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All but one of NYC's representatives in Congress voted for the $700 billion bailout package that failed in the House of Representatives yesterday (Bronx Democrat Jose Serrano voted against it).
The city's lone Republican, Vito Fossella, who voted for the plan, was disappointed, saying, "I voted in favor of this legislation because I thought it was what was best for the American economy and for the people of Staten Island and Brooklyn...The real potential losers today are anyone who has a pension plan, an IRA, a 401k, or are attempting to borrow money to buy a home, a car, for student loans, or for any reason."
But Bronx Democrat Jose Serrano, who voted against the bill (and represents the poorest district in the country, told the Post, "I don't think that Wall Street doing better necessarily helps people in my district. When Wall Street was doing well and ripping off the economy, it didn't show in my district." He also told the Observer that "agreed to a bailout in principle, but said that it should do more to address the financial concerns of low-income Americans." Still, Anthony Weiner said, "Too many of my colleagues, unfortunately, chose to put their head in the sand instead of confront the seriousness of the problem at hand."
The Dow ended the day up 485 points (+4.68%) as did the Nasdaq (up almost 5%) and S&P 500 (up 5.27%). And many think the credit freeze will hurt consumers most of all, before corporations.
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No surprise. NYC is a company town. Wall Street is it's company.
Yes, there are some tough realities we're going to face as a result of the bailout and times are probably going to be lean for years to come, but it's less disastrous than letting the economy tank, as it's doing now.
I can sympathize with voting no if Congressman Serrano thinks the plan needs to be retooled to look out for the little guy more, but in an NPR interview this morning he said that there are basically no revisions that could be made to compel him to vote yes. How disastrously short-sighted. It may have been Wall St that screwed up, but failing to act is going to affect us all. I've clued in my friends who live in the Bronx. You can be sure he'll be hearing from those constituents.
Here's the aforementioned NPR broadcast: Brian Lehrer Show, "Bailout Fallout"
I agree with Mr. Serrano, and respect the fact he voted his conscience. The only reason i would support a 3rd term for Bloomberg would be to keep that two faced phony Weiner out of city hall.
I'm sure he'd be more than happy to vote for anything that helped his banker friends.
Serrano is right, wall street did not share the wealth, they move it offshore, and now they want to place the burden on us.
Here's a complete list of those representatives THAT SOLD YOU OUT and those that DIDN'T. Now go out and DO SOMETHING about it ..you stupid mofos "taxpayers".
http://patrick.net/housing/contrib/roll674.html
The bailout is a bill of goods and shame on every representative, but for Mr. Serrano, for voting in favor of it. That money would have wound up in the pockets of filty lying crooks.
So wait! Serrano and most everyone here agrees with the Republicans?
When Gothamist reported on the failure of the rescue plan everyone was cursing the Republicans. It's funny that when they are in power and an important bill fails to pass it's their fault but when the Democrats are in power and an important bill fails to pass (40% of Dems. voted no this time) it's still the Republicans fault. It must be nice to be a Democrat in Congress.
Vito Fosella is right: this is a bad time to start another family.
What about notable Reps. Nydia Velazquez and Anthony Weiner? Nydia is the chair of the HOR Small Biz Committee. Weiner is planning to run for mayor. Velazquez and Weiner voted for it.
Full report
http://www.crainsnewyork.com/apps/pbcs.dll/article?AID=/20080929/FREE/809299965
Well Serrano didn't complain when his constituents were buying houses with no money down and low cost credit while driving around in cadillacs when the times were good. I think his district will be served better by someone with at least half a brain and have the guts to warn his constituents to be more fiscally responsible, instead of blaming everyone else under the sun. His district will continue to be the poorest district in the USA as long as he's around.