Story URL: http://news.medill.northwestern.edu/chicago/news.aspx?id=102599
Story Retrieval Date: 7/28/2014 3:29:25 PM CST
Oberweis: An outspoken critic of the Wall Street bailout plan, Oberweis has offered his own alternatives, which is intended to restore confidence in the financial machine. His plan calls for raising the limits on federal deposit insurance and supporting legislation that would allow companies to issue new stock that wouldn’t be subject to the capital gains tax when it was sold later.
His position on the economy puts securing a stable financial future as its top priority. “We need to cut taxes, and we need to reform the system. It's as simple as that,” his Web site reads. Oberweis also calls for cutting wasteful spending by making spending transparent, freezing discretionary spending at 2007 levels, and then prioritizing other spending and ending earmarks in the long term.
Foster: The incumbent’s plan to promote financial responsibility places investment in education, in small business assistance and on health care and other domestic priorities as its top concerns, in an effort “to strengthen us here at home.”
“I also believe that there is a strong moral aspect to the situation with the national debt. I believe that it is actively immoral to leave each of our children with tens of thousands of dollars of government debt, just because our generation wants to receive more government services and payments than we are willing to ourselves pay for,” Foster’s Web site reads.
Foster, in a Chicago Tribune story, defended his decision to support the $700 billion bailout by saying, “We are facing probably the greatest economic danger since the Great Depression. It is something that is affecting us all. It is not only Wall Street."