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Eshoo says why she voted for bailout bill

Calling it "as tough a vote I have ever taken in Congress," Rep. Anna Eshoo, D-Palo Alto, said that she voted for the financial recovery bill today in Washington "because of the many critical issues plaguing the U.S. financial system."

The vote for the Emergency Economic Stabilization Act failed on a 205-228 vote. Most of the Bay Area Democratic Congressional delegation, with Eshoo and House Speaker Nancy Pelosi, D-San Francisco, voted for the bill, which came up 12 votes short of passage. Local representatives voting against the bill were Barbara Lee (Berkeley/Oakland), Pete Stark (East Bay) and Lynn Woolsey (Marin County).

Failure of the House to approve the emergency legislation, after intense negotiations and lobbying over the last week, helped cause the stock market to plunge, with the Dow Jones average plummeting almost 778 points, the greatest one-day numerical loss in its history (although not the greatest drop, percentage-wise).

Eshoo said that she knew the legislation wasn't perfect.

"But doing nothing I believe is a greater risk to our country and would hurt millions of Americans across the nation," she said. "I didn't come to Congress to hurt people."

House Democrats voted 140-95 for the bill while House Republicans voted 65-135 against it, despite it being endorsed by President George W. Bush.

The bill would have provided $700 billion to bail out financial institutions carrying bad mortgages on their books, with an assurance that the money would be paid back to the government.

"This financial crisis is proof-positive of the failed economic policies of the Bush administration which has engaged in 'cowboy capitalism' for too long," Eshoo claimed. "Wall Street has been allowed to run free with little oversight or regulation to protect the American taxpayer."

— Don Kazak

Comments

 +   Like this comment
Posted by Anna Two shoes
a resident of Atherton: Lindenwood
on Sep 30, 2008 at 10:51 am

Funny how when the Republicans were in control of Congress and legislation was defeated, it was the Republican's fault.

When the Democrats are in control and legislation is defeated, it is the Republican's fault.

Must be nice, Anna, heh.


 +   Like this comment
Posted by B
a resident of another community
on Oct 2, 2008 at 12:55 am

This is the email I wrote to her, which she ignored.

I am writing to urge you to vote No on any legislation to bailout Wall Street.

There is no WMD in Iraq, and the sky is not going to fall if we don't bail out Wall Street in the next couple of months.

Let the new administration tackle this issue. I do not want the current administration any where near the tax payer's money. They have done enough damage to our country, please vote no to any Wall Street bailout.


 +   Like this comment
Posted by i voted for anna
a resident of Menlo Park: other
on Oct 2, 2008 at 10:56 am

Anna, let me try to explain your logic. The economy is teetering toward one of the worst recessions in recent history, inflation is on the horizon and jobs are harder and harder to find. But you want Californians to put up $10 billion to fund a train to nowhere. And since there is no way to free up bond money without bailing out the same sharks who put us here in the first place, you are now diverting our money to the CEOs and execs and then to the rail guys for the train to nowhere.

Kudos. I never even imagined I would be so dumbstruck as I am today.


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