East Montgomery - News
Sadler gives his two cents on bailout
By MATTHEW HUISMAN
County Judge Alan B. Sadler talked about the current economic situation and offered insight into his own thoughts about the congressional bailout bill at the Concerned Citizens of East Montgomery County meeting Oct. 6 at the R.B. Tullis Library in New Caney.
“The world has changed, in my opinion, in two weeks,” Sadler said. “It’s not the same.”
He went on to compare Hurricane Ike to the financial crisis the country is facing.
“This financial storm was hitting at the same time Ike was hitting,” Sadler said. “Two storms hit at the same time.”
Sadler started out by stating his ongoing respect and support for Rep. Kevin Brady, who voted for both drafts of the bill in the House last week, and agreeing that something had to be done quickly.
“Here’s the fundamental problem,” Sadler said, “the federal government giving money away with a wink and a nod, saying, ‘God, I hope this works.’”
Sadler suggested that instead of just giving the money away, that the corporations like Citibank should put up their branches as collateral and put up stock options, ensuring that the American public would essentially own part of the bank.
“We should have held Wall Street accountable for this money,” Sadler said. He added that he thinks there will be some period of recession in the near future.
“I think people in Montgomery County, because of what we have here - the beauty, the economic viability, transportation - ultimately, I think we will prosper here in Montgomery County.”
“The world has changed, in my opinion, in two weeks,” Sadler said. “It’s not the same.”
He went on to compare Hurricane Ike to the financial crisis the country is facing.
“This financial storm was hitting at the same time Ike was hitting,” Sadler said. “Two storms hit at the same time.”
Sadler started out by stating his ongoing respect and support for Rep. Kevin Brady, who voted for both drafts of the bill in the House last week, and agreeing that something had to be done quickly.
“Here’s the fundamental problem,” Sadler said, “the federal government giving money away with a wink and a nod, saying, ‘God, I hope this works.’”
Sadler suggested that instead of just giving the money away, that the corporations like Citibank should put up their branches as collateral and put up stock options, ensuring that the American public would essentially own part of the bank.
“We should have held Wall Street accountable for this money,” Sadler said. He added that he thinks there will be some period of recession in the near future.
“I think people in Montgomery County, because of what we have here - the beauty, the economic viability, transportation - ultimately, I think we will prosper here in Montgomery County.”
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