The Economy

If you are lucky, a few trick or treaters will show up at your home wearing Obama or McCain masks. I'll give you a free pass on Friday, so I can hand out goodies to kids in my neighborhood rather than knock on your doors.

As you walk through the neighborhoods, watching the little ones juggle the flashlight, costumes and candy bags, think about what we need to do to protect their futures.

More than $10 trillion in debt and $10 trillion lost in the stock market last year. There is no way that you should vote for people who stood on the sidelines and watched this disaster explode in our laps.

October was one of the worst months ever for the stock market. Your job security, your retirement and your social security were all impacted. Do you trust the same career politicians to fix the problems?

I know how to balance a government budget and create jobs. I delivered on community priorities like the Carroll Creek, Hill Street Park and the Talley Recreation and Fitness Center. We invested in hiring additional police officers and paid for a good contract in order to keep them!

I understand the risks people take when they open a small business and will work to protect their ability to thrive. But, we can't protect the "big boys" and forget the small businesses that line every Main Street in Maryland.

In Congress, I will be a voice of small business in the Democratic Caucus. I know there are not many small business owners in Congress, but I will fight to protect our future. I understand the need to keep energy affordable and health care realistic options for owners and employees. I understand the need to support smart tax policy that rewards investment and creativity.

In Congress, I will work for investment in local governments to make sure we see jobs grow locally - investing in schools, roads, bridges, airports, and water and sewer treatment plants. By investing in our infrastructure, we guarantee jobs grow in our district.

I made a promise to my Mom when I entered public office. She told me to always tell people the truth and be willing to win or lose elections over the truth. The truth is - we need to change the way Washington works and I will work tirelessly to get the job done. The truth is - you won't always like what I say, but I won't say one thing in our district and do something else in Washington. The truth is - you already know it's time for change.

In just over one week, Americans will go to the polls. Recent polls indicate the Democrats will gain seats in the House and Senate. We should, but we shouldn’t let it go to our heads. With your support, I will be one of those new seats!
From 1994-2006, the Republican majority advanced an agenda of less government, less taxes and fewer regulations. That sounds a lot like my opponent’s slogan. The trouble with slogans is – they don’t really provide solutions. And, if the proof is in the pudding, my opponent’s 91% voting record with the President’s agenda is proof positive that he should be replaced now.

The economy is battered. Middle-class families are juggling housing, energy, education, child care, and health care costs. Our retirement account statements provide more fright than any Halloween trickster. Almost everyone knows we have to take action to fix the economic mess and make sure it does not happen again. There are so many problems we cannot accept the status quo.

On the Wall Street mess, people want justice. It may take years to rebuild their retirement accounts, but they want to make sure that Congress takes our jobs of investigation and oversight seriously.

I will support complete and thorough investigations of the financial meltdown that has been brewing for years. I will propose and support stronger “whistleblower” protections to allow middle managers who saw this coming to speak freely. There are already hints that many people were sending warning signs to CEOs and top managers on Wall Street.

I will support changing the executive compensation for Fannie Mae and Freddie Mac – I cannot support top managers of quasi-governmental agencies being paid multi-million dollar salaries. It makes no sense.

I will support reasonable regulations that will add transparency and protection for investors and regulators.

The most important thing I will do is be a voice of reason when the Democratic majority tries to write an encyclopedia of new laws to guarantee this will never happen again. There is no reason to add 100 new laws when 3 or 4 might do. As a Mayor, I know it is possible to write and pass a bunch of laws, but you have to be able to enforce them. As a Member of Congress, I want to be able to target the problems, not just “cover them in paper”.

My opponent has said that the financial crisis was brought about because of “too much regulation, not too little.” Despite his “no” vote on the bail-out, his votes for de-regulation over his 16 years in Washington contributed to this mess. He is no supporter of government investigation or oversight. He has not stood in opposition to excessive CEO compensation. His laissez-faire attitude toward government has been tested. It has failed.

I am not a “career politician”, but I have learned from serving in government and in business. I will speak up for our district and our beliefs. I will be a voice of small business and Main Street in the Democratic Caucus. The 6th District will be better served with a fresh voice in the majority, not just a “yes” vote for the Party Leadership.

On Sunday, "60 Minutes" ran a story about the collapsing financial markets, and placed the blame squarely on those who deregulated those markets. In case you missed it, here is the video:

For the last 16 years, Congressman Roscoe Bartlett has voted to deregulate the financial markets every chance he got. And now that the financial markets are in free fall, does Bartlett finally admit that he went too far? No, he says he didn't go far enough! Contrary to just about everyone else, Roscoe Bartlett says that the current financial crisis is due to over-regulation of the financial markets. Watch for yourself this clip from Bartlett's opening statement at the candidates forum sponsored by the Chamber of Commerce in Hagerstown.

Later that evening, at the FCC Candidates Debate, Jennifer examined Bartlett's reckless history of deregulating the financial markets where voters are now losing trillions of dollars as the markets continue to decline.

Home foreclosure relief is back in the headlines with the Treasury Department and the FDIC finally addressing the real pain in this economic meltdown – home foreclosures. My opposition to the rescue package was based on my belief that the housing market needed the attention, not the Wall Street banks. I proposed a Resolution Trust organization to shore up the housing market, limit the number of foreclosures, and protect the home values of those who are sitting on the sidelines trying to protect their investment.

My proposal, while not perfect, is something you can understand. Even those most opposed to the $700 billion plan, agree that there is no good purpose in putting people on the street or adding more houses to the long list of unsold properties. My proposal requires people to re-apply for their mortgages, with full documentation. We cannot continue the no-document loan process.

After weeks of waiting for 16-year incumbent to tell us what he would do to fix what is wrong with the economy and after numerous opportunities to say what actions he would take to grow jobs in our district, he offers nothing. When asked what he would do for distressed homeowners, he said “your heart bleeds for them.”

The Hagerstown Community College, Herald-Mail and Antietam Cable hosted the final candidates’ forum for the 6th District race. And, when asked a direct question about home foreclosure relief, Bartlett repeated his worn out phrase about “rewarding bad behavior.”

He voted against the Home Foreclosure Relief Bill last summer. He voted against the bail out. We understand he likes to vote “NO”, but what is his solution?

We can fix this problem:

• First, vote for me and we will address this housing crisis with practical solutions!

• Second, support mortgage reform that requires mortgage brokers to be uniformly licensed and regulated.
• Third, require transparency in banking that guarantees adequate reserves.

After 16 years in Washington, Bartlett only spends time on the issues that interest him, but won’t answer a direct question that impacts families in our district. He believes the economic meltdown was brought about by too much regulation, not too little and has no concrete suggestion to help families in our district. Let’s not reward his bad behavior on November 4th!

Two weeks to victory! The excitement about the election is real. People are ready to take charge again and are ready to vote for meaningful change in Washington. Right now, I need you to take charge of the results in the 6th District.

Help me get our message out by making a small contribution right now. If you send just $25 by Thursday, we can get our message to more voters!

I am ready to work for our District. I know that we want to focus on the economy, making sure there is a level playing field that protects the middle class and offers opportunity for growth.

I know people like concrete plans and ideas, me too! Think about these 3 things I will work on to get our economy moving and helping residents of the 6th District:

1) Build a biofuels refinery in the 6th District that will allow us to get off the rollercoaster of foreign oil, will be good for the environment and will create jobs right here. We can use the best technology and innovation to convert switchgrasses, algae or any other effective raw material for e-85 ethanol. It is part of a full menu of energy solutions that will help us reduce our reliance on foreign oil.

2) Introduce a pilot program to allow local communities to "Get Off the Grid". Local governments can take advantage of a pilot program that encourages conversion to renewable energy supplies. If a local community makes a decision to lead the way, they can set aside a field for a solar panel field or wind farm. Then, all homes and businesses can get the benefit of the conversion. This type of pilot program can help improve the technology, reduce emissions, and create jobs.

3) Invest in a Veterans' Convalescence and Rehab facility in the 6th District (possible at Ft. Ritchie) that will allow our returning veterans to have the proper long-term care they will need. It is a necessary investment and I can think of no more welcoming place for our veterans and their families.

That's three concrete ideas to help the country and our district. Now, I need you to tell your friends and neighbors who have yet to decide on their choice for Congress.

No other candidate has put forward real plans to help jump start job growth in our district and no other candidate will work as hard to make the plans come to life. I was able to do it in Frederick, when no one thought we could finish Carroll Creek and I will do it for our district.

So please help us spread the word by making a contribution today! Do what you can to take back the 6th District on November 4th! I know we can do it!

As always, thanks for your support!

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DOUGHERTY READY TO GROW JOBS
BARTLETT SAID TOO MUCH REGULATION CAUSED THE MELTDOWN

What a day we had last week! We started the day participating in a Candidates' Forum before the Hagerstown-Washington Chamber of Commerce and finished in a nearly-packed auditorium at Frederick Community College sponsored by the College Democrats and College Republicans.

Like everyone, they wanted to know about the Economic Rescue Package and what we will do to "fix" what is broken in our economy. Health care coverage, the cost of energy and the War in Iraq set the stage for our philosophical and practical differences. No Child Left Behind and the cost of higher education added to the fact-filled debates.

Congressman Bartlett said that the Wall Street crisis came about because of "too much regulation". Not only is he wrong, he is terribly wrong. Most of Bartlett's votes in Congress have been to waive regulation and to reduce the protections for the average investor.

He voted "YES" on the 1995 Securities Litigation Moratorium (1995), voted "YES" on Reform Relief Act (1995) that shuts down regulation, voted "YES" on the Commodities Futures Modernization Act of 2000 that prohibited regulation of credit default swaps that became worthless IOUs, voted "NO" on the Home Foreclosure Prevention Act (2008) and voted "NO" on the Commodities Markets Transparency & Accountability Act (2008). Vote after vote, Congressman Bartlett has voted to eliminate regulations and reduce oversight.

The Gazette criticized Rep. Bartlett's head-in-the-sand ideology as he continues to pound his drum against government interference in the continuing financial crisis. This is what the Gazette said:

"For Bartlett, it was all about ideology. He would have been comfortable in the 18th century Whig Party. He opposes virtually any government interference. He's unwilling to heed his own president's argument that extreme situations require far-reaching and rapid action.

"Think what would have happened if previous legislators had cast those kinds of head-in-the-sand votes. What if Congress had rejected Franklin Roosevelt's emergency bills to stem the panic of the early 1930s and his demands for forceful, sweeping intervention?"

The BBC was in Frederick yesterday to report on the proposed $700 Billion bailout. Jennifer pulled no punches in voicing her opposition to the give away to Wall Street fat cats. She says it still doesn't address the root cause of the problem, namely real estate foreclosures. The interview was part of the lead news segment on BBC's Newsnight. You can view it by clicking here. Jennifer's 30 seconds of British fame appears at the 5:30 mark. (A little warning: the BBC website resizes your web browser, so you might want to shift+click on the link to open a new window.)

Find the Solution on Main Street

The real estate slowdown hit Main Street two years ago, but President Bush did nothing, and even threatened to veto Democrat-sponsored legislation that would have helped homeowners. Now, when the meltdown is hurting millionaires on Wall Street, President Bush wants immediate action with no strings attached. Already, in the last few weeks, he’s spent hundreds of billions of taxpayer dollars protecting a selected few corporate lenders from their bad investments.

No one can be sure of the next best step. People in Washington and New York, wanting to protect their own hides, want immediate and dramatic action. People in the 6th Congressional district want something more. I am not sure that I trust many in Washington right now. The past 8 years of no regulation and no oversight have left us with terrible choices. No one wants to avoid action, but we want to take the right steps.

President Bush wants $700 billion more of taxpayer dollars to bail out Wall Street banks, and even foreign-owned banks, so they can just keep selling mortgages. Even worse, President Bush says: “Don’t clutter the bailout bill with foreclosure protection for homeowners, or salary cuts for millionaire CEOs, or measures to ensure that taxpayers don’t get cheated. Just give us the money and go away.”

Read the Dougherty Plan

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Comptroller Peter Franchot took a walking tour of Frederick today with Jennifer. He was in town to view the economic development taking place along Carroll Creek. The Carroll Creek project was achieved during Jennifer's term as Mayor of Frederick. Frederick has now become the second largest city in Maryland.

Afterward, Franchot predicted Jennifer would upset Roscoe Bartlett in the fall election, comparing the race to his own upset of incumbent Comptroller William Donald Schaefer. "My own mother didn't think I was gonna win because I was running against a Maryland legend", Franchot said. "But I always had a feeling that the public was ready to switch. I think that's what's going on now."