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In Norfolk talk, Sen. Warner says 'free market will survive'

Posted to: News Norfolk


NORFOLK

Even after nearly three decades in the U.S. Senate, John Warner acknowledged Thursday he could be surprised.

He had never seen a bill as sweeping as the $700 billion package to rescue the finance industry, he told an audience at Old Dominion University.

He said he hoped it would work, adding, "The free market will survive."

Warner spoke to several hundred people as part of the Waldo Family Lecture Series on International Relations.

Warner, 81, Virginia's senior senator, was first elected to the Senate in 1978. He is not running for re-election.

Thursday night's talk took the tone of a farewell speech. Warner was introduced by longtime friend and former Norfolk U.S. Rep. William Whitehurst, who praised him for his "remarkable record."

Warner spoke about foreign relations, domestic politics and the economy.

He said he had never seen a plan like the recently passed rescued package, which gives the executive branch power and money to aid the finance

industry. He hopes the package will work to free up credit and prevent "innocent people" from losing their homes. He also assured people that Congress would continue to investigate executive perks and misbehavior.

On foreign policy, Warner contrasted the enemies of the World War II generation to modern-day radicals in the Middle East. "We knew exactly who the enemy was," he said. The Middle East will remain a central issue for the next president, he said, and the country will need to pay serious attention to Afghanistan.

Warner - who is on the Senate's Armed Services Committee, Select Committee on Intelligence, and Committee on Homeland Security and Governmental Affairs - advocated more diplomacy with Iran. "The next administration is going to have a free hand" to shape policy, he said.

Warner also cautioned about the diminishing role of Congress during the last eight years.

During the 1970s, he said, lawmakers and their families spent more time in Washington, D.C. The atmosphere was more collegial and productive. He believes the constant pressure to raise campaign money has prevented legislators from doing their jobs. "We don't spend enough time legislating," he said.

One questioner asked what he thinks of term limits. Warner smiled. "I guess I'm opposed to term limits," said Warner, who has served through five presidents. "If you want 'em out, chuck 'em out."

Louis Hansen, (757) 446-2322, louis.hansen@pilotonline.com



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regulation good, govt intervention bad

Free market is good, when regulated. Gov't doesn't need to try to hold the artificially high prices of houses up. Problem was the prices going up, not them coming down. Much of the goodness of the past 7 years was false, it was all based on debt. Gotta give it back now. And put crooks in jail (this won't happen). We could pay off some gov't debt if the IRS looked at loan applications, and when people said they make an extra $6,000 a month in income (to qualify for the home loan, which they can't afford but they could afford the teaser rate for a while), this should be evidence enough to tax them on this unreported income. It's admittance of tax fraud on a legal document, no?

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