Congressman Joe Knollenberg - Michigan's 9th District

Dear Friend,

Thank you for your concern with the financial crisis and Wall Street bailout
legislation. I want you to know that I do not support President George W.
Bush and Secretary Henry Paulson’s plan.

We are facing an historic challenge and the consequences are too large to be
left to good intentions and snap decisions. I’m concerned that taxpayers,
who did not cause this problem, are being asked to shoulder too much risk.
And I’m concerned too much faith is being placed in government ownership and
control of the private sector.

The government has a role to ensure the consequences of bad decisions on Wall
Street don’t inflict harm on those who bear no responsibility for these bad
decisions. Oakland County families must not be forced to shoulder the burden
for Wall Street bankers’ failures.

For the sake of our economy generally, and for the retirement and education
savings of families in Oakland County and across the country, we must take
action to restore confidence in our nation’s financial system. But it must
be done in the correct and proper way. For taxpayers and our economy, there
is no room for error.

I will continue to work with my colleagues to develop a better alternative that
will provide much needed reforms without putting the taxpayer on the hook for
bailing out bad, and likely illegal, decisions made on Wall Street.

Sincerely,

Joe Knollenberg

Member of Congress

Another email received after the vote on Monday:


Congressman Joe Knollenberg - Michigan's 9th District

Dear Friends,

I wanted you to know that after careful consideration, I voted "no" on the Wall
Street bailout. Let me briefly explain my view.

I absolutely believe action must be taken to protect our economy and financial
markets from further turmoil. Unfortunately the package we considered today
was unnecessarily rushed and lacks critical protections for Michigans
families. Michigan taxpayers should not have to foot the bill for a rushed
bailout.

I still have serious concerns about this packages cost to taxpayers and its
protections against abuse, particularly in the form of "golden parachutes" for
Wall Street executives. This bill should include greater restrictions on
executive payouts and more incentives for private lenders to bail out Wall
Street. Some improvements were made to the bill in negotiations over the
weekend, but not enough. The process was rushed and I cannot in good
conscience support a flawed bill that puts too much risk on the backs of
families who are struggling under Michigans 6-year, one-state recession.
Oakland Countys families shouldnt be forced to pay Wall Street bankers for
their failures.

I support quick action to stabilize our economy, but this plan is simply not
the right solution. Thats why I cast a "no" vote today.

As always, Ive appreciated the countless calls and emails Ive received on this
matter. Please continue to be in touch on matters important to you and your
family.

Sincerely,

Joe Knollenberg

Member of Congress

Contact Information:

Website: http://www.knollenberg.house.gov/

Washington D.C. Office
2349 Rayburn House Office Building
Washington, DC 20515
Phone: (202) 225-5802
Fax: (202) 226-2356

Farmington District Office
30833 Northwestern Hwy Suite 100
Farmington Hills, MI 48334
Phone: (248) 851-1366
Fax: (248) 851-0418

Knollenberg's tail between the legs response after caving and voting Yes:

Congressman Joe Knollenberg - Michigan's 9th District

Dear Friends,

I wanted to take a moment to explain my vote today on the bipartisan Economic
Stabilization package. After long and careful consideration, I decided to
vote “Yes.”

I returned to Washington this week to work alongside my colleagues to craft a
better, bipartisan bill than the original package. Today I voted yes on the
Emergency Economic Stabilization Act, which does more to stand up for taxpayers
who are struggling to pay their own bills, and tells Wall Street that it won’t
be business-as-usual for them anymore.

I do believe that action is important and doing nothing is not an answer. My
vote today reflects my view that a solution is the most important end game for
our economy and for families throughout Oakland County. I sincerely believe
this measure is important for the security of our economy and saving jobs,
which Ive said all along is my number one priority.

This bipartisan package includes improvement from the first bill, including
significant tax relief for middle class families and help for the domestic auto
industry. My no vote Monday was designed to move us toward these types of
important reforms, and many of them were achieved. This bill raises the FDIC
insurance cap, which will help protect the investments of families and small
businesses. It includes important tax relief, including protection for middle
class families from the stealth alternative minimum tax. It includes
important incentives for alternative energy and energy efficiency. And it
improves the regulatory structure in our country.

I heard from a single mother who explained she’s being forced to retire, and
she won’t be able to care for her disabled son if her retirement savings
account continues to plummet. I talked to employers in my district that fear
having to lay off employees if they can’t get access to credit they
desperately need. I talked to the Big Three, all of whom believe this package
is important for their ability to stay afloat and keep selling cars. And I
talked to everyday taxpayers, who like me, aren’t thrilled about the cost of
this package, but are even more concerned about the negative impact that would
come from doing nothing.

Again, thank you for your e-mail, phone calls, and letters. I value your
input and I will continue to fight to turn around Michigan’s economy so we can
get back on track towards long-term economic stability and prosperity.

Sincerely,

Joe Knollenberg

Member of Congress

Contact Information:

Website: http://www.knollenberg.house.gov/

Washington D.C. Office
2349 Rayburn House Office Building
Washington, DC 20515
Phone: (202) 225-5802
Fax: (202) 226-2356

Farmington District Office
30833 Northwestern Hwy Suite 100
Farmington Hills, MI 48334
Phone: (248) 851-1366
Fax: (248) 851-0418