U.S. Rep. Tom Cole, R-Oklahoma, has had a rough couple of weeks.
“It has been quite a two-week period,” he said Tuesday during a visit to Chickasha. “It’s been very challenging.
Cole voted twice last week to approve a financial bailout plan that Congress hopes will steer the nation’s financial system back on course.
Cole doesn’t want to think what the alternative could be.
“This is a global crisis. Not just the stock market but markets all over the world, and the credit market.”
Back in Oklahoma meeting with constituents, thousands of whom have voiced their concerns over the financial bailout, Cole said it was those people a t home who led him to his vote.
“I thought a lot about the consequences of the crisis at home,” he said. “I’m convinced that if we didn’t do something now people’s 401K plans would be hurt and state pension plans would be threatened. It (the bailout) is the right thing.”
He said he was worried about credit “drying up” in Oklahoma, hurting many people, particularly small business owners
Cole said it would have been more politically advantageous to put the crisis off on the next Congress and administration and avoid a possible backlash at the polls next month.
“But, you don’t get to pick the time for an emergency. This is national, this is global in scope, he said. “ Letting nature run its course didn’t work in 1929. Quick action was important to build confidence.”
There are lots of reasons the financial markets got in the condition they are in, Cole said.
Among them, several new financial instruments such as Credit Swap Defaults that are not regulated.
He also said Congress passed or repealed legislation that created too many that lack sufficient collateral.
“There’s a lot of debt out there -- too much debt,” Cole said. “Everything came together and created a crisis.”
Cole said the bailout bill that eventually was passed is one with safeguards that won’t leave taxpayers holding the bag .
The bill provides for a federal insurance program that will force Wall Street to share the financial burden. It also limits executive compensation of the top four officers at each institution.
In addition, Cole said, community banks will be able to write off losses on Freddie and Fannie mortgages they hold.
Also, the entire $700 billion won’t be doled out immediately. After the first $350 billion, it will require another vote by Congress for the remainder to be allocated.
It’s not a perfect plan, according to Cole, but one that had to to be implemented now.
“It tells me something when both presidential candidates and the current president are aligned on this,” he said. He also said House majority and minority leaders were in agreement.
Cole is confident that Congress acted responsibly and did what was necessary.
“After a great deal of consideration I came to the conclusion that doing nothing would have not been the right thing to do,” he said.
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Cole: Bailout vote was the ‘right thing’
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Food Bank initiates local drive against student hunger
The Regional Food Bank of Oklahoma invites Chickasha schools and students to participate in the sixth annual Students Against Hunger Food Drive.
Food and fund donations collected from the drive, which runs Sept. 27-Oct. 29, will benefit First Baptist Church in Chickasha.
“We have been low on food,” said one partner agency. “This food drive will help us serve those in need.” -
Homebuyers class on tap for Sept. 18
If you are thinking about purchasing a home in the near future, you will want to make plans to attend the Homebuyers Education class which will be held on September 18, 2010, from 8:00 a.m. until 4:30 p.m. at the Grady County OSU Cooperative Extension Service Conference Room. To make a reservation for the class, please contact the Grady County OSU Cooperative Extension Service at 224-2216.
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Director: Prepare for flash floods
Grab the umbrella and stay tuned to weather alerts, Grady County is included in the flash flood watch issued by the National Weather Service.
Moisture is streaming into the area courtesy of Tropical Storm Hermine, which is tracking through the state from Texas. Showers began Tuesday afternoon and are forecast to continue through Wednesday night. The NWS warned that some of the rainfall could be heavy. -
County agrees to pay tort claim
Questions linger after a 2-1 split vote by the Grady County Commissioners to pay a tort claim to the Town of Hinton.
The claim is a request for a law enforcement officer's salary in the amount of $7,700 paid by the Town of Hinton while the officer attended CLEET training. The officer resigned from the Hinton Police Department without completing the one-year employment requirement and was hired by the Grady County Sheriff's Department. The officer has since resigned from the sheriff's department, also. -
DOUGLAS EUGENE HENRY, SR.
Funeral services for Douglas Eugene Henry, Sr., of Chickasha, will be at 10:30 a.m. Thursday, Sept. 9, 2010, in Epworth United Methodist Church.
Douglas Eugene Henry, Sr., was born May 30, 1939 in Chickasha to Joel and Lessie Inez (Parker) Henry. He passed away on Sunday, Sept. 5, 2010 ,in Oklahoma City, at 71.
He and Camelia Turnbow were married for 18 years, and later he married Alicia Malicoat Blair on June 12, 1986 in Chickasha. -
HIWANAH JOAN CASSMEYER WOOD
Funeral service for Hiwanah Joan Cassmeyer Wood, 70, of Rush Springs and formerly of Alex, were held at 1:30 p.m, Tuesday, Sept. 7, 2010, at the Main Street Church of Christ in Alex.
Hiwanah Joan Cassmeyer Wood was born May 6, 1940 at Alex. She was the daughter of Robert and Annie (Bedford) Stewart. She died Friday Sept. 3, 2010 in Duncan.
She married Anthony “Tony” Cassmeyer; he preceded her in death in 1974.
She later married Wylie Wood. Joan has lived in Rush Springs since 1982.
She was a member of the Alex Main Street Church of Christ.
Her parents and two daughters, Shirley Crosby and Becky Cassmeyer preceded her in death. Four brothers Buford, Leonard, Bobby Joe and Elmer Stewart also preceded her in death. -
ANNA MAE LARGENT
Funeral service for Anna Mae Largent, 33, of Chickasha, is pending with the McRay Funeral Home.
Anna Mae was born on Aug. 29, 1927.
She died on Sept. 7, 2010 in Chickasha. -
HASKELL CURTIS GREENROYD, SR.
Private services were held for Haskell Curtis Greenroyd, Sr., 93, of Minco.
Haskell was born Oct. 15, 1916, at Rush Springs to Sam and Jessie Mae (Taylor) Greenroyd.
He died Sunday, Sept. 5, 2010, at the Grady Memorial Hospital in Chickasha. Haskell lived in Minco most all of his life.
He served in the United States Army during WWII.
Services were under the direction of Huber-Reynolds Funeral Home Minco. -
MARLIN EUGENE LAURENS, SR.
Marlin Eugene Laurens, Sr., was born on May 7, 1943 in Snyder Texas. He was the son of Charles and Gussie (Pete) Laurens. He went home on July 24, 2010. He and Linda (Jones) was married August 3, 1963 in Tijuana, Mexico. He was widowed, then he and Jeanne married November 15, 1997. Marlin was a retired truck driver. He enjoyed cooking and family. He lived in Chickahsa off and on for 40 plus years.
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ROSA NUCKOLS/ GUFFEE
Rosa Nuckols/Guffee, 49, left this earth for her heavenly home on September 3, 2010, after loosing her battle with cancer. Rosa was born on March 28, 1961, in Oklahoma City, Oklahoma, to the parents of Calvin and Inez Guffee.
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Food Bank initiates local drive against student hunger
