2008_09_congress30.jpgAll 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.