Monday, September 29, 2008

Local Reps Overwhelmingly Support Bailout Bill

The U.S. House defeated the bailout bill 228 to 205. Here's how area representatives voted:

Voted Yes:

Dennis Cardoza (D-Atwater)
Wally Herger (R-Chico)
Dan Lungren (R-Gold River)
Doris Matsui (D-Sacramento)
Jerry McNerney (D-Pleasanton)
George Miller (D-Martinez)
George Radanovich (R-Mariposa)
Ellen Tauscher (D-Alamo)

Voted No:
John Doolittle (R-Roseville)
Mike Thompson (D-St. Helena)

By the way, Laura Richardson (D-Long Beach) also voted for the bailout. (shocking!)

LA Land has the entire California delegation list here.
For a full list, see here.
Congressional districts map here. (Update: Map of votes here)


anon1137 said...

Awesome! Let the chips fall. If these banks fail, we'll get new ones, hopefully with smarter risk analysts.

Jacob said...

I agree. Now CNN is doing scar tactics about how we won't get paid from our jobs cause they can't get loans, whatever.

Let em fail and maybe next time investors will demand less risky behavior from their companies.

Also, why do we have to bail out wall street, why dont we help main street. Create jobs, send the $700B back to the tax payers to spend or pay off bills, both of which put money in the system that can trickle up to main street.

Let the stock market crash to wherever it needs to get to, let homes decline, let everything decline and then when it reaches the bottom things can start to get better (from there).

If the government is really worried about people not being able to get loans for tuition, cars, homes, then how about letting all of us borrow money from the FED at 2%.

Taun said...

My faith in Democracy has been renewed after hearing about the failure of the bailout to pass. Despite the media's attempt to spin and drum up support, the voice of citizenry was actually heard, albeit more than likely because elections are six weeks away. Depending on where I move, I can promise neither Dan Lungren nor Doris Matsui will be getting my vote.

Mike said...

Stock market and housing market needed a good shakeout. So that they are reasonably priced with reality. I agree with Anon1137 and say let the chips fall where they may.

I thank the Representatives that had guts to vote against the bill. And for D.Lungren who I sent an e-mail over the weekend promising that he won't ever get my vote if he votes for this. I will be keeping my promise.

Patient Renter said...

My faith in Democracy has been renewed after hearing about the failure of the bailout to pass.

Well I wouldn't be too excited. As put it:

99% public opposition to Paulson's theft translates into 53% opposition in Congress. Nearly half of Congressmen sold out to the banks"

Jennifer said...

I am so glad that this failed!!!! I heard one congressman saying that right now "only people with good credit were getting loans" in a disheartened tone.

GOOD!!!!!! That is how it is supposed to be. No more giving credit cards to 18 year old college kids for a free t shirt on Spring Break! No more atm's on homes!

Let the housing market crash another 50%! Then I will buy!

I don't care if the stocks go down. I am not touching that for another 20 years!

The wealth in America was faslely inflated. People need to learn to pay cash for their ipods, xboxes, cars, and plasma's!!!!!!!

sacramentia said...

I hope today's vote marks the point in time that the American's said no more to wasteful spending and the politicians finally listened. I know this is going to hurt for a while, but I was really happy to hear the news.

norcaljeff said...

Those voting No are doing so for the record only, and for their election next month. This stupid bill will pass eventually. Not that I agree either way.

But we'll all pay for it one way or another, either by losing our job or getting higher taxes, or both. So it's another lose lose situation for the middle class tax payer who lived within their means.

I'm just p_ssed off at these execs who made bank on the way up while times were very good but want govt help on the way down, but also get phat pay packages on the way out, so it's basically a win-win for them no matter what while the middle class is left holding the bag of sh*t.

sacramentia said...

norcaljeff you're better than that, don't get pissed, do something to change it. Your feelings are shared by most.

Diggin Deeper said...
This comment has been removed by the author.
Diggin Deeper said...

Case Shiller out this morning with another dose of bad pricing news. The spin is that the rate of decline has slowed. Not good for distressed mortgages that Hank wants to buy...

Sent a letter to Matsui urging a no vote on any bailout using taxpayer debt. Leaders running scared as the public wants no part of paying for any bill. Let's hope it carries through to voting booth in November. The irony is that Congress probably had the votes until Pelosi opened her mouth just before the tally began. You don't slap your opponent in the name of bi-partisanship, and then ask them for their votes. Just poor leadership and judgement imo.

Bernanke unloads hundreds of $B's into the credit markets yesterday and the dollar is rising? Hmmm...looks like the plunge protection team is hard at work!

Patient Renter said...

The irony is that Congress probably had the votes until Pelosi opened her mouth just before the tally began.

I keep hearing that mentioned. What exactly did she say? Just the partisan face slap?

Patient Renter said...

I saw this quote from Gingrich this morning:

This bill is not the best proposal for solving the housing crisis. It is not even a good proposal for solving the crisis...However, it is the only proposal Secretary [Henry] Paulson would support, and his support was essential in this setting.

WTF is wrong with these pols, that they bend over backwards for Paulson and Bernanke as if they are some supreme beings when their VERY recent histories show that they are anything but?

Diggin Deeper said...

She used her debate time on the floor, just prior to the vote, to attack Bush economic policies and right wing policies as the reasons for the bailout.

When you are looking to pass something as important as this appeared to be, you really don't want to piss off those you need for votes. Just really poor judgement on her part.

Diggin Deeper said...

It would be interesting to see how those House members, up for re-election, voted on the bailout plan.

With public opinion running 90% plus against any bailout, and the elections only 5-6 weeks away, a yes vote becomes fodder for the opposing party...

Sold in '05 said...

Interesting that Doolittle, who is NOT running or staying in congress, voted NO. I wonder what his mail and phone calls had been running...


Buying Time said...

I e-mailed Doolittle my concerns.....only got a canned response.

watchingthebubble said...

I don't mean to slight anyone's religion, but if this bill is so time critical, why did all of Congress break for Rosh Hashanah? (please pardon my spelling) I don't think all members of Congress are of the Jewish faith. Couldn't the gentiles have stayed behind and worked on this a little longer if it was so time sensitive? I remember pulling overnighters at work for to finish briefs that absolutely had to be filed in court or sent to a client, and I wasn't even trying to save the world's largest economy . . .

Deflationary Jane said...

Shana Tova!

Maybe these are the people that need forgiveness the most. Or they needed to hear the Shofar repeatedly because once was not going to be enough for them. It will be interesting to see what happens between now and Yom Kipper.

In the meantime, I had to work today.