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Banking crisis
The banking crisis wan much more severe than people realised, said the congressman. “As we distance ourselves from all this,* he said, “we will look back and see that we were near collapse."
Cantor was criticised by conservatives for so quickly voting fur the original bailout package but. as Cantor explained: “Banks operate on liquidity and if all this liquidity is sitting on the sidelines and no one is willing to lend, then our economy would come to a screeching halt."
The four-term congressman who sits on the powerful Ways and Means Committee was clearly in his element when discussing the finance and banking industry. But he did a kit more explaining than taking credit and that is no surprise given the dismal record of the Bush administration with which Cantor has voted in support of consistently.
Both Anita Hartke - and some more conservative voters in his own party - have raised questions about why Cantor was so
Suick to act, especially in ght of the fact that some large financial institutions are significant contributors including JP Morgan Chase a Co. and Wachovia according to OpenSecrets.org.
In explaining why he did act, Congressman Cantor said, “this is so against my philosophy of what I think the federal
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