-5418 OR 216-534-6347
(INDEPENDENCE) 10th Congressional District candidate Jim Trakas (R-10) of Independence called upon President Bush to use broad executive power to shut down the nation’s financial markets while Congress can develop an equitable plan to deal with the financial crisis. “We need to take a page from Franklin D. Roosevelt and declare a market holiday for the foreseeable future to stop the bleeding of everyday Americans’ investments, retirement accounts, and plunge the American economy into a freefall,” said the former four-term state representative.
“Washington created this mess in a bi-partisan manner a decade ago when they encouraged and embraced sub-prime loans and risky investments in the late 1990s. Today, Washington has failed to clean up the financial mess left in its wake, and real people in real America are being adversely affected,” Trakas stated.
After the September 11, 2001 , terrorist attacks, the stock market was shut down for nearly a week so that the financial markets could recover, and the same approach was used for banks in the Great Depression. Trakas’ plan would be to shut down all financial markets until Congress and the President could agree on a plan acceptable to taxpayers, investors, and those looking out for the good of the country in the long term.
Trakas continued, “Before regular people lose all their savings, before 401(k)s and pension funds are wiped out, before credit gets so bad that employers cannot make payrolls, I call on President Bush to shut down the American markets, roll up his sleeves and work with the Congressional leadership to resolve this crisis for the sake of all Americans.”
Paid for by Trakas for Congress