House rejects bailout | Arkansas Blog

House rejects bailout

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The vote was 228-205.

All four members of the Arkansas House delegation supported the bailout.

Black Monday. The Dow dropped a record 770 points.

Re Bush: Can you say quack?

Here's the latest test of voter smarts and Republican cynicism: Will people really buy the Republican bull that the defeat is Nancy Pelosi's fault because she gave a partisan speech? "Oooooh, that mean witch. If it wasn't for her, I'd have helped the American economy." Criticize her all you want for failing to bring along enough Democrats. But criticize her for Republican votes? Insane.

Here's her speech.

And this is great: Before the vote, McCain took credit for pushing the bailout bill to successful passage. Oops. Sorry 'bout that. Now he's blaming Obama and Pelosi. Maybe it's time for him to suspend his campaign again.

Jonathan Martin notes that, of 23 Republican congressmen from Arizona and Texas, only three from Bush and McCain home states voted for the bailout. Oooooh, that mean Nancy Pelosi.

Arkansas comments on the jump.

NEWS RELEASE

WASHINGTON – U.S. Representatives Marion Berry (AR-01), Vic Snyder (AR-02), John Boozman (AR-03) and Mike Ross (AR-04) today voted to restore confidence in financial lending institutions by voting for H.R. 3997, the Emergency Economic Stabilization Act of 2008 and continue to call for action to protect Arkansas families and small businesses from the failures on Wall Street.
 
“I am extremely disappointed that Congress was put in a position to have to consider spending taxpayer dollars to clean up the messes of Wall Street, whose irresponsible actions have rippled throughout our financial system and threaten the economic health of Main Street,” Berry said. “This bill was not about bailing out Wall Street.  It was about protecting the pensions and other investments of ordinary Americans, and to ensure that our farmers and small businesses are able to access credit to grow and keep Americans working.  I hope that we can come together in a serious manner and act responsibly to address the instability that has hit our financialsystem, and do so in a way that protects families and small businesses. 
 
“I am concerned we did not pass this important legislation to rescue the U.S economy and protect the people in Arkansas.  Short term and long term needs should be addressed, especially the credit market on Main Street,” said Snyder.  “This financial crisis is not about Wall Street—confidence needs to be restored in the American economy so that small businesses can get the credit they need to pay their employees, families can get car and student loans, and individuals do not have to worry about their pensions or retirement.”
 
“This vote was a vote for Arkansas families. It was a vote to stabilize the markets to ensure Arkansas families and businesses have access to the money they need to make ends meet,” Boozman said. “This is a necessary step to protecting Arkansans who live on a fixed income and all Americans who have life savings and retirements funds invested in 401K’s.”
 
“Today I voted for the economic rescue package to restore confidence in the U.S. economy and protect working families’ and seniors’ jobs, pensions, retirements and 401K plans,” said Ross. “While this bill received bipartisan support, it failed to pass and our economy remains on the brink of a nationwide failure.  I urge Congress to remain in session until this economic crisis is resolved and pass legislation that increases oversight of Wall Street, while protecting America from an historic economic collapse.”
 
The Arkansas Congressional Delegation agrees a bipartisan effort is needed to secure the market in the short term. Members are committed to working with the leadership of both parties to find a solution that will benefit Arkansans.

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