Out of touch with economic reality - Out of touch with PA

Out of touch with economic reality - Out of touch with PA

Toomey: Derivatives "an enormous force for positive change"

As a former Wall Street derivatives trader, Pat Toomey knows a lot about the infamous "toxic assets" at the heart of the financial meltdown. In Washington, Congressman Toomey fought hard to keep this lucrative "shadow banking" safe from oversight or accountability. Now, even after the crash that has left more than half a million Pennsylvanians jobless, Pat Toomey opposes Wall Street reform to make bankers play by the rules.

Pat Toomey was wrong then:

"I'd just like to emphasize the enormous importance of derivatives in our financial system and our capital markets. I had the privilege of being involved in this industry for about seven years and I struggled to find an analogy, and I'll spare you my efforts there. But the fact is that the derivative industry has profoundly transformed the capital markets, international finance, the ability of American and foreign institutions to manage risk, and has done enormous good and has been an enormous force for positive change in our economy generally." [House Banking and Financial Services Committee Hearing, 7/19/00]

And Pat Toomey is wrong now:

"Toomey would have joined GOP against Wall Street reform." [Morning Call, 4/26/10]

"....if we don't impose all kinds of new regulations and taxes that the government can't afford, and if we don't suck out all the resources from the private sector, you'll be amazed at how resilient our economy will be." [Debate at La Salle University, 4/19/10]

Congressman Toomey is out of touch with the economic reality that his failed theories led to the meltdown, and he's out of touch with the real harm it has done to Pennsylvanians who have to work for a living. Our economy can't survive any more Pat Toomey. But with his blind faith that Goldman Sachs and BP know best, he refuses to be deterred by the facts.

Congressman Toomey worked on Wall Street - and he still works for Wall Street. Doesn't Pennsylvania need a Senator who works for us?

Joe Sestak was elected to Congress in 2006 after a distinguished 31-year career in the United States Navy, and he is honored to represent the Southeastern Pennsylvania district where he was born and raised. He is a Democratic candidate for the U.S. Senate seat from Pennsylvania.  During his Navy career, Joe attained the rank of 3-star Admiral, served in the White House as Director for Defense Policy on President Clinton's National Security Council, served in the Pentagon as Deputy Chief of Naval Operations, and led a series of operational commands at sea, culminating in command of the USS George Washington Aircraft Carrier Battle Group (30 ships, 100 aircraft, and 15,000 sailors/marines/aviators/SEALs) during combat operations in Afghanistan and Iraq. In our nation's time of crisis in the immediate aftermath of 9/11, the Navy turned to Joe Sestak to serve as the first Director of "Deep Blue," the Navy anti-terrorism unit formed in response to the attacks. Joe is the highest-ranking former military officer ever elected to either branch of Congress. He graduated second in his class from the U.S. Naval Academy and holds a Master's in Public Administration and a PhD in Political Economy and Government from Harvard University. Joe lives in Delaware County, Pennsylvania, with his wife, Susan, and daughter, Alex, and proudly represents the 7th District, where his mother and many of his seven siblings still reside.

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