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
Delicious
Digg
Reddit
Facebook
Google
Yahoo
Isn't strange that a $700B
Isn't strange that a $700B bank bailout was drafted and passed in a matter of a few months, yet congress cannot pass tax any tax reform? I think our representatives should draft a repeal of this bill and submit radical tax reform such as The Fair Tax. The idea of bailing out banks who wouldn't give you the time of day and would throw you on the street in a heartbeat just absolutely amazes me. Our country is now more financially doomed than it was before this bill.
Two Good Votes from Our Legislators
I agree with many here that this bill is fundamentally flawed.
If we want to try and stop the financial bleeding, we need to put a moratorium on motrgage loan rate resets. I'd rather have you stay in the house you're in, with the bank making a little bit less money, than have to pay to bail out your bank.
Randy Forbes Asked the Right Questions of Treasury Secretary
In reading Randy Forbes' letter to Henry Paulson, I think he asked the right questions. Unfortunately, I do not know the answers that were given (if any). Thank you, Randy, for asking though and thank you for voting NO when most of your constituents asked you to vote no. I was under the impression that Congress was supposed to carry out the will of the people rather than what THEY thought they were supposed to do. Too bad most of Congress and the Senate didn't listed to their folks.
Thelma Drake has proven herself to bea Patriot!
Representative Drake, I just want to let you know I am very appreciative of the stance you not only took but held firm. You are a good woman and a noble patriot and for that I am pleased. So many of your fellow representatives cowed after their initial vote and did a great disservice to their country. I encourage you to continue listening to the people, for the people and the country will need leaders like yourself to ensure a future democracy for those to come.
Shame on you THELMA DRAKE!!!
The collective no vote demonstrates that our representatives, especially THELMA DRAKE, care more about their seat and their reelection than they do the American People. How could Thelma Drake, a former real estate agent, not recognize the significant negative effects a seized credit market would have for small business owners, consumers, and most of all those military families desperately trying to sell their HOMES??!! SHAME on YOU THELMA DRAKE!! I am a long time fiscal conservative and Republican...you have lost my vote and the vote of anyone I can tell about your reckless and SELF SERVING vote!
Good for you, Thelma.
I was never a major cheerleader of my district representative, Thelma Drake. But, on the most important vote she's cast since she went to Washington, she did us proud. She was not cowed by all the "chicken little" hand wringing, or by the Wall Street prophets of doom. She did the right thing, when it was most important to stand up and be counted.
History will prove that she, and the rest of the representatives of the people who voted "no", were correct. This bill does nothing but reward the Wall Street gamblers and charlatans for their irresponsible actions, while adding another trillion on the backs of the taxpayers and their kids.
As for our Senators, I'm just plain disappointed. Especially in Mark Warner. He's a businessman....he should have known better.
Great Job Thelma Drake and Bobby Scott
It must have been very hard to stand ground with your "NO" votes, given the tremendous pressure being presented. You stood, when others caved into the pressure.
VA still has some great leadership in our representatives
Thank you each for the courage to vote no, not once but twice, despite fierce Washington pressure to the opposite.
Anyone interested in the real cause and prolonged existence of this problem should go google for the video "Burning down the house" and CRA (community reinvestment act).
Thank you!!!
Thank you for standing strong for Liberty!!!
Human intolerance too, will end!
Root of the Problem
captnickca73, interesting point you make. While I am extremely pleased with the way my representative voted, I have to wonder how he and every other representative voted on deregulation laws that allowed all of this to happen. I will do some research to educate myself. I am afraid of the type of government that will be left to my children and grandchildren if they continue to do whatever they think is best for the people instead of actually doing what the people want.
Needed more like them
I think it was Feinstein who said 90% of her constituents wanted her to vote no, but that they obviously didn't know what they were talking about, so she voted "yes". Although none of our Reps were quoted in this article as saying they were voting the will of their constituents, I hope it was our support that encouraged them to stand strong against mounting pressure. Congressman Forbes met with numerous financial minds, and supported changes to the bill that would have provided smaller payments over time, if warranted; and guaranteed more oversight and protection for the taxpaying public. It is unfortunate more of our Congressmen and Senators were not willing to fight for the good of their constituents. I'm grateful I will be able to cast my first congressional vote as a VA resident for Congressman Forbes, and am confident he will continue to be a sensible, conservative voice in Congress.
Take another look
One might ask how did our Representatives vote on all the financial deregulation laws that contributed to this fine mess.
Sound applause
Anyone who happens to see Mr. Butterfield in Wilson or in D.C. should jsut stand there and start clapping. Way to go GK Butterfield!
A hearty thank you from NE NC.
Bailout
Glad to see that my represenative (Thelma Drake) voted against the bailout. It is about time that the responsability for those who caused the problem be found and for them to pay for their business mistakes. If I make a mistake and loose money I know the federal goverment is not going to bail out me so why should I as tax payer have to bail out these people. Am investigation should be done to find out who made the mistakes and punish them with fines and pay garneshments until this money is payed off
$700 billion is really a $875 billion bill passed
This has to be like putting a band aid on a tube full of holes. $857 billion could provide health care to everyone in the US, with a mere $700 billion to build a few new refineries, since we have not built any since the 70's, Bush does not want to drive gas prices down, there is no money in low gas prices to be made. That kind of money could provide every US citizen with a hydrogen fuel cell vehicle, never mind, no money for the oil industry, scratch that idea, wouldn't want to see people peeing in their fuel tanks would we. Those Banks that made those bad loans are suppose to fail, they have all the tools to judge when someone who makes $40,000 with a $400,000 mortgage. The Wamu CEO got $19 million for 3 weeks of nothing, only to be taken over. Our congressmen and senators should represent us, not the lobbyist or Bush. It just discusses me that my grandkids will be paying for this junk bill. I think every American should be given shares. I will NOT vote for anyone who voted for this Pork Bill. Just looking for did or did not vote for this.
Yea - for Bobby Scott...
The first "congressional voting record" I saw yesterday said that Bobby Scott had voted Yae for this $700,000,000,000 bail out program, but today (upon double checking), I see he did vote THE RIGHT WAY.
Kudos to Mr. Scott for trying to prevent this egregious, economy destroying bill from going through. I believe history will mark 10/3/2008 as a dark day in America's history.
It was a futile effort
But thank goodness our House representatives are still that, representatives of the people's will. Unlike our poor excuse for Senate representation.
I appreciate the fact that our House reps listened and sought to address the root causes of this issue. Hopefully their ideas will be addressed in the upcoming legislature after the election when the voter backlash kicks out all these others that voted yes to this plan.
bailout
I predidct after the election about feb march we get the oops! Wallstreet says it wasnt as bad as we thought.
We got hit by the old con. We have been scammed.