Statement by Steve Hudson, M.D. on Today's Financial Events

FOR IMMEDIATE RELEASE

Contact: Daniel Campos

(301) 873-6470

Statement by Steve Hudson, M.D. on Today's Financial Events

Eighth District Congressional candidate Steve Hudson issued the following statement on today's financial events:

"The news of the Lehman Brothers' bankruptcy and Bank of America's buyout of Merrill Lynch have sent shockwaves through financial markets across the globe.  Shares of American International Group lost more than 50 percent of their value today.  Washington Mutual, the nation's largest savings-and-loan, saw its shares plummet 33% earlier in the day, amid questions that it might not have enough capital to ride out the storm.

The havoc that energy prices played on the corporate balance sheets amid the sub-prime mortgage crisis is the straw that broke the camel's back.  This is a massive wake up call, and our government cannot fix it.  At best, it can facilitate house-cleaning and encourage new private financial industry leaders and investors to step forward.  The market must correct itself.

Congress is partially to blame for ignoring the housing and energy crises, but private industry cannot always depend on the federal government for a bailout.  Corporate leaders also have a fiduciary duty of responsible stewardship to stockholders and customers."

For more information on Steve Hudson, please visit http://www.stevehudson2008.com/

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