Dent: Congress Needs to Stay in Session Over $700 Million Bailout

In a telephone press conference with reporters late Tuesday afternoon, Congressman Charlie Dent called on Congress to stay in session next week to decide on the best course of action to solving the nation's Wall Street crisis. He's wary about issuing a $700 billion "blank check" to the very financial markets who caused the Wall Street meltdown in the first place. He's unhappy that only one package is on the table. "Let's look at some other options."

"There's going to be some painful solutions," he told Express Times reporter Jessica Coomes. "The question is, who's going to feel that pain?"

Dent stated resignations should be sought from those responsible, as well as limits on executive compensation packages. "There should absolutely be no golden parachutes, but there should probably also be some terminations."

Noting that Congress is scheduled to adjourn on Friday, Dent believes "it is absolutely imperative that we remain in session until we have reviewed all of the options and crafted the most effective plan to stabilize our economy. We must not let the upcoming election dictate our response and supersede our responsibility to the American people to enact a systemic response to the challenges facing our economy."

Dent noted this bailout, if approved, will increase the federal debt limit to $11.3 trillion.In July, he voted to reject a similar bailout for Freddie Mac and Fannie May, which ended up in a federal conservatorship.

Dent told Morning Call reporter Josh Drobnyk there is a philosophical discussion about capitalism on the way up and socialism on the way down. He said there's only one option on the table right now and we need a few others. "I want to make sure that whatever is done is done deliberately."

While Dent was meeting with reporters and speaking to colleagues in the House, as well as the Vice President, Sam Bennett's camp issued a press release noting that Dent has previously accepted $643,009 from the financial sector "and has been silent on this issue." That's about one-third the amount of money the financial sector donated to Speaker Pelosi. It's significantly less than the $2. 8 million the financial sector donated to Democratic Congressman Paul Kanjorski.

Candidate Sam Bennett stated, “We need reasonable reforms to make sure this never happens again. But no more blank checks for the Bush Administration. No more multimillion-dollar parting gifts for top executives."

That's pretty much what Congressman Dent was saying, too.

Mea culpa: As one of my readers points out, this bailout is $700 billion, not $700 million. Once again, I have demonstrated my finance prowess.