Just hours after the House approved it, the President signed the Wall Street rescue package. When the House considered it Monday, the cost was $700 billion. Today's version was $850 billion.
I did not support Monday's version. Today's version was essentially the same (it raised the FDIC limit to $250,000) and I also did not support it. I heard from many Eastern Washington families concerned about the cost of the legislation. I heard from many businesses concerned about credit becoming more difficult to obtain. And I heard from many banks, many of whom didn't make the same bad decisions the Wall Street banks did--the decisions that led to their downfall.
In the end, I remain unconvinced the Wall Street rescue proposal is the right approach for the market and the best value for taxpayers. I believe that when faced with such great economic challenges, we owe it to the taxpayers to actually solve the problem for the long term.
I am not convinced this bill addresses the root causes of the problem, one of those being the subprime and predatory lending situation. I believe the government needs to act, but that doesn’t mean spending your money on short term fixes.
Your thoughts?
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12 comments:
Cathy, you did absolutely the right thing by voting NO on this very bad bill. The only good thing that came of this is the increase on the FDIC insured amounts. I do have to wonder why Paulsen and Bush had such urgency in wanting a bill passed. More to be revealed on this I am sure. This was so socialistic I am embarressed. Atlas will shrug! dg
Cathy,
I am so pleased to have you represent us in Washington. You made the right decision for the right reasons. Any for what it is worth, you reinforced my decision that I made back in May to start volunteering on your campaign. I wanted to focus on our local people and felt you epitomized my beliefs. And indeed, you do!!
Cathy, I too am proud of you. You are correct in knowing it will solve nothing. It is scary to think that the government is going to be in control. And when an e-mail came in the other day, after bailing out Fannie and Freddie, saying other countries were already calling us a communist country. We did not need more control. Thanks for being you.
Thank You Cathy for voting NO in favor of the American Public and Not going the way so many other Republicans did. John McCain caved in with Barack Obama and voted in favor of the Bail-Out. Because of his sell out, He lost my Vote and I will now Vote for Former Congressman Bob Barr and Wayne Root. I won't reward Wall Street failure, nor will I reward McCains sell out.
Cathy you have always looked to the best means and methods for your constituants, and I take Great Pride in Voting for and Re-electing You to Congress.
God Bless You, and strengthen your efforts as our Representative.
Thank you Cathy for voting against the bail-out bill. Throwing money at the problems without addressing irresponsibility, Wall Street greed, CEOs taking big chunks of funds before their corporations fall which should be criminal, etc. simply does not solve anything. Hopefully predatory lending "for the poor" is banned. It's interesting that your opponent, Mark Mays, criticised you for your NO vote.
Bless you, Cathy! You done good...again. Mays criticism just indicates how he likes to spend OUR money.
Cathy, You make Eastern Washington proud! However, we now have the signed rescue and we need to make lemonade out of the big ole lemon. If I may be so bold Wall Street should not reap the spoils of the failure. Legislation should be constructed to strip the bundling of the "toxic assets" so that the community banks have the opportunity to manage those assets that are in their community. By doing so the communities would have hands on solutions that will directly benefit or at the least minimize the negative impact foreclosures will have in their communities. Nothing works better than having our communities manage our own assets. This type of legislation would have multiple positive effects. 1) Stabilize property values almost immediately, 2)workouts can be done locally, 3)communities can join together to correct the problem, 3)should receive bi-partisan support because it impacts each community throughout the US in a positive way.
Lets make lemonade! Keep up the good work!hqdewitt
Kudos! The right vote!
We have become a nation of consumerism and little production. There was a time that I even remember when the entire world wanted American made goods now we depend on China and other countries for most everything. This will be our downfall if we do not take heed. We can not look at only one side of the ledger we must look at the outgoing and the incoming to balance any budget personal or nationally. The refusal to do so will bring failure in large proportion. We will need to give up something to correct the problem but most Americans don’t want to hear this painful truth. We want what we want when we want no matter what the cost and we don’t want to be inconvenienced. Americas financial mentality of let the good times roll is only good until the bottom drops and that's what is going on right now. We need to cut several programs that are draining the tax dollars. Currently about 38% of Americans don’t pay any income tax. That will increase under the democrats tax plan. I personally believe if you are receiving federal aid and support you should not be able to cast a vote for the incumbent that will just give you more **a raise! More social programs funded by tax payer money. Legitimate paying tax payers need to do the voting! It is our money. We are the government. I am not happy to work all day to give to those that refuse to do so or are not even a legal citizen. I am against redistribution of wealth. I am all for helping the truly needy but the I disagree with what the government defines as NEED! I see many wants paid for with tax dollars.
“What government services will you give up for lower taxes?
Have you looked at the competing tax proposals from McCain and Obama? McCain wants to make Bush's tax cuts permanent, while Obama wants to cut taxes on everybody except those who earn more than approximately $250,000. Clark thinks both candidates are just trying to be elected president. Neither is willing to tell us what we really need to know: The federal budget deficit is approaching $500 billion by next year, which is more like $1 trillion when you factor in Social Security and Medicare. The real question should not be whether McCain or Obama is better qualified to rearrange the deck chairs on the Titanic. The question should be what are you willing to give up to have lower taxes? Clark Howard
A good short read and I highly recommend it or catch the video clip on PBS.org
http://www.pbs.org/moyers/journal/09262008/transcript1.html
Take care Di
Thanks for not voting for it. Odd how it was opposed because it was a lot of money and yet, more money was ok'd. These are interesting days. Thanks for being there.
THANKS, it was what I had hoped you would do. THANKS. Please consider submitting a bill to repeal the "Community Reinvestment Act" of lower standards that those that give loans are FORCED to lead to people that should not be getting a loan. I am sure there are other bills that have been passed to lower the standards.
Just got to the email...I agree with what you did, voting NO. I believe it took courage and a backbone to vote the way you did. You are to be congratulated.
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