The Enid News and Eagle, Enid, OK

Local and State News

September 23, 2008

Lucas: Alternatives too severe for U.S. without bailout

(Continued)



“I’ve heard everything from limiting executive pay to allowing unions to have seats on boards, to the government have an equity position,” he said.

He is inclined to support the legislation if it will work because he does not want the problems seen on the coasts to spread to Oklahoma. He is waiting to see what the final bill looks like, but said he is “very cautious.”

“These are the toughest times for American financial situations since the 1930s,” he said.

Why should voters trust the bailout? The financial services industry is so intertwined, Lucas said, if a majority of institutions fail on the East or West coasts, the ripple effect will make a difference to everyone with a credit card. If the situation gets out of hand, he said, then farmers, oil producers and hometown businesses may not get the credit they need to do business.

“We’re in an economy that operates on short-term credit. Liquidity is important in agriculture, energy and main street. We need a clean, straightforward bill, and I don’t know if we will get it or not. If Congress can’t function and markets lose confidence we may go back into that roller-coaster process,” Lucas said.

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