Posted on 10/03/2008 9:38:07 PM PDT by csvset
WASHINGTON
While dozens of their colleagues in both parties switched their votes from "no" on Monday to "yes" on Friday to help pass a $700 billion financial system rescue plan, local representatives remained unanimously opposed. Here's some of what members had to say after the 263-171 vote.
U.S. Rep. Thelma Drake, R-Norfolk
"I came to the conclusion that this bill is at its foundation fatally flawed. The bill pledges $700 billion of taxpayer dollars with no guarantee this will correct the underlying problem and stabilize the markets.
"Now that the vote is behind us, we all should agree that the next step is to ensure that this legislation is implemented properly with aggressive congressional oversight. We also must reform the laws related to the financial industry, the mortgage industry, predatory lending, and appraisal reform and ensure that this never happens again."
U.S. Rep. Randy Forbes, R-Chesapeake
Forbes said he liked a number of changes made to the bailout bill in the Senate but in the end was unconvinced that it would revitalize credit markets.
"The core of the bill remained the same," he said in a statement issued after the vote. "The federal government will purchase $700 billion in bad assets from private corporations who have made poor financial decisions.
"It became a bit like adding ornaments to a Christmas tree that no one wants; no matter how many ornaments were added, the problem was still the tree."
U.S. Rep. Bobby Scott, D-Newport News
Scott complained before the vote that the legislation would provide little direct support to homeowners saddled with mortgages they can no longer afford. He underscored that concern after the bill passed.
"We obviously have a crisis in the financial markets... There are effective solutions for this crisis, but the $700 billion purchase of possibly worthless assets is unlikely to address any of the root causes of the problem," he added.
"We should start with less costly, administrative interventions that many economists have suggested could significantly mitigate the credit crisis."
U.S. Rep. Rob Wittman, R-Westmoreland County
Wittman held firm against the rescue even after a call from President Bush asking him to reconsider. House GOP whip Roy Blunt of Missouri also sought him out, Wittman said, though "nobody was twisting my arm."
"I believed we should focus our efforts to develop more of a 'work out' and less of a 'bailout,' " Wittman said in a statement issued after the vote. Financial companies should have borne more of the burden of the rescue plan, he added.
" We cannot afford to maintain the current pace of spending and expect a healthy country in the future."
U.S. Rep. G.K. Butterfield, D-Wilson, N.C.
"While the bill may provide a bailout for the people responsible for this crisis, it failed to provide the help needed by families and rural communities. In fact, homeowners struggling to keep with up unfair and rising mortgage payments will find little comfort in this legislation. "
U.S. Rep. Walter Jones, R-Farmville, N.C.
"This legislation is a vast expansion of the federal government at the expense of the American taxpayer and the free enterprise system. High-flying Wall Street firms created this problem and got rich in the process. Taxpayers should not have to pick up the tab for their poor business decisions. "
Dale Eisman, (703) 913-9872, dale.eisman@pilotonline.com
Fortunately for me, my republican congressman voted no, so I’m not forced into the choice of punishing him by voting in a Dem.
The congress caused this mess in the first place. The definition of insanity is doing the same thing hoping for a different outcome. I’m paraphrasing a statement made by Albert Einstien.
None are local.
McCain, heck, what can you say about the Maverick? Lol. Maverick my ass.
Mine voted yes. He will probably lose to the Dem now (some idiot woman who wants to nationalize health care). He will go away thinking it was a courageous vote, but in reality he is just clueless.
My tax bill did drop with The Bush tax cuts but is hard to see how it won't back go back up again.
I don't have a mortgage. My house is paid for. I drive a 1989 dodge Ram long ago paid for. I have little debt. But now I have to pay for irresponsible assholes that never used common sense.
He said something along the lines of " We now have the pirate vote ."
Heck , anyone that voted yes is a pirate. Bunch of rummy bastards.
I can't reply any better than that so I won't try.
Bart.
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