Nelson: Wall Street problems date to 1988 deregulation

McCOOK, Nebraska -- "Financial reform needs to be about Wall Street" Sen. Ben Nelson said in a conference call Thursday to 16 members of the McCook Chamber of Commerce.

Congress "didn't need to reform Main Street to resolve problems on Wall Street" and added that he was concerned about legislation that was targeted at assisting auto dealers.

"I am not certain what an auto dealer in McCook, Nebraska, had to do with the financial collapse -- we need to end the overextending of government."

Nelson said Wall Street problem began with legislation in 1988 that cleared the way for companies like AIG.

Illegal immigration

Nelson said he was "very understanding of what Arizona is going through" in response to a question from City Councilman Lonnie Anderson about illegal immigration. He said that the problem began with the Reagan administration amnesty that "did not enforce or secure borders, we need to secure the borders to reduce the flood of people coming in for jobs or illegal activity."

He expanded on the topic by saying that a lot had already been done and that thousands of security agents had been sent to the border and it was the equivalent of a war.

"We can't do anything about the people that are already here until the border is secure," later adding that "it sounds good to send everyone back, but I am not sure how to do it. Who is going to send the 84-year-old grandmother back?"

Spending

"Spending is something we all have to get control over," Nelson said in response to questions regarding the use of "China's money" and "the spending of our children's money."

He went on to say "We are going to the hold the line; the budget for defense spending will be at or below what the president asked for, in the past it has always been plussed up."

Healthcare reform

Jerda Garey expressed her concerns about the impact of the healthcare reform on small businesses, but Sen. Nelson was quick respond that he didn't "see any negative impact on smaller businesses, those that pay anything greater than $600 per year will have a small business tax credit" adding that there were significant dollars available for this, in the $30-40 billion range.

"Smaller businesses come out very well on this" he stated, adding "they will not be any worse off and should have more options now available to them."

Rumors regarding the possibility of Walmart electing to pay a $3,000 fine per employee, rather than carry insurance were brought up by former McCook Mayor Linda Taylor. Sen. Nelson confirmed that he "had heard people saying that, but not from anyone with Walmart. We will be putting in a call to the executives at Walmart to see if it is unfounded."

"I would be surprised if that is really the case; I can't imagine that would sit well with their customers."

Tea Party

When Duane Tappe inquired as to the senator's comments on this week's election results and the Tea Party candidates, Nelson said there was no doubt the Tea Party has made a difference, but said he felt that the election results were less about an anti-incumbent push and more about the state of frustration of the voters.

Elena Kagan

Sen. Nelson confirmed that he was initially impressed with Supreme Court nominee Elena Kagan but was not ready to confirm the nomination at this point. "We still need to go through the process and see what my colleagues think as well."

News source

Steve Batty asked Nelson if he had a news source recommendation for the group and the Senator was quick to compliment the McCook Daily Gazette for its coverage and questions raised, saying the "Gazette has been real good, the best source of information I can find. It is difficult to get unfiltered information anymore, if I watch MSNBC I make it a point to watch FOX as well."

He added that "Sen. George Norris used to say, 'I am back from Washington and here is the truth.' I really feel I am capable of that as well and can intelligently talk in regards to both sides of any issue."