Voting for those senators and house rep.’s who voted “no” for this bailout bill would be a good protest vote come November.
Below is the response from my local house rep. Typical politician double speak…”I’m against it but I voted for it…”
Senator Feinstein voted for it and replied to my letter of protest. Senator Boxer voted for it and never replied.
Racetrack improvements, $100 million, movie industry $500 million and $2 million for wooden arrows are part of the bill? Are you kidding me?
All the pork thrown into this bill has got to wake America up to what is really happening with our elected officials. I swear….if it doesn’t, then Americans deserve what they get.
You can only blame ignorance for so long…pretty soon you crossover into the realm of stupidity.
If anyone votes in November for any of those that voted “yes” for this bill, they have crossed over. If this bill was really for helping the economy, then why did the stock market go down 150 points?
The ship is sinking folks… Make your vote count in November. Shove these losers that voted yes out the door.
FYI, Obama and McCain voted “yes” for the bailout bill. A vote for either of them means you approve of this bailout.
Doug Eberhardt
www.youcanmakeadifference.org
From my House rep Mike Thompson:
Dear Doug:
The Emergency Economic Stabilization Act passed by the House today is not much better than the one we rejected on Monday. While the increase in FDIC protection is an important improvement, more market reforms are still needed. The reality is that the credit market is locked up and that is hurting Americans. It was very evident that if the House failed to act the consequences would shake the foundations of our economy.
From the time that the Bush Administration first asked for this rescue package, I argued that if taxpayers were being asked to pay up, then we needed regulatory reform at the same time. But this week, the precarious state of our economy showed that we needed to act quickly, and that getting comprehensive regulatory reform would take time, a luxury we did not have. In my many conversations with constituents and economists, it became clear to me that this crisis is not going to just affect those on Wall Street, but folks on every street across our district and around the country.
You don’t have to look any further than today’s unemployment numbers to see why we have voted to act now. The country lost more jobs in September than any month in the last five years. Unemployment in California stands at 7.7 percent, the highest it has been in 12 years. A major reason is that our financial system has stopped functioning and banks are not extending credit to employers. I have talked with individuals and business owners across the district who say that the tightening of the credit market has already affected their ability to maintain operations or to expand their businesses.
Within the last two weeks, the Arcata Community Recycling Center has seen their interest payments balloon to four times their normal rate. Standard Structures in Windsor was about to finalize a $10 million order from a Texas company until they got word this week that the project was stalled because of the credit crisis. There are fifty jobs tied to that one contract. Many more of our small businesses will be forced to lay off workers or wait on hiring new workers if they don’t have access to credit.
Governor Schwarzenegger and Treasurer Bill Lockyer announced this week that California has four weeks of cash flow, and if the markets are not restored, the state will be unable to pay its bills. It’s only a matter of time before cities and counties will be forced to pass along these budget shortfalls by reducing public services. From public health and safety workers, to road crews and garbage pickup, the government services that we rely on will be disrupted and these jobs will go on the chopping block.
I can assure you I still disagree with this bill and I remain committed to enactment of concrete market reforms that address the underlying problems that lead to this crisis. To that end, I’ve received a direct commitment from Speaker Pelosi that she too will work to identify and address the problems that led us to this point. The House will immediately begin holding hearings on the regulatory shortcomings in our financial system, so that come January we will be ready to craft legislation that addresses the issues I’ve raised and others that will be uncovered. Congressman Barney Frank, who chairs the House Financial Services Committee, has promised me that his committee will make the reforms I advocated for a top priority. And I’ve received a personal commitment from Senator Obama that if he’s elected President he too will work for these important market reforms. In January, we will be well positioned to pass important legislation that will close the loopholes and tighten up regulations in the financial services sector.
Today I voted for this legislation because it was clear to me that we must take immediate action to restore a measure of confidence in the economy. This isn’t the end of our problems nor is it the last of the legislation. Like everyone else, I’m outraged that taxpayers have been tapped to cover the greed and excesses of the financial marketplace, and I’m outraged that as taxpayers we have been asked to cover for the failure of Wall Street regulators. But when forced to choose between doing nothing and passing this bill, I voted for what I believe is best for our country and our district, and voted to pass this legislation. We face a tough road ahead, but hopefully by unfreezing the credit markets, Americans can get back to growing their businesses and growing our economy.
Thank you for taking the time to contact me on this important issue. I appreciate your conviction on this matter and have valued your continued dialogue.
Sincerely,
MIKE THOMPSON
Member of Congress
[link edited for length]
