* As you probably already know, the financial systems bailout bill just failed in the US House. The roll call is here.
* Illinois congresscritters voting “Yes” - with those who have serious or semi-serious November opposition in bold…
* Bean (D)
* Davis (D)
* Emanuel (D)
* Foster (D)
* Gutierrez (D)
* Hare (D)
* Kirk (R)
* LaHood (R)
* Schakowsky (D)
* Illinois congresscritters voting “No” - with those who have serious or semi-serious November opposition in bold…
* Biggert (R)
* Costello (D)
* Jackson (D)
* Johnson (R)
* Lipinski (D)
* Manzullo (R)
* Roskam (R)
* Rush (D)
* Shimkus (R)
Congressman Weller was the only member of the US House recorded as not voting. Typical.
*** UPDATE 1 *** From a press release issued by Congressman Jesse Jackson, Jr….
“To heal the systemic problems in our financial system we need to treat the cause, not only the symptoms. Congress needs to pass and the president needs to sign into law the following provisions: 1) a second stimulus to help those squeezed by the financial crisis; 2) a substantial investment in infrastructure which could jump start the economy while creating jobs, and; 3) a program that helps keep taxpayers in their homes. This bill does not contain provisions that explicitly help borrowers restructure their mortgages. Buying ‘trash (bad mortgages) for cash ($700 billion bailout)’ may not cure our financial system, since it was these bad mortgages that engineered this market collapse,” said Jackson.
*** UPDATE 2 *** Suburban context from the Daily Herald…
From the start, Bean was working to win support for Paulson’s $700 billion plan.
Bean’s challenger, Steve Greenberg, supported the proposal as well.
Foster was also an early backer, despite facing attacks from challenger Jim Oberweis in the largely Republican 14th District in the far western suburbs.
Roskam and Manzullo were the most skeptical from the start.
*** UPDATE 3 *** Finger-pointing…
After the vote, Republicans claimed that the Democratic leadership had been warned that fewer than 60 Republicans would vote for the bill. Democrats denied the claim, saying they never would have brought the bill to the floor if they had been told there was so little Republican support.
“We delivered our votes,” Rep. Rahm Emanuel (D-Ill.) said.
*** UPDATE 4 *** Judy Biggert explains her opposition to Chicago Public Radio.
BIGGERT: Everybody seems to be in such a hurry to go home that I don’t think Congress is thinking clearly.
Biggert says the proposal the House voted on today did not go through the normal committee channels, which hurt its odds of passing. She says she would like a rescue bill to include a measure that would beef up the number of FBI inspectors looking into mortgage fraud.
*** UPDATE 5 *** From a Phil Hare press release…
“It was not a gift or a blank check. It provided the federal government the authority to loan money to certain financial institutions so they could resume lending to ordinary Americans. This would have allowed more families to afford their homes, cars and tuition payments and enabled our farmers to continue buying equipment, seed and fertilizer.
“Now it is imperative that we go back to the drawing board and craft new bipartisan legislation that protects Main Street from Wall Street. As we consider our next steps, I will continue to fight to enact stronger protections for homeowners facing foreclosure, something this bill lacked.
“We should also pass an economic stimulus package that creates jobs by investing in our crumbling infrastructure.
*** UPDATE 6 *** From Peter Roskam’s press release…
“While action is necessary to keep our economy on track, the heavy-handed push from the Bush Administration and this Democrat majority places too great a burden on taxpayers with no guarantee of success. The plan voted on in the House incorporated watered down aspects of executive compensation limits and provided for insufficient use of private capital.
“Unfortunately, negotiations were unable to produce a solution to keep our economy on track without exposing taxpayers to extraordinary risk – this is why the bill failed.
*** UPDATE 7 *** From a John Shimkus press release…
“The free market system can deal with the crisis on its own. The free market system is not compassionate, but it is the quickest way to turn an economic crisis around.”
*** UPDATE 8 *** Another explanation…
Prior to the vote, LaHood, R-Peoria, said he would back the $700 billion plan because changes made to it in recent days ease the concerns he previously had.
“I think it will give confidence to the market. I think it will give confidence to investors. I think it will give confidence to the American people,” LaHood said.
*** UPDATE 9 *** From Melissa Bean…
“I voted to support Secretary Paulson’s proposal only after working to improve it with limits on executive compensation for those who got us into this mess. I pushed for a strong equity stake for taxpayers, so that when the financial sector profits, taxpayers profit too. And I pushed for strong bipartisan oversight of this unprecedented authority.”
*** UPDATE 10 *** From Rep. Bill Foster…
“Nobody likes the situation we are in, and this bill was far from perfect, but today, in an extremely tough and close vote, I supported the Emergency Economic Stabilization bill to ensure the economic hardships facing our middle-class families and small businesses all over the 14th District would not worsen,” Rep. Foster said. “The bill was the tough medicine we needed to get the economy back on solid footing.”
After the bill failed, as a result political gamesmanship, the New York Stock Exchange lost 777.78 points or 7%. The NASDAQ lost more than 9 percent. According to Bloomberg News, $1.2 trillion in market value was erased from American equities.
Said Foster, “We now know the price of inaction — $1.2 trillion lost today alone. You don’t have to be a scientist or a businessman to know that the $350 billion we were committing to stabilize the market – with good prospects for most of the money being returned over time — was a much better deal for Americans than what happened as a result of the bill being defeated.”
*** UPDATE 11 *** Schock and Callahan both would have voted “Yes”…
Both the Democrat and Republican candidates for the 18th District Congressional seat say they would have voted for the bailout bill. […]
“Those questions I did have, have been answered. And as distasteful as this bailout is, I could and would vote for this package,” said Democratic candidate Colleen Callahan.
“Something has to be done. To do nothing in this case, absolutely nothing, would wreak havoc on our economy in this country,” said Republican candidate Aaron Schock.