Rep. Edwards Defends Vote For Bailout, But Admits It’s ‘Not Necessarily The Best Proposal’
Rep. Edwards Defends Vote For Bailout, But Admits It’s ‘Not Necessarily The Best Proposal’
In an interview with ThinkProgress today, Rep. Chet Edwards (D-TX) discussed why he is supporting the financial bailout package. Last Monday, he was one of the 205 House members to vote for the bailout legislation. Edwards said he’s “disgusted” that Congress now has to deal with the fallout of deregulation, but noting the “potential for a deep recession,” he argued that there is now an urgency to act:
I wish we had more time to look at other alternatives because I’m not convinced this is necessarily the best proposal. What I do know given the potential threat that we could on the edge of an economic cliff, that Democrats in Congress led by Nancy Pelosi and Harry Reid provided more protections for taxpayers so that hopefully in the end they won’t have to pay $700 billion net cost for these assets.
Edwards noted that he was one of only 57 House members who voted against the Gramm-Leach-Bliley Act in 1999. “That’s the very bill that planted the seed for the problems that we’re facing today,” he said. “And I believe if I had prevailed in my vote that day in 1999, we wouldn’t be in this situation.”
“I don’t want one dime to go to these greedy Wall Street executives that drove their countries into the tank, and in doing so, hurt our entire country’s economy,” Edwards said. “But I do think we need to stabilize the credit markets,” noting that loans for automobiles, car sales, student loans, and home mortgages are freezing up. Watch it:
Edwards said his primary concern in voting for the bill is to stave off a possible recession. “My attitude is if you look at history the people who are hurt the most by recession are not the wealthiest. They can sell one of their seven houses. They can draw down their multi-million dollar bank accounts and use their golden parachutes. … The day to day working folks are usually the first to be laid off.”
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“America is the best country in the world!!”
“We’re #1!”
“America, love it or leave it!”
Financial bailout to the tune of $700,000,000,000?
Good enough…
October 2nd, 2008 at 4:29 pmI’m getting too many #1 posts.
I need to get a life…
October 2nd, 2008 at 4:31 pmwhat are they all saying? its not a good bill, but we’ll pass it…. wtf is that? if its sucks, (which it DOES) then fix the damn thing and DONT vote on some piece of shlt legislation!
damn.
October 2nd, 2008 at 4:31 pmi just heard this new bill has $128 MILLION FOR RACE TRACKS!
damn it man!
October 2nd, 2008 at 4:32 pmElton John’s Madman Across the Water applies to America’s leaders, business and political. I rewrote the lyrics in that light:
Madman Across the Hudson
I can see very well
There’s a bank on Wall Street with a broken back
And I can see investment hell
There’s a loan and I know its very bad
It’s one of those that I sold you long ago
Take my word I’m a madman don’t you know
Once a fool had a good job in the day
If it’s so would I still be here to prey
It’s quite peculiar in a funny sort of way
They think it’s very funny everything I say
Get a load of him, he’s so insane
You better build your moat dear
It looks like rain
Payment’s due again next Thursday afternoon
The bankers hope they’ll see you very soon
But is it in your nightmare that you run from
Another glimpse of the madman across the Hudson
I can see very well
There’s a bank on Wall Street with a broken back
And I can see credit hell
There’s a loan and I know its very bad
It’s one of those that I sold you long ago
Take my word I’m a madman don’t you know
The ground’s a long way down but I need more
Is 1929 back
Are those widows begging
Will the economy run again next week
Can my mind really take it
Payment’s due again next Thursday afternoon
The bankers hope they’ll see you very soon
But is it in your nightmare that you run from
Another glimpse of the madman across the Hudson
http://stateofthedivision.blogspot.com/ 2008/ 10/ madman-across-hudson.html
October 2nd, 2008 at 4:32 pm….$6m for kids wooden arrows
….$192m puerto rico and virgin island rum producers
….$?? wool research
….$128m auto racing tracks
country first? change?
i call BS.
EXTORTION
prosecute all of them
October 2nd, 2008 at 4:33 pmThis whole thing sucks. I honestly believe this is nothing more than a last grab at people getting more money before shrub steps down. The CEO of WaMu is getting a 19 mil payout after serving only three weeks. It’s all bullshit.
October 2nd, 2008 at 4:35 pmbs Says:
….$6m for kids wooden arrows
….$192m puerto rico and virgin island rum producers
….$?? wool research
….$128m auto racing tracks
country first? change?
i call BS.
EXTORTION
prosecute all of them
DON’T BAIL ‘EM, JAIL ‘EM!
October 2nd, 2008 at 4:35 pmWell you should have heard Barney Frank make a fool of himself this morning on NPR. It was a simple question:
What’s in this senate version that makes it palatable for the House?
Frank responded with 5 minutes of meaningless drivel and had to be cut off. IT WAS VERY AWKWARD. He had the nerve to say, it’s not the bill so much as the drop in the DOW… that will bring the House around.
October 2nd, 2008 at 4:35 pmi agree (god have mercy on me) with the house repubs when they shot this thing down. It was good for 2 things. 1. it made mccain look like a bigger idiot than he is. 2. we didnt give the crooks more money (yet). Not necessarily in that order.
October 2nd, 2008 at 4:38 pmWhat happened to McCains NO PORK montra ?? he has made himself famous now. A famous hypocirtical moron who put country about 13th.
October 2nd, 2008 at 4:39 pmThe random pork was thrown in to sucker the house with lollipop projects.
October 2nd, 2008 at 4:41 pmThe provision has been improved, but is flawed from the premise.
The credit markets ARE tanking, and without the single homeowner inovertheir head refinance provision, the problem isn’t going to get solved by raining money on Wall Street and watching it tinkle down. /HT Zooey.
Ha Zooey it’s been a long road, huh? I’ve been posting here for 3 or 4 years now? How long for you? The time flies.
October 2nd, 2008 at 4:41 pmFor all of you who think this is a bad bill and should not be passed, please tell us what you think should be done.
I don’t believe that the Democrats would be able to get the Republicans to go along with a bill that benefited Main Street instead of Wall Street. Time is running out. Would you rather that our economy tanks and you lose the money in your 401k plan and maybe even your job. Or would you rather pass this flawed bill? Right now it looks like it is our only alternative.
October 2nd, 2008 at 4:42 pmIggyNotBliss, the WAMu CEO is going to get sued for that 19 million from a class action suit of stockholders that will be filed sometime next week.
October 2nd, 2008 at 4:42 pmfan of the man….
i like that
October 2nd, 2008 at 4:42 pmI’m sorry but I don’t think most of what was added to that bill was Pork. It’s not pork to increase the guarantee on our savings. It’s not pork to help victims of disasters. It’s not pork to close that stupid tax thingie that makes middle class taxpayers pay more tax than they should. It’s not pork to say that the people who have waited 20 years to receive a settlement from Exxon (if they ever really pay it) don’t have to pay tax on the money.
Why don’t you all tell us what is pork in this bill. I agree that we didn’t need to add all this crap into the bill, but I also don’t think it is pork. Pork is funding something that doesn’t need to be funded.
October 2nd, 2008 at 4:46 pmRUCerious Says:
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IggyNotBliss, the WAMu CEO is going to get sued for that 19 million from a class action suit of stockholders that will be filed sometime next week.
That’s good to know. When I first read about it this morning (my husband left it up for me), I couldn’t get the second page to load and now I can’t find the link.
October 2nd, 2008 at 4:46 pmI’ll say it again because I am delighted–McInsane is pulling out of Michigan–Yahoo News
October 2nd, 2008 at 4:49 pmSeems Zooey gets both #1 and #2…
October 2nd, 2008 at 4:51 pmHow about a SUNSET CLAUSE and incremental funding based on results. God who elected these morons?
October 2nd, 2008 at 5:02 pmGuido the Loving OBGYN Says:
Ha Zooey it’s been a long road, huh? I’ve been posting here for 3 or 4 years now? How long for you? The time flies.
October 2nd, 2008 at 4:41 pm
Hell, it’s been at least 3.5 years! We’re the TP dinosaurs. ;)
October 2nd, 2008 at 5:07 pm“Why don’t you all tell us what is pork in this bill. I agree that we didn’t need to add all this crap into the bill, but I also don’t think it is pork.”
In the overall scale these are pretty much pocket change but it’t obsurd they had to add them in the first place to get…
http://lpin.org/node/461
I would like to know the names of those who asked for these crap additions.
October 2nd, 2008 at 5:15 pm“…noting that loans for automobiles, car sales, student loans, and home mortgages are freezing up…”
I am not sure of the difference between “automobiles” and “car(s) but I will assume none for the sake of argument. I bought my first automobile/car/truck in 1954 and my first house in 1959. The numbers of each since then are unrecallable but are significant. My college education covered the period, periodically, of 1951 to 1973 with several “loams” but no “student loans.” The point being that none of those many purchases and loans were perceived, determined, and consummated in less than 90 days. We are little more than 90 days from a change in political direction so the only thing that is so urgent is the welfare of the fu(king thieves that got us here. There is not ONE, repeat ONE, tax paying citizen up to the tip of the middle-class (whatever that is) that will be permanently damaged if he and she has to wait 90 days for a new car, a new house, or another class in college. Damn near everyone of those same citizens will be damaged severely and probably permanently, if the fools in Washington strap them now with the greatest debt ever carried by any society. Would you trade not having a new car for 90 days for “Hank” (and not because his name is Henry) Poulson’s $500,000,000.00 “Golden Parachute.” If so, Baby, keep on bending over! I don’t need another car, another house, or another college degree, but my kids might, my Grand kids do, and my Great-grand-kids will. I will fight for them!
October 2nd, 2008 at 5:19 pmZooey Says: #23
Hell, it’s been at least 3.5 years! We’re the TP dinosaurs. ;)
It’s been longer than that Zooey!
October 2nd, 2008 at 5:26 pmBilbo Hussein Baggins Says:
——————————————————————————–
For all of you who think this is a bad bill and should not be passed, please tell us what you think should be done.
Nothing. This is fear mongering ala Iraq War. The market has fluctuating on congressional BS. Successful profitable companies have value no matter if the Wall Street Investment Banks go under. There is still money out there maybe it will cost more in the shortterm but we have been living with artificially cheap money and this is were it gets us. Bankers make millions and we get left holding the bag.
Today the market went down because of a decline in factory orders. Should Congress authorize the purchase of $700B in washers and dryers or cars to keep them afloat?
Main Street determines the health of our economy. Wall Street is normally a reflection of it but not anymore. Now we think the fate of unscrupulous bankers determines the fate of America. I call BS. Do not give in to the fear.
October 2nd, 2008 at 5:30 pmBilbo you are absolutely right. They sense Obama’s freight train will bring more regulation into town and rightfully so. So they are wheeling and dealing, scheming and scamming and spreading fear as far as one can see.
October 2nd, 2008 at 5:36 pmBilbo asked the question I just responded to it. Sorry, I guess I didn’t adequately separate the question from the answer.
October 2nd, 2008 at 5:38 pmOne more point. I am voting for Obama. He is the best candidate by far but lest we forget these are two sides of the same coin. Real change isn’t going to happen. Maybe some more regulations and looking out more the little guy but overall the current system will survive even though it is rotten to the core. It is not bad enough yet for the majority to demand and fight for the change we really need and most of us really want.
October 2nd, 2008 at 5:48 pmBilbo Hussein Baggins Says:
For all of you who think this is a bad bill and should not be passed, please tell us what you think should be done.
The same things Roosevelt did to get us out of the Great Depression.
One of the big problems is that the Republicans have systematically removed almost all the regulations, the the regulators have looked the other way under the Bush Administration for the last 8 years.
October 2nd, 2008 at 5:53 pmBush has practically recreated the conditions that lead to the crash of 1929.
Zooey Says:
Guido the Loving OBGYN Says:
Ha Zooey it’s been a long road, huh? I’ve been posting here for 3 or 4 years now? How long for you? The time flies.
October 2nd, 2008 at 4:41 pm
Hell, it’s been at least 3.5 years! We’re the TP dinosaurs. ;)
Heh, Yeah I think I started posting the same week TP opened its site, maybe the 2nd week.
Should we check to see if we are growing scales yet?
October 2nd, 2008 at 5:57 pmm3vega Says:
Bilbo Hussein Baggins Says:
——————————————————————————–
For all of you who think this is a bad bill and should not be passed, please tell us what you think should be done.
Nothing. This is fear mongering ala Iraq War.
———————–
So you are willing to bet the 401K’s and jobs of millions of Americans on thinking this is just fear mongering.
I’m sorry, but there are plenty of economists, including Warren Buffet, who think that if something isn’t done soon we are going to see a major crash.
October 2nd, 2008 at 6:04 pmWayne Says:
Bilbo Hussein Baggins Says:
For all of you who think this is a bad bill and should not be passed, please tell us what you think should be done.
The same things Roosevelt did to get us out of the Great Depression.
One of the big problems is that the Republicans have systematically removed almost all the regulations, the the regulators have looked the other way under the Bush Administration for the last 8 years.
Bush has practically recreated the conditions that lead to the crash of 1929.
I agree with you entirely, Wayne. The problem is that something like that takes time and would have to come from the Democrats. And we all know that the Republicans are not going to go along with anything that would be geared towards main street rather than wall street. Right now they have us in a bind. Do we allow our economy to crash and hope like hell it will recover. Or do we do something to shore up the economy right now and when Obama takes office start with a new “New Deal”?
I have to admit that I hate the idea of bailing out Wall Street. But I hate the idea of millions of Americans losing their retirement funds and maybe even their jobs even more. It’s too bad we don’t have a crystal ball to tell us what’s around the corner.
October 2nd, 2008 at 6:08 pmWarren Buffet is investing while everyone else is scared. He is going to make another boatload.
What is that old Ruyard Kipling poem about keeping you head while those around you are losing theirs.
I have money in the market but to think they market is any better than gambling is foolish. Please tell my why I can’t invest my retirement funds in any vehicles other than those that generate commissions to my plan administrators.
October 2nd, 2008 at 6:09 pmm3vega Says:
Today the market went down because of a decline in factory orders. Should Congress authorize the purchase of $700B in washers and dryers or cars to keep them afloat?
No, but the reason why there is a decline in factory orders is because the lines of credit companies use to place factory orders are currently closed. If we don’t do something to free up the credit in this country the stock market is going to continue to go down. Today lines of credit to our colleges across the country were cut off. They don’t know what they are going to do to keep their doors open. The same thing is happening to our cities and municipalities. They all run their business on lines of credit.
No one has given me an answer as to what we can do to stop the decline and keep our economy from crashing. And therein lies the problem. We have no alternative at this time other than this bailout bill. It stinks to high heaven but since there are no alternatives, what are we going to do.
October 2nd, 2008 at 6:13 pmWe have been enjoying an overheated economy floating on credit. Too many people have gotten in over their heads including the bankers. The bill is coming due. You can try to minimize it but you can’t avoid it.
And, maybe I am wrong but the biggest reason we got out of the great depression was a World War.
Sorry, got to get back to work.
October 2nd, 2008 at 6:22 pmIt is not Democrat vs Republican
It is the rich against the rest of us.
October 2nd, 2008 at 6:32 pmWhat an understatement - this proposal SUCKS as usual! All it benefits are the lazy trust fund babies and Goldman Sachs executives while it protects them from the karma of their greed and mismanagement………
Congress fails America yet again and Bush wins another round of screw America first…
October 2nd, 2008 at 6:55 pm#27
“Phil Gramm & John McCain - The Enablers”
Barney Frank and Chis Dodd - The Manipulators
October 2nd, 2008 at 7:15 pm______
Bilbo Hussein Baggins Says:
——————————————————————————–
Wayne Says:
Bilbo Hussein Baggins Says:
For all of you who think this is a bad bill and should not be passed, please tell us what you think should be done.
The same things Roosevelt did to get us out of the Great Depression.
One of the big problems is that the Republicans have systematically removed almost all the regulations, the the regulators have looked the other way under the Bush Administration for the last 8 years.
Bush has practically recreated the conditions that lead to the crash of 1929.
I agree with you entirely, Wayne. The problem is that something like that takes time and would have to come from the Democrats. And we all know that the Republicans are not going to go along with anything that would be geared towards main street rather than wall street. Right now they have us in a bind. Do we allow our economy to crash and hope like hell it will recover. Or do we do something to shore up the economy right now and when Obama takes office start with a new “New Deal”?
I have to admit that I hate the idea of bailing out Wall Street. But I hate the idea of millions of Americans losing their retirement funds and maybe even their jobs even more. It’s too bad we don’t have a crystal ball to tell us what’s around the corner.
October 2nd, 2008 at 6:08 pm
______
“I think the responsibility the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac.”
Bill Clinton
October 2nd, 2008 at 8:19 pm.
Q U E S T I O N:
If the argument is to be correct…
… That the bailout is supposed to “SAVE” the cycle of loans and free up “mom&pop” middle America…
… Then how is it that anything “less than the best” is supposed to be acceptable?
Anything “less than the best” is not in the best interest of America for if the intentions was to do the best, how is “less than”… Better?
AMERICA DOES NOT
DESERVE LESS THAN!
.
October 3rd, 2008 at 1:18 amThen why vote for it?
The credit markets will freeze? Let them. It’s temporary. Maybe people will start to save a little money for a change.
Congress is being threatened with all sorts of doomsday scenarios like market plunges and even martial law.
God, this crap is surreal. And they are falling for it.
If we don’t vote for the invasion of Iraq we’ll all die from nukular bombs!
October 3rd, 2008 at 8:56 am