The Democratic candidate for the 8th Congressional district is challenging Rep. Jo Ann Emerson on her support of a Wall Street bailout bill that failed in the U.S. House Monday.
"These Wall Street firms gambled in very high risk, and questionable financial gambling schemes in the mortgage industry and elsewhere. I cannot, and I believe that most of us who actually live here in the 8th Congressional District in southern Missouri cannot understand, nor accept Jo Ann Emerson’s vote to bail these Wall Street gamblers out of a jam of their own making," said Joe Allen in a statement released Tuesday.
Emerson said her vote sought to minimize the damage to the economy.
"The failure of this legislation means financial institutions, small businesses and Americans with pensions, retirement accounts and savings are still at risk from irresponsible actions on Wall Street," Emerson said in a statement issued after the vote, as reported by the Southeast Missourian. "This is a serious problem that requires a serious solution. The threat posed to Main Street Southern Missouri is real, and I will continue to work for a solution that is transparent and accountable to taxpayers," she added.
Allen said Emerson's "yes" vote was a vote "against the woman who worked all day . . . the people who go in at 3 a.m. in the morning to shelves at Wal-Mart . . . the college student working their way through school at McDonalds."
Allen said: "How could Jo Ann Emerson vote against them and believe that they should be the ones to pay-off the gambling debt of the Wall Street bankers who gambled and lost in some really questionable schemes that are now under investigation by the FBI."
"Under the Wall Street Bail Out plan which Jo Ann Emerson voted for on Monday, those Wall Street gamblers who played it high and loose will get to keep their $300 million dollar yachts, while our citizens in southern Missouri are having to sell their bass boats and are losing their homes. I don’t believe that that is at all fair to the people in the 8th District. I, unlike Jo Ann, have lived in this district all my life. Not many people whom I know, Republican, or, Democrat would think that people who played the Wall Street game and lost should go Scott Free; while the people back here in the 8th District will be forced to pay off the banker’s gambling debts on Wall Street," Allen added.