Sixth District Congressman Tom Petri is NOT supportive of President Bush's $700-billion federal bail out for the financial services industry. The Fond du lac Republican says he's against a "quick fix" of the nation's financial crisis. "Congress, I think rightfully, has not just signed off at all, they've been trying to get more details and get advice and come up with a package that is better structured and that has some protections in it and hopefully doesn't just turn the losses that have been realized by various speculators and people in the financial markets over to the taxpayers," the Fond du Lac Republican told WOMT.
What would Petri do, if it was HIS decision? "(What) I personally would like to see them consider is trying to do something more on the order of what Warren Buffett did when he invested in Goldman Sacs," said Petri. "For the taxpayers putting money into these things, put it in on a preferred basis, with an opportunity to realize some extra profit if the situation improves, and leave the bad debt in the hands of the people who made those loans or bought the bad debt, for them to work out or sell on their own."
The 15 term Wisconsin Republican said that, although he would like a solution soon, he's willing to stay the course in Washington until the financial crisis is solved.