Oregon Public Broadcasting

Money managers for the states of Washington and Oregon are expressing differing views on the economic bailout package pending in Congress.

Washington Treasurer Mike Murphy says the plan may have some good points.  But in his words, the sky’s not falling. Murphy says talk of a financial crisis could make things worse by creating panic among investors.

In Oregon, Treasurer Randall  Edwards says state investments have taken a hit.  But a more immediate concern is the ability to raise cash to pay for public projects.

Randall  Edwards:  “The state sells hundreds of millions of dollars of bonds that help finance the construction of buildings, roads, public needs in Oregon.  And the bond market is just a complete mess.”

Edwards says he’s put the brakes on two major bond sales in the past week.  The money would have gone towards a construction project at a community college, and an energy efficiency project at several state universities.  

Edwards says he’s been on the phone with members of Oregon’s Congressional delegation this week to encourage them to vote for a bailout package.