Campbell supports bailout plan

U.S. Rep. John Campbell (R-Irvine) announced Monday his support of the $700 billion Wall Street emergency rescue package.

“During the course of the last 10 days our financial trading markets have basically become dysfunctional,’’ said Campbell, according to the Orange County Register. "That dysfunction, if allowed to continue, could affect everyone in America with a bank account, a pension plan or a mutual fund. We can’t just let it run its course and see what happens because the consequences are unconscionable.’’

Campbell, who represents California's 48th Congressional District in southern Orange County, defended the bill from those who call it a Wall Street bailout.

“That’s not what it’s supposed to do, that’s not what it will do," Campbell said. "The government will buy these things at way below what these entities paid for them. There will continue to be losses and there will continue to be failures on Wall Street and there should be.’’

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