House delegation goes 8-5 in favor of bailout bill
By Max Pizarro, PolitickerNJ.com ReporterOf the seven congressmen who earlier in the week voted "no" on the $700 billion Wall Street bailout package, only U.S. Rep. Rodney Frelinghuysen (R-Harding), and U.S. Rep. Bill Pascrell (D-Paterson) flipped their votes to support the bill this afternoon.
Those who dug in against it were U.S. Rep. Chris Smith (R-Hamilton), U.S. Rep. Frank LoBiondo (R-Vineland), U.S. Rep. Steve Rothman (D-Fair Lawn), U.S. Rep. Scott Garrett (R-Wantage), and U.S. Rep. Donald Payne (D-Newark).
Those congressmen repeating their "aye" votes from earlier in the week were U.S. Rep. Rob Andrews (D-Haddon Heights), U.S. Rep. Jim Saxton (R-Burlington), U.S. Rep. Frank Pallone (D-Long Branch), U.S. Rep. Albio Sires (D-West New York), and U.S. Rep. Rush Holt (D-Princeton), and U.S. Rep. Mike Ferguson (R-New Providence).
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Bill Passes. Dow Plummets
Great job guys. The Dow plummeted after the Senate passed the bill two days ago and, after bouncing back this morning, has plummeted since the House passed the bill. Everyone knows this is not a good bill. Everyone but the lawyers in Congress.
"I figure people drift toward liberalism at a young age, and I always hope that they change when they see how the world really is.”
- Johnny Ramone
The result wasn't going to be perfect.
Yet, the over $100 Billion in pork added made it less than good. The cynicism was deafening.
Little bit disappointed the Republicans...
...didn't all vote against it. That price tag seems immensely high for support from authentic conservatives. Expectedly, most of the Dems supported it ("Does it increase government spending?--then I certainly vote yes"). Rothman and Payne showed unsually sound judgement.
I'm not an economist but......
I'm not an economist but...
I am not too happy about a bill that is supposed to help the county's economy but also has "sweeteners" for wooden a toy arrow manufacturer(and other equally unrelated riders) attached to it. Congress needs to get the message, we want straight bills that tackle one issue at a time without attaching all sorts of pork. Just stop playing with our tax money as if it is monopoly money. It is time we all loudly and clearly say to Congress in a single and resounding voice: STOP IT, IT'S OUR MONEY, NOT YOURS.
Give the President the Line Item Veto
When a bill arrives on the Presidents desk, approved by the big spenders in both houses of Congress, the President should be able to draw a big, fat red line through riders for items unrelated to the central focus of the bill.
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Slightly Cynical
The only saving grace from this debacle is that there is the possibility built into the bill that Paulson can choose to invest the American taxpayer into the banking system until we are all assured of a payback. Not sure which shrewd staffer snuck that provision in, but I would like to see it come into play. It is far more palatable than just buying bad debt that is worthless to us taxpayers. Instead, let's have a stake in the business as preferred stockholders (more protection for us) and then when the companies get back on their feet and produce profit, the Treasury can be reimbursed and then some.
Would have preferred a no vote and strenuously objected to an aye vote and let my representative (Mr.Saxton) and my stinkin' senators know via the phone prior to both House votes and the one slam dunk Senate vote. Thanks for listening guys. I feel reeeeeeaaaalllllyyyy represented. Ha!
OE