Merkley: ‘Smith doesn’t know where he stands’

PORTLAND—U.S. Senate candidate Jeff Merkley (D-Portland) blasted U.S. Sen. Gordon Smith (R-Pendleton) on Tuesday for not taking a stronger stand against the efforts of Treasury Secretary Henry Paulson and President George W. Bush to push through a bailout package for Wall Street’s mortgage firms.

“Gordon Smith said he doesn’t know where he stands, but I know where I stand,” Merkley said.

Merkley urged Congress not to sign any sort of bailout package that did not include help for homeowners who may lose their homes in the foreclosure crisis, more oversight for Wall Street, and more accountability for CEO’s involved in the crisis.

“We need to assist homeowners directly so they can save their home,” Merkley said. “We did that at the end of the Great Depression. We have to help families because they are the base of our economy.”

Smith released a statement on Monday addressing the crisis, saying that he too believed there needed to be more oversight. But he has yet to come out against the proposal that allows Paulson to use $700 billion of taxpayer money to balance out Wall Street.

“As legislation is debated on the floor, Senator Smith will carefully review amendments and proposals to ensure the interests of Oregon taxpayers are a top priority in this bill,” Smith spokeswoman Lindsay Gilbride said.

Merkley said it shouldn’t take so long for Smith to make up his mind on the issue.

“Under Paulson’s proposal, he’d get close to a trillion dollars to do what he wants,“ Merkley said. “This is only a three page bill. I think by now he’d be able to figure out if he was for or against it.”