“All across America, families are struggling with the fallout from the turmoil in the housing and financial markets – another sign that the destructive tax-and-spend economic policies promoted by this Democratic Congress are failing to meet the needs of workers, seniors, and small businesses,” Boehner said in a statement Monday afternoon.
“Going forward, we need to restore confidence in the financial markets and get our economy moving again not by growing the size of the federal government, but by stopping the Democrats’ job-killing tax hike, cutting wasteful Washington spending, reforming oversight of the markets, and unshackling American energy resources to help lower gas prices and create new good-paying American jobs.”
Of course Democrats were quick to point out that the current financial crisis on Wall Street occurred on President Bush’s watch, who just happens to be a Republican.
“What we are seeing on Wall Street is the legacy of the Bush-McCain economic policies that have failed this nation,” Senate Majority Leader Harry Reid said in a statement.
“Failing to police lenders and neglecting to protect consumers ushered in the subprime crisis that has brought the American economy and Wall Street to their knees. This ‘anything goes’ approach to governing has resulted in lost jobs and carries an enormous price tag for the American taxpayer.”
Reid also reiterated his call for a second economic stimulus package, which is sure to meet GOP opposition.
UPDATE: House Speaker Nancy Pelosi also weighs in on who is to blame and not-so-surprisngly, it isn't the Democrats.
“Eight years of weakened regulation of our nation’s financial system – including a failure to regulate risky, and often predatory, lending practices – by the Bush Administration and Republicans in Congress have led us to this point, and could further erode our nation’s economic health," Pelosi said in a statement.