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Joel Dykstra on Budget & Economy

Republican Challenger


Johnson was asleep at the wheel on Banking Committee

Dykstra said Johnson was part of a federal system that seemed to be "asleep at the wheel" as the nation's mortgage industry was racing toward a crash. Dykstra asked why Johnson and other members of the Senate Banking Committee failed to see and take action to avert the country's current financial crisis.

Dykstra said Johnson has touted his 22 years in Congress and projected himself as a veteran with influence and important committee assignments. But he questioned whether Johnson's seat on the Senate Banking Committee had proven useful at all in the months leading up to the financial meltdown. "On that committee, either there was something he should have done or there was nothing he could do," Dykstra said. "Either way, that's not a strong recommendation."

Johnson said he had called for more oversight of Fannie Mae and Freddie Mac, the troubled government-supported mortgage entities. But that call for oversight was opposed by President Bush and Republican supporters in Congress.

Source: 2008 S.D. Senate debate reported in Rapid City Journal Sep 22, 2008

Figure out where system failed in order to prevent a repeat

Johnson issued a statement that the Bush administration had "stifled regulation at every turn" when Congress sought controls over the mortgage industry and its practices. The financial bailout must be accompanied by more oversight, limits on executive pa and stipulations that the taxpayer money be used exclusively for American financial institutions, Johnson said.

"Folks in South Dakota work hard and their earnings should not subsidize the bloated compensation of a CEO of a failing firm," he said. The $700 billion bailout "package may be a necessary evil, but we cannot allow it to be a gift to those on Wall Street at the expense of those on Main Street."

Dykstra said the establishment in Washington, D.C., both Democrat and Republican, must accept th responsibility for the nation's current crisis. And as the nation moves forward in trying to fix the problems in the mortgage business and on Wall Street, it's important to figure out where the system failed in order to prevent a repeat, he said.

Source: 2008 S.D. Senate debate reported in Rapid City Journal Sep 22, 2008

Other candidates on Budget & Economy: Joel Dykstra on other issues:
SD Gubernatorial:
Mike Rounds
SD Senatorial:
John Thune
Tim Johnson


2008 Senate retirements:

Wayne Allard(R,CO)
Larry Craig(R,ID)
Pete Domenici(R,NM)
Chuck Hagel(R,NE)
Trent Lott(R,MS)
Craig Thomas(R,WY)
John Warner(R,VA)

Incoming Obama Administration:

Pres.Barack Obama
V.P.Joe Biden
State:Hillary Clinton
HHS:Tom Daschle
Staff:Rahm Emanuel
DHS:Janet Napolitano
DOC:Bill Richardson
DoD:Robert Gates
A.G.:Eric Holder
Treas.:Tim Geithner
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MA:Kerry
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MI:Levin
MN:Coleman v.Franken (recounting as of Dec.1)
MS4:Wicker
MS6:Cochran
MT:Baucus
NC:*Hagan over Dole
NE:*Johanns
NH:*Shaheen over Sununu
NJ:Lautenberg
NM:*Udall
OK:Inhofe
OR:*Merkley over Smith
RI:Reed
SC:Graham
SD:Johnson
TN:Alexander
TX:Cornyn
VA:*Warner
WV:Rockefeller
WY4:Barrasso
WY6:Enzi
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Page last updated: Dec 02, 2008